Strike Energy's Western Australia Exploration Well 'Appears Commercial', Euroz Hartleys Says

MT Newswires Live

May 04

Strike Energy's (ASX:STX) result from the Walyering West-1 exploration well, onshore Perth Basin in Western Australia, "appears commercial," however, likely not at the full pre-drill 2U prospective resource, Euroz Hartleys said in a Friday note.

Strike announced a gas discovery at the Walyering West-1. The well delivered a total of 27.5 meters of net pay in a number of reservoir zones in the Jurassic Cattamarra Coal Measures, with an average porosity of 11.4% and peak porosity up to 17.7%. Flow testing should begin in around a month to confirm commerciality.

Walyering West-1 was targeting a 2U prospective resource of 46 petajoules, and currently, the analysts assume a risked volume of gas has been discovered.

The investment firm maintained its buy recommendation on Strike Energy and raised its price target to AU$0.22 per share from AU$0.21 per share.

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