Is Strike Energy's South Erregulla Gas Field a Game-Changer?
Strike Energy Limited
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Is Strike Energy's South Erregulla Gas Field a Game-Changer?

Strike Energy Limited's SE3 Confirms Continuity and Potential in South Erregulla Gas Field: Unveiling Unprecedented Reservoir Findings and Carbon Capture Prospects

Unraveling the Future of Gas Exploration and Carbon Capture: Strike Energy Limited's Game-Changing SE3 Well

Strike Energy Limited (Strike - ASX: STX) has recently unveiled groundbreaking revelations regarding the South Erregulla gas field, positioning itself at the forefront of innovative exploration and carbon capture initiatives. The company's latest update on the SE3 well's appraisal results within Production License L24 has sent shockwaves across the industry, signaling the confirmation of continuity in the gas field and shedding light on the potential for carbon capture and storage.

The Unveiling of Continuity and Reservoir Potential

The SE3 well's exploration journey within the South Erregulla gas field has been nothing short of remarkable. The encounter with the Kingia Sandstone at 4,817 meters measured depth (MD) marked a pivotal moment. The assessment revealed a gross interval of 54 meters, showcasing promising indicators. Mud logs, drilling assessments, and wireline logging tools were meticulously utilized to evaluate the Kingia Sandstone's reservoir, culminating in astonishing revelations.

An impressive net gas pay of 13 meters, coupled with porosities soaring up to 16.

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4%, has astounded experts. The meticulous logging and petrophysical analysis conducted across the primary reservoir have divulged reservoir pressures reaching approximately 6,746 psia, solidifying the richness and viability of the discovered resources.

Anticipated Future Operations and Campaign Initiatives

Strike Energy Limited is strategically advancing its operations following this momentous discovery. The forthcoming plan entails running, setting, and cementing the 7" liner, further installing the 5-1/2" production tubing string, as well as the wellhead and Christmas tree. The company has scheduled a flow testing campaign expected to kick off in late January 2024, encompassing SE2 and SE3.

The SE3 well's location, observed as downdip from the SE1 discovery well, serves as an irrefutable confirmation of the gas-filled conventional reservoir's presence in the Kingia to the northwest of the field. The collated data, amalgamated with the SE2 results, is poised to underpin an independent review, potentially leading to the conversion of Contingent Resources in L24 into Reserves.

Venturing into Carbon Capture and Storage

Beyond the gas exploration frontier, Strike Energy's SE3 well has unveiled an unexpected potential in Carbon Capture and Storage (CCS). Wireline logging over the Jurassic Sandstone within SE3, exploring the CO2 storage capacity, exposed an astounding 75-meter net reservoir. Boasting an average porosity of 19% and a staggering maximum porosity of 29%, this discovery offers a tantalizing glimpse into the future of environmentally conscious energy solutions.

The revelation brought forth by Strike Energy Limited concerning the SE3 well's findings isn't merely a commendable achievement in gas exploration; it's a paradigm-shifting moment in the realm of sustainable energy practices. Authenticated by the Managing Director and Chief Executive Officer in adherence to the company's Continuous Disclosure Policy, this announcement paves the way for an era where conventional energy exploration converges with the imperative for eco-friendly solutions.

Strike Energy Limited's SE3 has indeed etched its name in the annals of gas exploration history, promising a future where gas fields not only sustain our energy demands but also play a pivotal role in steering us towards a greener, more sustainable tomorrow.

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