Strike Energy Limited

The Carnarvon Basin is currently Australia’s most prolific oil and gas producing Basin. The basin contains approximately 50 producing fields and about 30 undeveloped fields. Another 30 discoveries are held under Retention Leases. The developed gas fields range in size from less than 100 Bcf (onshore or near shore) to over 10 Tcf while developed oil fields may vary from less than 1 million barrels for developments near existing infrastructure to greater than 100 million barrels for stand-alone developments.

Strike has several permits in the shallow water area of the basin with favourable locations for oil and gas migration.

Permit EP 424 contains the Baniyas prospect, one of the largest remaining prospects in the shallow water portion of the Carnarvon Basin.

Permit EP 325 contains the Rivoli gas field which is under consideration for supplying gas to the Department of Defence’s communication station at Exmouth.

Results for June Quarter:

During the quarter negotiations continued to secure exploration rights over a greater portion of the Baniyas geological structure. A farm-in partner is being sought to assist with the drilling of the prospect.
The Department of Defence's white paper on defence planning and expenditure was released during the quarter. A decision on Rivoli development is not expected before end of 2009.

Planned for September Quarter:

EP 424 – planning for a well to test the Baniyas prospect in EP 424 (Strike Energy WI: 40%) during 2010.

Permit	State	Strike Interest	Operator	Prospect	Prospective Resource
EP 110	WA	40%	STRIKE	Renewal pending	-
EP 325	WA	44.5%	STRIKE	Work in Progress	Rivoli Gas Field
EP 424	WA	40%	STRIKE	Baniyas	Mean 24 MMBO P10 44 MMBO
EP 459	WA	100%	STRIKE	Work in Progress	-
WA-261-P	WA	19.94%	APACHE	Work in Progress	Chamois Oil Field

Ensco 56 Rig drilling in the Carnarvon Basin.