Exploration - Cooper-Eromanga Basin, Australia

The Cooper-Eromanga Basin has experienced resurgence in exploration since large areas previously held under long-term tenure were divided and released.   Numerous small oil discoveries have been made both within the Cooper Basin and notably on the flanks of the basin within the Eromanga Basin sequence.

Strike Oil’s permits flank the southern and western margins of the Cooper Basin. The assembled portfolio contains both permits with low risk, close in drilling opportunities (Gidgee, Mulapula) and permits with higher risk but greater reward prospects.

Highlights for April to June 2008:

Two wells drilled in ATP633P in Queensland operated by Joint Venture partner Beach Petroleum were plugged and abandoned. Oil shows in the Coolangatta 1 well indicate oil has been generated in the vicinity. Further seismic data may now be acquired to better define migration pathways and prospective traps.

Progress has recently been made towards the granting of a permit over the PELA 96 in the southern Cooper Basin in South Australia. The permit has conventional petroleum potential and non conventional potential in the form of coal seam gas and insitu coal gasification.

Planned for July to September :

Progress the grant of PELA 96 in the Cooper Basin, South Australia.

 

Permit	State	Strike Interest	Operator	Prospect	Prospective Resource
PELA 71(1)	SA	75%	STRIKE	Mulapula	1-5 MMbbl
PELA 96(1)	SA	66.67%	STRIKE	Work in Progress	-
ATP-549P	QLD	5-15%	EWC	Work in Progress	-
ATP-633P	QLD	15%	BEACH	Work in Progress	<1 MMbbl

(1) Award subject to Native Title agreement.

Why Strike Oil is exploring in the Cooper-Eromanga Basin.

• Australia´s most prolific onshore oil and gas producing basin, lowers exploration risk;
• significant oil and gas infrastructure, lowers development costs;
• small discoveries (<1 million barrels) can be economic, increases cash flow;
• quality acreage available after many years of exclusion, access to missed opportunities;
• large amount of historic seismic and well data available, lowers cost and risk, and technical and management staff with first-hand experience, shortens learning curve.

Vibrators in the Cooper Basin (courtesy of Bruce Beer)

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