Strike Oil’s wholly-owned subsidiary Hybrid Energy Australia Pty Ltd (Hybrid Energy Australia) has exploration licences covering lignite deposits in south-eastern South Australia. These licences provide the rights to evaluate the lignite deposits including the coal seam gas, combustion/gasification and in-seam gasification potential of the coals. A Competent Person report prepared in May 2007 identified a JORC compliant resource of 578.3 Mt(523.5 Mt of Measured Resource and 54.8 Mt of Indicated Resource).
FuturGas Project
In late June the Company provided an update on the development of its FuturGas Project, to be located near Kingston in South Australia.
The project has been advanced to incorporate a coal to liquids gasification facility with integrated electricity generation, and will evaluate carbon capture and storage technology. The FuturGas facility will have a potential production output of 10,000 barrels of petroleum liquid fuels per day and 40MegaWatts of electricity.
Development of the project to Bankable Feasibility (“BFS“) is planned in a number of stages culminating in the completion of the BFS, which will include pilot plant testing, initial liquids production and electricity generation, by the end of 2012.
Funding options to take the project through to BFS continue to be evaluated.
Visit Hybrid’s website to learn more: www.HybridEnergyAustralia.com.au
