• Strike has completed mapping and interpretation of the Ocean Hill 3D seismic
survey, resulting in multiple attractive exploration and appraisal well locations.
• Mapping and interpretation of the Kadathinni 2D seismic indicates significant
potential at both Jurassic and Permian level that warrants further exploration.
Strike Energy Limited (Strike - ASX: STX) is
pleased to provide an exploration update on its
Ocean Hill and Kadathinni prospects within
the Perth Basin.
Strike holds a dominant acreage position in the
Perth Basin, one of Australia’s most attractive
and emerging gas provinces. The region offers
significant exploration upside, supported by
proximity to existing pipeline infrastructure and
a tightening domestic gas market with growing
demand.
Interpretation of recent seismic acquired by
Strike in 2024 has confirmed significant
prospectivity at both the Permian aged
Kadathinni prospect in EP503 and the Jurassic
aged Ocean Hill prospect in EP495, which
supports further exploration and appraisal.
Both permits are 100% Strike owned and
operated exploration acreage.
Kadathinni offers significant potential scale, as
interpreted by Strike, and is strategically
positioned to provide backfill for existing and
future Strike and/or third party owned basin
infrastructure. Ocean Hill’s proximity to a
compressor station on the Dampier to Bunbury
Natural Gas Pipeline and its favourable gas specification provides a clear, low-cost pathway to
market, enhancing its commercial appeal and development potential.
Comments from Executive Director and Acting CEO, Jill Hoffmann:
“The results from our two recent seismic surveys are extremely encouraging, reaffirming the
potential across our 100%-owned and operated exploration acreage in the Perth Basin.
These outcomes highlight both the depth of Strike’s portfolio and the significant growth
potential available to us.
This technical work underscores the exciting prospectivity of the region and aligns with our
strategic focus. It’s a strong endorsement of our team’s capability and the disciplined
approach we’re taking to unlock long-term value.”
Ocean Hill
Ocean Hill is located in EP
495 and is 100% owned and
operated by Strike.
Ocean Hill was discovered in
1991 with the Ocean Hill-1
well, which intersected over
100m of net gas pay within
multiple stacked sandstones.
A production test flowed gas
to surface at uncommercial
rates and the well was
plugged and abandoned. Gas
samples have proven a similar
gas specification to that of
Walyering, which will likely
allow for a low-cost, fast to
market development when
compared with Permian
developments that require
significant CO2 processing.
Strike acquired the 256 km2
Ocean Hill 3D seismic survey
in April 2024 with a full PreStack Time Migration (PSTM)
and Pre-Stack Depth
Migration (PSDM) seismic
processing workflow
conducted over 6 months
with data delivered in Q4
2024.
The 3D provided significant improvements to the dataset. Strike has now completed internal
mapping and interpretation, which has resulted in multiple attractive exploration and appraisal
well locations being identified across the Ocean Hill structure.
Overall, the 3D showed significantly fewer large-scale continuous faults and less
compartmentalisation than previously mapped on 2D seismic. Amplitude extractions on the 3D
indicate the presence of stacked channels running north-south. The Ocean Hill-1 discovery well
appears to have been drilled in a sub-optimal location with low amplitudes, which may explain
the outcome.
Based on initial interpretation of the Ocean Hill 3D seismic, Strike interprets there to be potential
for material upside to the current Contingent Resources independently certified by RISC
Advisory Pty. Ltd. (RISC) and reported on 10 October 2022. Strike expects an appraisal program
of 3 wells will be required to test the Ocean Hill structure and prove up the additional interpreted
upside. Strike will look to engage RISC to independently certify a review of the Ocean Hill
Contingent Resources and expect this to occur in line with end of financial year reserves
reporting.
The timing and execution of the appraisal program is being considered as part of the Strategic
Review, with a target of having the Ocean Hill 2 drill ready by as early as Q4 CY25.
Kadathinni
Kadathinni is located in EP 503 and is 100%
owned and operated by Strike.
The Kadathinni 2D seismic survey was
conducted in Q2 CY24 with 27 2D lines
acquired, covering ~484 line kilometers and a
survey area of over 1000 km2
.
The survey was shot primarily along roads and
tracks to avoid surface constraints such as
cropping and native vegetation. PSTM
processing was delivered in late Q3 CY24 and
seismic data quality is considered fair with
significant improvements compared to the
legacy 2D seismic. Tie-lines were acquired
into nearby 3D seismic surveys to allow the
data to be tied to existing interpretations.
Strike has identified significant prospectivity
at both Permian level in the Kingia Formation
and at Jurassic level in the Eneabba
Formation. The Eneabba is an emerging play
in the Perth Basin, where shows have been
present at Erregulla-1 and South Erregulla-1,
with minor oil recovered at Erregulla-1. The
phase of hydrocarbons at Kadathinni may be oil or gas. Preliminary internal prospective volumes
for Kadathinni are outlined below with a view to mature the Tathra- 1 exploration well to drill ready
in 2026.