Gulf Coast Conventional
Strike has built up a portfolio of conventional producing and exploration assets in Texas and Louisiana on the USA Gulf Coast. Our assets provide a mix of very large high-impact prospects and medium size, lower-risk targets. An active exploration program is currently underway.
Strike's Gulf Coast Conventional Highlights
• Consistent production and revenues from the Louise gas/condensate field
• Multiple medium size, lower-risk targets within the Eaglewood Joint Venture area
Eaglewood Joint Venture (Texas Wilcox)
Strike has a 40% working interest in the Eaglewood Joint Venture that has a 12,000 acre leasehold area, onshore Texas. The Joint Venture is targeting medium size prospects (10 – 20 Bcfe) within the shallow Wilcox formation.
The Eaglewood Joint Venture has enjoyed a number of exploration successes including the Mesquite, Rayburn and Louise gas/condensate fields. Since commencing production in April 2010, the Louise field has consistently flowed at a gross daily rate of about 4 mmcf of gas and 100 barrels of condensate, providing Strike with steady revenues. As at 30 June 2011, Strike’s net interest in the Louise field proved reserves was 4.4 Bcf of gas and 66,000 barrels of condensate.
In early 2011, the Joint Venture sold the producing Mesquite and Rayburn fields for USD 95 million (USD 21.7 million net to Strike).
Related Announcements
| 29-12-2011 | Eaglewood Joint Venture Update |