Strike Energy JV gets environmental nod to drill at Becos 1
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The news: Oil and gas explorer Strike Energy’s joint venture has received approval for an environment plan to drill the Becos 1 well in the Perth basin.
The numbers: The JV said the approval clears the path for drilling when a rig becomes available. The target of the drilling will be oil in the Bookaroo and Arranoo reservoirs, which has a best estimate of 5 million barrels of recoverable resource.
Separately, Strike detailed its annual results, reporting a net profit for $8.58 million for the year to 30 June, on the back of tax benefits. Revenue from oil and gas sales came in at $45.60 million. The company said it has $85.5 million in available liquidity. The Perth-based company recouped its total development capital spend from its wholly-owned Walyering gas field within eight months.
The context: Strike holds a JV for the EP 437 permit title with ASX minnows Echelon Resources and Triangle Energy. Last month, the JV reported a failed drilling campaign at its L7 joint venture in the Perth Basin.
The sources: ASX announcement, ASX announcement
