Strike Energy shares soar on gas field appraisal

The news: Shares in West Australian gas and fertiliser producer Strike Energy have jumped more than 8% after successful appraisal of one of its gas fields. The update extends the South Erregulla gas field to the south and west.

The numbers: The appraisal of the SE2 gas well indicated conventional gas pay of 16 metres, porosities of up to 18% and pressures of roughly 6,730 psia. STX shares were up 8.3% to $0.422 at 1:10pm AEDT.

The context: Strike is a low-carbon energy and fertiliser business based in WA, incorporated in 1997 and publicly listed in 2004. In FY23 Strike posted a net loss of $18.4 million but more than doubled its market cap from $519.6 million to $1.1 billion.