Strike Energy (ASX: STX) has announced its fully funded gas acceleration strategy, post-receipt of ~$136M in proceeds from the sale of its Warrego Energy (ASX:WGO) shares.
Strike Energy says its been designed to take advantage of attractive Western Australian market conditions due to a lack of future supply options.
The company says it will convert material Contingent and Prospective Resources to Reserves, bring online production from up to four sources of gas all by end-2025, and acquire data to delineate further upside in its portfolio.
The four gas production targets are Walyering, West Erregulla, South Erregulla and Ocean Hill, and the strategy includes five wells across the latter three, as well as 128km of 2D seismic at Eneabba Deep, and 484km of 2D seismic across the large Permian Arrino and Kadathinni leads.