Strike Energy Ltd (ASX:STX) is pleased to advise that the Walyering-5 (W5) well has confirmed the presence of a high-quality, low CO2, conventional gas accumulation at the suspended Walyering gas field within the Perth Basin. The results of W5 exceeded the company?s expectations with both higher quality reservoir being observed, and the presence of additional net gas pay in deeper sands.
Following the announcement, shares in Andrea Resources Ltd rose 6.67% to $0.16/share.
When a mining company announces a new resource discovery it?s exciting times for shareholders.
A lot of capital goes into exploration and when a new deposit is found there?s usually a share price boost.
Discovery is the reward stage for investors, particularly of junior mining stocks, searching for undiscovered deposits of natural resources.
When discussing new resource discoveries it?s beneficial to know the difference between greenfield and brown exploration.
Greenfield exploration is looking for mineral deposits in areas that have not been explored.
In brownfield exploration deposits are being sought near or next to an already existing mine.