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Strike Oil strikes an upbeat note

Strike Oil strikes an upbeat note

Success in any one of the company’s key focus areas – the onshore Gulf area of the United States, the Cooper Basin and the Offshore Carnarvon basin – could transform oil and gas explorer, Strike Oil (ASX:STX) said Chairman, Jeffrey Schneider in today’s AGM.

It’s a fairly standard pitch for an exploration company but Strike Oil is well capitalized and is already producing gas and oil from 10 wells in the United States.

Schneider described the company as “profitable…with healthy cash-flows and low debt. Even in an environment of low US gas prices we can continue to operate profitably generating a healthy surplus that will give us the financial capacity to test new opportunities.”

Strike plans four new wells in the United States in the New Year and success on any of these could “double Strike’s existing reserves and hence double the value of [the US] business”. Opportunities also lie with the company’s explorations in South Australia and Western Australia.

Reflecting the increasing diversity of the company’s energy exploration, Strike is proposing to change the company name to Strike Energy. Not quite as catchy as “strike oil”, but more indicative of the business.

Market capitalisation of $94M and closed flat at 28.5c

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Tags resourcesminingOilgasnatural gasStrike OilStrike Energy

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