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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Strata X Energy Ltd | TSXV:SXE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0.07 | 0.085 | 0 | 01:00:00 |
Once the EIA’s final approval is granted, which is expected to occur in December 2019, Strata-X will have clearance to drill and test up to 75 wells covering 3 prospecting licenses within the high-grade area of the Botswana CBM fairway. In total the Company holds ~320,000 acres (1,295KM2) within the identified high-grade area spanning five 100% owned licenses. Previous environmental approvals acquired in 2018, covering two of the Company’s original Serowe CBM licenses, granted Strata-X the right to drill and test 20 wells. Once the EIA’s final approval is granted, Strata-X will have the authorization to drill and test up to 95 wells covering all of the 100% owned high-grade area before converting the area to full scale production licenses.
The high-grade area of the Botswana CBM Fairway is interpreted to contain an average 10 metre net bright-coal seams over a 50 metre interval with high gas saturations up to 100% and 2.38 TCF prospective gas resource net to Strata-X.(1) This interpretation is re-enforced with the results of the Company’s 19B-1 well and historic core hole data, where these wells bubbled free gas from the targeted bright-coals. The area immediately surrounding Strata-X’s recently drilled and logged 19B-1 well was certified to contain 2C Contingent Resources of 23 Bcf of natural gas. The 19B-1 well intersected 18 metres of net coal with 12 metres of multi seam bright coals having up to 100% gas saturations.
The Company’s focus on the high-grade area will be a major growth driver. A multi-well appraisal drilling and production testing programme within the high-grade area that steps out from the 19B-1 well location is being planned and tendered. The proposed programme, utilizing best practices learned from the work to date, is designed to upgrade prospective resources to contingent resources – with subsequent upgrades of contingent resources to reserves contingent on proving commercial gas flow rates. The multi-well appraisal programme will include the production testing of wells to acquire fluid flow rate data as required to design a multi-well CSG production pilot programme to prove commercial gas flow rates.
The Company holds 4,784 KM2 (1,129,000 acres) over the Serowe CBM Project with a certified Prospective Resource of 6.05 TCF.(1)
About Strata-XStrata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in the States of California and Illinois in the United States of America and the Republic of Botswana. Strata-X has 89,538,318 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.
For further information please contact:
Tim Hoops (USA) |
President |
+1 855-463-2400 |
info@strata-x.com |
This announcement was made in Canada for the TSX.V and in Australia for the ASX.
Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au (Australia).
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