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Why the Strike Energy (ASX:STX) share price is charging higher

The Strike Energy share price is charging higher. We take a look at the latest field results from the ASX energy share.
The post Why the Strike Energy (ASX:STX) share price is charging higher appeared first on The Motley Fool Australia. –

Blue light arrows pointing up, indicating a strong rising share price

The Strike Energy Ltd (ASX: STX) share price is moving higher, up 3% in morning trade.

Below we take a look at the ASX energy share’s latest field results.

What update did Strike Energy provide on its operations?

Strike Energy’s share price is moving higher after the company updated the market on its West Erregulla Appraisal Campaign on behalf of its EP469 Joint Venture.

Strike Energy and Warrego Energy Ltd (ASX: WGO) each hold a 50% joint venture interest in EP469. The gas project is situated in the North Perth Basin in Western Australia.

Reporting on its appraisal well operations, Strike said WE5 has “landed and cemented the surface casing string”. The well is now drilling ahead at a depth of around 2,785 metres measured depth (MD).

Production testing continues at WE4. Strike said the well is in the clean-up phase, reporting it has encountered pressure conditions similar to WE2 on initial flows.

According to the update:

The high reservoir quality seen at WE4 has been confirmed by core results from the laboratory, which show permeability up to 430mD (unconfined) and porosity of up to 19.9% in the Kingia Sandstones.

The company said it will gain additional data from the extended flowing of WE4, helping prepare for potential production operations at its West Erregulla Phase 1 development.

Looking ahead, Shrike plans to continue its WE4 flow test program “until the well is sufficiently cleaned up”. At that stage, expected to take several more days, the company will perform a full production test.

Work also continues apace at WE5, where Strike said it will continue drilling “the 12-1/4” intermediate hole section down to a nominal depth of ~3,750mMD, at which time wireline logs will be acquired.”

Running of the casing and cementing in place is expected to take place at WE5 after that.

Strike Energy share price snapshot

Strike Energy shareholders have enjoyed a banner year, with shares up 125% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) has gained 31% over that same time.

The Strike Energy share price has continued to outperform in 2021, with shares up 40% year-to-date.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Strike Energy (ASX:STX) share price is charging higher appeared first on The Motley Fool Australia.

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