Strike Oil vor dem möglichen Durchbruch

Hi Strikies,

... ist das nicht ...?

... so kommt die Diskussion in Australien ein wenig in Schwung ...

Ich habe noch folgendes Posting in der Diskussion ergänzt - just FYI:

If the Rayburn-Prospects has the extent of BlueSeals graphic (and probably it has, because it's a scale model of graphics from a previuos STX-AGM-presentation with a perfect fit to the Duncan #1 well location - all locations of the other Rayburn wells are make sense in this graphic - this is in my eyes the main evidence that this map is close to the truth), we talk about a discovery closer to the TCF-area than the "multiple hundreds" - area of BCFs.

All bet are now on HD #1 - If this well comes in, than we can expect at least 400 bcf from the middle wilcox only following BlueSeals reservoir calculations in the border of the polygons defined by D1, D2St1, GF1 and HD1 ( ... and the actual reservoir should have a larger extend then this narrow area ...).

In reference to Simon Ashtons formulation of "substantial" commercial rates at D1, my guess for the flowrates are something around 13 mmcfd from D1 and D2St1 - and GF1 could provide better rates. Not impossible that we have something around 40 mmcfd adding up this three wells.

At mesquite we had initial 300 barrels of condensate and 10 mmcfd from the four producing wells.

Therefore I think we can also expect at least around 500 bocd from this three wells togehter.

The NVP is ca. 5.- A$ per mcf (ref. the 2007 AGM presentation) - lets say something around 60 A$ for the condensate - so we would have a daily revenues of about 230,000 A$ from this three wells for the JV and 41,400 for STX (ca. 18%) or 1,242,000 A$ a month for STX

... sorry - I know a lot of speculation ... just my thoughts ... probably I am completly wrong ...


... am Mittwoch ist wieder News-Tag - vielleicht gibt es dann endlich die offiziellen Flowrates - zudem gab es in den letzten drei Jahren immer am 9. Januar eine sog. "Programm-Präsentation" - wäre natürlich jetzt super, wenn sie auch dieses Jahr so machen (nächste Woche müsste dann der "Activities-Report" veröffentlicht werden - auch der wird wohl aufschlussreich sein).

 

Kursrücksetzer in der vergangenen Nacht an der ASX ist meine Order die ich seit einigen Tagen im Markt hatte ausgeführt worden.
Nun werde ich zunächst weiter abwarten wie sich die Flow Rates darstellen bevor ich eine weitere Order plaziere.

Gruß

Permanent  

http://www.cometridge.com.au/

Die HP ist recht interessant. Neben der Beiteiligung von 9% sind Strike Oil und cometridge bei verschiedenen Projekten Partner.

Gruß

 

Permanent

 

Strike Oil macht weiter Fortschritte im Rayburn Field. Die Börse reagiert mit einem leichten Plus. Damit muss man wohl in dem Gesamtmarktumfled an der ASX zufrieden sein.

http://www.asx.com.au/asx/statistics/...pe=D&releasedDuringCode=W

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 11 January 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

RAYBURN PROJECT -

FOURTH WELL IN PROGRESS

Strike Oil is pleased to provide the following report on its Gulf Coast production testing and development drilling at the Rayburn Project.

 

1. •

1. Hlavinka Duncan 1, the fourth well on the Project, is drilling ahead at 6,524 feet (1,989 metres)

   (Strike Oil: 22.8% Working Interest, Operator: Cypress E&P Corporation)

   Hlavinka Duncan 1

   The Hlavinka Duncan 1 well spudded on 2 January 2008 (Texas time) is drilling ahead at 6,524 feet (1,989 metres) on 10 January 2008 (Texas time).

   The Hlavinka Duncan 1 well is the fourth well to be drilled on the Rayburn Project. It is targeting the same Middle Wilcox pay sand encountered in Duncan 1 and 2 wells and Gilbert Freeman 1 well.

   The well is located approximately 9,700 feet (2,957 metres) northeast of the Duncan 1 well. The proposed total depth is 12,650 feet (3,856 metres).

   Duncan 1

   Gas and oil-condensate continue to be produced to sales at substantial commercial rates. The well is continuing to test at rates similar to adjacent fields where individual wells commonly flow in the range of 5 to 15 million cubic feet of gas per day, progressively substantiating the good quality nature and continuity of the reservoir. Specific flow rates for the gas and oil condensate are planned to be released by the end of January.

   Duncan 2 and Gilbert Freeman 1

   Production testing of both wells is planned for the first quarter 2008. The Duncan 2 well is located approximately 4,550 feet (1,380 metres) southwest of the Duncan 1 well. The Gilbert Freeman 1 well is located approximately 1,450 feet (442 metres) north of the Duncan 1 discovery well.

   Commenting on the results to date, Strike Oil’s Managing Director Simon Ashton said;

   "The sustained substantial gas and oil condensate rates from the Duncan 1 well demonstrate that the well is accessing widespread, good quality reservoir. Substantial progress is being made on establishing production facilities and pipeline connections to enable the Duncan 2 and Gilbert Freeman 1 wells to be produced directly into sales pipelines."

   Yours faithfully

   SIMON ASHTON

   Managing Director

   Further information:

   Strike Oil Limited

   Simon Ashton - Managing Director

   T: 08 6464 0400

   E: strike@strikeoil.com.au

    

   1. • Duncan 1 production testing continues at substantial commercial gas and oil condensate rates

       

      1. • Duncan 2 and Gilbert Freeman 1 testing scheduled the first quarter 2008.

         RAYBURN PROJECT – WHARTON COUNTY

         Strike Oil Limited ABN 59 078 012 745

       

    

 

 

16:30 (MEZ)
Ort:	Washington, D.C.
Land:	Vereinigte Staaten von Amerika
Uhrzeit vor Ort:	10:30
Beschreibung:	Veröffentlichung des wöchentlichen Erdgasberichts der Energy Information Administration (EIA) zur US Lagerhaltung aktuell: Die US-amerikanischen Erdgasvorräte ("Nat Gas Inventories") sind in der letzten Woche um 59 Bcf auf 2.691 Bcf zurückgegangen. In der vorangegangenen Woche waren die Bestände in den USA um 171 Bcf geschrumpft, im Vorjahr hatten sie bei 2.949 Bcf gelegen.

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 21 January 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

RAYBURN PROJECT - OPERATIONS UPDATE

Rayburn Project – Texas Gulf Coast

(Strike Oil: 22.8% Working Interest, Operator: Cypress E&P Corporation)

Hlavinka Duncan 1

The Hlavlinka Duncan 1 well has reached a depth of 7,800 feet and has encountered a substantial gas show in the well. A downhole mechanical problem associated with the drilling equipment coupled with this gas occurrence has resulted in the need to activate the BOP’s (blow out prevention equipment). The well is currently shut in and under control at the surface however part of the drilling assembly remains in the hole. Well control experts are now on location to help determine the future plan of operations.

The gas shows are interpreted to be associated with a sandstone interval in the Cook Mountain Formation which is a substantial productive horizon in the area. The significance of these gas shows cannot be determined until the section can be wireline logged and ultimately tested if warranted.

The Hlavinka Duncan 1 well is programmed to drill to a total depth of 12,600 feet targeting primarily the Middle Wilcox Formation gas pay zones which have been encountered in the previous three wells, the Duncan 1, Duncan 2 and the Gilbert Freeman 1.

Strike Oil Limited ABN 59 078 012 745

Strike Oil’s Managing Director Simon Ashton commenting on the situation stated that:-

"While these substantial gas shows from a formation significantly shallower than the primary objective of the well are very encouraging the immediate concern is to resolve the drilling operational issue and resume normal operations."

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 25 January 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

RAYBURN PROJECT - OPERATIONS UPDATE

(Strike Oil: 22.8% Working Interest, Operator: Cypress E&P Corporation)

Hlavinka Duncan 1

A decision has been made to re-drill the Hlavinka Duncan 1 well.

Mechanical problems downhole and the presence of gas have resulted in the decision to plug and abandon the well and redrill which will enable the substantial gas shows to be properly evaluated.

The gas shows are interpreted to be associated with a sandstone interval in the Cook Mountain Formation which is a substantial productive horizon in the area. The significance of these gas shows cannot be determined until the section can be further evaluated by wireline logging and testing

The Hlavinka Duncan 1 redrill well is programmed to drill to a total depth of 12,600 feet targeting primarily the Middle Wilcox Formation gas pay zones which have been encountered in the previous three wells, the Duncan 1, Duncan 2 and the Gilbert Freeman 1.

Strike Oil Limited ABN 59 078 012 745

Strike Oil’s Managing Director Simon Ashton commenting on the situation stated that:-

"The redrill of the Hlavinka Duncan 1 well will enable the substantial gas shows in the Cook Mountain formation to be further evaluated prior to the well drilling on to the main objective in the Middle Wilcox Formation."

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

Rayburn Project – Texas Gulf Coast

 

http://www.asx.com.au/asx/statistics/...pe=D&releasedDuringCode=W

 

 

RAYBURN PROJECT

OUTSTANDING TEST RESULTS AND OPERATIONS UPDATE

Strike Oil is pleased to provide the following report on its Gulf Coast production activities and development drilling.

 

1. •

 

Duncan 1 well, stabilised flow rates of 10.1 million cubic feet of gas per day and 260 barrels of light gravity condensate from the gas.

 

2. •

 

The Rayburn Project has been formally designated as the Cypress Eagle Field.

 

3. •

 

Duncan 2 and Gilbert-Freeman 1 production facilities and flow lines being installed to allow production testing this quarter, as pipelines are completed.

 

4. •

 

Revenue could rise to $2 million per month by mid 2008.

 

5. •

 

Hlavinka-Duncan 1 well redrill (the Hlavinka-Duncan 1-R) will commence drilling in early February.

(Strike Oil 22.8% Working Interest, Operator Cypress E&P Corporation)

Duncan 1

The following flow rates were reported to the local regulator, the Texas Rail Road Commission (TRRC), on the 29 January, 2008 (Texas Time). The Middle Wilcox Formation interval is currently flowing at a stabilised rate of 10.1 million cubic feet per day and 260 barrels of condensate per day, through a 12.5/64 inch choke. Tubing head pressure is 6,700 psi.

Based upon these results a new field discovery has been formalised with the TRRC and the field will be known as the Cypress Eagle Field.

Gross revenues from this well at the above rates equates to around AUD$100,000 per day (based upon US$7 per mcf for the gas and US$85 per barrel for oil). This result coupled with production from the Mesquite Project and further wells on Rayburn suggest that net revenues to Strike Oil could be of the order of $2 million per month by mid 2008.

Duncan 2 and Gilbert Freeman 1 Production Facilities

Production facilities and flowlines are now being installed so that test gas from these wells can be transported to sales immediately. These production facilities should be in place during the current quarter. Once these facilities are in place this will accelerate the time it takes for further planned development wells to be tied in for production.

Hlavinka-Duncan 1 Redrill

The Hlavinka-Duncan 1 redrill (Hlavinka-Duncan 1-R) is due to spud in early February following the completion of extensions to the existing pad. The well is located 9,700 feet (2,957 metres) north east of the Duncan 1 well and is programmed to a total depth of 12,600 feet.

The well will be evaluating both the new substantial gas zone penetrated in the initial Hlavinka Duncan 1 well at the Cook Mountain Formation and the primary objective Middle Wilcox zones penetrated in Duncan 1, Duncan 2 and Gilbert Freeman 1 wells.

Changes will be made to the casing programme to allow for the evaluation and protection of the potential pay sands within the Cook Mountain Formation prior to drilling the primary objective.

Strike Oil’s Managing Director, Simon Ashton, commenting on the results stated that:-

"The stabilised gas flow from the Duncan 1 well coupled with the drilling results from the other wells is very encouraging. The current drilling is focussed on achieving early cash flow. Reserves will be established progressively as the ongoing development drilling programme advances in the field. Three and possibly four additional development wells are planned to be drilled before the end of June 2008."

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

RAYBURN PROJECT – WHARTON COUNTY

Strike Oil Limited ABN 59 078 012 745

 

null  

AS X Announcement

ASX Code: STX 4 February 2008

The Company Announcement Officer

Australian Stock Exchange Ltd

via electronic lodgement

DIRECTOR'S INTEREST NOTICE

Please find attached an Appendix 3Y - Change in Directors Interest Notice.

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

Rule 3.19A.2

APPENDIX 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Strike Oil Limited

ABN 59 078 012 745

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

 

Name of Director	Jeffrey Schneider
Date of last notice	19/10/07

 

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct and indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Yelmere Superannuation Fund of which J Schneider is a director and shareholder
Date of change	28/1/08
No. of securities held prior to change	1,110,786 Ordinary fully paid shares - J Schneider
Class	Ordinary fully paid shares
Number acquired	Nil
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$34,117
No. of securities held after change	952,103 Ordinary fully paid shares - J Schneider 158,683 Ordinary fully paid shares - Yelmere Superannuation Fund
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Transfer of interest to Yelmere Superannuation Fund

 

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 13 February 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

RAYBURN PROJECT

HIGH FLOW RATES CONTINUE AS DRILLING AND TESTING PROGRAM ADVANCES

Strike Oil is pleased to provide the following report on its Gulf Coast production activities and Rayburn development drilling.

 

1. •

 

Duncan 1 well continues to produce at impressive stabilised flow rates of approximately 10 million cubic feet of gas per day and 260 barrels of light gravity condensate from the gas.

 

2. •

 

Hlavinka-Duncan 1R well with dual objectives spudded on 9 February

 

3. •

 

Duncan 2 and Gilbert Freeman 1 production testing on course for March tie into production facilities

(Strike Oil 22.8% Working Interest, Operator Cypress E&P Corporation)

Duncan 1

The Duncan 1 well continues to produce at stabilised flow rates of approximately 10 million cubic feet of gas per day and 260 barrels of light gravity condensate from the gas.

Gross revenues from this well at the above rates equates to around AUD$3 million per month (based upon US$7 per mcf for the gas and US$85 per barrel for oil).

Hlavinka-Duncan 1R

The Hlavinka-Duncan 1 redrill (Hlavinka-Duncan 1R) spudded on the 9 February. 13 3/8 inch casing has been set at 2265 feet (690 metres). Current operation is preparing to drill ahead after the blow out preventor has been installed and the casing has been tested.

Duncan 2 and Gilbert Freeman 1 Production Facilities

Work is continuing on the installation of field production facilities and flowlines. These production facilities should be in place during March which will allow all test gas from the Duncan 2 and Gilbert Freeman 1 wells to be sold. Once these facilities are in place this will accelerate the time it takes for further planned development wells to be tied in for production.

Strike Oil’s Managing Director, Simon Ashton, commenting on the results stated that:-

"The continued substantial stabilised flow rate of gas and condensate from the Duncan 1 well must rank it with some of the highest rate wells, which an Australian company has participated in onshore US. Now the fourth well has commenced and the second and third wells are to commence testing soon, we are well underway to substantially increasing revenues."

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

RAYBURN PROJECT – WHARTON COUNTY

Strike Oil Limited ABN 59 078 012 745

The well is located approximately 300 feet (91metres) south-southeast of the original well and 9,700 feet (2,957 metres) north east of the Duncan 1 well. Programmed total depth is 12,650 feet.

The well has dual objectives. It will evaluate both the new substantial gas show penetrated in the initial Hlavinka Duncan 1 well in the Cook Mountain Formation and the deeper primary objective Middle Wilcox gas pay zones penetrated in Duncan 1, Duncan 2 and Gilbert Freeman 1 wells.

The casing programme has been designed to allow for the evaluation and protection of the potential pay sands within the Cook Mountain Formation, prior to drilling the primary objective.

E: strike@strikeoil.com.au

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 22 February 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

RAYBURN PROJECT

DEVELOPMENT DRILLING AND PRODUCTION ON COURSE

Strike Oil is pleased to provide the following report on its Gulf Coast production activities and Rayburn development drilling.

 

1. •

 

Hlavinka-Duncan 1R well to penetrate the upper objective Cook Mountain Formation during the next week

 

2. •

 

Duncan 1 continues production at stable rate

 

3. •

 

Installation of field production facilities continuing

(Strike Oil 22.8% Working Interest, Operator Cypress E&P Corporation)

Hlavinka-Duncan 1R

The fourth well to evaluate the Rayburn prospect, Hlavinka Duncan 1R, which spudded on the 9 February, has reached a depth of 6505 feet (1983 metres) where 9 5/8 inch casing has been set as planned.

Current operation is preparing to conduct integrity test of the casing and cement before drilling ahead in 8 ½ inch hole.

During the coming week, the well is expected to penetrate the equivalent of the substantial gas show encountered in the Cook Mountain Formation in the initial Hlavinka Duncan 1 well located approximately 91 metres to the north-northwest. Hlavinka Duncan 1 is located 9,700 feet (2,957 metres) north east of the Duncan 1 discovery well.

Wireline logs will be run to evaluate this zone prior to setting a 7 5/8 inch liner to protect the zone.

Duncan 1

The Duncan 1 well continues to produce at stabilised flow rate of approximately 10 million cubic feet of gas per day and 250 barrels of light gravity condensate from the gas.

Duncan 2 and Gilbert Freeman 1

Work is continuing on the installation of field production facilities and flowlines which will enable test gas from Duncan 2 and Gilbert Freeman 1 to be sold.

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

RAYBURN PROJECT – WHARTON COUNTY

Strike Oil Limited ABN 59 078 012 745

The well will then drill ahead to penetrate the deeper primary objective Middle Wilcox Formation to evaluate the gas potential in equivalent zones to those penetrated in Duncan 1, Duncan 2 and Gilbert Freeman 1 wells.

Programmed total depth is 12,650 feet.

 

 

ASX Announcement

ASX Code: STX

28 February 2008

Strike Oil Limited

ABN 59 078 012 745

The Company Announcement Officer

Australian Stock Exchange Ltd

via electronic lodgement

MANAGING DIRECTOR

ON GULF COAST REVENUE GROWTH

Our Strengths

•

strong cash flow

Producer/Explorer with

•

discoveries

Track record of

•

portfolio

Geographically diverse

•

Highly experienced team

•

partners

Strong experienced

•

E&P

Innovative approach to

Strike Oil Limited

Level 9, Wesfarmers House

40 The Esplanade

Perth WA 6000

Tel: 08 6464 0400

www.strikeoil.com.au

Please find attached an “Open Briefing” interview on Strike Oil’s Gulf Coast,

Onshore Texas activities.

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E:

strike@strikeoil.com.au

1

Attention ASX Company Announcements Platform

Lodgement of Open Briefing

®

Strike Oil Limited

Level 9,

Wesfarmers House,

40 The Esplanade,

Perth, Western Australia, 6000

Date of lodgement:

28-Feb-2008

Title:

Open Briefing®. Strike Oil. MD Update on Gulf Coast Revenue Growth

Record of interview:

corporatefile.com.au

Strike Oil Limited (ASX Code: STX) is involved in a substantial gas discovery at its

Rayburn Prospect, onshore Gulf Coast, Texas. What is the likely impact of this discovery?

MD Simon Ashton

The confirmation of the discovery with the substantial flow rates from the Duncan 1

discovery well will have a major impact on Strike in the following ways:

·

it confirms the presence of a large structure with substantial gas flow rate potential

·

reinforces our producer status with immediate 3 fold daily production increase

·

million per month (up from approximately $0.5 million per month) and projected to

be approximately $2 million per month by mid year

secures substantial growth in revenues which currently stand at approximately $1

·

reduces pressure on short term equity raisings providing funding flexibility

·

success in the Gulf Coast

provides additional confidence for ongoing growth associated with further exploration

·

adds to the companies successful track record

corporatefile.com.au

Strike is currently producing gas and oil condensate at commercial rates from Duncan 1

well on the Rayburn Project (Strike 22.8% working interest) in the Gulf Coast (USA).

What production rates are you achieving? What is the revenue impact? How do these

rates compare with nearby fields?

MD Simon Ashton

The Duncan 1 well is flowing at approximately 10 million cubic feet of gas per day and

260 barrels of condensate. This rate equates to gross revenue from the well of the order of

A$3 million per month. The well has been performing at this rate for many weeks now.

2

Comparable rates in nearby fields from similar horizons flow in the 5 to 15 million cubic

feet per day range. Duncan 1 is an outstanding result and is consistent with the adjacent

fields.

Duncan 1 is a substantial gas and oil well and my feeling is that it is probably the highest

sustained production rate achieved from the onshore Gulf Coast involving an Australian

company in recent time.

Strike is now generating revenue from two projects; Rayburn and Mesquite. Rayburn

provides a quantum leap in production relative to that from Mesquite, which was our first

project into production. Mesquite is currently producing around 4 million cubic feet of gas

per day from 4 wells compared to the 10 million cubic feet per day at Rayburn from 1

well.

We have two more wells ready for testing, one drilling and plan several more wells at

Rayburn; the revenue from this project will underpin the value of the Company and

provide a base for us to fund our ongoing growth projects in the Gulf Coast specifically

and elsewhere in both the US and Australia.

corporatefile.com.au

What is your drilling program for the next 12 months on the Rayburn Project and

elsewhere in the Gulf Coast?

MD Simon Ashton

Drilling will be ongoing as we continue to get positive results at Rayburn and we could be

drilling, in addition to those already drilled at Rayburn, the order of 8 to 10 wells over the

next 12 months in the onshore Gulf Coast. The majority of these are likely to be

development wells however some will be on new exploration prospects. We have a good

rig and crew on contract and will try to maintain or even increase the momentum.

corporatefile.com.au

Strike is projecting its revenues from development of its Gulf Coast projects to be the

order of A$2 million per month by mid-2008. What are the key milestones required for

the Company to meet this objective? What are the main risks?

MD Simon Ashton

Depending upon the flow rates from the Rayburn wells this revenue target should be

achieved from a combination of the current 4 wells on our existing producing property -

the Mesquite Project - and 4 to 5 wells from the Rayburn Project. We are confident of

achieving this because of the results from the wells to date, the quality of our 3-D seismic

and its calibration to the wells and the confidence in the Operator, Cypress E& P.

Key milestones will be the confirmation of flow rates from each of the new Rayburn wells

in addition to the Duncan 1 well. The risks in not achieving the targeted revenue of A$2

million per month by mid-2008 will be a combination of lower than anticipated flow rates,

a fall in the oil/gas price or a significant devaluation of the US$.

corporatefile.com.au

The Duncan 2 ST#1 (side track) and Gilbert Freeman 1 wells at the Rayburn Project have

been completed for testing. What did drilling of these wells tell you about the structure of

the broader Wilcox Formation in that area? How did the results compare with those of

Duncan 1? How will you use this information to plan future drilling campaigns on the

Project?

3

MD Simon Ashton

Both the Duncan 2 ST#1 and Gilbert Freeman 1 wells have intersected the equivalent pay

interval in the Middle Wilcox to that in the Duncan 1 well. The Duncan 2 ST#1 is 1380

metres south west of Duncan 1 and Gilbert Freeman 1 is 442 metres north of Duncan 1

which demonstrates that the extent of the gas reservoir is widespread. This new drill data

can now be used to recalibrate the seismic data and continue to be used to improve the

interpretation of the structure hence reducing technical risk associated with future wells.

corporatefile.com.au

How long will it take before you can start testing the Duncan 2 ST#1 and the Gilbert

Freeman 1 wells?

MD Simon Ashton

We are in the process of constructing flow lines and tying into the regional gas

transmission system. This should be completed in April at which time we will start testing

and selling gas and condensate from those two wells. Hence the operator plans to have 3

wells on production in April.

corporatefile.com.au

How soon after completion of production testing on Duncan 2 ST#1 and Gilbert Freeman

1, will you be in a position to update the resource or reserves at Rayburn? What about on

your other Gulf projects?

MD Simon Ashton

As we drill more wells we will start to establish production and proved reserves. This will

happen incrementally as we drill. Wells in adjacent Wilcox fields have the order of 5 to 10

billion cubic feet of gas per well. Because the structure is large and there are potentially

several different producing horizons it will take many wells to confirm the size of the

overall resource which could be in the multiple 100’s of billions of cubic feet. The more

success we have with the drilling the more confident we will be concerning this overall

scale.

With respect to other Gulf Coast projects the fact that we are now developing a high

success rate with drilling in the Wilcox suggests that we should receive some credit for the

undrilled projects that we have documented which combined also have potential into the

100’s of billions of cubic feet.

corporatefile.com.au

You’ve stated that wells in adjacent fields have the order of 5 to 10 billion cubic feet of

gas per well and also that there is potential for multiples of 100’s of Bcf at your projects in

the Gulf Coast. How have you assessed that potential? What value would you ascribe to

discoveries containing in the order of 5 to 10 billion cubic feet of gas per well?

MD Simon Ashton

In the Wilcox Formation we have a 2 out of 3 success rate with exploration wells and 5

out of 5 with development wells. We have multiple 100’s of Bcf potential at Rayburn and

also in other prospects already leased on trend. This gives us confidence that we have

substantial value potential in the Gulf Coast business area.

Gross gas revenue from individual wells can be the order of US$35 to 70 million based

upon a US$7 per thousand cubic feet. Associated condensate could add 10 to 20% to this

value.

4

As mentioned we are projecting $2 million per month of revenues by mid year which is

$24 million annualised and only includes the 4 to 5 wells at Rayburn plus the Mesquite

production. It is our expectation that revenues will continue to grow during the year as

more wells at Rayburn are drilled and brought on production.

corporatefile.com.au

With cash flow established and growing in the Gulf Coast, what are your exploration and

development plans during 2008 at your other projects including drilling programs?

MD Simon Ashton

The Gulf Coast is not our only area of activity we have additional drilling planned in both

Australia and the US during the year and we are advancing the evaluation of a low

emissions power and gasification project through Hybrid Energy in South Australia.

In the first half of the year we are planning to participate in the drilling of some

meaningful oil prospects with 2 wells in the Cooper Basin and possibly up to 4 wells in

the Rocky Mountains. In the Carnarvon Basin we are making good progress on the

potential Rivoli Gasfield development project while continuing to develop a series of

drilling opportunities to be able to consider a multi well drilling program at the most cost

effective rates.

In summary Strike is in for a very exciting year ahead.

corporatefile.com.au

Thank-you Simon.

For further information on Strike Oil Limited visit

Ashton on (08) 6464 0400.

To read other Open Briefings, or to receive future Open Briefings by email, please visit

www.strikeoil.com.au or call Simon

www.corporatefile.com.au

.

DISCLAIMER:

It is information given in a summary form and does not purport to be complete. The information contained is not intended to be

used as the basis for making any investment decision and you are solely responsible for any use you choose to make of the

information. We strongly advise that you seek independent professional advice before making any investment decisions.

Corporate File Pty Ltd is not responsible for any consequences of the use you make of the information, including any loss or

damage you or a third party might suffer as a result of that use.

Corporate File Pty Ltd has taken reasonable care in publishing the information contained in this Open Briefing®.

 

ASX Announcement

ASX Code: STX

5 March 2008

Strike Oil Limited

ABN 59 078 012 745

Our Strengths

•

strong cash flow

Producer/Explorer with

•

discoveries

Track record of

•

portfolio

Geographically diverse

•

Highly experienced team

•

partners

Strong experienced

•

E&P

Innovative approach to

Strike Oil Limited

Level 9, Wesfarmers House

40 The Esplanade

Perth WA 6000

Tel: 08 6464 0400

www.strikeoil.com.au

The Company Announcement Officer

Australian Stock Exchange Ltd

via electronic lodgement

RAYBURN PROJECT

HLAVINKA DUNCAN 1R SECONDARY TARGET UPDATE

Strike Oil is pleased to provide the following report on its Gulf Coast Rayburn

drilling programme.

•

objective

RAYBURN PROJECT – WHARTON COUNTY

Hlavinka-Duncan 1R intersects thin gas sands in secondary

(Strike Oil 22.8% Working Interest, Operator Cypress E&P Corporation)

Hlavinka-Duncan 1R

The fourth well to evaluate the Rayburn prospect, Hlavinka Duncan 1R, which

spudded on the 9 February, has reached a depth of 8,300 feet (2,530 metres)

where a 7 5/8 inch liner has been set after running of wireline logs as

planned.

During the past week, the well penetrated the secondary objective of the well,

the Cook Mountain Formation. Thin gas sands of variable quality are

indicated on the mudlog and wireline logs. A decision on testing, timing of

such testing, or the decision to possibly drill a well to evaluate thicker sands

believed to be in close proximity based on data from the original hole, will

await finalization of the evaluation of the deeper primary objective and

possibly further seismic processing designed specifically to evaluate this

secondary objective.

Hlavinka Duncan 1 is a substantial stepout being located 9,700 feet (2,957

metres) north east of the Duncan 1 discovery well.

Current operation is preparing to conduct an integrity test of the casing and

cement before drilling ahead in 6 ½ inch hole to evaluate the gas potential in

equivalent zones to those penetrated in Duncan 1, Duncan 2 and Gilbert

Freeman 1 wells.

Programmed total depth is 12,650 feet (3,856 metres).

ASX Announcement

ASX Code: STX

5 March 2008

Strike Oil Limited

ABN 59 078 012 745

Our Strengths

•

strong cash flow

Producer/Explorer with

•

discoveries

Track record of

•

portfolio

Geographically diverse

•

Highly experienced team

•

partners

Strong experienced

•

E&P

Innovative approach to

Strike Oil Limited

Level 9, Wesfarmers House

40 The Esplanade

Perth WA 6000

Tel: 08 6464 0400

www.strikeoil.com.au

Strike Oil’s Managing Director, Simon Ashton, commenting on the results

stated that:-

“The wireline logging of the Hlavinka Duncan 1R well has confirmed

thin gas pay zones in the secondary objective. The potential exists for

thicker sands to exist nearby. A decision on future evaluation will await

full interpretation of the data. The well will now be drilled on to the main

objective (the zone producing in the Duncan 1 well) in the Wilcox

Formation over the next couple of weeks. "

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E:

strike@strikeoil.com.au

 

http://www.asx.com.au/asx/statistics/...pe=D&releasedDuringCode=W

 

WASHINGTON (AP) - Natural gas in storage in the U.S. fell last week and is only 2.3 percent above the five-year average for this time of year, a government report said Thursday.

The Energy Department's Energy Information Administration said in its weekly report that natural-gas inventories held in underground storage in the lower 48 states fell by 85 billion cubic feet to about 1.31 trillion cubic feet for the week ending March 14.

The inventory level was above the five-year average of more than 1.28 trillion cubic feet in underground storage, but below last year's 1.53 trillion cubic feet, according to the government data.

In morning trading, natural gas for April delivery fell 13 cents to about $8.89 per 1,000 cubic feet on the New York Mercantile Exchange.

 

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

http://www.asx.com.au/asx/statistics/...pe=D&releasedDuringCode=W

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 27 March 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

RAYBURN PROJECT

OPERATIONAL UPDATE

Strike Oil is pleased to provide the following report on its Gulf Coast Rayburn drilling and testing programme.

 

1. •

 

Hlavinka Duncan 1R successfully cased for testing

 

2. •

 

Fifth well, Duncan 3, to spud during the next week

 

3. •

 

Testing programme for three wells to start in April

 

4. •

 

Duncan 1 sustains rate of 10 MMCFD and 250 barrels of condensate

(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)

Hlavinka-Duncan 1R

The fourth well to evaluate the Rayburn prospect, Hlavinka Duncan 1R was successfully cased for testing during the past week. The rig was released from Hlavinka Duncan 1R on 21 March 2008.

Duncan 3

Duncan 3, the fifth well to evaluate the Rayburn prospect, is scheduled to spud during the next week. The well is located approximately midway between the Duncan 1 and Duncan 2 wells. It will be targeting the same Middle Wilcox pay sand encountered in Duncan 1 and 2 wells and Gilbert Freeman 1 well.

Duncan 3 is located 2,711 ft (826 m) south-southwest of Duncan 1 which has been producing at a sustained rate of approximately 10 million cubic feet per day plus approximately 250 barrels of condensate per day since early January 2008. The Duncan 2 well which is due to be tested in early April is located 2,062 ft (628 m) west-southwest of Duncan 3.

Proposed total depth is 12,200 feet (3719m). The well is expected to take approximately 27 days to drill and log.

Testing of Duncan 2, Gilbert Freeman 1 and Hlavinka-Duncan 1R

The operator, Cypress E&P has advised the fraccing and testing of the Duncan 2, Gilbert Freeman 1 and Hlavinka-Duncan 1R wells will be undertaken progressively during the month of April.

Work is continuing on the installation of field production facilities and flowlines which will enable test gas from all 3 wells to be sold.

Strike Oil’s Managing Director, Simon Ashton, commenting on the progress of the project stated that:-

"

We are very pleased with the progress being made by the operator in installing the new field facilities and pipelines as this means once they are operational, the three wells waiting testing can be brought onto production immediately and the drilling of further development wells can be accelerated."

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

RAYBURN PROJECT – WHARTON COUNTY

Strike Oil Limited ABN 59 078 012 745

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 3 April 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

USA AND AUSTRALIAN PROJECTS

OPERATIONAL UPDATE

Strike Oil is pleased to provide the following report on its Gulf Coast Rayburn drilling and testing programme and its Cooper-Eromanga Basin drilling programme.

RAYBURN

 

1. •

 

Fifth well, Duncan 3 spudded

 

2. •

 

Production facilities and pipelines connected

 

3. •

 

Testing programme for 3 wells commenced

 

4. •

 

First of two wells, Currumbin 1, spudded

(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)

Duncan 3

Duncan 3, the fifth well to evaluate the Rayburn prospect, spudded on 26 March 2008. The 13 3/8 inch casing has been set at 2,650 feet (808 metres). Current operation is drilling ahead at 5,026 feet (1,532 metres) in 9 5/8 inch hole.

The well is located approximately midway between the Duncan 1 and Duncan 2 wells. It is targeting the same Middle Wilcox pay sand encountered in Duncan 1 and 2 wells and Gilbert Freeman 1 well. Proposed total depth is 12,200 feet (3,719 metres).

Testing of Duncan 2, Gilbert Freeman 1 and Hlavinka-Duncan 1R

The operator, Cypress E&P, has advised the production facilities and pipeline connections to Duncan 2 and Gilbert Freeman 1 have been completed.

The Duncan 2 well has been perforated and a fraccing operation is underway. Test results will be announced after a stable flow rate has been achieved.

Testing of the Gilbert Freeman 1 and Hlavinka-Duncan 1R wells will be undertaken progressively during the month of April.

Duncan 1

The Duncan 1 well continues to perform at the exceptional rate of around 10 million cubic feet per day and 250 barrels of condensate per day. The well has now been performing at these rates for over three months.

Strike Oil’s Managing Director, Simon Ashton, commenting on the progress of the Rayburn Project stated that:-

"The completion of the initial phase of field development, including installation of the production pipelines and gas processing facilities represents a major milestone in the development of the Rayburn Field. The three completed wells can now be brought immediately to sales as flow testing is undertaken. Current revenues to Strike Oil are now exceeding one million dollars (Australian) per month and should increase substantially during the coming months as the new wells are brought on production. The fifth well on the field, Duncan 3, is now drilling as part of the ongoing field appraisal and development programme, with up to six further appraisal / development wells currently scheduled for this year".

ATP 633 P - COOPER-EROMANGA BASIN, QUEENSLAND

(Strike Oil 15.00% Working Interest; Operator Beach Petroleum)

Currumbin 1

The operator of ATP633P, Beach Petroleum, has advised the Currumbin 1 exploration well spudded on 2 April 2008. At 6 am EDST the well was drilling ahead at 218 metres.

The Currumbin prospect is located approximately 5km south of the Chiron Field and 5.6 km west of 1989 Gidgee-1 well, which flowed in excess of 1,000 barrels of oil per day. The prospect is an untested four-way dip closure defined by the 1 x 1 km 2007 Gukithi 2D seismic survey.

Coolangatta 1

The Coolangatta prospect will be drilled immediately after Currumbin 1. It is one of the many prospects identified by the 2007 Gukithi 2D seismic survey.

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

RAYBURN PROJECT – WHARTON COUNTY

Strike Oil Limited ABN 59 078 012 745

Strike Oil Limited ABN 59 078 012 745

The objectives are the Murta Formation, Namur Sandstone and Hutton Sandstone which have been proven to be oil prone within the area. The probabilistic mean prospective resource for the Namur Sandstone, the primary objective, is 0.45 million barrels of oil with a deterministic upside of 6.2 million barrels of oil. The well is programmed to drill to 1,550 metres.

COOPER - EROMANGA BASIN

 

ASX Announcement

Australian Stock Exchange Ltd

ASX Code: STX 9 April 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officer

via electronic lodgement

USA AND AUSTRALIAN PROJECTS

OPERATIONAL UPDATE

Strike Oil is pleased to provide the following report on its Gulf Coast Rayburn drilling and testing programme and its Cooper-Eromanga Basin drilling programme.

RAYBURN

 

1. •

 

Duncan 3 preparing to drill ahead at 7,910 ft ( 2,411 metres)

 

2. •

 

Duncan 2 ST production flow testing proceeding in line with expectations

 

3. •

 

Gilbert Freeman 1 test underway

 

4. •

 

Currumbin 1 drilling ahead at 1,473 metres

(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)

Duncan 3

Duncan 3, the fifth well to evaluate the Rayburn gas field, spudded on 26 March 2008. The 9 5/8 inch casing has been set at 7,900 feet (2,408 metres) as planned. Current operation is preparing to drill ahead at 7,910 feet (2,411 metres) in 8 1/2 inch hole.

The well is located approximately midway between the Duncan 1 and Duncan 2 wells. It is targeting the same Middle Wilcox pay sand encountered in Duncan 1 and 2 wells and Gilbert Freeman 1 well. Proposed total depth is 12,200 feet (3,719 metres).

Testing of Duncan 2 ST

The Duncan 2 ST well is production testing with the choke size being progressively increased. All test gas is being produced to sales.

Flow rates for both gas and oil-condensate are in line with expectations. Final flow rates will be released once optimal production has been achieved.

Testing of Gilbert Freeman 1 and Hlavinka-Duncan 1R

The Gilbert Freeman 1 has been perforated and a fraccing operation is underway prior to conducting flow testing.

Testing of the Hlavinka-Duncan 1R well will be undertaken later in the month.

Strike Oil’s Managing Director, Simon Ashton, commenting on the progress of the Rayburn Project stated that:-

"The bringing on of the second well at Rayburn, the Duncan 2 ST, and selling substantial quantities of gas and condensate immediately will add significantly to Strike’s growing cash flow and places us well on track for the $2 million per month of revenue target by June 2008."

ATP 633 P - COOPER-EROMANGA BASIN, QUEENSLAND

(Strike Oil 15.00% Working Interest; Operator Beach Petroleum)

Currumbin 1

The Operator, Beach Petroleum, has advised the Currumbin 1 well is drilling ahead at 1,473 metres.

Yours faithfully

SIMON ASHTON

Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director

T: 08 6464 0400

E: strike@strikeoil.com.au

RAYBURN PROJECT – WHARTON COUNTY

Strike Oil Limited ABN 59 078 012 745

COOPER - EROMANGA BASIN

 

QUARTERLY ACTIVITIES REPORT

FOR THE PERIOD ENDED 31 MARCH 2008

HIGHLIGHTS FOR THE QUARTER

 

1. • Oil and gas revenue for the quarter was $3.48 million, up 118% on the previous quarter.

    

   1. • Gas production was up 72% for the quarter and oil condensate production increased by 128%.

       

      1. • Production facilities and pipelines completed at the Rayburn project.

          

         1. • Timetable set for approval and development of Rivoli gasfield in the Carnarvon basin.

            SUBSEQUENT TO THE END OF THE QUARTER

             

         2. • Testing and production from Duncan 2 and Gilbert Freeman 1 wells commenced.

             

            1. • Two well drilling programme in ATP633P, in the Cooper-Eromanga Basin commenced.

               Successful development operations at the Rayburn project have resulted in Strike Oil reaching record production revenues for the quarter. These revenues are expected to continue to increase substantially into the next quarter as more wells at Rayburn are tested and brought into production through the recently installed production pipeline infrastructure. The increased cash flows will help facilitate the funding of the Rayburn development and ongoing projects in USA and Australia.

               Page 1 of 7

               SIGNIFICANT PROJECT ACTIVITIES

               PRODUCTION ACTIVITIES

               USA

                

            2. • Rayburn Project, Gulf Coast, Texas (22.8% Working Interest, ~ 17.5% Net Revenue Interest)

               Activities during the quarter continued to focus on achieving and increasing cash flows.

               The Duncan 1 well commenced production from the Middle Wilcox formation at the end of November 2007. It has produced at the exceptional rate of around 10 million cubic feet per day and 250 barrels of condensate per day for the entire quarter. The well has now produced over 1.2 billion cubic feet of gas and 32,000 barrels of oil condensate making it one of the best producing wells in the onshore USA in which an ASX-listed Australian company has an interest.

               Meanwhile, the construction of the production facilities and pipeline connections to the Duncan 2 and Gilbert Freeman 1 wells were completed during the quarter.

               Subsequent to the quarter’s end both wells were being tested with all gas and oil production being sold.

               The fourth well on the Rayburn project, Hlavinka Duncan 1, was located 9,700 feet (2,957 metres) north east of Duncan 1 and is interpreted to be in a separate down thrown fault block from the initial three wells. Downhole mechanical problems lead to a decision to plug and abandon the well before reaching the main objective and to redrill it approximately 300 feet (91 metres) from the original well.

               In the new well, Hlavinka Duncan 1R, the main objective sand in the Middle Wilcox was found to be of good quality but wireline logs run at total depth indicated the sand was unlikely to contain hydrocarbons. However wireline logs and sidewall cores indicated two intervals above the main objective appear to be hydrocarbon bearing. The deeper of these secondary objectives will be tested in mid April.

               Duncan 3, the fifth well to evaluate the Rayburn prospect, spudded on 26 March 2008. The result of this well is expected to be available by the end of April 2008.

               Two or possibly three more development wells are planned to be drilled before the end of June 2008.

               Page 2 of 7

                

               1. • Mesquite Project, Gulf Coast, Texas (26.25% Working Interest, ~20% Net Revenue Interest)

                  Production from the Mesquite project was lower than the previous quarter due to natural decline. Average gross daily production for the quarter was approximately 3.9 million cubic feet of gas and 50 barrels of oil condensate.

                  This project is now substantially paid out and it is anticipated it will continue to generate significant revenue to Strike Oil for many years.

                  PRODUCTION REVENUE

                  Strike Oil's working interest revenue from gas and oil condensate sales for the quarter was $3.48 million. This is an increase of 118% on the previous quarter. These numbers reflect the substantial impact the production from Duncan 1 has had.

                  Production (Strike Oil WI)	March Quarter	December Quarter	Movement
                  Gas (mmcf)	285	164	72%
                  Oil (bbl)	6,695	2,937	128%

                  Revenue (Strike Oil WI)	March Quarter ($'000)	December Quarter ($'000)	Movement
                  Gas	2,693	1,303	106%
                  Oil	789	296	167%
                  Total	3,482	1,599	118%

                  EXPLORATION ACTIVITIES

                  USA

                   

               2. •

                

               Gulf Coast Projects, Texas

               No new exploration prospect drilling occurred during the quarter due to the continued focus on development drilling activity on the Rayburn project. The drilling of exploration wells is expected to recommence at the end of the June quarter or early in the following quarter.

               The generation of new prospects along the Wilcox trend continued during the quarter. Leasing on these prospects is underway. At least one of the new prospects is planned for drilling before the end of 2008. Strike has a 25% working interest in these new prospects.

               Page 3 of 7

                

               1. •

                

               Rocky Mountains Projects, Colorado

               Tow Creek/Bear River Project, Routt County (Working Interest 33.75%-37.5%)

               The operator, Comet Ridge, on behalf of itself and Strike Oil executed a letter of intent with Freedom Natural Resources, Inc. providing for further drilling and other well operations in the Tow Creek and Bear River project areas. This will result in a saving of at least $2 million to Strike Oil. Strike will reduce its interest in Tow Creek from 37.5% to 10% and in Bear River from 33.75% to 6.25%.

               Florence Project, Fremont County (Working Interest 39%)

               The operator, Comet Ridge, has proposed up to three prospects for drilling during the next quarter. The proposed wells will test multiple targets in the Pierre shale, Niobrara formation and the Codell sands.

               AUSTRALIA

                

               2. •

                

               Carnarvon Basin

               Plans for the drilling of Baniyas and other prospects in the company’s Carnarvon basin permits remain on hold while alternative shallow water drilling and production technologies continue to be evaluated.

               The final report of the front end engineering design study for supplying gas from the Rivoli gasfield (Strike Oil WI: 44.5%) to the Department of Defence’s communications station located north of Exmouth, was submitted during the quarter. Subject to a suitable gas supply agreement being reached, approval by the Department of Defence for the project is expected to be sought by June 2008, with first gas delivery anticipated in late 2009.

                

               3. •

                

               Cooper-Eromanga Basins

               A two well drilling programme commenced in early April.

               Subsequent to the quarter’s end, the Currumbin 1 well was plugged and abandoned.

               The Coolangatta 1 well will be drilled immediately after Currumbin 1. The well will test the Phi high in a crestal position at the Namur Sandstone level. The prospect could contain as much as 5.7 million barrels if full to spill.

               Page 4 of 7

               DRILLING SCHEDULE AND PROSPECT INVENTORY

               Strike Oil and its joint venture partners continued to build an inventory of prospects and leads in Australia and USA.

               The company plans to participate in the drilling of at least two more development wells on the Rayburn project, a possible exploration well in Texas and up to three exploration wells at the Florence project in Colorado during the next quarter.

               Drilling during the second half of the 2008 calendar year is expected to be concentrated in the Gulf Coast, Texas. Two to four more development wells are programmed for the Rayburn project and two exploration wells could be drilled.

               The amount of drilling in the USA during the first half of 2009 calendar year is likely to be influenced by the results of the exploratory drilling in the second half of 2008. A number of exploration targets are available should the rig not be required for development drilling. Within Australia, one well is likely to be drilled in the Cooper–Eromanga basin.

               The provisional drilling schedule to mid 2009 is attached.

               Please note the proposed drilling times are susceptible to change due to rig availability, climatic conditions, joint venture and regulatory approvals and operator schedules.

               BUSINESS DEVELOPMENT

                

               4. •

                

               Hybrid Energy Australia Pty Ltd – FuturGas Project

               Hybrid Energy has entered into a joint research agreement with Adelaide Research and Innovation Pty Ltd, the commercial development arm of the University of Adelaide. The agreement will facilitate the testing of the combustion and gasification characteristics of the Kingston lignite and this testing has already commenced.

               Evaluation continued of the FuturGas project which is targeting a low emissions power generation and coal to petroleum liquids project.

               In conjunction with the project the company has commenced evaluation of the carbon capture and storage in the vicinity of the project location.

               An office to manage the project has been further established in Adelaide and staffed with an experienced management team to oversee the feasibility work.

               Page 5 of 7 Page 6 of 7

               HEALTH SAFETY AND ENVIRONMENT

               The company did not record any safety or environmental incidents during the quarter.

               NEXT QUARTER ACTIVITIES

                

               5. • Complete the drilling of the Duncan 3 well at the Rayburn project.

                   

                  1. • Complete the flow testing of the Duncan 2 ST 1 and Gilbert Freeman 1 wells on the Rayburn project, Texas, directly to sales.

                      

                     1. • Flow test the Hlavinka Duncan 1R well.

                         

                        1. • Drill at least two more development wells at the Rayburn project.

                            

                           1. • Commence drilling at the Florence project, Colorado, based on the recently acquired 3D seismic data.

                               

                              1. • Complete the two well drilling programme in the Cooper Basin permit ATP 633P, based on recently acquired 2D and 3D seismic data.

                                  

                                 1. • Progress the development of the Rivoli gasfield, in the Carnarvon basin.

                                     

                                    1. • Continue the project evaluation and funding process for Hybrid Energy.

                                       For further information contact:

                                       STRIKE OIL LIMITED

                                       Registered Office: Share Register Enquiries:

                                       Level 9, Wesfarmers House Computershare Investor Services

                                       40 The Esplanade Level 2, 45 St George’s Terrace

                                       Perth, Western Australia, 6000 Perth, Western Australia 6000

                                       Page 7 of 7

                                       Email: strike@strikeoil.com.au Telephone: (61-8) 9323 2000

                                       Website: www.strikeoil.com.au Facsimile: (61-8) 9323 2033

                                       Telephone: (61-8) 6464 0400

                                       Facsimile: (61-8) 6464 0401 Australian Stock Exchange Code: STX