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Strike Oil raises $4m

Perth-based Strike Oil Ltd has raised nearly $4 million in a private placement to shore up gas reserves in a tenement off the Gulf Coast of the United States. Managing director Simon Ashton said the funds would be spent over the next couple of months on completing a new exploration well at the Mesquite prospect off the coast of Texas. The company is expecting first production from the Mesquite B prospect in March this year, with five to 10 wells planned. At current estimates, Mesquite B holds between approximately 10 billion and 15 billion cubic feet of gas. Strike Oil holds a 26.5 per cent working interest in the project. Under the placement, Strike Oil has issued 22 million new shares at an issue price of 18 cents.

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