25/07/2008 - 14:21

Strike Oil reports 165% jump in revenue

25/07/2008 - 14:21

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Perth-based Strike Oil Ltd has lifted its revenue forecast for the 2009 financial year to up to $55 million on the back of a successful June quarter.

Perth-based Strike Oil Ltd has lifted its revenue forecast for the 2009 financial year to up to $55 million on the back of a successful June quarter.

In its quarterly report, the company reported a 165 per cent increase in oil and gas revenues to $9.2 million compared to the previous quarter.

That was boosted by an 88 per cent lift in gas production and 129 per cent jump in oil condensate production.

Over the 2008 financial year, revenue was up 82 per cent to $15.7 million which it said was on track to exceed recent forecasts of $35-40 million.

Subsequently the company has revised its FY09 forecast to between $50 million and $55 million, based on oil prices of $US120 per barrel.

"Going forward Strike Oil is well positioned to effectively develop its interests in both the US and Australia during the coming year," Strike said in a statement.

"In the US its prime focus will be on progressing its successful activities in the Gulf Coast, Texas which include an intensive development and exploration programme through to the end of the 2008/09 financial year designed to substantially increase production and revenue.

"In the development of its Australian interests, the company continues to explore funding options to advance to bankable feasibility study stage the 10,000 bbl per day coals to liquids project, FuturGas, operated in South Australia.

"The company has secured a technology agreement with the University of Adelaide and with current strong demand for cost effective liquid fuels there will be significant opportunities to negotiate with industry and investors in the coming 12 months."

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