18/05/2012 - 15:39

Strike rises on stunning drill results

18/05/2012 - 15:39

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Strike rises on stunning drill results

Strike Energy was one of the few Australian stocks to end the day in positive territory, after drilling results intersected one of the thickest coal seams recorded to date in South Australia’s Cooper Basin.

Perth-based Strike announced today that its Davenport 1 well encountered 45 metres of net coal in the Patchawarra Formation, in addition to two other coal seams with net thickness in excess of 20 metres each.

By close of trade today, Strike Energy shares had gained 3.5 per cent, trading at 15 cents.

“We are particularly excited by the preliminary results from Davenport 1 – we have encountered one of the thickest coal seams ever recorded in the Cooper Basin and the results are well in excess of our pre-drill expectations,” managing director David Wrench said.

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