Strike Updates Unconventional Position at Southern Cooper

- Strike Updates Unconventional Position at Southern Cooper

Tuesday, May 31, 2011
Strike Energy Ltd.

Strike announced an update on its Southern Cooper unconventional petroleum position in South Australia.

In addition to Strike's recently announced move into the unconventional Eagle Ford shale play in the US, the Southern Cooper position in South Australia demonstrates Strike's high level of exposure to the developing unconventional opportunity space.

Strike holds substantial working interests in PEL 94 (STX: 35%), PEL 95 (STX: 50%) and PEL 96 (STX: 66.67%) which cover an area of 8,400 square kilometers, or two million acres. These permits contain the Permian coal measure and shale sequences that are being evaluated for unconventional gas and liquids hydrocarbons to the north by Beach Energy and more recently by Senex.

In Strike's permits the prospective sequences are predominately less than 2,500 meters in depth and in the early stage thermal maturity window for both gas and oil.

Forward exploration programs in PEL's 94, 95 and 96 are currently being planned with the possibility of drilling in all permits commencing later in 2011 or early 2012. The potential exists for a combined drilling program in the region to take advantage of operating efficiencies. Strike is the operator of PEL 96 and Beach Energy is the operator of PEL's 94 and 95.

Senex Energy announced last week the spudding of its Vintage Crop 1 well, in PEL 516. The well is located 2.5 kilometers east of the PEL 95 permit boundary. Senex Energy intends deepening the well below the Cretaceous and Jurassic Eromanga sequences to evaluate the unconventional gas potential of underlying coals and shales. The well is interpreted to penetrate a similar geological sequence to that which exists in PEL 95. Information from the well will add substantially to the understanding of the unconventional and conventional potential in the region.

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BP Inks 4 CBM Production Sharing Contracts in Indonesia

BP Inks 4 CBM Production Sharing Contracts in Indonesia

Friday, April 01, 2011

BP plc

BP has signed four new coalbed methane (CBM) production sharing contracts (PSCs) in the Barito basin of South Kalimantan, Indonesia.

BP and co-owner Pertamina were jointly awarded the Tanjung IV CBM PSC through a direct award from the Government of Indonesia. BP will hold a 44 percent participating interest in the PSC with Pertamina holding the remaining 56 percent.

BP and co-owner PT Sugico Graha (Sugico) were jointly awarded the Kapuas I, II and III CBM PSCs through a direct offer from the Government of Indonesia. BP will hold a 45 percent participating interest in the PSCs with Sugico holding the remaining 55 percent.

Bob Dudley, BP group chief executive, said, "Today's agreements follow on from BP's recent agreements to access new resources in Indonesia, China, India and Australia. BP has significant experience and expertise in the development of unconventional gas, including coalbed methane, and we look forward to working with our partners to apply this to the potential of Indonesia's coal resources."

Together, the four PSCs cover an area of approximately 4,800 square kilometers.
"BP is very pleased to be extending our working relationship with Pertamina in the development of Indonesian CBM resources, and also to cooperate with Sugico in creating a material CBM position in a highly prospective basin. These four PSCs complement BP's existing CBM position in Indonesia, allowing us to leverage our 30-plus years of CBM experience to deepen our portfolio in Kalimantan," said William Lin, BP's President of Asia Pacific Exploration & Production.

These awards mark BP's first CBM access in Indonesia outside its joint venture with ENI, VICO, which in late 2009 was awarded the Sanga Sanga CBM PSC near the Bontang LNG plant in East Kalimantan.