Strike Energy Increases Exposure to West Erregulla

Source: www.gulfoilandgas.com 7/20/2021, Location: Not categorized

Strike Energy has increased its economic interest in the West Erregulla gas project to 54% via the acquisition of an 8.16% strategic stake in the listed equities of Warrego Energy.

Strike’s Board of Directors considered that the increase of a further 4% economic interest for ~$22 million represented an attractive transaction to increase its exposure to EP469, and the West Erregulla Gas Project, which it considers to be valuable assets with significant potential.

Strike believes that as a consequence of the exploration, appraisal and development activities to date, EP469 and the West Erregulla Gas Project have material long-term value. Increasing Strike’s exposure to these assets is consistent with the strategy to generate value from the Perth Basin. In the Company’s recent capital raise it indicated a portion of the use of funds was for business development activities. This investment is consistent with that disclosure and Strike remains fully funded to deliver against its exciting development, exploration and appraisal programs in the second half of 2021.

For the avoidance of doubt, Strike’s Board has not formed an intention with regards to any future transaction that may involve Warrego. Strike is comfortable with the level of investment in Warrego at this time and Strike will continue to consider value accretive transactions from time to time should market conditions allow.

As the single largest shareholder in Warrego independent of Board and management, Strike looks forward to working with the Warrego Board in order to maximise long-term value for Warrego shareholders whilst honouring the inherent low-cost profile of the primary asset.


United Kingdom >>  9/22/2021 - Jersey Oil & Gas, an independent upstream oil and gas company ?focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to ann...
Australia >>  9/21/2021 - Bass Oil Limited provide an update on its transaction with Cooper Energy Limited (“Cooper”) as the Company has now received Government approval t...

Cameroon >>  9/21/2021 - Tower Resources plc, the AIM-listed oil and gas company with its focus on Africa , is pleased to announce that the documentation of its farm-out to Be...
Germany >>  9/21/2021 - COSCO SHIPPING Ports Limited, the world’s leading ports operator, has announced that the Company will acquire 35% shares of Container Terminal Tollero...

Australia >>  9/20/2021 - Territory assets from Central Petroleum and today the remaining third party approvals have been received.

All conditions precedent to the...

Netherlands/Holland >>  9/20/2021 - Viaro Energy, the independent British energy company operating in Europe, has announced the signing of a Sale and Purchase Agreement with NAM for the ...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.