Highlights

  • Cased to a depth of approximately 330 metres.
  • Drilling operation to continue through to the primary target interval commencing at about 420 metres which has several high gas saturated bright coal seams interpreted.
  • Several short term flow tests planned at specific intervals over the target interval.
  • 19B-1 is the first well to flow test bright and gas saturated coals within Strata-X’s interpreted high graded area.

DENVER and QUEENSLAND, Australia and VANCOUVER, British Columbia, March 12, 2019 (GLOBE NEWSWIRE) -- The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to offer an update on the drilling operations of CSG well 19B-1,  the first well in a 100% owned tenement located within the Company’s interpreted high graded area of the Botswana CSG fairway.

The well has been cased to 330 metres and, following cementing, will be drilled to target coals commencing at about 420 metres vertical depth.  Progress has been slower than anticipated for several reasons – primarily, logistics in the remote location in a new operating environment and country.  The Company expects to be through to the target zones later next week.

Tim Hoops, Strata-X’s managing director, who is in Botswana and managing the drilling program, stated:

“Although this first well has taken longer than anticipated, Strata-X is gaining valuable experience, data, and access to resources which will pay off in the future.   We are looking forward to penetrating the target Serowe coals later this week. The testing program will occur over a period of 3 days and final results will be available by the end of the month.”

The Company holds 4,784 KM2 (1,173,000 acres) over the Serowe CSG Project with a certified Prospective Resource of 3.3 TCF.(1) ASX disclosure note - 5.28.2 - The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.