Strike Energy Updates on PEL 96 JV

Strike Energy as operator and 66.67% interest holder of the PEL 96 Joint Venture and Australian Gasfields Limited (AGL), a wholly owned subsidiary of Energy World Corporation, announced they have signed a Deed of Cross Security, an industry standard form of Cross Security that is required to be executed as the Joint Venture progresses to the development phase.

In addition, Strike said that all of the past due PEL 96 JV Cash Calls have been paid in full by AGL. Strike and AGL have also both contributed their respective share of the cash calls for the forthcoming PEL 96 fracture stimulation and flow testing program.

Strike Managing Director, David Wrench said: “The signing of the Deed of Cross Security and funding of the next stage of the evaluation program signals the joint commitment of Strike and AGL to rapidly progress the commercialisation of the Southern Cooper Basin Gas Project.”

EWC Managing Director, Stewart Elliott said: “AGL remains fully committed to developing the large prospective gas reserve within PEL 96 to commercialisation, a commitment and belief which AGL has shared with Strike from the beginning of this project. The signing of the Deed of Cross Security and funding of the next stage of the evaluation program is an important milestone for the project’s development and signals the ongoing mutual commitment of AGL and Strike.”

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Press Release, April 16, 2014; Image: Strike Energy