However, all is not lost, a 47m column gas discovery at Casino-1 well is not a bad find and the company is looking at the best way to commercialise it.
Anyway, Strike's next well will be Ceres-1 to be drilled by operator Apache Energy in the Carnarvon Basin next month.
Junior explorer Bounty Oil & Gas hopes to do the same after successfully completing the acquisition of six permits, which were formerly the assets of failed IPO, Daytona Energy.
Following the decision to drill Acrasia-3 later this month, Cooper Energy and its partner Stuart Petroleum have come to an agreement on a three well drilling program in the SA's Cooper Basin.
Junior explorer Carnarvon Petroleum had some luck in Thailand when one of its wells in the Wichian Buri Oil Field hit an oil bearing sandstone reservoir and a new deeper sand.
Further afield, this time in Europe, Carpathian Resources has said it will form a consortium with a local outfit to bring an oilfield in the Czech Republic into production.
In the markets, Australia could see its first publicly-owned power station if the three owners of the debt-laden Loy Yang power station succeed in a slated $2 billion stock market float.
While the owners of Loy Yang are planning a float, engineering group Worley confirmed its $300 million float and has already hit the road selling it to investors and brokers.
Another engineering group, Clough Ltd, maintained its billion-dollar order book after securing a big gas project contract in Indonesia.
West Oil and Norwest Energy were busy in market raising funds for exploration programs while Santos raised an extra $US100 million in debt financing after winning strong support from international investors.
Beach shareholders will be able to trade their recently issued bonus options six months earlier than expected after getting ASX approval this week.
It's been a big week for the renewable energy sector. According to a wind energy publication, wind projects could be supplying up to 12% of the world's electricity by 2020.
Much of the growth will be in Northern Europe where about $US31 billion has been earmarked for wind projects.
The wind energy business is also taking off in the US. Ironically, given his vehement opposition to the Kyoto Protocol, George Bush's home state of Texas is home to the world's biggest wind farm, the 250 MW 'King Mountain'.
In Australia, a 1000 metre high solar tower that will produce enough power for 200,000 homes is one step closer to reality after being declared "state significant" by the NSW Government, which means it will be assessed by Planning NSW.
One renewable project having a hard time getting off the ground is a tidal project that would supply electricity to towns in WA's West Kimberley region. The state's environmental watchdog believes the project could destroy invaluable mangroves and create vast quantities of sediment.
While the world focuses on Saddam Hussein, the Australian Gas Association is taking aim at that other source of evil in the western world, Australia's National Gas Code.
The Australian Gas Association says the code does not recognise the level of commercial and regulatory risk facing gas distribution businesses and so for umpteenth time has called for its review.
Overseas, Malaysia's Prime Minister, Mahathir Mohamed has called on Muslims to use oil as a weapon to protect its interests saying "oil is the only thing Muslim nations have which is needed by the rest of the world."
Russian oil will soon be flowing out of Urals and to Houston after a deal between Marathon Oil and a state-owned Russian firm. Not going so well is an ExxonMobil-operated pipeline between Chad and Cameroon in Africa, which environmental and human rights groups says has caused grief along its entire length.
Finally, life as an offshore worker can be a drag. An Australian-based worker on a pipeline trenching operation in a southeast Asia country was sent home after being caught one morning in a "tired and emotional" state wearing a bra and g-string.
It is understood that all parties are treating the matter as a medical issue and are happy for the worker to return after receiving appropriate treatment.
