Strike increases Carnarvon Basin exposure

Strike Oil has increased its holding from five per cent to 42.

6% in the promising offshore Carnarvon Basin permit, WA-261P. The permit, which is located 10km from the producing Stag oil field, contains the Chamois-1 oil discovery.

Drilling in both WA-261P and Strike's adjacent 90% held TP/17 permit is likely to take place in the second quarter of 2002.

Strike has also acquired a 50% interest in two new permits, EP420 and TP/18, which lie in the offshore Carnarvon Basin and are about 40km southwest of Barrow Island and 13km northwest of the Airlie Island production facilities.

"These interests add significantly to Strike's strategic position in the Carnarvon Basin and form part of Strike's ongoing commitment to develop greater exposure in the Basin," Strike Oil said.