EXPLORATION

Strike shareholder to merge

Strike Oil will have a new entity as its major shareholder following news of a merger between Perilya Mines and Ranger Minerals. Perilya has 30% of the unlisted Strike Oil.

Strike executive director, Jim Durrant said the new entity, which would bear the name Perilya Limited, had indicated it would provide continued support for Strike, which is planning a series of wells - up to nine - this year.

A press release indicated further investment into Strike, although it is unclear whether that meant increasing Perilya's equity in Strike or simply funding its drilling commitments this year.

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