Flow doubles from Rayburn: Strike

STRIKE Oil's Duncan-2 well in Texas is producing stabilised flow rates of 10 million cubic feet of gas per day and 224 barrels of condensate, doubling the production rate of its Rayburn Project.
Flow doubles from Rayburn: Strike Flow doubles from Rayburn: Strike Flow doubles from Rayburn: Strike Flow doubles from Rayburn: Strike Flow doubles from Rayburn: Strike

Testing at Duncan-2 recorded gas flows in the Middle Wilcox Formation interval and, together with the Duncan-1 well production, doubles the field's production to about 20MMcfd and 480bbl of condensate, the company said.

Based on current gas and oil prices this equates to combined gross revenue from both wells of about $US8 million per month, the company added.

Strike's working interest share is $US1.8 million per month.

Elsewhere at Rayburn, Strike is continuing with testing of its Gilbert Freeman-1 and Hlavinka Duncan-1 wells, and drilling the Gilbert Freeman-2 well spudded at the weekend.

Gilbert Freeman-2 is targeting the same Middle Wilcox pay sand encountered in the other wells drilled on the Rayburn structure.

Managing director Simon Ashton said the outstanding results coupled with the ongoing testing and drilling expectations has resulted in the company revising its mid-year target revenues of $A3 million to $A4 million per month.

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