- 1646 km2 area totalling 406 735 acres added to Strata-X’s Botswana CSG portfolio.
- Offsets existing License areas in the CSG fairway, where ASX listed TLOU has established commercial production.
- The additional acreage is expected to add to the 1.4 Tcf Prospective Resource in Strata-X’s existing licenses following review by independent evaluator MHA.
- Strata-X holds 100% working interest in its current and newly acquired Licenses.
ASX disclosure note - 5.28.2 - The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
The directors and management of Strata-X Energy Ltd. have announced that the Company has acquired two new Prospecting Licenses for its Serowe CSG Project covering 406 735 acres. The new licenses offset those already held by the Company in addition to offsetting lands of ASX listed peers. The Serowe CSG Project now spans 680 000 acres in heart of the Botswana CSG fairway, that are 100% owned and operated by the Company.
With the goal of developing the CSG resource, the Company has selected a Botswana environmental firm to seek the necessary environment approvals required before the appraisal program can begin. The environmental approvals are expected in the third quarter of 2018. The proposed appraisal programme is designed to prove commercial completion methods and convert resources to reserves. To achieve this, the Company plans to apply the latest completion and production methods to yield commercial gas flow rates. Once that is achieved, the Company can convert resources into reserves.
Ron Prefontaine, Chairman of the Board, stated that, “With the new licenses, Strata-X now has 680 000 acres in its 100% owned Serowe CSG Project, which is located within the Kalahari Basin CSG fairway. The new additions provide our shareholders material upside for our proposed appraisal programmes in Botswana.”
The new acreage lies adjacent to a bitumen highway between Serowe, the regional capital, and Orapa, the site of the world’s largest diamond mine and large potential energy market.
Tenement Renweal Terms
The new Prospecting Licenses known as PL016-2018 and 017-2018 carry a primary term of 3 years with two, 2 year extensions. To complete the issuance of the PL016-2018 and 017-2018 Prospecting Licenses, Strata-X Australia Pty Ltd, owner of the existing Republic of Botswana subsidiary’s Rhino CBM Pty Ltd and Sharpay Enterprises Pty Ltd, created a new wholly owned Republic of Botswana subsidiary to hold Licenses called Jab Right Pty Ltd.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22032018/strata-x-triples-botswana-land-position/