Strike COO resigns as company reorganizes

Australian Securities Exchange listed oil and gas exploration and development company Strike Energy Ltd. is reorganizing as part of a program designed to reduce its operating management activities and to achieve greater exposure to high impact exploration opportunities. As a result, on March 24, the company’s chief operating officer (COO) and executive director Derrick O'Keeffe announced his resignation. 

Strike Energy's chairman Tim Clifton expressed his appreciation to Derrick for the contribution that he has made to Strike during his term, and on behalf of the board wished him well in his future endeavors.

Strike Energy is an active Australian Securities Exchange (ASX) listed oil and gas exploration and development company with high-margin production and substantial growth potential from its highly prospective exploration acreage in the USA and Australia. 

In the US, the company currently produces from its interest in the Louise gas and condensate discovery in Texas. In early March, the company reported a boost in its US production as well as its revenue stemming from a US$3.75 million deal that saw it acquire an additional 10% interest in the Louise gas-condensate field and the Eaglewood Joint Venture onshore Gulf Coast, USA. The company expects its stake in the field, now 40%, to generate production of 2 MMcfe/d, providing ongoing cash flow.

In Australia, the company holds a strategic position in the Southern Cooper Basin, for coal seam gas and conventional prospects with its drilling program to continue towards the end of the June quarter. Drilling is also being planned for its Baniyas oil and gas prospect in the shallow water Carnarvon Basin.

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