Page 15 - AsianOil Week 11 2021

AsianOil NEWS IN BRIEF AsianOil

OCEANIA shareholders with a non-binding advisory adjacent to either side of the block. On
vote on the company’s Climate Change Report success this pipeline optionality may deliver
Armour raises $11.5mn at the 2022 Annual General Meeting. discoveries even faster to market and
Santos Managing Director and Chief
enable further cost reductions in what is
The Directors of Armour Energy Limited Executive Officer Kevin Gallagher said regionally already understood as a low-cost
are pleased to announce the completion of a Santos is a corporate leader in climate action, development.
$11.5 million capital raising undertaken by setting an ambitious and credible roadmap In the South West of the block, industrial
way of a private placement to institutional and to net-zero emissions by 2040, and providing gas user Illuka operates its Eneabba mineral
sophisticated investors. shareholders with an advisory vote is a further sands and rare earths mine, which may
The capital raising comprises the following example of Santos’ leadership on climate. provide a nearby energy customer for any
components: $8.8 million of New Shares Santos is also investing in carbon capture successful discovery.
with attaching options which utilises the and storage (CCS) through the Moomba CCS STRIKE ENERGY, March 18, 2021
Company’s placement capacity under Listing project, which will safely and permanently
Rule 7.1 & 7.1A; $2.7 million of Conditional store 1.7 million tonnes of carbon dioxide Strike updates on West
Placement with attaching options that will each year. CCS is a critical technology to
be subject to shareholder approval. The achieve emissions reductions and unlock the Erregulla
Conditional Placement includes commitments production of zero-emissions hydrogen.
to subscribe by Directors and the Company’s Santos published its first Climate Change Strike Energy provides an update on the West
largest shareholder DGR Global Ltd. Report consistent with the guidelines of the Erregulla 4 well on behalf of the EP469 Joint
The capital raising was managed by Bizzell G20 Taskforce on Climate-related Financial Venture.
Capital Partners Pty Ltd (associated with Disclosures (TCFD) in 2018 and released its Since the last update, Strike has set and
Armour Energy Director, Stephen Bizzell) fourth annual climate report last month. cemented the 9-5/8” casing and drilled through
and JB Advisory Partners Pty Ltd as Joint Management remuneration is also linked the Dongara and Upper Wagina. The well
Lead Managers. The placement shares are at to the company’s emission reduction targets is currently in the Basal Wagina sandstones
an issue price of $0.035 which represents a and shareholders are already able to vote on at 4,248m measured depth. After recording
discount of 12.5% to the last traded priced adoption of the remuneration report at the positive LWD results the decision was made to
of $0.040 on 15 March 2021and a 10.2% Annual General Meeting. pull the bottom hole assembly out for a drill bit
discount to the 15 day volume weighted The Board does not support resolutions change and run advanced wireline logging to
average price. All New Shares issued pursuant seeking to change the company’s Constitution confirm the initial LWD results.
to the capital raising will rank equally with the and maintains its voting recommendations As prognosed, the LWD results indicate
Company’s existing shares on issue. for the 2021 Annual General Meeting as set a large bimodal gas column in thick, blocky
For every four (4) New Shares issued under out in the Notice of Meeting released on 12 sand units where high porosity streaks are
the Placement, the holder will also receive one March 2021. This includes recommending interbedded within a thick section of gas
(1) free attaching option. The options are the shareholders vote against resolutions 6(a), bearing sandstones. The LWD data indicates
existing listed option series (ASX:AJQOA) 6(b) and 6(c) as the Board considers the 35-40m of conventional net pay is present
which are exercisable at $0.05 and expiring 29 resolutions are not necessary or in the across a gross interval of 206m at an average
February 2024. interests of shareholders. porosity of 6%. These preliminary results are
The funds raised will be used for the SANTOS, March 16, 2021 comparable to those seen in the equivalent
purposes of: Transaction costs associated with reservoirs at WE2 and WE3. Wireline logging
progressing the proposed Northern Basin Strike awarded highly and testing will now take place and in order
Business demerger and IPO of McArthur Oil to confirm the materiality of these reservoirs.
& Gas; Ongoing exploration expenditures prospective Perth Basin Despite penetrating the Dongara/Wagina
including exploration costs associated with section approximately 35m downdip of WE2,
the Northern Basin Business required to block no indications of a water leg have been seen.
progress activities associated with the recent At the time of deciding to pull the bottom hole
PRL applications; Well interventions work at Strike Energy is pleased to announce that it assembly to surface WE4 was approximately
Kincora Gas field; Kincora Gas Processing has been selected as the successful bidder for midway through the basal Wagina and was still
Plant production assurance maintenance Perth Basin block L20-3 at the end of the WA in gas bearing sands. These initially interpreted
capital; Payment of interest and scheduled Petroleum Acreage Release 1 of 2020. pay zones correlate to strong gas shows seen in
amortisation reductions in respect of the The L20-3 block is located at the southern the well and are similar to other conventional
Company’s Amortising Notes for the balance edge of the prolific Perth Basin Permian Gas Dongara and Wagina discoveries which have
of FY2021; and General working capital Fairway, which has yielded more than 3 TCF been made across the northern Perth Basin.
requirements and costs of the Offer. of discoveries to date (including Strike’s West Strike is preparing to run a full suite of
Armour Energy, March 18, 2021 Erregulla gas discovery). The block is flanked wireline logging tools in order to confirm
by gas discoveries, with the Permian Beharra these initial LWD results. An MDT tool will
Santos adopts shareholder Springs complex and West Erregulla fields also be deployed in an attempt to obtain
to the North, the Permian Woodada field to
pressure and permeability data and to collect
advisory vote on Climate the West and the Ocean Hill Jurassic wet gas gas samples. Following this logging and
discovery to the East.
testing, Strike will drill ahead to the top of the
Change Report infrastructure perspective, with both the primary target in the early Permian Kingia
The block is perfectly situated from an
Sandstone where it will then commence
Following consultation with shareholders, Parmelia Gas Pipeline and the Dampier coring operations.
Santos today announced it intends to provide to Bunbury Natural Gas Pipeline, running STRIKE ENERGY, March 18, 2021

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