Strike Energy Limited provided an update on the drilling operations at the company's 100% owned South Erregulla target in EP503. Strike officially spudded SE1 at 22:15 Saturday 15th January 2022. Drilling operations have
subsequently commenced and the well is drilling ahead in 17-1/2" hole in the top section at approximately a measured depth (MD) of 1,045m. Strike will drill ahead to section depth planned at 1,945m MD before running 13-5/8" casing and cementing it in place. SE1 is being drilled with a further optimised design in order to ensure the well conditions when drilling (and coring) through the primary objective in the Kingia Sandstone are maximised for reservoir preservation and data acquisition. South Erregulla is located in the 100% Strike owned EP503 which adjoins EP469 where Strike as operator has made a large, high quality conventional gas discovery at West Erregulla. SE1 lies less than 5km to the South of the nearest successful West Erregulla intersection. SE1 is being executed at: 29° 28' 29.816 S, 115° 19' 5.618E South Erregulla has significant resource potential in the Kingia Sandstones with a high chance of success due to the strong data control over the Erregulla region (wells and seismic), consistent geological outcomes in the Kingia and recent identification of updip connectivity to the known West Erregulla gas field. SE1 expects to encounter the Kingia at a revised depth of 4,369m ss TVD, which is up to 200m shallower than the penetration of the Kingia at West Erregulla 2. Strike is planning to collect whole core and an advanced series of wireline logs across the Kingia Sandstones and on success will be flow tested in order to be completed as a future producer.