Walyering may contain up to 263 billion cubic feet of gas and 6.3 million barrels of associated condensate, according to Strike.
The acquisition represents the beginning of an exploration program that will continue within the company’s 100 per cent owned Perth Basin acreage through 2020.
Strike’s 3D seismic, shot over a known hydrocarbon accumulation, is high quality upon initial inspection and is the first dataset of its kind generated within the broader area.
The company will now look to identify drilling targets for future programs.
Strike owns 100 per cent of the Walyering prospects within EP447, as well as the adjoining leases.
The company anticipates that uplifts in prospectivity from the new 3D seismic may have a compounding effect on its surrounding acreage.
“After interpretation, Strike will look to progress marketing for a partner to join in this exciting project,” the company stated in an ASX announcement.
The Walyering discovery was made in 1971 from within the Cattamarra coal measures. It is located between the Parmelia gas pipeline and the Dampier to Bunbury natural gas pipeline.
With the seismic campaign complete, Strike will follow the program with several months of processing and interpretation.