In 2016, UIL’s footprint in the basin was estimated to be more than 700,000 acres – one of the largest holdings in the region.
“It is an exciting time for Strike Energy to be building a meaningful Perth Basin operated business,” said Strike Chairman John Poynton.
“The Perth Basin continues to show signs of a heavily unexplored hydrocarbon system and the addition of UIL Energy’s acreage will result in Strike being set to influence the Western Australian domestic gas market over the coming decades.”
UIL’s Board of Directors, who collectively hold approximately 25 per cent of the company, unanimously recommended the company’s shareholders accept the offer.
Chairman Simon Hickey said Strike’s interest in the West Erregulla block and UIL’s portfolio meant a merger was a good chance to become a substantial operator in the Perth Basin.
“This is a compelling offer for UIL Energy shareholders to participate in a combination of Strike Energy and UIL Energy with significant positions in both the Perth Basin and Cooper Basin, and the potential to supply gas to both the west coast and east coast markets.
“The West Erregulla prospect, expected to be drilled in early 2019, along with Strike Energy’s current Jaw’s project, provides UIL Energy shareholders with exposure to highly prospective and significant projects.”
For more information visit the Strike website.
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