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Thursday, March 22, 2018
Strata-X Energy acquired two new prospecting licenses for its Serowe CSG Project covering 406,735 acres. The new licenses offset those already held by the company in addition to offsetting lands of ASX listed peers. The Serowe CSG Project now spans 680,000 acres in heart of the Botswana CSG fairway, that are 100% owned and operated by the company.
With the goal of developing the CSG resource, Strata-X has selected a Botswana environmental firm to seek the necessary environment approvals required before the appraisal program can begin. The environmental approvals are expected in the third quarter of 2018. The proposed appraisal program is designed to prove commercial completion methods and convert resources to reserves. To achieve this, the company plans to apply the latest completion and production methods to yield commercial gas flow rates. Once that is achieved, the Company can convert resources into reserves.
Ron Prefontaine, Chairman of the Board, stated “With the new licenses, Strata-X now has 680,000 acres in its 100% owned Serowe CSG Project, which is located within the Kalahari Basin CSG fairway.The new additions provide our shareholders material upside for our proposed appraisal programs in Botswana.”
The new acreage lies adjacent to a bitumen highway between Serowe, the regional capital, and Orapa, the site of the world’s largest diamond mine and large potential energy market.
The new Prospecting Licenses, known as PL016-2018 and 017-2018, carry a primary term of three years with two, two-year extensions. To complete the issuance of the PL016-2018 and 017-2018 Prospecting Licenses, Strata-X Australia, owner of the existing Botswana subsidiary’s Rhino CBM and Sharpay Enterprises, created a new wholly owned subsidiary in the country to hold licenses called Jab Right Pty Ltd.
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