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Tuesday, February 6, 2018
Strata-X Energy saw its prospecting licenses covering the Serowe CSG Project in Botswana extended until the end of 2025. According to the company, the extension opens the door to an “active appraisal program” for 2018. Strata-X said the previous remaining term of the inherited prospecting licenses to the end of 2018 was insufficient and it sought and has been granted the reissuance primarily to protect shareholder investment.
The new prospecting licenses known as PL018-2018 and 019-2018 carry a primary term of three years with two, two-year extensions. The company’s reissued tenements are new issuances to replace coal seam gas prospecting licenses 352-353/2008 once held by Rhino CBM. Strata-X Australia, owner of the Botswana subsidiary Rhino, created a new wholly owned Botswana subsidiary called Sharpay Enterprises to hold the new prospecting licenses.
With the goal to develop the 1.4 Tcf Prospective Resource over 273,000 acres, Strata-X is moving forward with a Botswana environmental firm to seek the necessary environment approvals required before the appraisal program can begin. The environmental approvals are expected Q3.
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 from the 100% SXA owned 1.4 Tcf CSG Prospective Resource deposit. Once that is achieved, the company can rapidly convert resources into reserves.
Concurrently, Strata-X will be seeking conditional gas sales agreements with the various potential generation and industrial gas customers that are currently using more expensive fuels like diesel.
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