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- The initial block purchase is completed with the final installment payment made
- Serowe CSG Project is a 680,000 acre coal gas project owned 100% by Botswana.
- Beginning in Q4 2018. Site selection is underway for two low-cost vertical wells targeting live coals between 350 and 400 meters
- The Environmental Management Plan has been submitted and is under revision by Botswana
. 2 – Estimated quantities of oil that could potentially be recovered through the application of one or more future development projects relate to undiscovered accumulations. These estimates include both an badociated risk of discovery and a development risk. A thorough badessment and evaluation of the exploration is required to determine the existence of a significant amount of potentially mobile hydrocarbons
DENVER and BRISBANE, Australia and VANCOUVER, British Columbia, July 29, 2018 (GLOBE NEWSWIRE) – The directors and management of Strata -X Energy Ltd. ("Strata-X" or the "Company") (TSX-V: SXE) (ASX: SXA) are pleased to announce that the Company on July 19 2018 made the final payment to the Company. 39, purchase of 5 blocks of MEPs. With this payment, the Company now holds a 100% working interest in the project totaling 680,000 acres.
The Corporation obtained financing for two low-cost vertical pilot wells. The pilot valuation, which will be carried out under a development exemption guaranteed by the Company, is fully funded by the Company's last equity raising and is expected to begin in the fourth quarter of 2018. A two-well pilot badessment will target coal seams identified in historical tests identified in the Corporation's internally mapped high quality area where pre-drilled wells have sank or bubbled fresh gas from targeted coal tanks. – which can only come from 100% saturated carbon veins. The main target is a shiny coal that has been interpreted as having more than 10 meters in thickness. Secondary targets are coals over 20 meters thick. The company plans to conduct flow tests on one or two wells pending the results of the Nuclear Resonance Logging (NMR) program, which will establish the coal gas content and permeability.
To secure 100% of the project and funding, Ron Prefontaine said, "I am very pleased that Strata-X has now secured 100% of the Serowe CSG project and enough funds to carry out our initial drilling program on a small portion of our elevated area on CSG Channel Botswana. Having successfully conducted Greenfield's CSG projects at commercial gas sales with other CSG companies, our path is clear. The company plans to create sufficient momentum on our Serowe CSG project to accelerate the badessment and prove sufficient gas reserves to justify the development of our foundation project as soon as possible. "
Through the retention of EcoSurv Environmental Consultants from Gaborone, Botswana, the Company conducted all ground surveys and tests to complete and submit its Environmental Management Plan (EMP) to regulatory authorities, including community consultations. with all the settlement villages and landowners, the EMP is currently being reviewed by the relevant environmental agencies in Botswana, and this review will end with a 30-day public comment period. Regulatory approval of the EMP is scheduled for the fourth quarter of 2018 and will allow the Company to conduct drilling and production testing up to 20 wells in its identified high-grade area in the CSG Serowe Channel. [19659008] To accommodate a more comprehensive pilot and badessment program envisioned in the EMP on the Serowe CSG project, which includes 20 wells, the Company was and remains in negotiation with various third parties to provide financing through farm or hybrid financing.
About Strata-X
Strata-X is a Denver, Colorado-based company specializing in the exploration and development of oil and gas . California and Illinois in the United States of America and the Republic of Botswana. Strata-X has 53,894,984 common shares outstanding and is listed under the symbol "SXE" on the TSX Venture Exchange and "SXA" on the ASX.
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(1) Figures relating to prospective resources come from an audit report prepared by MHA Petroleum Consultant, a qualified reserves auditor, dated March 26, 2018, in accordance with the available technical data, including geological interpretation, information from relevant neighboring wells, badogous reservoirs and the proposed program for the project, prepared and presented to MHA by Strata-X. Prospective resources are the quantities of oil estimated, at a given date, potentially recoverable from accumulations not discovered by the application of a future development project. Prospective resources have both an badociated chance of discovery and a chance for development. There is a high level of uncertainty regarding prospective resources given the lack of historical drilling, available data and other productivity factors that limit the economic viability of coal deposit gas deposits . The report considered only prospective resources, as the project is not sufficiently developed to allocate it any resources or other oil reserves. The forward-looking resource figures shown are best estimates – quantities of natural gas undiscovered and net of royalty and are presented at a 100% direct ownership rate in the project. The total costs badociated with establishing the commercialization of this project are unknown at this time given the initial phase of project development. There is no certainty that some of the resources will be discovered, if discovered, there is no certainty that it will be commercially viable to produce some of the resources.
This announcement was made in Canada for the TSX.V and in Australia for the ASX.
Public documents concerning Strata-X Energy Ltd. can be found. to SEDAR (Canada) ( www.sedar.com ) and ASX.com.au (Australia).
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to future events or results, including but not limited to without limiting it, the completion and size of the investment, the receipt of regulatory approvals and their timing, business strategies and plans for use of these products, capital expenditure programs and estimates of timing and costs, and reflect management's current expectations and badumptions, including, but not limited to, necessary regulatory approvals and third party approvals and the completion of the investment and the stability of the general conditions of the economic and financial market. The use of one of the words "anticipate", "continue", "estimate", "expect", "power", "want", "project", "must", "Believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect management's current beliefs and are based on badumptions and information currently available to the Company. Readers are cautioned that these forward-looking statements are not promises or guarantees and are subject to risks and uncertainties, including imprecision of capital expenditures and operating expenses, market volatility fellows, economic and business conditions in North America and around the world. Due to the need for cash and capital resources, future results may differ materially from those anticipated and forward-looking statements included in this press release should not be relied upon improperly. See also "Risk Factors" in the Company's Annual Information Form available on SEDAR at www.sedar.com. These factors are not and should not be interpreted as exhaustive. These forward-looking statements are made as of the date hereof and the Company badumes no obligation to update or revise them to reflect new events or circumstances, except as permitted by applicable securities legislation. ;required. This press release does not constitute an offer to sell securities and the Company does not solicit an offer to purchase securities in a jurisdiction where such an offer, solicitation or sale would be illegal prior to registration or registration. qualification under the securities laws of that jurisdiction. 19659017]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the truth or accuracy of the information provided by the TSX Venture Exchange. accuracy of this release.
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