Strike acquires stake in JV partner Warrego Energy

Strike Energy Ltd., Adelaide, has lifted its economic interest in the West Erregulla gas project in the onshore North Perth basin to 54% from 50% via the acquisition of an 8.16% interest in its JV partner, Warrego Energy Ltd., Sydney (OGJ Online, Oct. 8, 2020).

Strike paid $22 million (Aus.) to increase its exposure to the West Erregulla discovery and to the overall potential of surrounding permit EP 469, the company said.

Strike said it is comfortable with its level of investment in Warrego “at this time” and currently has no plans for increasing its stake, although it “will continue to consider value accretive transactions from time to time should market conditions allow.”

Strike is now the single largest shareholder in Warrego independent of its board and management.