Strata-X Receives Preliminary Environmental Approval
October 03 2018 - 8:30AM
Highlights:
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 has received conditional approval of the Environmental
Management Plan (EMP). Final approval of the EMP is expected
following a 30 day public review. The Company held community
meetings prior to submitting the EMP and does not expect any issues
arising from the public review.
The EMP covers approximately 273,000 acres and
includes the original leases which were purchased from a third
party. Following final approval, the Company will firm-up the
timetable and secure the services it requires for its two well
drilling program currently scheduled for December 2018.
The drilling program will target coal seams over
a high-graded area which flowed or bubbled free gas. Generally,
free gas indicates 100% saturated coal seams. The primary
targets are bright coal seams with one seam interpreted to be in
excess of 10 meters thick. Secondary targets are deeper coals
in excess of 20 meters thick. The Company plans to conduct
flow tests on one or both wells pending the results of a wireline,
nuclear resonance logging program (BMR). BMR is a new wireline tool
which can be used to estimate relative gas contents and
permeabilities of the target coals.
As previously announced, the Company has secured
the financing for the two, low cost, vertical pilot wells. The
wells will be located within the high-graded area on Strata-X
leases that are 100% owned and have an average net revenue interest
of 96%.
Following receipt of conditional approval of the
EMP, Strata-X Chairman Ron Prefontaine stated, “I am very pleased
Strata-X now has substantially completed the permitting process
that will allow us to finalise our drilling timetable, and secure
the drilling rig and equipment to commence our fully-funded two
well appraisal program. The wells will be located within our
high-graded area over the Botswana CSG fairway. Having successfully
taken greenfield CSG projects through to commercial gas sales with
other CSG ventures, our path is clear. The Company plans to create
sufficient momentum on our Serowe CSG project to fast track
appraisal and prove sufficient gas reserves to justify development
of a foundation project as soon as possible.”
About Strata-XStrata-X is a
Denver, Colorado (USA) based company and is engaged in the business
of oil and gas exploration and development with a variety of
exploration opportunities in the States of California and Illinois
in the United States of America and the Republic of Botswana.
Strata-X has 81,201,984 common shares outstanding and trades under
the symbol "SXE" on the TSX-V and "SXA" on the
ASX.
For further information please contact:
Tim
Hoops (USA) |
President |
+1
855-463-2400 |
info@strata-x.com |
This announcement was made in Canada for the TSX.V
and in Australia for the ASX. Public documents for Strata-X
Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and
ASX.com.au (Australia). FORWARD-LOOKING
STATEMENTS This news release contains forward-looking
statements, which relate to future events or future performance,
including but not limited to, the completion and size of the
Placement, receipt of regulatory approvals and timing thereof, the
Corporation’s business strategies and plans for the use of such
Placement proceeds, capital expenditure programs and estimates
relating to timing and costs, and reflect management's current
expectations and assumptions, including, but not limited to the
timing and receipt of necessary regulatory approvals and third
party approvals and completion of the Placement and stability of
general economic and financial market conditions. The use of any of
the words "anticipate", "continue", "estimate", "expect", "may",
"will", "project", "should", "believe", and similar expressions is
intended to identify forward-looking statements. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. Readers are cautioned that these
forward-looking statements are neither promises nor guarantees, and
are subject to risks and uncertainties, including imprecision in
estimate capital expenditures and operating expenses, stock market
volatility, general economic and business conditions in North
America and globally, risks associated with liquidity and capital
resource requirements, that may cause future results to differ
materially from those expected and the forward-looking statements
included in this news release should not be unduly relied upon. See
also "Risks Factors" in the Company's Annual Information Form
available on SEDAR at www.sedar.com. Those factors are not, and
should not be construed as being exhaustive. These forward-looking
statements are made as of the date hereof and the Company does not
assume any obligation to update or revise them to reflect new
events or circumstances save as required under applicable
securities legislation. This news release does not constitute an
offer to sell securities and the Company is not soliciting an offer
to buy securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
Neither 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 adequacy or
accuracy of this release.
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