PURE HYDROGEN CORPORATION LIMITED With the approval of the EIA, Strata-X has the clearance to drill and test up to 75 additional wells covering 3 prospecting licenses within the high-grade area of the Botswana CBM fairway. In total the Company holds 320,000 acres (1,295KM2) within the identified high-grade area spanning five, 100% owned licenses. Previous environmental approvals acquired in 2018, covering two of the CompanyEURs original Serowe CBM licenses, granted Strata-X the right to drill and test 20 wells. Through the EIA approval, Strata-X has the authorization to drill and test up to 95 wells covering all of the 100% owned high-grade area before converting the area to full scale production licenses.
The high-grade area of the Botswana CBM Fairway is interpreted to contain, on average, 10 metres of net bright-coal seams over a 50 metre interval with high gas saturations up to 100% and 2.38 TCF prospective gas resource net to Strata-X.(1) This interpretation is re-enforced with the results of the CompanyEURs 19B-1 well and historic core hole data, where these wells bubbled free gas from the targeted bright-coals. The area immediately surrounding Strata-XEURs recently drilled and logged 19B-1 well was certified to contain 2C Contingent Resources of 23 Bcf of natural gas. The 19B-1 well intersected 18 metres of net coal with 12 metres of multi seam bright coals having up to 100% gas saturations.
The Companys focus on the high-grade area will be a major growth driver. A multi-well appraisal drilling and production testing programme within the high-grade area that steps out from the 19B-1 well is planned for 2020. The proposed programme, utilizing best practices learned from the work to date, is designed to upgrade prospective resources to contingent resources EUR' with subsequent upgrades of contingent resources to reserves contingent on proving commercial gas flow rates. The multi-well appraisal programme will include the production testing of wells to acquire fluid flow rate data as required to design a multi-well CSG production pilot programme to prove commercial gas flow rates.
About Strata-X
Strata-X is a Brisbane Queensland Australia based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in
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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. 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 w
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Email: colin@strata-x.com
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