Strata-X to Farm-in to 273,000 acre Botswana CSG Project
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) announced that it has entered into a heads of agreement with Magnum Gas and Power Ltd (“Magnum”) (ASX:MPE) for a staged farm-in to earn up to 75% of the Serowe CSG project located on the Kalahari Basin CSG Fairway in Botswana, Africa.
Strata-X will operate the Project, which spans approximately 273,000 acres and has certified 1075 PJ of recoverable Prospective Resources
The Republic of Botswana is one of the oldest democracies in Africa becoming independent in 1966. It has a long-standing rule of law and the lowest rate of corruption in Africa. The geography of the Project area is predominantly flat with good road access. There is a growing demand for power in the country and in neighboring countries which offers immediate and expanding domestic gas markets. These factors, combined with a 3% government royalty on produced gas, makes Botswana one of the more favorable economic settings in the world.
Heads of Agreement entered into for Strata-X to earn up to 75% of the Serowe Coal. Seam Gas (“CSG”) Project in the Kalahari Basin CSG fairway in Botswana, Africa.
Botswana rated as an attractive investment destination.
Strata-X will operate the Project covering two licenses spanning 273,000 acres.
The Project has a mean estimate of 1075 PJ of recoverable prospective resource net to Strata-X’s interest. (1)
There are immediate and expanding domestic southern Africa energy markets.
MHA appointed advisers and certifiers.
Secured commitments for A$2 million private placement at A$0.05 per CDI/share following a 3 for 1 share consolidation
ASX disclosure note – 5.28.2 – The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
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