Further to my above posting, in recent days the Managing...

Further to my above posting, in recent days the Managing Director of STX has acquired, in an on market transaction, 1million shares at 13 cents and STX share price has since risen to a 52 week high of 16 cents.

Below some of the text of STX ASX announcement re: PEL 96 fracture stimulation program (33.3% EWC) posted earlier this morning.

SOUTHERN COOPER BASIN GAS PROJECT UPDATE • Fracture stimulation operations at Le Chiffre are underway • Six well accelerated drilling program planned for September start • Strike aiming to have up to eight operated wells on production test by 1st quarter 2015.

The first phase of the program will take four weeks to complete and will involve: • fracture stimulation of the Le Chiffre 1 and Klebb 1 wells (Map 1); • inter stage plug milling, clean up and initiation of flow back; • completion of the wells to enable extended flow testing.

Production testing will then continue for an extended period (expected to be at least three months) to provide data on gas recoveries per well and for subsequent production testing trials.

A six well drilling program is planned to commence in September. These wells will target further resource delineation and provide additional wells for fracture stimulation, completion and production testing by year end. The information and learning obtained from the initial phase of fracture stimulation and testing will drive the design and implementation of this second phase of the completion and production testing program. On completion of these activities, Strike will have a portfolio of up to eight wells on production test in PEL 96.

Strike Energy Managing Director, David Wrench, said: “The picture that has emerged of this unique reservoir system, based on our work to date, is very exciting and is in line with our long held view around the potential of these coals. This initial round of production testing is an important next step in our plan to rapidly commercialise the resource and allows us to accelerate and broaden our evaluation program.”