Strike shares fell from 37.5 cents to 28 cents on Friday. It fell further on Monday then opened today at 25 cents.

Strike and Bow have plugged and abandoned Altostratus-1 and are getting ready to work in EP 325 where they will spud Cooper-1 on or about December 30. Bow is earning a 10% equity in all of EP 325 from Victorai Petroleum by funding 12.5% of Cooper-1.

Altostratus-1 was the first well in the TP/17 lease, the first offshore well operated by Strike Oil and the first well for Arrow Energy subsidiary Bow Energy.

Wire-line logs and sidewall cores, combined with previous drill cuttings information, showed the reservoir quality in the top three target intervals, the Stag Sand and the Jurassic Athol Sands (C.halosa and N.gracilis), were poor quality sandstone reservoirs. So minor oil and gas shows observed in these intervals were considered to have no commercial significance.

The fourth target interval, the Triassic Mungaroo Formation, encountered good quality sandstone with a three-metre oil column at the top of the target interval. But this oil discovery was unlikely to be commercially significant at this location.

However, the hydrocarbon shows showed that the region had promise, according to Bow Energy.

"The presence of oil in the Triassic Mungaroo Formation in Altostratus-1 and the fact that the Mungaroo Formation reservoir sandstones are well developed throughout the region, points to the potential for commercial sized oil accumulations within structures to the east,” said Bow Energy company secretary JPK Marshall.

These structures would lie elsewhere in TP/17 and within TP/19 and EP421, the partners said. By participating in drilling Altostratus-1, Bow Energy has earned a 10% stake in TP/17 and an option to participate in TP/19 and EP421.

Interests in TP/17 are Strike Oil Limited (operator) 90% and Bow Energy Limited. 10%. Interests in EP 325 (Cooper-1) are Strike Oil (operator) 40%, Victoria Petroleum 25%, Black Rock Oil & Gas 15%, Bow Energy 10% and Sun Resources 10%.