The company said it has successfully negotiated an increase of its overall interest in the Eaglewood Area Participation Agreement at a cost of almost $US1 million.
Under the agreement that governs the Gulf Coast exploration venture with operator Cypress E&P Corporation, Strike has also increased its stake in the Flint Prospect.
The Flint Prospect is a specific exploration prospect within the Eaglewood Agreement and has 50 billion cubic feet of gas potential.
Strike's 26.5% and 22.8% interests in the Mesquite and Rayburn projects will not change as a result of the increase.
According to the company, the increase in its overall interest under the agreement provides it with the opportunity to participate in up to 30% of a large portfolio of existing and future prospects with a combined potential of up to 400Bcf of gas.
