Strike Energy (ASX:STX) -
MD and CEO, Stuart Nicholls Source: Strike Energy
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  • Strike Energy (STX) sells 100 per cent of its interest in the Klebb & Jaws permit in the Cooper Basin
  • STX made the deal with Greenflame Energy to sell the share capital in its subsidiary, Strike Energy 96, which until now held its interest in PEL96
  • Once settled, the sale will release Strike from ongoing operational commitments and planned rehabilitation at the site
  • STX is focusing on Western Australia, where it intends to become the nation’s first net zero 2030 gas, renewables and fertiliser producer
  • Shares are trading in the grey at 33.5 cents at 10:11 am AEST

Strike Energy (STX) has sold 100 per cent of its interest in the Klebb & Jaws permit in the Cooper Basin.

The company has entered into a binding share sale and purchase agreement with Greenflame Energy — a majority-owned subsidiary of ASX-lister Talon Energy (TPD).

The deal covers the sale of Strike’s issued share capital in its own subsidiary, Strike Energy 96, which until now held STX’s interest in permit PEL96.

According to Strike, the transaction was executed for a nominal fee and, following settlement, will release the company from ongoing operational commitments and planned rehabilitation at the site.

Settlement, however, remains conditional on obtaining all necessary third-party consents and approvals.

In a statement this morning, the company said it did not expect to register any loss after fully impairing the assets in June 2020.

Strike also said it would continue to review other expressions of interest in its remaining Cooper Basin positions.

The sale of these assets aligns with STX’s strategy to focus on projects in the Mid-West of Western Australia to become the country’s first net zero 2030 gas, renewables and fertiliser producer.

Shares were trading in the grey at 33.5 cents at 10:11 am AEST.

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