The Strike Energy Ltd (ASX: STX) share price isn't going anywhere on Thursday after the energy producer requested a trading halt.
As such, the Strike Energy share price is frozen at 30 cents apiece. It's worth noting that Strike Energy shares have gained 25% in value over the past month.
Why did Strike Energy request a trading halt?
Prior to the market opening, the company asked for the trading halt while it prepares an announcement.
According to the release, the company is planning to make an announcement regarding the South Erregulla 1 well drilling results.
Strike Energy has requested that the trading halt remain in place until Monday 7 March or following the release of the announcement, whichever comes first.
More on South Erregulla 1
Strike Energy holds a 100% interest in EP503. The gas project is located about 230 kilometres north-east of Perth in the North Perth Basin in Western Australia.
The area has significant resource potential in the Kingia Sandstones with a high chance of success. This is due to the strong data control over the Erregulla region, consistent geological outcomes, and recent identification of updip connectivity in the West Erregulla gas field.
Last month, the company drilled through the lower Carynginia Formation and the Irwin River Coal Measures.
Strike Energy bored a measured depth (MD) of approximately 4,859 meters at the site.
Through interpretation, management believes the target to be a short distance into the top of a higher quality sub-section in the Kingia Sandstone.
About the Strike Energy share price
Since this time last year, Strike Energy shares have moved sideways to register a loss of about 3%.
However, in 2022 the company's shares have skyrocketed by 36% on the back of new strength and price gains in the global energy markets. The S&P/ASX 200 Energy (ASX: XEJ) sector is up 19% year to date.
Strike Energy has a market capitalisation of $607.53 million with approximately 2.02 billion shares outstanding.
