Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2022well test result▲ GoodMajor
WE3's final test achieved a stabilised 83 mmscfd at 3,474 psi, limited by surface equipment. Pressure rebuilt to near original reservoir level after only 3 hours shut-in, indicating a large connected gas volume. This supports the July reserves upgrade for the north of the field.
23 Aug 2022investor presentation● Neutral
Euroz Hartleys energy conference presentation; the text is mostly unreadable diagram labels (storage, reserves, production, LNG). No results or figures can be read. The 2 Sep placement announcement later cites it for use-of-proceeds detail.
23 Aug 2022flow test result▲ Good
Interim WE3 testing recorded a peak rate of 90 mmscfd at 3,010 psi on a 76/64 choke, with dry low-impurity gas and no sand or water. Final results await completion of testing and the pressure build-up.
17 Aug 2022drilling progress report● Neutral
Rig-up and swabbing finished at West Erregulla-3, with a planned 7-day production test starting today across 40m of Kingia perforations. A longer pressure build-up follows. This is the WE3 test expected in August; no results yet.
15 Aug 2022material agreement▲ GoodMajor
Strike and Talon sanctioned Walyering development at $14.4m gross ($7.9m Strike share), nine months after discovery. First gas sales are targeted Q1 2023, with Macquarie providing $10m to fund Strike's share. This resolves the open JV investment decision on Walyering.
15 Aug 2022farm in farm out completion▲ Good
Talon's release (header shows ASX: TPD) confirms the EP447 JV approved development of the Walyering gas project. Cost is $14.4m ($6.5m Talon's 45% share), with first gas sales targeted Q1 2023 and gas contracts expected Q4 2022. This repeats Strike's own announcement.
29 July 2022quarterly activities report▲ Good
June quarter report recapping SE1's 78 mmscfd Kingia flow, the WE3 gas pay and 41% West Erregulla 2P upgrade to 422 PJ, Walyering's 54 PJ 2P and the Precinct land purchase. Management expects first Perth Basin cashflow early 2023 and a Walyering decision next quarter.
28 July 2022resource reserve update▲ GoodMajor
NSAI raised West Erregulla gross 2P reserves 41% to 422 PJ (211 PJ Strike direct) after WE3 results, from the earlier 300 PJ. Gross 2C is 30 PJ. Strike's direct and indirect interest is about 54%.
25 July 2022investor presentation● Neutral
Bell Potter briefing titled 'The march towards production'. Visible text is mainly disclaimers and references to the 21 July Walyering reserves and the Precinct plan, with no new results shown.
21 July 2022resource reserve update▲ GoodMajor
RISC certified Walyering's first reserves: gross 2P 54 PJ (30 PJ net to Strike's 55%) plus 0.55 mmbbls condensate, with 32 PJ 2C. Development is estimated at $14.2m for a 33 mmscf/d facility, with a JV investment decision to be sought.
20 July 2022well test result▲ GoodMajor
Walyering-6's Cadda discovery flowed at up to 35 mmscfd, and the Cattamarra C and D sands contributed gas. The B sand produced water so is unsuitable for initial production. W6 will be completed for production; reserves estimate due within a week.
6 July 2022drilling progress report● Neutral
Walyering-6 flow test is about to start, now including the D-Sand alongside B and C, then a longer test of the Cadda gas discovery. A first independent reserves report for Walyering follows the roughly 10-day test.
1 July 2022drilling result▲ GoodMajor
West Erregulla-3 found 38m net pay in a 60m gas column in the Kingia, porosity averaging 13.8%, no gas-water contact. Reservoir is the best seen in the field. The High Cliff secondary target was poor. NSAI will review reserves.
27 June 2022drilling progress report▲ Good
West Erregulla-3 drilled through the Kingia Sandstone at 4,737m, with logging tools showing clean blocky sands and gas. It is at 4,806m and will drill on to the secondary objective before wireline logging.
23 June 2022debt financing● NeutralMajor
Macquarie agreed an extra $20m facility: $10m committed, $10m uncommitted for Walyering development. The existing $13m drawn debt is extended to November 2023, with 20.7m options at 34c. Haber pre-FID funding is to be pursued at project level.
17 June 2022drilling progress report● Neutral
West Erregulla-3 has drilled through the over-pressured Carynginia Shale, reached 4,435m and cemented the 7-inch liner. Next it targets the Kingia and High Cliff sandstones.
7 June 2022investor presentation● Neutral
Credit Suisse conference presentation outlining Strike's integrated gas, fertiliser and renewables strategy, with a Net Zero 2030 target. The visible text repeats known facts and shows no new results.
7 June 2022asset acquisition disposition▲ GoodMajor
Strike signed a binding deal to buy 3,500 ha of freehold land above South Erregulla and will move Project Haber there. It cites about A$85m lower capital cost by avoiding a 105km pipeline, plus up to 170MW of potential on-site renewables.
2 June 2022flow test result▲ GoodMajor
SE1 Kingia flowed a peak 80 mmscfd and a sustained 78 mmscfd over 5 hours, constrained by test equipment, with no sand or water and low-impurity gas. This supports South Erregulla as Haber's gas source; a Wagina test follows.
31 May 2022drilling progress report● Neutral
The Ensign 970 rig is on site and West Erregulla-3 re-entry starts 1 June, with about 45 days of work planned. The well was suspended earlier after hitting a significantly over-pressured zone; managed pressure drilling equipment has been added.
23 May 2022drilling progress report▲ Good
Flow testing gear is being set up at South Erregulla-1 for an 18-day Kingia test, starting within 72 hours. Core samples show permeability up to 604mD, supporting the earlier view of a high-quality reservoir.
19 May 2022material agreement▲ GoodMajor
Strike chose Koch Fertilizer as preferred bidder and signed a non-binding term sheet for 100% of Project Haber's 1.4 mtpa urea over 10-15 years. A binding agreement is still to be negotiated and depends on Haber's final investment decision.
16 May 2022other● Neutral
Text not readable. Title refers to Walyering appraisal, discovery and testing results, but no content is available.
5 May 2022resource reserve update▲ GoodMajor
Independent inferred geothermal resource for the Mid-West project: 203 PJe mid case (226 MWe over 30 years) over the 1,826 km² permit application area. The permit is still pending, and the resource is untested and undrilled.
3 May 2022well test result▲ GoodMajor
Walyering-5 final test: comingled flow peaked at 75 mmscfd, the third highest rate in Perth Basin history, with A-Sand stabilised at 52 mmscfd. Strike is looking at lifting facility capacity to 35 mmscfd. Walyering-6 is drilling at 2,130m.
28 Apr 2022quarterly activities report▲ GoodMajor
March quarter report: SE1 confirmed a Kingia gas discovery (14m net pay in a 52m gas column, ~6,800 psia, no water contact) plus the Wagina discovery. A Kingia flow test is planned for mid-May. Also covers Walyering results, the Perth Energy sale and Haber progress.
27 Apr 2022director officer appointment● Neutral
Nev Power's leave of absence ended and he resumes as Deputy Chair. He was not paid director fees during the leave. No reason for the leave is given, and the court matter from October 2021 is not mentioned.
26 Apr 2022well test result▲ GoodMajor
Walyering-5 interim tests were strong: C-Sand stabilised at 27 mmscfd and D-Sand at 10 mmscfd, with B-Sand peaking at 33 mmscfd. Walyering-6 has spud, and Momentum Engineering was awarded facility design for up to 30 mmscfd.
13 Apr 2022drilling progress report● Neutral
Walyering-5 formal flow testing restarts and is extended to up to 28 days to gather more data. RISC Advisory is appointed to assess reserves and resources after testing. Walyering-6 rig mobilises, with drilling due late April.
8 Apr 2022regulatory community update▲ Good
Strike won a $2m grant from the WA Government's Clean Energy Future Fund to support drilling Future State-1, its planned test of the Mid-West geothermal project. Small funding support for a project still awaiting its permit.
