Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Feb 2010drilling progress report● Neutral
Gardner Duncan 1 reached 10,433 feet with gas shows in the Wilcox Formation; logging will decide whether to test it. PEL 96 CSG drilling is delayed a further 4-6 weeks by flooding. Cadlao decision due by 28 February.
4 Feb 2010drilling spud▲ GoodMajor
Gardner Duncan 1 on the Louise Prospect (Eaglewood JV, Texas, Strike 30%) spudded, targeting 30 Bcf to 10,300 feet under a turn-key contract that limits cost overruns. Success could double Strike's reserves. Spud date was later corrected.
1 Feb 2010drilling result▼ BadMajor
The Driskill Land Co 1 well in Louisiana reached 8,962 feet and found no commercial hydrocarbons, so it is being plugged and abandoned. The Eaglewood JV's Gardner Duncan 1 well in Texas, with Strike at 30%, is due to spud within days.
18 Jan 2010drilling progress report● Neutral
Driskill well spudded 15 January and is drilling. Two Eaglewood wells (30%, 30 Bcf and 100 Bcf prospects) are being prepared. Production is 700 boe/d. PEL 96 drilling slips from January to mid-February because Queensland rains delay the rig. Cadlao due diligence continues.
12 Jan 2010drilling spud● Neutral
The Driskill Land Co 1 well in the new Texana Bateman Lake JV, Louisiana, is about to spud, targeting 15-25 Bcf to 8,933 feet. Strike pays 17.5% of dry-hole cost (about US$153,000) to earn at least 12.6%. Up to 10 US wells are planned for 2010.
24 Nov 2009farm in farm out agreement▲ GoodMajor
Strike signed a second US Gulf Coast joint venture with Houston-based Texana Resources Partners, earning at least 12% in the first Louisiana well (December 2009). Production is back to 700 boe/d net. Eaglewood drilling resumes January/February 2010 (30%). Up to 10 US wells are possible in 2010.
27 Aug 2009resource reserve update▲ GoodMajor
Independent review by MBA confirms PEL 96 prospective CSG resource: best estimate 3,712 PJ, high 9,281 PJ gross (Strike share 2,475-6,188 PJ). Drilling tenders are out, three wells planned Nov/Dec 2009 subject to approval. Key gas content and permeability are still untested.
6 Apr 2009resource reserve update▲ GoodMajor
Backs the presentation's Kingston lignite figure with a JORC resource of 578.3 million tonnes (523.5Mt Measured, 54.8Mt Indicated) in South Australia. This is the FuturGas coal-to-liquids deposit, whose work had been delayed pending a partner.
22 Jan 2009drilling result▼ BadMajor
The Tumbleweed well, Hart Estate Gas Unit 1-1, reached 12,100 ft. It found gas but low permeability, so it is unlikely to flow commercially and is temporarily abandoned. Strike's net output is 9.6 mmcf/d and 215 bpd. A Duncan Ansley shallow zone is selling 0.5 mmcf/d.
16 Jan 2009drilling progress report● Neutral
Tumbleweed well Hart Estate Gas Unit 1-1 has set its liner at 10,652 ft and is drilling toward the objective section, expected within a week. Planned total depth is 12,200 ft; Strike holds 30%.
23 Dec 2008drilling spud● NeutralMajor
Tumbleweed well Hart Estate Gas Unit 1-1 spudded 19 December to test 40 Bcf (Strike 30%). Gilbert Freeman 3's shallowest zone flowed 1.5 mmcf/d. Because of lower prices, some Gulf Coast drilling is deferred, with a pause after Tumbleweed until April/May 2009.
3 Dec 2008drilling result▼ Bad
Gilbert Freeman 4, a shallow Rayburn well, reached 4,825 ft but its target sand was poorly developed and unlikely to flow commercially, so it was abandoned. Gilbert Freeman 3 final test rate is now due January 2009. Tumbleweed is pushed to late December.
25 Nov 2008drilling result▼ BadMajor
Duncan Ansley Gas Unit 1-1 reached 12,200 ft with no commercial pay in the Wilcox, the third weak Rayburn appraisal well. A shallower gas zone will be flow tested. The MD says proved reserves may be affected by around 10%. Production is 46 mmcf/d.
12 Nov 2008resource reserve update▲ GoodMajor
Independent review puts Rayburn and Mesquite proved plus probable reserves at 86.2 Bcfe (19.3 Bcfe net to Strike) at 30 June 2008. Unrisked prospective gas resource is 870 Bcf (240 Bcf net). This follows the reserves report promised since October.
5 Nov 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 has set its liner at 8,065 ft and is preparing to drill ahead to the Wilcox, with total depth of 12,200 ft expected in 1-2 weeks. The first Rayburn shallow well is due within two weeks; Strike holds 22.8%.
30 Oct 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 is drilling at 7,848 ft. The operator proposes a shallow drilling and completion programme from early November, because shallow gas pays above the Wilcox in several wells appear commercial. The reserves report is expected next week.
22 Oct 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 reached its intermediate casing point of 7,162 ft and is preparing to run 9 5/8 inch casing. Total depth of 12,200 ft is still 2-3 weeks away.
16 Oct 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 was at 7,087 ft on 15 October and preparing to drill ahead with a new bit. Total depth of 12,200 ft is expected in another 2-3 weeks.
9 Oct 2008drilling spud● NeutralMajor
Duncan Ansley Gas Unit 1-1, the tenth Rayburn well, spudded 7 October. A 12-month drilling programme follows, with exploration wells from November: Tumbleweed (40 bcf, 30%) then Flint (50 bcf, 35%). Revenue is still above A$4m a month; a reserves report is due.
1 Oct 2008drilling result▼ BadMajor
Duncan 4 reached 12,250 ft but the Wilcox sands were poor quality and unlikely commercial, so the lower section was abandoned untested. It is the second weak Rayburn appraisal well after Hlavinka. The rig moves to Duncan Ansley Gas Unit 1-1.
24 Sept 2008drilling progress report● Neutral
Operations are back to normal after Hurricane Ike. Duncan 4 is drilling ahead at 9,815 ft toward a 12,200 ft target, Gilbert Freeman 3 testing continues, and production is at expected levels.
10 Sept 2008drilling spud● Neutral
Duncan 4, the ninth Rayburn well, spudded 2 September and was drilling at 7,580 ft, targeting Wilcox. Gilbert Freeman 3 flow testing has started, with gas sold. Combined gross production holds at about 46.5 mmcf/d and 1,175 bpd.
26 Aug 2008drilling result▼ BadMajor
Logs at Hlavinka Gas Unit 1-1 show gas in multiple Wilcox sands, but interpreted as poorer quality than earlier Rayburn wells. Partners deferred choosing test zones and plugged the well for later re-entry. Commerciality is unproven. Gilbert Freeman 3 testing is due early September.
21 Aug 2008drilling progress report● Neutral
Hlavinka Gas Unit 1-1 reached its 12,200 ft target depth and is preparing wireline logs to assess gas shows in the Wilcox. Gilbert Freeman 2 is testing at substantial rates. Duncan 4, the ninth Rayburn well, follows next.
14 Aug 2008drilling progress report● Neutral
Gilbert Freeman 2 testing continues in line with expectations while the well cleans up. Hlavinka Gas Unit 1-1 has a liner set and is drilling at 8,230 ft, with the objective section 1-2 weeks away. Rayburn production targets are being maintained.
30 July 2008drilling progress report● Neutral
Duncan 3 continues at 10 mmcf/d and 230 bpd. Gilbert Freeman 2 facilities are installed, awaiting frac materials before testing. Hlavinka Gas Unit 1-1 made no progress at 7,214 ft because of lost circulation of drilling fluid.
17 July 2008drilling spud▲ Good
Hlavinka Gas Unit 1-1, the eighth Rayburn well, spudded 10 July, with 13 3/8 inch casing at 2,615 ft. It targets Wilcox and could extend the field boundary. Total depth of 12,200 ft is expected in 30-35 days. July revenue is on track for A$4m.
9 July 2008drilling progress report▲ Good
Gilbert Freeman 3 is cased and suspended, with testing expected within 60 days. The eighth well is due to spud within a week. Duncan 3 testing continues, and July revenue is forecast to exceed A$4m, assuming prices don't fall much.
2 July 2008drilling result▲ GoodMajor
Gilbert Freeman 3 reached 12,100 ft on 29 June with gas confirmed over several Upper and Middle Wilcox intervals, and will be cased for testing. Partners will drill an eighth Rayburn well, Hlavinka Gas Unit 1-1. Duncan 3 early test results are comparable to the other producing wells.
26 June 2008drilling progress report● Neutral
Gilbert Freeman 3 is drilling ahead at 9,795 ft, with 12,200 ft expected within a week. Duncan 3 testing starts this week. Rayburn production is steady at about 24 mmcf/d and 640 bpd.
