Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2008drilling progress report● Neutral
Gilbert Freeman 3 has 9 5/8 inch casing set at 7,820 ft, with total depth of 12,200 ft expected in two to three weeks. Duncan 3 testing is due next week. Rayburn production holds near 24 mmcf/d and 660 bpd.
11 June 2008drilling spud▲ Good
Gilbert Freeman 3, the seventh Rayburn well, spudded 6 June and has 13 3/8 inch casing set at 2,635 ft; target depth is 12,200 ft. Duncan 3 testing is due in about two weeks. Production is about 24 mmcf/d and 650 bpd; revenue is on forecast at A$3m a month.
28 May 2008drilling result▲ GoodMajor
Gilbert Freeman 2 reached 12,200 ft two days early, with logs showing a high-quality pay section like nearby wells. It will be cased for testing. The rig moves to Gilbert Freeman 3, the seventh Rayburn well. Production holds near 24 mmcf/d.
21 May 2008drilling progress report● Neutral
Gilbert Freeman 2 has casing and a liner set and is at 9,000 ft, with the main Middle Wilcox target due in 1 to 2 weeks. Rayburn production continues near 24 mmcf/d and 600 bpd condensate.
30 Apr 2008farm in farm out completion▼ BadMajor
Freedom Natural Resources withdrew from the Tow Creek/Bear River farm-in, so Strike keeps its 37.5% and 33.75% interests rather than cutting to 10% and 6.25%. Florence drilling begins in early May with two wells, and Gilbert Freeman 2 is due to spud.
24 Apr 2008drilling result▲ GoodMajor
Duncan 3 reached 12,300 ft and logs show the main Middle Wilcox sand is gas bearing, as expected. It will be completed for testing and production. Duncan 1 continues at about 10 mmcf/d and 260 bpd. The managing director expects another well to be proposed immediately.
23 Apr 2008drilling result▼ Bad
Beach's weekly report re-released for Strike's interest: Coolangatta 1 had only minor oil shows and has been plugged and abandoned. Strike holds 15%. Together with Currumbin 1, both Cooper Basin wells in this program were unsuccessful.
22 Apr 2008drilling progress report▼ Bad
Coolangatta 1 (Strike 15%, Beach operator) reached total depth of 1,372 m and logging is complete. The operator is preparing to plug and abandon it, so no oil discovery from this well.
16 Apr 2008drilling progress report● Neutral
Beach's weekly report re-released for Strike's Cooper Basin interest: Currumbin 1 plugged and abandoned with reservoirs water saturated, and Coolangatta 1 drilling the surface hole. The rest concerns Beach's other wells and adds nothing new for Strike.
16 Apr 2008drilling result▼ Bad
Currumbin 1 in the Cooper Basin (Strike 15%) has been plugged and abandoned, a dry hole. Coolangatta 1 spudded 15 April. At Rayburn, Duncan 1 still makes 10 mmcf/d, Duncan 2 ST and Gilbert Freeman 1 are testing, and Duncan 3 has a liner set at 9,568 ft.
9 Apr 2008drilling progress report● Neutral
Currumbin 1 (Strike 15%, Beach operator) is drilling in the Hutton Sandstone at 1,473 m with no significant hydrocarbon shows so far. A routine progress note.
3 Apr 2008drilling spud▲ Good
Production facilities are connected, and Duncan 2 is being fracced for testing. Duncan 3 spudded 26 March. Cooper Basin well Currumbin 1 (Strike 15%) spudded 2 April, with a mean 0.45 mmbbl prospective resource. Revenue now exceeds A$1m a month.
27 Mar 2008drilling progress report● Neutral
Hlavinka Duncan 1R was cased for testing, and fifth well Duncan 3 is due to spud within a week, targeting 12,200 ft. Testing of three wells starts in April. Duncan 1 holds about 10 mmcf/d and 250 bpd condensate.
19 Mar 2008farm in farm out agreement▲ GoodMajor
Comet Ridge announced a letter of intent with Freedom Natural Resources to fund drilling at Tow Creek and Bear River, with Strike's subsidiary joining. Combined Comet/Strike interests fall to 20% at Tow Creek and 12.5% at Bear River. Drilling starts by July 2008.
19 Mar 2008drilling result▼ BadMajor
Hlavinka-Duncan 1R reached 12,800 ft but the Middle Wilcox main target sand is unlikely to hold hydrocarbons, a disappointing result for the step-out. A shallower interval looks gas-bearing and will be tested. Fifth well, Duncan 3, will be drilled next.
5 Mar 2008drilling progress report▼ Bad
Hlavinka-Duncan 1R found only thin gas sands of variable quality in the shallower Cook Mountain, a weaker result than the earlier strong gas show. A liner is set at 8,300 ft and the well drills on to the Middle Wilcox main target within weeks.
22 Feb 2008drilling progress report● Neutral
Hlavinka-Duncan 1R has set casing at 6,505 ft and should reach the Cook Mountain gas zone within a week. Duncan 1 continues at about 10 mmcf/d and 250 bpd condensate. Production facilities for Duncan 2 and Gilbert Freeman 1 are still being installed.
13 Feb 2008drilling spud▲ Good
Hlavinka-Duncan 1R redrill spudded 9 February, targeting both the Cook Mountain gas show and the Middle Wilcox, to 12,650 ft. Duncan 1 still flows about 10 mmcf/d and 260 bpd, roughly A$3m a month gross. Duncan 2 and Gilbert Freeman 1 testing is now set for March.
25 Jan 2008drilling result▼ Bad
Hlavinka Duncan 1 will be plugged and abandoned and redrilled because of the mechanical problems and gas. This lets the Cook Mountain gas shows be evaluated before drilling on to the Middle Wilcox target at 12,600 ft. Resolves the earlier well-control incident.
21 Jan 2008drilling progress report▼ Bad
Hlavinka Duncan 1 hit a substantial gas show at 7,800 ft in the shallower Cook Mountain Formation. A downhole equipment problem forced blow-out preventers to be activated. The well is shut in and under control, with part of the drilling assembly stuck in the hole.
11 Jan 2008drilling progress report● Neutral
Hlavinka Duncan 1 is drilling at 6,524 ft. Duncan 1 continues to sell gas and condensate, with specific flow rates promised by end of January. Duncan 2 and Gilbert Freeman 1 testing is planned for the first quarter 2008.
4 Jan 2008drilling spud● NeutralMajor
Hlavinka Duncan 1, the fourth Rayburn well and a step-out about 9,700 ft northeast of Duncan 1, spudded 2 January targeting 12,650 ft. Gilbert Freeman 1 is cased for testing. Duncan 1 is still flowing, with rates comparable to nearby wells.
27 Dec 2007drilling result▲ GoodMajor
Gilbert Freeman 1 reached 12,205 ft and penetrated the Middle Wilcox pay sands, plus extra potential pay above, per gas shows and logs. It is being cased for testing. Management calls Rayburn three for three. Fourth well Hlavinka Duncan 1 is a 9,700 ft step-out.
19 Dec 2007drilling progress report● Neutral
Gilbert Freeman 1 is drilling at 9,800 ft and expected to reach target within a week. The operator proposes a fourth well, Hlavinka Duncan 1, to follow it. Duncan 2 testing slips to February 2008.
12 Dec 2007drilling progress report● Neutral
Gilbert Freeman 1 is drilling at 4,545 ft with casing set. Duncan 1 continues to sell gas and condensate at commercial rates, with no flow rate given yet. Duncan 2 testing is set for January 2008.
6 Dec 2007drilling spud▲ GoodMajor
Duncan 1 Middle Wilcox testing is producing gas and condensate at commercial rates, with a stabilised rate due in about four weeks. Duncan 2 sidetrack is cased. A third Rayburn well, Gilbert Freeman 1, spudded 5 December targeting 12,200 ft.
27 Nov 2007drilling result▲ GoodMajor
The Duncan 2 sidetrack reached 12,150 ft and logs show a full section of Middle Wilcox pay sand, resolving the earlier faulting problem. Duncan 1's Lower Wilcox testing is finished, and Middle Wilcox flow tests are expected to report in four to five weeks.
15 Nov 2007drilling result▼ BadMajor
Duncan 2 reached 12,200 ft but the target Middle Wilcox sand is faulted out, so a sidetrack of 2-3 weeks is planned. Duncan 1's poorer Lower Wilcox sands stabilised at only 0.5 mmcf/d. Production is still targeted for January 2008.
7 Nov 2007drilling progress report● Neutral
Duncan 2 is drilling at 10,090 ft toward its 12,200 ft target, expected within a week. Duncan 1 Lower Wilcox testing continues, with interim results now expected in 20 to 30 days, slightly sooner than earlier guidance.
24 Oct 2007drilling spud▲ GoodMajor
Duncan 2, the first Rayburn development well, spudded on 22 October targeting Middle Wilcox gas to 12,200 ft, and was at 2,670 ft. Lower Wilcox testing at Duncan 1 is progressing, with interim results expected in 30-40 days.
