Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 June 2021drilling result▲ GoodMajor
Text not readable beyond headline: the title says WE5 confirms a high quality gas resource, but no figures were provided. Later material cites 32m net pay at 10% porosity at WE5 (from the July presentation). Treat as a positive appraisal result.
15 June 2021drilling progress report▲ Good
WE5 drilled through the main Kingia reservoir (top at 4,771m) and is at 4,895m, with significant gas shows and drilling breaks. Wireline logs will confirm reservoir quality. New sand-handling equipment has arrived to restart the WE4 clean-up.
27 May 2021other▲ Good
Project Haber update: Strike signed a port cooperation agreement and a non-binding MOU for about 8GL a year of water from 2025. First-round urea offtake interest totalled over 3.5 mtpa against 1.4 mtpa capacity. Pre-FEED close-out is due by end August.
26 May 2021drilling progress report▲ Good
WE5's intermediate section reached 3,635m, with casing cemented and pressure tested in under 17 days. The 8-1/2in production section is next. WE4 clean-up and flow test are expected to restart in early June after sand-handling equipment is sourced.
20 May 2021director officer appointment▲ Good
Strike appointed Crispin Collier, ex-Wesfarmers business development manager, as Chief Development Officer from mid-August 2021. He will lead a newly formed development company covering Project Haber and Mid-West Geothermal, and also take on gas marketing and sales.
19 May 2021drilling progress report▼ Bad
WE5 is drilling ahead at about 3,356m. The WE4 flow test is paused because sand is coming up with the gas, and extra equipment will take about two weeks to procure. This delays the WE4 production test that underpins the maiden reserves report.
17 May 2021material agreement▲ GoodMajor
Strike signed binding documents to buy Mid West Geothermal Power, moving on from April's non-binding term sheet. The first payment is 6,161,430 shares on completion, which has not yet occurred. A heat survey is under way, and mapping to pick a pilot site should take about a year.
17 May 2021drilling progress report▲ Good
WE4 core analysis shows permeability up to 430mD and porosity up to 19.9% in the Kingia. The flow test is still cleaning up, with pressures similar to WE2. WE5 has cemented surface casing and is drilling at about 2,785m.
14 May 2021other● Neutral
Strike committed to net zero Scope 1 and 2 emissions by 2030, relying on Project Haber's projected abatement to offset them. It aspires to full Scope 3 offsets via geothermal. Phase 1 first gas is now targeted for early 2023. Targets depend on projects not yet built.
10 May 2021drilling progress report● Neutral
Duplicate of the 10 May West Erregulla update: WE5 spudded 8 May and drilled to about 1,567m, and the WE4 flow test has begun. No new information.
10 May 2021drilling spud▲ GoodMajor
West Erregulla 5, the final appraisal well, spudded on 8 May and finished its first hole section at about 1,567m. At WE4, 75m of Kingia was perforated and the flow test began. WE5's design drops one casing string to drill faster.
7 May 2021capital raising announcement▲ GoodMajor
The SPP drew about $30m of acceptances against the $5m target, so the board doubled it to $10m at $0.30. Applicants get about a third of their application, with up to 33.3m shares issued 10 May. Total raising is now about $85m.
6 May 2021other▲ Good
Strike says Project Haber could cut Australia's urea carbon footprint by 50-60%, or 650,000-795,000 tonnes of CO2e a year. An ACIL Allen study estimates $8.4bn of GDP over the project's life. These are projections for a project still in pre-FEED, not yet funded.
30 Apr 2021capital raising announcement● Neutral
Strike said the Share Purchase Plan had strong support and would close early, with electronic payments closing 30 April and postal applications accepted to 3 May. Administrative notice with no new figures.
28 Apr 2021quarterly activities report▲ Good
March quarter report recaps WE4's results (155m Kingia, 28m net pay), the geothermal term sheet, Project Haber pre-FEED, new permits and the $75m raising. NSAI will deliver a maiden West Erregulla reserves report after flow testing. Largely repeats known events.
27 Apr 2021regulatory community update▲ GoodMajor
Strike won a $200,000 WA Government EIS grant toward South Erregulla-1, now being prepared for a Q4/21 spud, and EP505 was granted. Using the WE4 results, it raised South Erregulla's assessed chance of success to 61% from 57%; trap size and shape remain the main risks.
23 Apr 2021capital raising announcement● Neutral
The Share Purchase Plan opened on 23 April, with the offer booklet sent to eligible shareholders. Strike extended the closing date to 14 May, with results due 19 May. Administrative step in the raising announced 15-16 April.
19 Apr 2021drilling progress report▲ Good
West Erregulla 4 drilling is complete, with 5-1/2" production casing cemented at about 5,060m and the rig being packed down. Preliminary core data confirms high-quality Kingia sandstone. A roughly 5-day flow test is due in early May, and WE5 is next.
16 Apr 2021capital raising announcement▲ GoodMajor
Strike raised $75m through an institutional placement of 250m new shares at $0.30, a 20% discount to the last price of $0.375, plus an SPP of up to $5m at the same price. With about $10m cash at 1 March, it targets about $90m of funding.
What it means for a shareholder
250m new shares at A$0.300 to raise about A$75.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.000195% to 0.00017% of the company. To keep it you'd need 488 more shares - about A$146 at the issue price.
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15 Apr 2021capital raising announcement● NeutralMajor
Equity raising and corporate update presentation. The text provided is mostly garbled graphics, so the raise size, price and terms are not readable.
9 Apr 2021material agreement▲ GoodMajor
Technip Energies began pre-FEED on Project Haber, refining a capital cost currently put at US$1.74bn. Strike says expressions of interest for the 1.4 mtpa urea exceed supply, with more than 12 buyers taking part; no binding offtake yet.
8 Apr 2021drilling result▲ GoodMajor
West Erregulla 4 reached 5,069m and found a 155m Kingia section with 28m net pay, 11% average porosity (up to 19%) and no gas-water contact, extending the field. Strike says it materially de-risks Phase 1; a flow test is planned and WE5 follows.
8 Apr 2021drilling result● Neutral
Strike reported that West Erregulla 4 reached 5,069m with results above expectations. It found a 155m Kingia Sandstone with 28m net pay, porosity up to 19%, and no gas-water contact. Warrego asked ASX to lift its trading halt after the release.
1 Apr 2021asset acquisition disposition▲ GoodMajor
Strike signed a non-binding term sheet to buy Mid West Geothermal Power, giving it the only Perth Basin geothermal rights (3,500 km2). It estimates up to 350MW for at least 30 years. This adds a renewables line to its gas and urea plans; not yet binding.
31 Mar 2021drilling progress report▲ Good
Strike cut and recovered about 45m of gas-bearing Kingia core in WE4, down to 4,931m, and sent it for lab testing. The drill assembly is heading back in toward the High Cliff Sandstone, the final objective.
25 Mar 2021drilling progress report▲ Good
West Erregulla 4 reached the top of the primary Kingia Sandstone at about 4,870m (drilled to 4,886m), with gas shows and drilling breaks. Strike is preparing to core a 45m interval.
24 Mar 2021investor presentation● Neutral
Conference presentation on the Australian domestic gas outlook, headlined that Perth Basin gas output will overtake the Cooper Basin by 2025 despite low prices. Most of the text is garbled; no company-specific new information is readable.
22 Mar 2021drilling progress report▼ Bad
Wireline data confirmed a large Wagina gas column but showed less net pay and lower permeability than the earlier logs, which Strike attributes to WE4's position at the edge of the fan. It said more data may be needed before any resource update.
18 Mar 2021drilling progress report▲ Good
West Erregulla 4 real-time logs show 35-40m of net conventional pay in a 206m gas column across the Dongara and Wagina, at 6% average porosity, with no water leg yet. Wireline logs are being run to confirm; Kingia target is next.
15 Mar 2021regulatory community update▲ GoodMajor
Strike won Perth Basin block L20-3 in the WA 2020 acreage release, the last unheld acreage in the Permian Gas Fairway. Its Eneabba Deep lead may have closure over 20 km2; no resource estimate yet. Extends the contiguous acreage around West Erregulla and South Erregulla.
