Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2007drilling progress report▲ Good
Duncan 1 production facilities are in place and testing has begun, expected to run 60-90 days, so no sustained flow rate will be available until it finishes. A rig is moving to Duncan 2 to spud the first development well.
3 Oct 2007drilling progress report● Neutral
Duncan 1 flow testing and the first development well are both on track to start this month. All directors say they intend to take up their entitlements in the issue closing 8 October.
19 Sept 2007drilling progress report● Neutral
Duncan 1 testing is now due in two to three weeks after rain and access-agreement delays, and will run 60-90 days with gas sold into the local pipeline. The first development well is planned by late October, with continuous production around year end.
10 Sept 2007drilling result▼ BadMajor
The Coal View 31-4 sidetrack (37.5%) was temporarily abandoned after the drill string became irretrievably stuck above the primary target, following the rig failures. Oil shows in the Niobrara remain untested, and the partners are reassessing how to proceed.
5 Sept 2007drilling progress report▼ Bad
Duncan 1 testing preparations continued. The Coal View 31-4 sidetrack (37.5%) made no progress for the week because of rig mechanical problems and stayed at 5,602 ft, with planned total depth still 7,132 ft. No new results.
29 Aug 2007drilling progress report● Neutral
The Coal View 31-4 sidetrack began on 25 August and was at 5,602 ft, with elevated gas readings in the shallowest Niobrara target. The Duncan 1 test programme is being costed and is expected to start early September.
22 Aug 2007drilling progress report● Neutral
Duncan 1 test preparations were slowed by heavy rain, though facility site, access and gas transport agreements are concluded and a gas sales contract is near. The Tow Creek rig is rigging up. No new results.
15 Aug 2007drilling progress report● Neutral
Duncan 1 mud was displaced with brine ahead of fraccing and testing, while gas sales negotiations continue. At Tow Creek the well was plugged and a rig is due for the 1,800 ft sidetrack. No new results.
8 Aug 2007drilling progress report● Neutral
The operator is reviewing a Rayburn development plan and designing a Duncan 1 test, to start within 30 days of gas sales agreements. The Coal View 31-4 sidetrack, targeting 200,000-500,000 barrels recoverable, is due to start. Florence seismic data processing has begun.
1 Aug 2007drilling progress report● Neutral
Duncan 1 testing slips to mid-to-late August while the well is connected to local facilities so test gas can be sold immediately. No new results.
25 July 2007drilling progress report● Neutral
The rig was released from Duncan 1 (22.8%) on 23 July after setting the 4½ in liner. Perforating, fracture stimulation and testing of the Lower then Middle Wilcox are planned from mid-August. No new results.
18 July 2007drilling progress report● Neutral
A 4½ in liner is set over 12,330-16,030 ft in Duncan 1 (22.8%) ready for testing, expected within the next month. The Florence 3D seismic survey is complete. No new results.
16 July 2007drilling result▲ GoodMajor
Wireline logs confirm further gas pay in the Lower Wilcox at Duncan 1 (22.8%), adding to the shallower Middle Wilcox pay. Production testing is planned. Reserves are not yet estimated, and the Rayburn prospect had pre-drill potential of 500 Bcf. Management expects an early cash flow improvement.
11 July 2007drilling result▲ Good
Duncan 1 (22.8%) reached total depth of 16,030 ft. The Middle Wilcox gas pay will be production tested, with a Lower Wilcox testing decision after logging. Management says confirmation would give a second producing asset and a 2-of-4 exploration success rate.
4 July 2007drilling progress report● Neutral
Duncan 1 (22.8%) is drilling at 15,105 ft with elevated gas readings in new zones, and deep targets are expected within a week. Florence seismic is about 85% done, delayed by storms and wind. Nearby West Florence-1 shows will be tested in July.
27 June 2007drilling progress report● Neutral
Duncan 1 is at 13,213 ft, where crews recovered a parted drill string, and is returning to drilling the deep Wilcox objectives. Florence 3D seismic is about 75% acquired. No new results.
20 June 2007drilling progress report● Neutral
Duncan 1 has a 7 5/8 inch liner set from 8,119 to 12,650 ft and is preparing to drill the deeper Wilcox. The shallow gas pay zone is now behind casing, awaiting flow testing. Florence seismic is about 60% done.
18 June 2007drilling result▲ GoodMajor
Wireline logs on Duncan 1 (22.8%) indicate gas pay in the shallower Wilcox. Its commercial value awaits flow testing after total depth near 16,500 ft. Strike calls results encouraging for deeper targets. This contrasts with McGall 1's main targets, which showed no pay.
13 June 2007drilling progress report● Neutral
Duncan 1 (22.8%) reached casing point at 12,650 ft with high gas readings in the shallower Wilcox. Wireline logs will assess their significance. Florence seismic is about 45% acquired, due to finish by end June.
6 June 2007drilling progress report● Neutral
Duncan 1 is at 10,405 ft after about 80 hours lost to rig repairs. Strike negotiated its interest down from 25% to 22.8%, subject to approvals, with past costs reimbursed, to help cover higher than expected drilling costs. Florence seismic is 32% complete.
30 May 2007drilling progress report● Neutral
Duncan 1 has 9 5/8 inch casing set at 8,398 ft and is testing safety systems before drilling the 8½ inch hole. Florence seismic has begun but heavy rain has hampered it. Strike's Florence interest is now 39%.
23 May 2007drilling progress report● Neutral
Duncan 1 reached intermediate casing depth of 8,300 ft on 22 May Texas time, and is preparing intermediate wireline logs. Proposed total depth is 16,500 ft. No new results.
18 May 2007farm in farm out agreement▲ Good
Strike confirms it has elected to lift its Florence oil field interest from 26% to 39%, and attaches Comet Ridge's release. A 3D seismic survey is due to start within the next week. Duplicates the Comet Ridge announcement.
18 May 2007farm in farm out agreement▲ GoodMajor
Comet Ridge says it is raising its Florence interest from 26% to 39% after AJ Lucas withdrew from US exploration. It states Strike is also increasing to 39%. The 3D survey starts next week, with drilling expected late in the third quarter.
16 May 2007drilling spud▲ GoodMajor
Duncan 1 on the Rayburn Prospect (25%, potential 500 Bcf gas) spudded 9 May 2007, with proposed depth 16,500 ft. Casing is set at 2,768 ft. Florence 3D seismic is due to start next week.
2 May 2007drilling progress report● Neutral
McGall 1 is left re-enterable if later study reduces the completion risk. The rig is moving to Rayburn, with Duncan 1 to start drilling in two to three weeks. Weekly reports resume once drilling starts.
26 Apr 2007drilling result▼ BadMajor
Strike and the operator abandoned completion of McGall 1 because the gas zone needs fracturing and sits too near water-bearing sand. Completion would cost about US$2.5m. This ends the Flint well without production. Rig moves to Duncan 1 at Rayburn. Peltier still flows 15 bopd.
23 Apr 2007drilling result▼ BadMajor
McGall 1 (25%) reached 16,510 ft but found no commercial pay in its main targets. One secondary Wilcox zone is likely commercial gas and will be production tested. The rig then moves to Rayburn's Duncan 1, where Strike funds 33% of cost to earn 25%.
18 Apr 2007drilling progress report● Neutral
Beach's weekly report confirms Kewarra 1 plugged and abandoned at 1,630 m. Nothing beyond what Strike already reported.
18 Apr 2007drilling progress report● Neutral
McGall 1 is at 16,035 ft, with total depth of 16,500 ft expected within a week, then wireline logging. Site preparation is under way for Rayburn (25%, 500 Bcf potential), which will spud once McGall 1 finishes.
