Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2020drilling spud▲ GoodMajor
Rig 970 is rigged up and West Erregulla 3 began drilling on 21 September 2020, starting the appraisal campaign planned for up to three wells to about 5,000m. This is the spud that was targeted for late August/early September.
18 Sept 2020annual report● Neutral
Strike's FY2020 annual report restates the West Erregulla 2 discovery (1.185 Tcf gross 2C) and says the company is preparing its first Final Investment Decision, with AGIG's plant FEED under way. Text is truncated, so financial results are not confirmed here.
18 Sept 2020other● Neutral
Appendix 4G, a checklist pointing to the corporate governance statement for the year to 30 June 2020. Administrative; no substance beyond confirming the statement is current at 18 September 2020.
18 Sept 2020other● Neutral
Annual corporate governance statement for FY2020, stating the company complied with ASX recommendations unless noted. Board is 1 female of 5 directors. Administrative; no operational or financial content.
14 Sept 2020farm in farm out completion● Neutral
Talon announced that formal farm-in documents with Strike for 45% of Walyering (EP447) have been executed. Completion still awaits regulatory approvals. Counterparty restatement of Strike's own announcement the same day.
14 Sept 2020farm in farm out agreement▲ GoodMajor
Strike signed definitive documents for the 45% Walyering farm-out to Talon, which paid a $1m bond against its $6m carry. Ministerial approval is still needed. The appraisal well is planned for 2021, with the well design and location done.
4 Sept 2020other● Neutral
Strike updated its Securities Trading Policy, effective 4 September 2020, after a governance review. Administrative; no financial or operational content.
31 Aug 2020material agreement▲ GoodMajor
CSBP converted its gas option into a firm 100 PJ offtake at 25 TJ/day for about eleven years, with supply from West Erregulla Phase 1 expected in 1H/2022. It is subject to a final investment decision and gives a base for project financing.
27 Aug 2020regulatory community update▲ GoodMajor
Strike settled its R&D dispute with Innovation & Science Australia. It will proceed with about 90% of its original FY18 Jaws claim, with a minor adjustment of about 4% of the amount received for FY16. This resolves the open appeal thread and reduces the repayment risk.
17 Aug 2020drilling progress report● Neutral
Text not readable.
31 July 2020investor presentation● Neutral
General meeting presentation, headed by West Erregulla WE-3 pad construction and conductor installation. Extracted text is mostly disclaimers and previously announced resource references, so no new results can be confirmed.
24 July 2020resource reserve update● Neutral
Talon restates Walyering resources for its 45% share (best estimate 38.7 bcf gas, 0.981 mmbbl condensate, unrisked prospective) and Ocean Hill's 360 bcf 2C contingent resource. These are existing Strike figures; Strike puts the chance of discovery and development at 38%.
23 July 2020investor presentation● Neutral
Talon Petroleum's presentation on its Walyering farm-in. A third-party document restating the deal already announced; the extracted text shows only disclaimers, so no new Strike facts are confirmed.
21 July 2020farm in farm out agreement● Neutral
Talon Petroleum's own announcement of the non-binding term sheet for a 45% Walyering farm-in, with $6m towards a $9m well in 2021 and a right of first refusal over Ocean Hill. Also appoints David Casey, ex-Warrego, as its MD. Counterparty restatement of Strike's 20 July deal.
21 July 2020investor presentation● Neutral
Investor webinar presentation by the CEO. The extracted text shows mostly disclaimers and resource figures already announced (West Erregulla 593 BCF 2C net, South Erregulla 1,600 BCF P50). No new facts are visible.
20 July 2020farm in farm out agreement▲ GoodMajor
Strike agreed terms to farm out 45% of Walyering (EP447) to Talon Petroleum, which will free-carry the first $6m of a proposed $9m appraisal well in 2021. Strike keeps 55% and operatorship. Subject to final documents and ministerial approval. Follows the June resource upgrade and the farm-out plan.
14 July 2020asset acquisition disposition▼ BadMajor
Strike expects a non-cash impairment of about $91m at 30 June 2020, fully writing down its Cooper Basin assets. It says Jaws is unlikely to recover its carrying value. It will keep the permits and continue the Jaws pilot, expensing costs.
15 June 2020contract award▲ GoodMajor
The West Erregulla joint venture contracted Ensign's 970 rig for up to three wells. WE-3 is due to spud in Q3/20, WE-4 soon after, and WE-5 needs a joint venture decision by 30 November 2020.
10 June 2020investor presentation● Neutral
Text not readable.
9 June 2020resource reserve update● Neutral
Title indicates a Greater Erregulla and Walyering update; text not readable. The June quarterly later reports a Walyering prospective resource upgrade.
28 May 2020regulatory community update▲ Good
West Australian Government awards West Erregulla Lead Agency Status, giving case-managed help with approvals. It is a support measure, not a permit or funding. It is meant to help keep the project on schedule.
21 May 2020material agreement▲ GoodMajor
Headline indicates a partnership with AGIG on gas infrastructure; the text is not readable. Later quarterly report says AGIG was selected to build, own and operate the Phase 1 gas processing plant.
20 May 2020resource reserve update▼ Bad
Strike responds to Warrego's RISC-certified resource estimate (18 May), which differs from Strike's November 2019 figure. Strike says it has not been given RISC's report, and that RISC did not use seismic attributes. It stands by its own estimate. Dispute with its JV partner.
30 Apr 2020investor presentation● Neutral
Presentation to the Petroleum Club of WA. Extracted text is largely unreadable, so no new facts can be confirmed.
27 Apr 2020joint venture update▲ GoodMajor
The EP469 joint venture (Strike 50%, Warrego 50%) approved the appraisal plan and budget. WE-4 is now firm alongside WE-3, with WE-5 contingent on a decision by November 2020. Drilling is planned from Q3/2020, with FID still proposed for Q4/2020.
8 Apr 2020security holder rights change● Neutral
2,000,000 unlisted options at 12 cents held by CEO Stuart Nicholls expired on 7 April 2020 with no value received. Administrative.
23 Mar 2020business combination● Neutral
Text not readable.
23 Mar 2020business combination▼ BadMajor
Warrego (Strike's 50% partner in West Erregulla) rejects an unsolicited Strike proposal to buy it for 1.2 Strike shares per Warrego share. Warrego says it undervalues the company and will not engage. Strike's bid would have given Warrego holders ~31%.
12 Mar 2020investor presentation● Neutral
Text not readable.
17 Feb 2020resource reserve update▲ GoodMajor
Strike announces the South Erregulla prospect next to West Erregulla, with a best-estimate 1.6 TCF prospective resource (Strike share, gas in place). It is undrilled and unvalidated, with 3D seismic still to come. Walyering 3D has also identified drillable targets.
