Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2021investor presentation● Neutral
Euroz Rottnest conference presentation ('We're only just getting started') summarising Strike's assets and strategy. Visible text shows only disclaimers and resource references already announced; no new figures are visible.
4 Mar 2021drilling progress report▲ Good
West Erregulla 4 finished its second intermediate section at 3,906m, with hydrocarbon shows throughout, similar to WE2. Wireline logging comes next, then 9-5/8in casing and drilling toward the Wagina, Kingia and High Cliff targets.
22 Feb 2021half year report● Neutral
Half-year report to 31 Dec 2020 restates known developments: WE3 and WE4 drilling, Project Haber, Cooper pilot closure, $8m R&D refunds, and Macquarie's first $13m tranche now available after financial close. Financial figures are not visible in the text provided.
22 Feb 2021director officer appointment● NeutralMajor
Kevin Craig, ex-Shell, becomes Chief Operating Officer from April 2021, replacing Pax Barkla, who leaves as Strike moves its head office from Adelaide to Perth. Craig is granted 1m options at $0.35 expiring 31 July 2022.
18 Feb 2021investor presentation● Neutral
Presentation on Project Haber, the proposed 1.4 mtpa urea plant, delivered at the Mid West Economic Summit. It repeats the project announced on 11 January; no new figures are visible in the text provided.
15 Feb 2021drilling progress report● Neutral
West Erregulla 4 finished its 17.5-inch section at 2,635m and is running 13-3/8 inch casing. Hydrocarbon shows in the Cattamarra Coal Measures are similar to WE2 and WE3.
8 Feb 2021drilling progress report● Neutral
West Erregulla 4 reached surface hole depth of 1,003m, with 20-inch casing cemented. Drilling of the 17.5-inch section to about 2,550m is next. Normal logistics resumed as WA's COVID lockdown eased.
1 Feb 2021drilling progress report● Neutral
West Erregulla 4 is at 707m in the 26-inch surface hole after several days lost to a mud system part failure. Personnel were moved to site to keep operating through WA's five-day COVID lockdown.
28 Jan 2021quarterly activities report● Neutral
December quarter report: WE3 hit abnormally over-pressured gas at 4,294m and was suspended, with 6m net conventional pay inside 150m+ of fractured gas sands. Strike received $8m of R&D refunds. Cooper offtake options were terminated and the Jaws pilot is being closed down.
25 Jan 2021drilling spud● NeutralMajor
West Erregulla 4 spudded over the weekend after the rig moved from West Erregulla 3, which was suspended with cement plugs after hitting an over-pressured gas column. Plans to take WE3 to final depth are still being developed.
22 Jan 2021regulatory community update▲ GoodMajor
WA granted exploration permits EP503 and EP504 (converted from EPA82 and EPA98), opening South Erregulla work. A ~140km Maior 2D seismic survey is awarded to Velseis for 1H21. This follows the earlier-flagged permit applications. WE3 results are said to support 'filled to spill' structures.
11 Jan 2021other▲ GoodMajor
Strike launched Project Haber, a proposed 1.4 mtpa urea plant near Geraldton costing about A$2.3bn, using up to 628 PJ of Greater Erregulla gas over 20 years. It has an option to lease 60 hectares; offtake tender in Q2/21, Strike expects to keep a ~30% carried interest.
4 Jan 2021drilling progress report● Neutral
Text not readable.
23 Dec 2020drilling progress report● Neutral
Text not readable.
21 Dec 2020other▲ Good
Strike received $8m in deferred R&D refunds after the ATO processed amended FY16, FY18 and FY19 returns, following the August settlement with Innovation & Science Australia. An FY20 claim is being prepared, with a further refund expected.
15 Dec 2020drilling progress report● Neutral
West Erregulla 3 is at 4,024m after casing the 9-5/8 inch string, with consistent gas shows in the Dongara and upper Wagina sandstones. Jurassic and Triassic sands had only residual hydrocarbons. The Kingia and High Cliff primary targets are next.
4 Dec 2020drilling progress report▲ Good
West Erregulla 3 finished its second intermediate section at about 3,534-3,556m, short of the planned 3,750m because a fault was hit higher than predicted. Hydrocarbon shows throughout are consistent with West Erregulla 2. Wireline logging comes next, then 9-5/8 inch casing.
1 Dec 2020agm notice● Neutral
AGM chairman's address and CEO presentation release. The chairman recaps West Erregulla's roughly 1.2 Tcf contingent resource, the AGIG partnership, the Macquarie facility and Rowe's retirement. Largely restates known facts; no new results.
25 Nov 2020other▲ Good
Strike says APA's planned 580km pipeline linking the Perth Basin to the Goldfields makes its gas the closest supply to that region. Strike claims its geographic market reach grows from 70% to over 80% of existing WA domestic gas demand. No new contracts announced.
23 Nov 2020drilling progress report▲ Good
The new slip and seal assembly is installed and pressure tests passed. West Erregulla 3 is running in hole to drill the second intermediate section to 3,750-4,150m. This resolves the wellhead delay reported a week earlier.
16 Nov 2020drilling progress report▼ Bad
At West Erregulla 3, pressure testing of the 13-3/8 inch casing wellhead seals failed because the slip and seal assembly failed. A replacement is due in about a week, and the rig stands by. Another delay after the earlier bit and motor failures.
13 Nov 2020debt financing▲ Good
Strike signed definitive documents for the up to $28m Macquarie facility announced 9 October, covering West Erregulla appraisal drilling and long-lead items. Financial close of the $13m first tranche is expected in November. Macquarie's 35m options at 29c vest on that close.
12 Nov 2020drilling progress report▲ Good
West Erregulla 3 finished its first intermediate section at 2,462m with casing cemented, after the side-tracks. Hydrocarbon shows in the upper Cattamarra Coal Measures are similar to West Erregulla 2. Strike believes it found the root causes of the earlier failures.
28 Oct 2020quarterly activities report● Neutral
Quarterly report covering West Erregulla 3 spud, the Warrego 80 TJ/d alignment, the $28m Macquarie facility, South Erregulla upgrade and R&D settlement. Well was at 1,692m at writing. Restates known events; FID now expected by end Q1 CY21.
27 Oct 2020director officer appointment● NeutralMajor
Mary Hackett, ex-GE Oil & Gas Australasia CEO and Woodside executive, joins as a non-executive director. Jody Rowe retires at the 2020 AGM. Hackett is to get 5m options at $0.35, subject to shareholder approval.
26 Oct 2020drilling progress report▼ Bad
A second mud motor failure at 1,629m on West Erregulla 3 forced another cement plug and side-track. Strike has added experienced Perth Basin drilling engineers and is reviewing the cause. Repeats the earlier problem and further delays the well.
14 Oct 2020drilling progress report▼ Bad
West Erregulla 3 lost its drill bit and motor in the hole while drilling the 17.5-inch section. Fishing failed, so Strike is cementing and side-tracking. Strike calls the delays unfortunate but is confident of resuming normal drilling.
14 Oct 2020drilling progress report● Neutral
Warrego re-released Strike's 14 October West Erregulla 3 update (lost bottom hole assembly, side-track under way). Counterparty re-release; no new information.
12 Oct 2020drilling scheduled▲ GoodMajor
Strike secured three Ensign Rig 970 slot options for CY21 to drill Walyering and South Erregulla, targeting 1,686 PJ of prospective resource (Strike share). Trieste 3D data lifted South Erregulla's chance of success from 50% to 57%.
9 Oct 2020debt financing● NeutralMajor
Strike secured a $28m two-year secured Macquarie facility for West Erregulla appraisal and long-lead items: $13m committed, $15m tied to drilling milestones. Macquarie gets 35m options at 29 cents. Strike was previously debt free.
