Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2020half year report● Neutral
Half-year report to 31 December 2019 restates the 69 mmscf/d Kingia flow and the 1.185 TCF resource. It reports $31.4m raised in the half and targets Phase 1 FID at end-2020. Jaws is still short of commercial rates.
20 Jan 2020quarterly activities report▲ GoodMajor
The Kingia flow test reached 69 mmscf/d, the second-highest Perth Basin rate. The 1.185 TCF gross 2C resource (593 BCF net) was booked, and Wagina prospective resource rose to 273 BCF P50. Jaws gas is ~40 mscf/d, with water steady at ~300 bbl/d.
6 Dec 2019drilling progress report▲ Good
Strike finished acquiring 90 km² of 3D seismic over its 100%-owned Walyering gas discovery. Existing prospects may hold up to 263 BCF (P10, 2018 estimate); interpretation is pending, after which Strike plans to seek a partner.
4 Dec 2019capital raising announcement▲ Good
The placement and Share Purchase Plan closed, raising over $30m before costs; 1,558,280 SPP shares at $0.23. Strike says it is fully funded for 2020, including two West Erregulla appraisal wells, with Phase 1 FID possible as early as end-2020.
12 Nov 2019capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible holders can apply for $2,500 to $30,000 of shares at $0.23, aiming for up to $5m, not underwritten. It cites a 1,185 BCF gross (502 BCF net) West Erregulla 2C contingent resource and two appraisal wells in 2020.
11 Nov 2019resource reserve update● Neutral
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4 Nov 2019regulatory community update● Neutral
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1 Nov 2019capital raising announcement▲ GoodMajor
Strike raises $30m by placing 130,434,783 shares at $0.23, a 4.2% discount, plus a Share Purchase Plan for up to $5m. Funds go to two West Erregulla appraisal wells, Perth Basin 3D seismic and Jaws. The previous raise was at $0.065 in May.
What it means for a shareholder
130m new shares at A$0.230 to raise about A$30.0m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held A$1,000 of shares (4,348 at the issue price), your slice goes from 0.000276% to 0.000255% of the company. To keep it you'd need 360 more shares - about A$83 at the issue price.
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1 Nov 2019listing compliance notice● Neutral
ASX lifts the trading suspension from the start of trading on 1 November, following Strike's capital raising announcement. Administrative.
31 Oct 2019listing compliance notice● Neutral
Strike's shares are suspended at its own request pending an announcement about a capital raising. This is the procedural step before the placement news.
30 Oct 2019security holder rights change● Neutral
Two tranches of unlisted employee performance rights lapsed on expiry: 416,667 with a 35 cent vesting price and 416,666 at 50 cents. Administrative.
29 Oct 2019listing compliance notice● Neutral
ASX pauses trading in Strike shares pending a further announcement. No reason is given in the notice; it is a procedural step.
25 Oct 2019flow test result● Neutral
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22 Oct 2019well test result● Neutral
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21 Oct 2019investor presentation● Neutral
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10 Oct 2019drilling progress report● Neutral
The rig has left West Erregulla-2 and the flow test equipment is being moved to site. A multi-stage Kingia test will measure pressure, gas column height and sustained rate, which may be limited by the tubing size.
25 Sept 2019director officer appointment▲ Good
Former Fortescue CEO Nev Power joins as Non-Executive Director and Deputy Chairman, to help commercialise West Erregulla. He is to receive 6 million options at $0.35 over three years, subject to shareholder approval and re-election at the AGM.
24 Sept 2019annual report● Neutral
Appendix 4G, an administrative checklist confirming where the corporate governance disclosures are found, lodged with the annual report. No new business information.
24 Sept 2019annual report● Neutral
FY2019 annual report. The chairman calls West Erregulla-2 an unprecedented success after year-end, and says Strike is working with Warrego toward a contingent resource. Jaws was restarted after the February workover, with water at about 350 bbl/d.
24 Sept 2019annual report● Neutral
Annual corporate governance statement, current at 24 September 2019, saying Strike has complied with ASX recommendations unless noted. It reports 1 of 5 board members female. Administrative disclosure with no new business information.
24 Sept 2019drilling progress report▲ Good
West Erregulla-2 is complete: Kingia perforated and 3-1/2in tubing run, and the rig released. The Kingia flow test is expected to start in early October and run about two weeks, the step before any resource booking.
16 Sept 2019drilling progress report▲ Good
The final 5-1/2in casing is set and cemented at 5,090m, securing the Kingia and High Cliff discoveries. Strike expects Kingia alone to limit flow, so it will perforate Kingia first; High Cliff and Wagina flow tests come later.
12 Sept 2019investor presentation● Neutral
Good Oil Conference slides repeat the West Erregulla-2 results: a 5,100m well with Wagina, Kingia (58m net pay) and High Cliff gas discoveries. Flow testing is due within weeks, with resource size to follow. Nothing new.
11 Sept 2019resource reserve update▲ GoodMajor
Strike upgrades the Kingia discovery to 58m net pay (from 41m), with 6,814-6,828 psia pressure and 102 mD permeability. Gas samples were recovered. A contingent resource will be booked after a flow test within weeks. High Cliff pressure tools could not seal.
9 Sept 2019joint venture update▲ Good
Jaws pilot: water has fallen to 350 bbls/d with continuous gas, up to 45 mscf/d instantaneous. Having held pressure at 250 psi, Strike moves to a controlled drawdown phase. Commercial success is still not declared.
6 Sept 2019drilling result▲ Good
Partner Warrego announces the same High Cliff discovery (10m net pay in 22m gross) and TD of 5,100m. It says further data is needed before an initial resource certification. Repeats Strike's news.
6 Sept 2019drilling result▲ GoodMajor
Strike reports a High Cliff gas discovery at WE-2: at least 22m gross column, 10m net pay, porosity up to 16%. Drilling finished at 5,100m, completing Wagina, Kingia and High Cliff discoveries. Casing and flow testing come next; no resource is booked yet.
2 Sept 2019drilling progress report▲ Good
WE-2 has intercepted the High Cliff sandstone at 4,928m with drilling breaks and elevated gas, and passed 5,000m, making it Australia's deepest onshore well. Drilling continues into the Holmwood Shale before wireline logging.
27 Aug 2019drilling result▲ GoodMajor
Strike reports a Kingia gas discovery at WE-2: at least 97m gross gas column, 41m net pay and porosity up to 19%, with no gas-water contact found. This is the primary target; no resource is booked until further data and testing.
23 Aug 2019drilling progress report▲ Good
WE-2 is interpreted to have entered the upper Kingia sandstone at 4,761m, with drilling breaks and elevated gas. Strike thinks it is about halfway through the formation and expects the best reservoir in the lower Kingia.
