Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2006drilling progress report● Neutral
Comet Ridge reports Coal View Unit 31-4 drilling ahead at 2,758 feet, with penetration rates improving after earlier mud losses in fractures. About two more weeks to the 6,600 ft target depth. Strike holds 37.5%.
24 Nov 2006drilling progress report● Neutral
Comet Ridge reports Coal View Unit 31-4 drilling at 1,050 feet. Fracture zones caused mud losses and a stuck drill string, losing some time. Strike holds 37.5%.
17 Nov 2006drilling spud▲ GoodMajor
Coal View Unit 31-4 at Tow Creek began drilling at 3:30pm on 16 November 2006, delayed by a winter storm. It takes about 30 days to drill, targeting 200,000-500,000 barrels. Strike holds 37.5%. This is the first of three Rocky Mountain wells.
7 Nov 2006drilling progress report● Neutral
Comet Ridge says the rig move to Coal View Unit 31-4 at Tow Creek has begun, with drilling due by week's end and about 35 days to complete. It targets 200,000-400,000 barrels at about $1.8m; Strike pays 50% of the well.
22 June 2006drilling scheduled● NeutralMajor
All four Mesquite wells are drilled; Webernick 1 and 2 testing is expected to take 1-2 more months. Colorado oil wells at Tow Creek and Bear River are due to start in July, with Texas drilling resuming in September. Regular drilling reports will now be issued as needed.
15 June 2006drilling progress report● Neutral
Production casing is run on Webernick 2 and the rig was released 9 June. Production testing of the gas zones is expected over the next month. No new results.
1 June 2006drilling progress report● Neutral
Webernick 2 is preparing to run production casing over the gas shows from 10,780 to 13,000 feet before testing. Mesquite sales stay at 12-13 million cubic feet daily. A decision on more wells awaits Webernick 1 and 2 testing.
25 May 2006drilling result▲ GoodMajor
Webernick 2 reached total depth of 13,000 feet, deepened from the planned 12,300. Extensive gas shows across multiple zones from 10,780 to 13,000 feet suggest potentially commercial gas similar to the offset wells. It is not yet tested; further Mesquite drilling awaits testing.
4 May 2006drilling progress report● Neutral
Webernick 2 is drilling in its sidetrack at 10,381 feet before a liner is set. Work continues to restore the Shefcik 1 zone to production; Webernick 1 testing is planned within the month. Beach is running the Gukithi 2D seismic survey in ATP633P.
13 Apr 2006drilling progress report● Neutral
Webernick 2 has reached 10,436 feet and is being logged before a liner is run. Separately, Beach has begun 3D seismic over the Gidgee oil discovery in ATP633P, where Strike has an option on up to 15%; the permit took over 8 years to be granted.
6 Apr 2006drilling progress report● Neutral
Testing continues on the Mesquite wells, with test gas sold at 3-11 million cubic feet daily depending on zone. Webernick 2, the fourth well, is setting casing at 6,400 feet toward a 12,300 foot target. No new result.
30 Mar 2006drilling spud▲ GoodMajor
Shefcik 3 achieved its first commercial test, so all of the first three Mesquite wells now flow at commercial rates. Webernick 2, the fourth well, spudded 22 March and was at 3,875 feet, with a planned depth of 12,300 feet.
16 Mar 2006drilling progress report● Neutral
Shefcik 1 shallower-zone testing continues. Shefcik 3 rig was released 7 March and awaits testing equipment. Webernick 2 is due to start drilling within days. No new results.
9 Mar 2006drilling progress report▲ Good
Shallower-zone testing at Shefcik 1 is going well, with more commercial zones likely. Shefcik 3 has production casing set and awaits testing. Webernick 2 is planned next. No new flow numbers.
8 Mar 2006drilling result▲ Good
Shefcik 3 reached 12,200 feet; logs resemble the neighbouring producing wells, so it is likely commercial and is being completed for production. Flow testing will follow Shefcik 1 testing in 2-3 weeks. This is the third Mesquite well.
2 Mar 2006drilling progress report● Neutral
Testing of shallower zones in Shefcik 1 has begun, with Webernick 1 testing paused meanwhile. Shefcik 3 is drilling at 11,182 feet, with logs expected in 7-10 days. Processing capacity of 17-20 million cubic feet daily may be expanded.
16 Feb 2006drilling progress report● Neutral
Shefcik 1 still flows about 6 million cubic feet of gas daily; final results await regulatory reporting. Webernick 1 testing has begun, with results in 2-3 weeks. Shefcik 3 has set casing at 6,400 feet.
9 Feb 2006drilling progress report● Neutral
Shefcik 1 continues flowing around 6 million cubic feet of gas and 150 barrels of condensate daily; final results are still pending. Webernick 1 testing is due within 1-2 days. Shefcik 3 is drilling at 5,115 feet.
2 Feb 2006drilling spud▲ Good
Shefcik 3 spudded on 1 February 2006, 1,200 feet from Shefcik 1. Shefcik 1 interim flow repeated at over 6 million cubic feet per day, constrained by pipeline capacity, with full production facilities likely by March. Webernick 1 testing is about to start.
27 Jan 2006drilling progress report● Neutral
Webernick 1 has production casing installed and the rig released, with testing expected in early February. Shefcik 1 fraccing continues, with final results in about two weeks. Shefcik 3 is preparing to spud.
19 Jan 2006drilling result▲ Good
Webernick 1 will be completed for production after logs and gas shows justified it. Flow testing is expected in early February. Shefcik 1 final test results are due in about three weeks.
17 Jan 2006drilling result▲ Good
Webernick 1 reached 12,200 feet with extensive gas shows comparable to Shefcik 1. Shefcik 1 testing began, with commerciality confirmed only after about three weeks. The next well moves to Shefcik 3 instead of Shefcik 2.
12 Jan 2006drilling progress report● Neutral
Webernick 1 hit lost circulation of drilling fluid at 11,359 feet, with repairs under way. Testing equipment is at Shefcik 1, with fraccing of the first interval due within days.
10 Jan 2006drilling progress report▲ Good
Webernick 1 in Texas has hit gas shows in its main Wilcox target, at 11,359 feet depth. Drilling continues to a planned 12,200 feet, with shows to be evaluated afterwards. Strike holds 26.25%.
5 Jan 2006drilling progress report▲ Good
Strike Oil says Shefcik 1 gas well in Texas will start production testing within two weeks, while Webernick 1 nears its targets. It holds 26.25% in both prospects; pre-drill potential is 10-15 and 15-20 billion cubic feet.
