Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2019investor presentation● Neutral
April investor presentation restates Strike's strategy and milestones: WE-2 spud, Walyering 3D, and Jaws production test resumption. Shows 1,364,087,301 shares and market capitalisation of $98m. Cash and facilities about $11.5m at end Q4/2018 (text truncated). Largely repeats known facts.
28 Mar 2019debt financing● NeutralMajor
The CBA R&D facility was extended to 12 April 2019 while terms are documented for extension to 30 June 2019. Repayments of $500k (30 March), $250k each on 30 April and 30 May, and $4,264,650 on 30 June are proposed. Strike says it is pursuing capital deals to fund Jaws and WE-2.
27 Mar 2019regulatory community update▼ BadMajor
Innovation and Science Australia's internal review confirmed its denial of Strike's FY16 R&D registration, on which Strike received $6,333,638 of tax incentive. Strike has until 22 April 2019 to appeal and will seek ATO advice on tax implications. This hardens the earlier adverse finding.
22 Mar 2019drilling progress report▲ Good
Jaws wells are being drawn down with little solids returned. Water is 300-400 barrels a day and reservoir pressure about 800 psi. Sporadic gas surges began at 850 psi, which Strike calls encouraging. No gas rates given; commercial success not yet declared.
8 Mar 2019other● Neutral
S&P Dow Jones Indices announced its March 2019 quarterly rebalance, adding Strike Energy to the All Ordinaries from the open on 18 March 2019. It was an index notice only, with no operational or financial change for the company.
7 Mar 2019joint venture update● Neutral
Partner Petrel (Warrego's reverse-takeover acquirer) repeated Strike's news that site works have started at WE-2. It also says Petrel's shareholder meeting on the Warrego deal is now 15 March 2019, later than the 18 February previously noted. Duplicate of Strike's release.
7 Mar 2019drilling progress report▲ Good
Site preparation and civil works have started at West Erregulla for the Easternwell 106 rig ahead of the WE-2 well. Strike is operator with 50%; Warrego holds the other 50%. This is the first on-ground step toward the planned well.
5 Mar 2019resource reserve update▲ GoodMajor
Strike added a third West Erregulla-2 target, a Jurassic Cattamarra oil sand at about 2,200m, with best-estimate prospective resource of 7.19 million barrels gross (3.60m Strike share) and 14% chance of success. Gas figures unchanged; 69% chance for the main Kingia-High Cliff target. Drilling in May.
28 Feb 2019half year report● Neutral
Half-year to 31 Dec 2018: loss of $0.8m, with no R&D tax refund booked while the Jaws claim is under ISA assessment (prior year $3.7m). Strike raised $17m before costs in the second half. Reports the Jaws workover completed and West Erregulla-2 drilling in Q2 2019.
27 Feb 2019drilling progress report▲ Good
Jaws workover finished and both pumps are back online, with communication between the two wells re-established. Strike will resume depressurising the Vu Upper coal toward the critical desorption pressure. This resolves the sand blockage from the January gas event.
22 Feb 2019admin correction● Neutral
Strike clarified its 14 January West Erregulla resource figures, adding the cautionary wording. It states chance of success of 69% for the Kingia-High Cliff and 12% for basal Wagina, with target depths of 4,700m and 4,100m. Drilling is now Q2 2019. Figures unchanged.
19 Feb 2019drilling progress report● Neutral
Jaws workover began early. Coiled tubing cleared an obstruction and reached the horizontal well's toe, but nitrogen returns to surface were not established. Pumps are being rerun and restart is expected within a week.
1 Feb 2019listing compliance notice▼ Bad
Strike answered an ASX query on why the 1 January Jaws gas event was not announced sooner, saying it did not consider it material and that it complies with Listing Rule 3.1. ASX noted the share price fell from $0.075 to a low of $0.066 after the quarterly.
25 Jan 2019drilling progress report▼ BadMajor
Rig-less flushing failed to clear sand deposited at Jaws in the January gas event, which has hurt communication between the wells. Strike will bring in a workover rig and coiled tubing in mid-February for about two weeks. The company calls it a setback to the timeline.
14 Jan 2019joint venture update● Neutral
Petrel's release repeats Strike's 14 January update: rig secured, West Erregulla-2 spud early May 2019, and gross P50 prospective resource of 1,162 BCF (Warrego 581 BCF). Duplicate of ref 7 from the partner's side; Strike's RTO remains subject to Petrel shareholder approval.
14 Jan 2019resource reserve update▲ GoodMajor
Strike secured the Easternwell 106 rig, with West Erregulla-2 now expected to spud in early May 2019. Reprocessed seismic lifts gross P50 prospective resource to 1.16 TCF (Strike share 50%). Earlier talk of early 2019 drilling has slipped to May.
31 Dec 2018director officer appointment● Neutral
Tim Goyder resigned from the Strike board and Stephen Bizzell, previously UIL's remaining director, joined as non-executive director. Bizzell is to receive 5 million options at $0.15 for three years, subject to shareholder approval.
21 Dec 2018joint venture update● Neutral
Petrel (ASX:PRL) and Warrego signed a binding share purchase agreement for the reverse takeover; completion planned 19 February 2019. Strike is not a party. It restates Strike funding up to A$11m of West Erregulla-2, with drilling in first half 2019.
20 Dec 2018drilling progress report▲ Good
Strike says Jaws gas production continues to build, with daily ranges narrowing as flows rise, and water production stable. Described as indicating matrix desorption is occurring. No rates given and commercial success not yet declared.
17 Dec 2018business combination▲ Good
The UIL offers closed on 14 December with acceptances of 92.01% of ordinary shares and 71.15% of convertible preference shares. Consideration will be paid to accepting holders; compulsory acquisition of the remaining ordinary shares has begun.
14 Dec 2018business combination▲ GoodMajor
Strike received acceptances for 92.01% of UIL ordinary shares, above the 90% needed for compulsory acquisition, which it is now starting for the rest. The preference share offer is now unconditional. This resolves the open 90% threshold.
7 Dec 2018business combination▲ Good
Notice that all conditions on the ordinary share offer are now freed. Strike West's voting power in UIL is 73.78%, up from about 66% days earlier. Strike has clear control of UIL; offer still closes 14 December.
7 Dec 2018business combination● Neutral
The preference share offer stays conditional on Strike reaching 90% of UIL ordinary shares by 14 December, otherwise preference acceptances are void. Acceptances are 52.41% of preference shares; Strike's voting power is 73.78%.
5 Dec 2018business combination● Neutral
UIL's supplementary target's statement repeats Strike's updated intentions: seek permit extensions and possibly delist UIL. Acceptances stand at 66.27%. UIL's remaining independent director, Stephen Bizzell, still recommends acceptance.
4 Dec 2018business combination● NeutralMajor
Supplementary bidder's statement: UIL acceptances about 64.69%, Strike now controls UIL day to day, Seaton is UIL chairman. Strike intends to seek extra time on UIL's 2019 permit work if funds fall short, with forfeiture risk, and to delist UIL if able. WA fracking moratorium to be lifted.
4 Dec 2018capital raising announcement● NeutralMajor
The Share Purchase Plan closed raising only about $1m (9,124,426 shares at $0.115), against a target of up to $5m. Together with the $13m placement it funds Jaws, West Erregulla-2 and, if funds allow, UIL's Perth Basin commitments.
What it means for a shareholder
9.1m new shares at A$0.115 to raise about A$1.0m. That's 0.732% dilution: every existing holder's slice gets 0.732% smaller. If you held A$1,000 of shares (8,696 at the issue price), your slice goes from 0.000703% to 0.000698% of the company. To keep it you'd need 64 more shares - about A$7 at the issue price.
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28 Nov 2018business combination▲ GoodMajor
With acceptances at about 56%, Strike declared its UIL share offer unconditional and will take control of the UIL board, with Andrew Seaton and Stuart Nicholls joining after UIL's 30 November AGM. UIL becomes a controlled subsidiary; offers close 14 December.
28 Nov 2018business combination● Neutral
UIL's own announcement confirms the share offer is unconditional at about 56% acceptances, and the board changes: Seaton and Nicholls join, other directors except Stephen Bizzell resign after the 30 November AGM. John de Stefani stays as CEO. Duplicates Strike's announcement.
22 Nov 2018business combination● Neutral
Strike extended the UIL offers to 14 December 2018 after acceptances rose to about 41%. UIL directors continue to recommend acceptance. Extends the earlier 30 November close.
19 Nov 2018farm in farm out agreement● Neutral
Petrel Energy and Warrego signed a non-binding term sheet for Petrel to acquire Warrego via reverse takeover, with an AIM listing sought. Warrego is Strike's 50% partner in West Erregulla; the release says drilling West Erregulla-2 is planned for first half 2019. Partner-level change; Strike not a party.
