Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Nov 2018business combination▲ Good
UIL directors, holding about 25% of UIL shares, have accepted Strike's takeover offer, lifting total acceptances to about 31%. Offer still closes 30 November unless extended. Follows their stated intention to accept.
13 Nov 2018drilling progress report▲ Good
Jaws gas flows have moved from intermittent surges to continuous 25-50 mscf/d from both wells, with bursts to 100 mscf/d, after a brief late-October power outage. Commercial success not yet declared. SPP extended to 30 November; UIL directors to accept, taking acceptances above 30%.
7 Nov 2018business combination▲ Good
UIL's Target's Statement recommends shareholders accept Strike's offer of 0.485 Strike shares per UIL share, absent a superior proposal. The independent expert found the offers fair and reasonable, resolving the open question on its conclusion. Text is truncated.
31 Oct 2018capital raising announcement▲ Good
Settlement of the roughly $13 million placement has occurred, so the capital raising condition of the UIL takeover deed is satisfied. Strike urges UIL shareholders to accept; the offer runs to 30 November 2018 unless extended.
31 Oct 2018business combination● Neutral
Formal notice that the capital raising condition of the UIL Energy takeover offers was fulfilled on 31 October 2018. Administrative notice confirming the already reported settlement of the $13m placement; offers continue.
25 Oct 2018business combination● Neutral
UIL Energy's letter to its shareholders giving the timetable for Strike's bid: target's statement with the independent expert's report about 9 November, directors to accept by 15 November, offer closes 30 November unless extended. Administrative timetable only.
25 Oct 2018business combination● Neutral
Law firm notice that the bidder's statement for the UIL takeover has been sent to UIL holders. Offers are dated 25 October and close 30 November 2018 unless extended. Administrative notice only.
24 Oct 2018investor presentation● Neutral
Revised version of the 24 October investor presentation on the Jaws update, capital raising and UIL acquisition. Repeats known facts; the text provided is truncated and the revisions cannot be identified.
24 Oct 2018investor presentation● Neutral
Notice of an investor conference call on 24 October on the UIL takeover offer and the proposed capital raising. No new information in itself.
24 Oct 2018capital raising announcement▲ GoodMajor
Strike raised $13 million through a placement of 113.04m shares at $0.115, plus a Share Purchase Plan of up to $5 million at the same price. Funds support West Erregulla-2 and Jaws testing. Settlement meets the UIL bid's capital raising condition. Follows the $3m raise in August.
What it means for a shareholder
113m new shares at A$0.115 to raise about A$13.0m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (8,696 at the issue price), your slice goes from 0.000774% to 0.000703% of the company. To keep it you'd need 875 more shares - about A$101 at the issue price.
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24 Oct 2018investor presentation● Neutral
Investor presentation accompanying the capital raising and UIL bid, restating Strike's strategy, its Cooper and Perth Basin holdings, and Jaws and West Erregulla catalysts. Repeats known facts; the text provided is truncated.
24 Oct 2018capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible shareholders can apply for $2,500 to $15,000 of shares at $0.115, a 19.8% discount to the 5-day VWAP. Targets about $5 million, not underwritten, closes 16 November. Detail of the previously announced plan.
24 Oct 2018business combination● Neutral
Strike's formal bidder's statement for UIL Energy. Offers are 0.485 Strike shares per UIL ordinary share and 0.485 Strike Milestone Options per UIL preference share, dated 25 October. This is the formal document for the already announced bid; the text is truncated.
22 Oct 2018business combination▲ GoodMajor
Strike will make an off-market takeover bid for UIL Energy at 0.485 Strike shares per UIL share, a 43.4% premium on 30-day VWAPs. UIL's board unanimously recommends it, subject to the capital raising and an independent expert finding it reasonable. Adds Perth Basin acreage beyond West Erregulla.
22 Oct 2018business combination● Neutral
UIL Energy's release of the same Strike takeover offer: 0.485 Strike shares per UIL share, a 43.4% premium. UIL's directors, holding about 25% of UIL, intend to accept, subject to a superior proposal, the capital raising condition and the expert's view. Repeats Strike's announcement.
19 Oct 2018production update▲ GoodMajor
Jaws wells have entered gas desorption, with gas building in both well bores and regular flaring over the past fortnight. Water holds at 750-800 barrels a day, and continuous gas release to the separator is set up. No gas flow rates are reported.
12 Oct 2018investor presentation● Neutral
October presentation restating the Southern Cooper and West Erregulla story, including PEL96 2C contingent resource of 103 BCF and commercial success of Jaws as a catalyst. The presentation repeats known facts; the text provided is truncated.
24 Sept 2018production update▲ Good
Jaws-1 bulk dewatering is complete, with bottom hole pressure down 65% and water stabilised at 800-900 barrels a day. Early gas is building in the annulus, and Strike expects flare ignition in the near term. No gas rate is given.
19 Sept 2018other● Neutral
Corporate governance statement for FY2018, saying Strike complied with ASX recommendations unless noted. Administrative disclosure with no operational news.
19 Sept 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on Strike's website. Administrative filing with no new information.
19 Sept 2018annual report● Neutral
Annual report for year to 30 June 2018. The chairman describes the year as good though not without challenges, citing the Jaws wells, pilot testing under way and the West Erregulla acquisition, with drilling planned for Q1 2019. Financial detail was truncated.
27 Aug 2018production update▲ Good
Jaws-1 water production reached 1,300 barrels a day, with pumps below 50% of capacity. Reservoir pressure at the well is about half its original level. Still water only; no gas rates yet.
17 Aug 2018production update▲ Good
Jaws-1 is flowing over 1,100 barrels of water a day and rising, with pumps at their lowest settings. Strike reads the productivity trend as a good sign for the pilot. No gas has been reported yet.
6 Aug 2018capital raising announcement▲ GoodMajor
Strike raised $3 million via a placement of 28.57m shares at $0.105, a 5% premium to the last close, to four investors. Funds go to Jaws-1 testing, long-lead items for West Erregulla-2 and working capital. This follows the ASX cash query.
What it means for a shareholder
28.6m new shares at A$0.105 to raise about A$3.0m. That's 2.5% dilution: every existing holder's slice gets 2.5% smaller. If you held A$1,000 of shares (9,524 at the issue price), your slice goes from 0.00087% to 0.000848% of the company. To keep it you'd need 249 more shares - about A$26 at the issue price.
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3 Aug 2018production update▲ GoodMajor
Jaws-1 wells are online: vertical pump restarted 31 July and horizontal 3 August, and water is flowing to surface as depressurisation begins. Pumps run at low rates for several days, then ramp up. This begins the production testing expected since June.
1 Aug 2018listing compliance notice▼ Bad
ASX queried Strike's low cash ($2.97m, with $3.36m outflows forecast) under the financial-condition rule. Strike replied it is in advanced funding talks, is confident of raising money in time, and has no undisclosed information. Funding was not yet secured.
19 July 2018quarterly activities report▼ BadMajor
June quarter: Jaws-1 vertical pump started, horizontal pump pulled for inspection, with 1-2 weeks' delay and 2-4 months of dewatering before material gas. Cash was $2.97m; Strike is in advanced talks to fund 2018 work, and received an adverse ISA finding on its $6.3m R&D claim.
2 July 2018well test result▲ GoodMajor
Strike says Jaws-1 data, checked by Igesi Consulting, puts reservoir inputs within its commercial range and it is confident gas rates could support a reserve booking. Fractures averaged 162m half-length with ~1 million lb proppant. Core gas content averaged 5.5 m3/t; gas composition data was unreliable.
26 June 2018drilling progress report● Neutral
Production tubing and electric submersible pumps are installed in the Jaws-1 wells and the workover rig is leaving. Power connection and tie-in to the pilot facility remain, with production testing expected to start in early July.
15 June 2018drilling progress report▲ Good
After the fracture work, early microseismic data is said to show positive indications. Water response rose at Klebb 1 and 2, which Strike infers means connected fractures. An ESP workover rig is on site; wells are still expected online in early to mid-July.
