Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 June 2018asset acquisition disposition▲ GoodMajor
Strike completed the purchase of 50% and operatorship of EP469 (West Erregulla) with Warrego. It estimates a best-case prospective resource of 442 BCF net to Strike (P90 285, P10 620), with West Erregulla-2 planned for late Q1 2019. This is unrisked, undiscovered potential, not a discovery.
4 June 2018drilling result▲ GoodMajor
Strike completed all seven fracture stages on Jaws-1, including five of the first indirect vertical fractures in Australia, with targeted proppant placed. Microseismic analysis is pending. Clean-out and pumps follow, with production expected from early to mid-July.
30 May 2018security holder rights change● Neutral
200,000 unlisted employee options with a 17.93 cent exercise price lapsed on expiry on 10 April 2018. Administrative notice only.
28 May 2018drilling progress report● Neutral
Halliburton's stimulation crew has mobilised to Jaws after being delayed by another operator's work. Seven stages are planned, two in the coal and five from beneath, with microseismic monitoring. Wells are now expected online in early to mid-July.
2 May 2018drilling progress report▲ Good
The liner and fracture sleeves were installed in Jaws-1 at 2,873m, with packers positioned for the full 7-stage stimulation. Strike says this significantly de-risks the project; hydraulic stimulation is next.
30 Apr 2018drilling result▲ Good
Jaws-1 horizontal drilling is complete at 2,880m measured depth, intercepting the vertical well in what Strike calls Australia's deepest horizontal/vertical intercept. The section sits in siltstone under 2m below the Vu Upper coal; liner and frac sleeves come next.
24 Apr 2018drilling progress report▲ Good
The Jaws-1 sidetrack was cut through a window at 2,094m and drilled through the Vu Upper coal, landing the horizontal at 2,350m in siltstone below it. Drilling now heads to intercept the vertical well, with fracturing from below.
18 Apr 2018drilling progress report▼ Bad
Duplicate of the 18 April release: remedial cementing failed to stabilise the Jaws-1 horizontal hole, so Strike will sidetrack and use the Indirect Vertical Fracture Completion technique from below the Vu Upper coal.
18 Apr 2018drilling progress report▼ BadMajor
Remedial cementing did not stabilise the Jaws-1 horizontal hole, so Strike will sidetrack and fracture the Vu Upper coal from the siltstone below it using the Indirect Vertical Fracture Completion technique. Strike says the original objectives are not compromised.
11 Apr 2018drilling progress report▼ Bad
The Jaws-1 horizontal hole reached 2,378m but difficult ground, which Strike believes is coal made brittle by the cementing, is holding up progress. A remedial cement job is under way. The April finish is no longer restated; the schedule will be updated later.
5 Apr 2018investor presentation● Neutral
Updated version of the 5 April Gas Day presentation; content is the same except market cap now ~$78m at $0.070 a share. No new operational information.
5 Apr 2018investor presentation● Neutral
Taylor Collison Gas Day presentation repeats the Jaws-1 plan and the new West Erregulla (EP469) acquisition. It shows ~$6.4m cash and facilities and a ~$74m market cap at $0.068 a share. No new results.
28 Mar 2018drilling progress report● Neutral
The Jaws-1 horizontal build section was completed on target at 2,276m measured depth and 81 degrees, into the top of the Vu Upper coal. Intermediate casing is next; drilling is still said to be on track for April.
28 Mar 2018asset acquisition disposition▲ GoodMajor
Strike agreed to acquire 50% and operatorship of EP469 in the Perth Basin from Warrego, 16km from the Waitsia discovery. It pays A$350,000 at settlement, A$250,000 before exploration starts (by 1 Jan 2019), and carries Warrego's share of one well. First move beyond the Cooper Basin.
14 Mar 2018drilling spud▲ Good
Strike spud the Jaws-1 horizontal well, the second of the two-well appraisal, after an issue-free rig move. It follows the vertical well and drilling is still expected to finish in April 2018 before fracture stimulation.
12 Mar 2018drilling progress report▲ Good
The Jaws-1 vertical well was logged, cored, cased and cemented at 2,164m. Pressure cores from the Vu Lower, Vu Upper and Vm3 are being analysed in Brisbane. The rig is moving to spud the horizontal well, still on track for April completion.
27 Feb 2018drilling progress report▲ Good
The Jaws-1 vertical well reached total depth of 2,164m after intersecting the coals, with surface casing cemented at 1,116m. Pressurised coring is next. Drilling is still planned to finish in April 2018.
21 Feb 2018half year report● Neutral
Half-year report to 31 December 2017 repeats the period's milestones: Vu Upper Technical Success, the Klebb 1 Vu Lower test, the Halliburton contract and the 15 February Jaws-1 spud. Text is truncated, so financials are not summarised.
15 Feb 2018drilling spud▲ GoodMajor
Strike spud the vertical well of the Jaws-1 appraisal, the key well toward a reserve booking and Phase 1 decision, after a slow start-up to confirm the rig was fully ready. Drilling is expected to finish in April 2018.
7 Feb 2018material agreement▲ Good
The PEL 96 joint venture signed an MOU giving Halliburton a right of first refusal on integrated services for the first 50 wells of Phase 1, contingent on Jaws-1 success and Commercial Success. The rig is fully mobilised; spud remains 14 February.
29 Jan 2018material agreement● NeutralMajor
Strike revised its 2014 Orora gas agreement to a 45PJ option at 4.5PJ a year over 10 years from 1 January 2020, conditional on a final investment decision on the Phase 1 50TJ/day project. Volume is unchanged from the prior 45PJ.
29 Jan 2018other● Neutral
Strike announced that an independent research report on the company, commissioned by Strike from Strachan Corporate, is available on its website. The announcement carries no new company information.
22 Jan 2018drilling progress report● Neutral
The Ensign 965 rig began arriving at the Klebb field in PEL96 and mobilisation is on track for the 14 February Jaws-1 spud. Drilling leases are complete. No new results.
21 Dec 2017drilling progress report▲ Good
Klebb 4 was worked over and plugged to serve as the microseismic monitoring well for the Jaws-1 frac. Recovered pump cable, saving $50k, will be reused. Preparation for Jaws-1 is within schedule.
20 Dec 2017well test result▲ Good
Klebb 1 is steadily dewatering the Vu Lower, now at 250-300 bbl/d with rising gas, which Strike says indicates gas content of at least 6.1 m3/t. It says earlier jet pumping damaged other Klebb wells. Testing continues toward Vu Lower Technical Success.
14 Dec 2017drilling progress report▲ Good
Bulk civil works for Jaws-1 are complete, including two well leases, access tracks and a water pond for the seven-stage frac. The company says work was on schedule and budget ahead of rig mobilisation.
6 Dec 2017security holder rights change● Neutral
Three small tranches of unlisted employee performance rights (16,667, 16,667 and 16,666) lapsed. Administrative notice with no business impact.
4 Dec 2017contract award▲ GoodMajor
Strike awarded Halliburton an integrated drilling and stimulation contract for Jaws-1 and secured the Ensign 965 rig, with spud on target for 14 February 2018. The well is to drill to about 2,000m with an 800m horizontal section and seven frac stages, advancing the Q1 2018 plan.
16 Nov 2017investor presentation● Neutral
AGM chairman's address and managing director's presentation largely repeat the annual report: Technical Success, the 64PJ Orica deal, the $9.1m raising and a 2018 reserve and 50 TJ/day FID target. The chairman hopes the government will back the next PACE round. No new results.
6 Nov 2017well test result▲ Good
Klebb 1 was recompleted into the Vu Lower and has produced intermittent gas at up to about 9.8 mscf/d, with water near 100 bpd. Early gas is hampering drawdown, and the effect of fracture fluid soaking on permeability is still unknown.
