31 July 2024drilling spud● NeutralMajor
Strike confirms the L7 joint venture has spud Booth-1 in the north Perth Basin, planned to 2,900m in about three weeks. Strike holds 25%. Duplicates Triangle's announcement; Strike's own cost is not stated.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 July 2024drilling scheduled● Neutral
NZO re-released Triangle's rig update and said Booth-1 should start drilling the week of 23 July, slightly earlier than Triangle's 31 July. Strike holds 25%. No new information on the well.
22 July 2024drilling scheduled● Neutral
Triangle has the Ventia 106 rig, now mobilising to Booth-1 with spud expected around 31 July 2024. Best-estimate prospective gas is 279 Bcf gross; about three weeks to drill. Strike holds 25%; Becos rig talks continue.
27 June 2024drilling spud● NeutralMajor
Erregulla Deep-1 has spud in EP469 (Strike 50% operator, Warrego 50%), testing a closure east of the West Erregulla reserves. Total depth is expected in about 40 days. This is the mid-2024 well flagged earlier.
24 June 2024resource reserve update▼ BadMajor
After the disappointing SE-2/SE-3 tests, South Erregulla was re-certified at 82 PJ of 2P plus 2C (45 PJ 2P Kingia, 37 PJ 2C Wagina), a large cut. The western side is downgraded to Prospective Resource. Resolves the reserves review.
12 June 2024drilling scheduled● Neutral
Re-release of Triangle's 12 June update: the Ventia 106 rig is due in early July, with Booth-1 spud mid to late July. Strike holds 25% of L7. Repeats the delay already noted; no new information.
12 June 2024drilling scheduled● Neutral
Triangle says the Ventia 106 rig is due for release in early July, so Booth-1 will now spud in mid to late July rather than late June. Approvals are received. Strike holds 25% of the permit. Negotiations are ongoing for a Becos rig.
3 June 2024drilling result▲ GoodMajor
Walyering-7 found 23m of net gas pay at 16% average porosity in a new compartment north-east of the producing field. Most is in the A Sand (22m). It still has to be flow tested. The result feeds the RISC reserves review.
28 May 2024drilling progress report▲ GoodMajor
Walyering has paid back its ~$30m development cost just 8 months after start-up, with ~$47m gross income received so far. Walyering-7 reached 4,035m in 18 days, five days ahead of plan, with positive gas observations. Logging and evaluation are still to come.
18 Apr 2024drilling scheduled● Neutral
New Zealand Oil & Gas re-released Triangle's news that the Booth-1 rig is signed and approvals are in hand, with drilling from late June 2024. NZO's net cost is A$4.55m. It confirms Strike holds 25%. No new information for Strike.
18 Apr 2024drilling scheduled▲ Good
Triangle, operator of L7, signed the Ventia 106 rig to drill Booth-1 in late June–July. Strike holds 25% of the permit. Booth's best-estimate prospective gas resource is 279 Bcf gross. Becos is planned for the September quarter.
11 Jan 2024resource reserve update● Neutral
Triangle Energy, operator of the L7 and EP 437 permits, reported new oil prospects: 36 MMbbl best-estimate prospective resource (gross). Talon's 25% stake in the JV is now Strike-owned; wells are targeted for 2024. Prospective only, not drilled; Strike's share is not stated here.
4 Dec 2023drilling result▲ GoodMajor
South Erregulla-3 found 13m of net gas pay in the Kingia Sandstone, confirming the field continues to the northwest, plus 75m of net potential CO2 storage sand. With SE-2, it will feed an independent review for converting contingent resources to reserves. Flow tests are expected from late January 2024.
5 Oct 2023drilling result▲ GoodMajor
South Erregulla-2 found 16m of net gas pay in the Kingia Sandstone at 4,843m, extending the 100%-owned field south and west. It also found 76m of potential CO2 storage reservoir. Together with SE-3 results, it may support converting contingent resources to reserves.
20 Apr 2023drilling scheduled▲ GoodMajor
Strike plans South Erregulla in three phases, starting with a 40 TJ/d modular plant at the Precinct targeted for late 2024, on 128 PJ of 2P reserves. A 3-well appraisal campaign from July 2023 aims to convert up to 271 PJ of 2C. Production licence applications are lodged.
23 Jan 2023drilling scheduled▲ GoodMajor
Strike secured Ensign 970 rig slots for 2023-24, shared with Mineral Resources' subsidiary. Two South Erregulla (100%) updip appraisal wells start mid-2023, targeting conversion of 178 PJ 2C to reserves; up to three wells follow in early 2024 at Southwest Erregulla, Erregulla Deep and possibly Ocean Hill.
20 Dec 2022drilling scheduled▲ GoodMajor
The EP469 JV (Strike 50%, Warrego 50%) formally approved a budget for Erregulla Deep-1 and Southwest Erregulla-1, plus 2D seismic reprocessing. Rig slots are being negotiated for late 2023/early 2024, committing the partners to the December 16 exploration targets.
16 Dec 2022resource reserve update▲ GoodMajor
Strike tabled a two-well exploration program for late 2023/early 2024: Southwest Erregulla (272 PJ gross best-case prospective) and Erregulla Deep (278 PJ). Combined 550 PJ gross, ~330 PJ net at about 60% direct and indirect. Undiscovered, with discovery chances of 54% and 42%.
18 Oct 2022resource reserve update▲ GoodMajor
NSAI certified 93 PJ of 2C resources in the Wagina at SE1, lifting SE1's total to about 399 PJ and Strike's Perth Basin total to 982 PJ. Wagina flow peaked at 35 mmscfd but sustained only 2 mmscfd, which Strike attributes partly to leftover fluid in the well.
10 Oct 2022resource reserve update▲ GoodMajor
RISC certified 300 PJ of 2C contingent resources at the 100%-owned Ocean Hill field, with 1C up over 700% to 185 PJ, using Walyering data. Strike says its portfolio now totals about 889 PJ of 2P plus 2C.
28 Sept 2022resource reserve update▲ GoodMajor
NSAI certified about 306 PJ of combined 2P reserves and 2C contingent resources (100% Strike) in the Kingia Sandstone at South Erregulla from SE1 alone. Strike's Erregulla-region total reaches 532 PJ, with Wagina testing still to add volumes.
26 Sept 2022drilling progress report● Neutral
The South Erregulla-1 workover is finished after minor delays, and test equipment is moving on site. The Wagina flow test (16m of perforations) is expected this week, with regulator confirmation of the discovery received, a step toward a production licence.
31 Aug 2022drilling scheduled▲ Good
Workover rig is mobilising to South Erregulla-1 to test the Wagina gas discovery from mid-September. SE2 and SE3 drilling is targeted Q2 2023, with long-lead items ordered. Molyneux will assess the 103m carbon storage reservoir, with joint studies with JX Nippon underway.
17 Aug 2022drilling progress report● Neutral
Rig-up and swabbing finished at West Erregulla-3, with a planned 7-day production test starting today across 40m of Kingia perforations. A longer pressure build-up follows. This is the WE3 test expected in August; no results yet.
15 Aug 2022farm in farm out completion▲ Good
Talon's release (header shows ASX: TPD) confirms the EP447 JV approved development of the Walyering gas project. Cost is $14.4m ($6.5m Talon's 45% share), with first gas sales targeted Q1 2023 and gas contracts expected Q4 2022. This repeats Strike's own announcement.
28 July 2022resource reserve update▲ GoodMajor
NSAI raised West Erregulla gross 2P reserves 41% to 422 PJ (211 PJ Strike direct) after WE3 results, from the earlier 300 PJ. Gross 2C is 30 PJ. Strike's direct and indirect interest is about 54%.
21 July 2022resource reserve update▲ GoodMajor
RISC certified Walyering's first reserves: gross 2P 54 PJ (30 PJ net to Strike's 55%) plus 0.55 mmbbls condensate, with 32 PJ 2C. Development is estimated at $14.2m for a 33 mmscf/d facility, with a JV investment decision to be sought.
6 July 2022drilling progress report● Neutral
Walyering-6 flow test is about to start, now including the D-Sand alongside B and C, then a longer test of the Cadda gas discovery. A first independent reserves report for Walyering follows the roughly 10-day test.
1 July 2022drilling result▲ GoodMajor
West Erregulla-3 found 38m net pay in a 60m gas column in the Kingia, porosity averaging 13.8%, no gas-water contact. Reservoir is the best seen in the field. The High Cliff secondary target was poor. NSAI will review reserves.
27 June 2022drilling progress report▲ Good
West Erregulla-3 drilled through the Kingia Sandstone at 4,737m, with logging tools showing clean blocky sands and gas. It is at 4,806m and will drill on to the secondary objective before wireline logging.