Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2017drilling progress report● Neutral
At Klebb 1, the bridge plug isolating the Vu Lower was milled out without issue and the pump is being re-run. Commingled dewatering and production testing of Vu Lower and Upper follows. No flow results yet.
20 Oct 2017admin correction● Neutral
Second amended re-release of the Klebb 1 update, correcting the expected rig move-off date to Saturday 21 October. Otherwise unchanged; no new information.
20 Oct 2017admin correction● Neutral
Amended re-release of the 20 October Klebb 1 update, with a corrected phone number and date formatting. Operational content is unchanged; no new information.
20 Oct 2017annual report● Neutral
Strike re-lodged its 2017 annual financial report, replacing the 27 September version. The company states there are no changes to the financial statements or notes. Administrative revision with no new information.
13 Oct 2017drilling scheduled● Neutral
Strike mobilised a rig to recomplete Klebb 1 into the Vu Lower coal seam, at a Strike-share cost of $220,000 over about a week. The well has been shut in for 3 years since fracturing, so results are uncertain. It will inform the 'Spectre' well design.
4 Oct 2017investor presentation● Neutral
This is a Galilee Energy (ASX:GLL) investor presentation, not a Strike announcement. It includes Strike in a peer table showing market capitalisation of $83.19m. It carries no new Strike information.
27 Sept 2017annual report● Neutral
Annual report for the year to 30 June 2017. The chairman targets booking a reserve and a final investment decision on an initial 50 TJ/day during calendar 2018. A second PACE grant application is in. Text provided is truncated, so financials are not summarised.
27 Sept 2017annual report● Neutral
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the company website, current as at 26 September 2017. Administrative form with no substance.
27 Sept 2017annual report● Neutral
Corporate governance statement for the year to 30 June 2017, stating the company has complied with the ASX recommendations unless otherwise indicated. Administrative disclosure with no new information on the business.
22 Sept 2017material agreement▲ GoodMajor
Strike signed the new Orica gas agreement for up to 64PJ, replacing the 2014 deal for up to 250PJ, resolving the open thread. Orica's $2.5m loan now runs to 31 December 2021 and can be converted into shares at not less than 20 cents.
21 Sept 2017capital raising announcement● NeutralMajor
Strike raised about $9.1m through a placement of 130 million shares at $0.07, within existing placement capacity and without shareholder approval. The money funds the Jaws-1 well, with spud targeted for Q1 2018. Bell Potter was lead manager.
What it means for a shareholder
130m new shares at A$0.070 to raise about A$9.1m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.00148% to 0.00131% of the company. To keep it you'd need 1,925 more shares - about A$135 at the issue price.
Create a free account to see this worked out for your own holding.
8 Sept 2017material agreement● Neutral
The Orica term sheet for the new 64PJ gas agreement was extended from 8 to 22 September 2017. Suspension of Orica's termination rights under the old agreement was extended to 29 September. This is a short delay, not a signed deal.
5 Sept 2017investor presentation● Neutral
September update presentation restating Technical Success, the new Orica gas agreement and the Adelaide move. It shows about $3.4m cash, $0.09 share price and about $85m market capitalisation. It also says a PACE grant application of up to $8m was lodged, with an announcement expected in October.
4 Sept 2017regulatory community update● Neutral
Re-release of the earlier announcement of the Adelaide relocation and $990,000 Economic Investment Fund grant, tied to creating 85 full-time roles by 2021. Text is identical to ref 2; no new information.
4 Sept 2017admin correction● Neutral
Administrative notice: registered address changed to 1/31-35 George Street, Thebarton SA from 4 September 2017, following the Adelaide move. No other contact details changed.
4 Sept 2017admin correction▲ GoodMajor
Strike confirmed it has relocated its registered and operating offices to Adelaide, as planned on 1 June 2017. The South Australian Economic Investment Fund is granting $990,000, partly payable on creating 85 full-time roles by 2021; the funding deed is still to be completed.
30 Aug 2017drilling result▲ GoodMajor
Strike declared Technical Success on the Klebb Vu Upper coal, refining gas content to 6.0-6.1 m3/t after about three months of pumping, within the top third of its expected range. This resolves the open milestone; Jaws appraisal is planned for Q1 2018. Igesi validated it.
18 Aug 2017director officer appointment● Neutral
Stuart Nicholls moves from CEO to Managing Director, and former Santos CFO Andrew Seaton joins as a non-executive director. Co-founder Simon Ashton and Brendan Ostwald resigned. Seaton is to receive 5m options at $0.15, subject to shareholder approval.
17 Aug 2017material agreement● NeutralMajor
Orica signed a binding term sheet to replace its 250PJ gas deal with a 64PJ agreement at a better price, conditional on a final investment decision on a 50TJ/day project. Orica withdrew its $7.5m prepayment claim, though repayment rights remain in defined circumstances. Its $2.5m loan is extended to December 2021 and made convertible at not less than 20 cents.
7 Aug 2017security holder rights change● Neutral
Six series of unlisted employee performance rights, about 5.75 million in total, and 1,000,000 options with a 19.93 cent exercise price lapsed. It was an administrative notice.
26 July 2017director officer appointment● Neutral
Justin Ferravant, from Santos, becomes CFO and Company Secretary from 21 August 2017, replacing Matthew Montano, who chose not to move to Adelaide. He will receive 1m options at $0.15 over three years, without shareholder approval.
1 June 2017other● NeutralMajor
New CEO Stuart Nicholls set a new strategy: the Klebb pilot becomes an exploration project, followed by a two-well 'Project Jaws' targeting 2P reserves within 18 months. Head office moves from Sydney to Adelaide. This replaces the earlier push for commercial pilot gas rates.
10 Apr 2017director officer appointment● NeutralMajor
Chairman Mark Carnegie and Managing Director David Baker resigned. John Poynton becomes Chairman, Stuart Nicholls (ex-Shell) CEO, and Tim Goyder joins as a director. Poynton and Goyder are to get 7m and 5m options at $0.15, subject to shareholder approval.
5 Apr 2017investor presentation● Neutral
Conference presentation repeating the Southern Cooper project case, resources and pilot results already announced. It shows 964.6m shares on issue, a $80.1m market capitalisation at 3 April and $7.2m cash at 31 December. No new information.
30 Mar 2017joint venture update● Neutral
Klebb uptime dipped to 92% in March as solids and scale hit the Klebb 2 and 3 jet pumps; over 600Mbbl of water is out, estimated at over 85% of the dewatering needed. Klebb 2 beam-pump workover is planned for May. Orica talks are extended to 31 May.
17 Mar 2017regulatory community update▲ Good
Strike was awarded $2m under South Australia's PACE Gas Grant, resolving the application pending since December. Funds follow a Funding Deed and go to Klebb pilot work. Strike is also discussing a new pipeline connection point in PEL 96.
15 Mar 2017investor presentation● Neutral
Presentation by the Managing Director at a domestic gas conference, arguing east coast gas prices are tight (at least $8/GJ for 2018-19) and restating Southern Cooper resources and funding. Repeats known facts; no new results.
2 Mar 2017security holder rights change● Neutral
Nine series of unlisted employee performance rights (1.5m, 250,000 and 50,000 each at 20, 35 and 50 cents, expiring 30 October 2018) lapsed because their performance conditions were not met. Administrative notice.
24 Feb 2017half year report● Neutral
Half-year report to 31 December 2016. Klebb 3 restarted gas flow in January 2017 at a pressure slightly lower than in February 2016, and commercial rates are expected in the second half. Klebb 4 was shut in during December. Covers known operations; financial figures are not shown in the extract.
20 Feb 2017joint venture update● Neutral
Klebb flaring continues at Klebb 1 and 3 with 98% uptime, and beam pumps for Klebb 2 and 3 are on track for Q2 2017. The Orica gas deal suspension of termination rights is extended again to 31 March 2017 while talks continue.
