Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
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.
26 Apr 2018quarterly activities report● Neutral
March quarter report: the Jaws-1 vertical is done and the horizontal was redesigned to a sidetrack, with 'pump on' now targeted for June. Operations spend was $7.6m; cash was $6.6m including undrawn facilities. The extra rig time is stated, and Strike says it has enough funds to finish Jaws-1.
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.
