Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2017quarterly activities report▲ GoodMajor
After quarter end, Klebb 3 restarted gas flow within the projected 1-4 month window, and Strike targets commercial rates in Q2 2017. Cash was $7.2m after the $4.5m raise, the $3.6m R&D facility ($1.32m drawn) and US sales. Matthew Montano is the new CFO; about $1m of annual savings are cited.
30 Jan 2017director officer appointment● Neutral
CFO and Company Secretary Sean McGuinness resigned as Company Secretary on 30 January 2017. Matthew Montano was appointed Company Secretary.
13 Jan 2017asset acquisition disposition▲ GoodMajor
The sale of Strike's remaining US assets closed, ending its US acreage holdings. Debt falls about US$2.4m, future restoration obligations are removed, and a preliminary gain of about US$2m is expected.
30 Dec 2016asset acquisition disposition▲ GoodMajor
Strike agreed to sell its 25% MB Clearfork (Permian) interest for US$175,000 and its 40% Louise well interest, with the BlueRock facility passing to buyers. Closing is expected mid-January 2017. Debt falls about US$2.4m and the US exit is completed.
22 Dec 2016drilling progress report● Neutral
Stable Klebb pumping continued; Klebb 1 gas is slowly building and flaring constantly, and Klebb 2 and 3 together contribute about 1,000 bbl/d of water. The distributed power project is complete. A PACE grant application was submitted, with decisions expected February 2017. Klebb 4 still has issues.
12 Dec 2016material agreement▲ GoodMajor
Strike signed a fully termed gas supply agreement for 12.5 PJ with Austral Bricks (Brickworks), on terms consistent with the binding term sheet of February 2014. It converts one of the existing offtake commitments into a formal contract alongside Orora and Orica.
9 Dec 2016security holder rights change● Neutral
3,000,000 unlisted employee options at $0.20 expired on 8 December 2016. Administrative notice.
8 Dec 2016capital raising announcement▲ GoodMajor
The $4.5m rights issue closed oversubscribed, with top-up applications scaled back; shares are due to be issued 12 December. Proceeds plus the $3.6m R&D facility fund Klebb testing, reserve certification and the PRL application.
28 Nov 2016drilling progress report● Neutral
Klebb pilot has run stably for weeks, with dewatering on plan; Klebb 1 is flaring gas and Klebb 3 has had over 3 weeks of uninterrupted flow. Klebb 4 has intermittent issues. No commercial gas rates yet.
24 Nov 2016security holder rights change● Neutral
Exercise prices of two sets of unlisted options were adjusted for the rights issue: 1,000,000 from $0.20 to $0.1993 and 200,000 from $0.18 to $0.1793. Administrative.
23 Nov 2016capital raising announcement● Neutral
Confirmation that the offer memorandum was sent to eligible shareholders on 23 November; offer opens and closes 5 December. Administrative.
22 Nov 2016security holder rights change● Neutral
7,000,000 unlisted employee options at $0.20 expired on 18 November 2016. Administrative notice, reducing options outstanding.
22 Nov 2016material agreement▼ BadMajor
Strike gave notice that its discussion period with Orica over the gas supply agreement, due to expire 22 November, was extended to 20 February 2017. Certain rights that could lead to termination of the agreement stay suspended during that time.
17 Nov 2016capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand they are excluded from the rights issue. Administrative notice.
17 Nov 2016capital raising announcement● Neutral
Letter to eligible shareholders restating the rights issue terms, record date 21 November, and the 4% underwriting plus 2% management fees. Administrative; no new information.
15 Nov 2016debt financing● Neutral
Strike set up a new facility with Commonwealth Bank to borrow up to $3.6m against eligible R&D spending this year, to be repaid from the FY17 tax return. Earlier context expected up to $3.8m; this is the final size.
11 Nov 2016capital raising announcement● Neutral
Offer memorandum for the 1-for-14 rights issue at $0.07, up to about 64.3m new shares raising up to about $4.5m, fully underwritten; closes 5 December 2016. Repeats the terms announced earlier the same day.
What it means for a shareholder
64.3m new shares at about A$0.070 to raise about A$4.5m. That's 6.2% dilution: every existing holder's slice gets 6.2% smaller. If you held A$1,000 of shares (14,289 at the issue price), your slice goes from 0.00148% to 0.00139% of the company. To keep it you'd need 952 more shares - about A$67 at the issue price.
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11 Nov 2016capital raising announcement● NeutralMajor
Strike announced an underwritten 1-for-14 rights issue at $0.07 to raise up to about $4.5m, a 21.3% discount to the 10 November close. Taylor Collison underwrites. Funds go to Klebb flow testing, reserve certification, development planning and the planned PRL application.
11 Nov 2016capital raising announcement● Neutral
Letter telling option holders they must exercise options before the 21 November 2016 record date to join the $0.07 rights issue. Administrative; repeats known terms.
11 Nov 2016investor presentation● Neutral
Presentation supporting the $4.5m rights issue at $0.07, up to 64.3m new shares. Planned use: $3.2m for flow testing, $1.0m for development planning and partner engagement, $0.3m for costs. It targets first gas sales in 2018. Repeats the offer terms.
14 Sept 2016investor presentation● Neutral
Good Oil conference presentation by COO Chris Thompson, restating the east coast gas shortage, higher Adelaide gas prices and Southern Cooper scale. It shows 900.3m shares, cash $7.2m and a $94.5m market cap. Largely repeats known facts.
12 Sept 2016drilling progress report● Neutral
All four Klebb wells are operating, with jet-pump trials improving performance, but no commercial gas rates are yet reported. Klebb 2's second high-pressure pump was delayed by rain and road closures to early October. A 2 September storm damaged Klebb 3's generator.
9 Sept 2016material agreement● Neutral
New MD David Baker's employment contract: fixed pay $470,850 a year, bonus up to 100% of that, three months' notice. He gets 12 months' pay if his role is materially reduced, including through an asset sale. Standard terms.
9 Sept 2016security holder rights change● Neutral
Unlisted employee performance rights lapsed: 3,666,667, 3,666,667 and 3,666,666 at 20, 35 and 50 cent vesting prices, due to expire 30 October 2018. Administrative notice only, reducing the rights outstanding by 11m.
9 Sept 2016director officer appointment● NeutralMajor
Executive Director David Baker succeeds David Wrench as Managing Director, effective 9 September 2016. Wrench had led Strike as MD since 2011. Baker negotiated the gas offtake deals that mobilised about $17m and led the Eagle Ford sale.
7 Sept 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new business information.
7 Sept 2016annual report● Neutral
The 2016 corporate governance statement says Strike complied with ASX recommendations unless otherwise noted. It reports one woman on the six-person board (17%) and none among four senior executives. Routine disclosure, no new business information.
7 Sept 2016annual report● Neutral
Strike released its annual report for the year to 30 June 2016. The chairman says progress at Southern Cooper has been slower than he expected, but the development path is clearly defined and focus is on building water production capacity to lift gas flows.
2 Sept 2016debt financing▲ Good
Strike received a $6.3m refund for FY2016 R&D activity. The $4.0m Macquarie facility was repaid in full and the remaining $2.3m added to cash. This resolves the extended Macquarie facility thread, as with last year's refund.
28 July 2016material agreement▲ Good
Adelaide Brighton announced it concluded negotiations on non-binding, indicative terms for gas from Strike from 2017, initially interruptible from the Demonstration Facility. It may become firm supply as production ramps up. It is not a binding contract and adds a customer beyond the 307.5 PJ of existing offtake.
