Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
17 Jan 2018quarterly activities report▲ Good
December quarter report: Jaws-1 contracts done, spud on track for 14 February, and Klebb 1 Vu Lower test deemed successful, with a contingent resource booking planned by end Q1 2018. Cash was $8m with a further $5.4m CBA R&D facility undrawn. Quarterly spend on operations was $2.8m.
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.
26 Oct 2017quarterly activities report● Neutral
September quarter report restating Technical Success on the Vu Upper, the new 64PJ Orica deal and the $9.1m raising funding Jaws-1. Klebb 1 recompletion took 7 days against 9 planned and came in 18% under budget. Strike plans a 2018 seismic campaign to extend the resource.
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.
