Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
20 July 2017quarterly activities report▲ Good
Klebb 2 and 3 beam pumps were commissioned in late May under budget, with flares returning at all three wells and uptime above 99%. Gas content is in the 5-6.5 m3/t range, but technical success is not yet declared. Operating spend was $3.8m, the $2m PACE grant was received, and savings are cited.
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.
26 Apr 2017quarterly activities report● Neutral
Scale in the Klebb 2 and 3 jet pumps limited gas flow, and both wells were shut in ahead of beam-pump workovers in May. Klebb 4 stays shut in. A $2m PACE grant was awarded, and the new board and CEO took over on 10 April.
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.
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.
