Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2015drilling progress report▲ Good
Gas flow at Klebb rose sharply as Klebb 3 began assisting Klebb 1. Strike is accelerating the program: Klebb 1 workover in June and fracs on Klebb 2 and 3 in July. Le Chiffre 1 is in a pressure build-up test.
30 Apr 2015quarterly activities report● Neutral
March quarter cash was $5.8m, down from $8.1m, and Strike says it is fully funded for current testing. The Macquarie R&D facility limit rose to $5.9m ($5.1m drawn). Gas flows rose at Klebb and Le Chiffre; the resource certification was noted.
27 Apr 2015resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified Strike's first contingent gas resource in PEL 96: gross 1C 105, 2C 155, 3C 225 Bcf (2C net 103.6 Bcf at 66.7%). The 2C just exceeds the 150 Bcf economic threshold. This advances the reserves target set for 2015.
11 Mar 2015drilling progress report▲ Good
After the flood delays, gas rates kept rising at Le Chiffre 1 and Klebb 1, with reservoir pressure cut from 2,900-3,000 psi to 2,000-2,400 psi. Klebb 3 was commissioned. Klebb 2 and 3 will be fracture stimulated in a Phase 3 upgrade.
26 Feb 2015half year report● Neutral
Half-year report to 31 December 2014 restates known results: sustained gas flow at Le Chiffre 1 and Klebb 1, Klebb 2 and 3 drilled, and extended flow testing now aiming to build gas rates. No new figures in the readable text.
13 Feb 2015security holder rights change● Neutral
750,000 unlisted employee performance rights, three series of 250,000 with vesting prices of 20, 35 and 50 cents, were forfeited. Administrative notice only.
29 Jan 2015quarterly activities report▲ Good
December quarter cash was $8.1m, and Strike says current testing is fully funded. A $4.5m Macquarie R&D facility is agreed, to be repaid from the 2015 refund. Sustained gas flows were achieved at both wells, with gas flared at Le Chiffre.
13 Jan 2015flow test result▲ GoodMajor
Le Chiffre 1 gas flowed strongly enough to flare, with gas saturation above 90%. Operations at Le Chiffre and Klebb were shut in because flooding closed the access track. Strike expects to resume within about a week.
18 Dec 2014flow test result▲ GoodMajor
Sustained gas flows to surface were achieved at Klebb 1 and Le Chiffre 1, with gas saturation of 60-80%, well above expectations. Water production is manageable. This resolves the main open question left after the June-July fracs, which showed no sustained gas.
27 Nov 2014investor presentation● Neutral
Euroz conference presentation repeats the project story. Market capitalisation is $87.5m. It shows Klebb 2 pumping, Klebb 3 at total depth, and Le Chiffre 1 shut in for a pressure build-up test. Davenport 1 work is delayed to Q1 2015.
10 Nov 2014drilling progress report▲ Good
Pumping began at Klebb 1 on 31 October and at Le Chiffre 1 on 8 November, with good gas shows at surface and less water than expected. Klebb 2 reached 2,115m. Sustained gas flow is still the next goal.
30 Oct 2014agm notice● Neutral
All six AGM resolutions passed on a show of hands, including the election of Jody Rowe and Brendan Ostwald as directors and performance rights for the managing director and executive director.
30 Oct 2014investor presentation● Neutral
Chairman's AGM address and managing director's presentation repeated known points. Gas flow to surface is the next goal, and the Chairman again called the US results less than acceptable. No new results.
28 Oct 2014other▲ Good
Strike received the $5.8m R&D tax refund for the year to 30 June 2014 from the ATO. This resolves the over-$5.0m claim that was open, adding cash beyond the $9.6m held at quarter end.
20 Oct 2014quarterly activities report● Neutral
September quarter cash was $9.6m, with a $5.8m R&D claim filed and payment expected soon. US$4.6m was received from the Eagle Ford sale. Flow testing is set for November, and Strike says it is fully funded for the five-well program.
30 Sept 2014security holder rights change● Neutral
2,500,000 unlisted employee options with a 20 cent exercise price expired on 30 September 2014. Administrative notice only.
19 Sept 2014annual report● Neutral
Strike released its 2014 annual report. The chairman calls the US Eagle Ford investment 'a failure' and says Southern Cooper Basin results are months away. Production testing targets reserves in 2015 and gas production in 2017.
18 Sept 2014material agreement● Neutral
Strike disclosed new contracts for Managing Director David Wrench (fixed pay $440,738 a year) and Executive Director David Baker (consultancy at $1,450 a day). Both can claim 12 months' pay if their role is cut back because of asset sales. Largely administrative.
1 Sept 2014security holder rights change● Neutral
6,000,000 unlisted options with a 20 cent exercise price expired on 31 August 2014. Administrative notice only; no cash or new shares result.
29 Aug 2014asset acquisition disposition▲ GoodMajor
The sale of Eagle Ford acreage to Penn Virginia Oil and Gas completed for US$4.5m, subject to post-closing adjustments. This closes the July sale agreement and is part of Strike's progressive monetising of US assets.
27 Aug 2014asset acquisition disposition▲ GoodMajor
Strike won block CO2013-B (3,443 km2, 100%) in the South Australian Cooper Basin acreage release, next to PEL 96. It carries a committed two-exploration-well program, once native title agreements are done and the permit is formally awarded.
25 Aug 2014drilling scheduled▲ GoodMajor
Strike set a testing plan for PEL 96 (66.7%): pumps on Le Chiffre 1 and Klebb 1 from October, then two offset wells near Klebb 1 drilled from November. The company says up to five wells will be under test by year end. This follows the July promise of a next-phase plan.
21 Aug 2014well test result▲ Good
Davenport 1 in PEL 94 (Strike 35%, Beach operator) showed hydrocarbon shows at surface in both Vu and Vm3 coals. Permeability is similar to Strike's PEL 96 wells. The Vm3 will be pump-tested next. Sustained gas flow is still not shown.
8 Aug 2014other● Neutral
Share registry moves from Computershare to Boardroom Pty Limited, with Boardroom starting 1 September 2014. Administrative notice only.
31 July 2014quarterly activities report● Neutral
June quarter cash was $10.4m. Frac testing finished on budget without sustained gas flow. Orica's $2.5m share subscription was approved, the Orora deal rose to 45 PJ, and an R&D claim over $5.0m is in progress.
16 July 2014well test result● NeutralMajor
Flow tests show permeability up to 25 mD at Le Chiffre and 16 mD at Klebb, and lab analysis confirmed hydrocarbons at surface at Le Chiffre. Sustained gas flow is still not achieved; pumps and offset wells are likely needed. Preliminary modelling suggests over 2 Bcf per well.
11 July 2014asset acquisition disposition▲ GoodMajor
Strike agreed to sell 1,617 net Eagle Ford acres in Lavaca County to PVOG for about US$4.5m net, closing expected within eight weeks. This advances the plan to sell US assets; the JV will seek a partner for remaining Fayette acreage.
4 July 2014director officer appointment● Neutral
Chris Thompson becomes Chief Operating Officer and non-executive director David Baker becomes Executive Director – Commercial, both from 1 July 2014. They are to drive development of the Southern Cooper Basin project.
2 July 2014well test result● NeutralMajor
Fracs at Le Chiffre 1 and Klebb 1 finished. Coal permeability is up to 25 mD, far above the roughly 0.1 mD expected, with fluid flowing back at up to 5,000 bbl/day. But no sustained gas has reached surface yet, so gas saturation remains unproven.
2 July 2014well test result● Neutral
Strike reported that frac operations at Le Chiffre 1 and Klebb 1 were completed and that Le Chiffre coals showed permeability of up to 25 mD with very high fluid flows. No sustained gas had reached surface yet, as the formation pressure had not been reduced enough.
