Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2013asset acquisition disposition● Neutral
Third-party release from Torrens Energy: a binding letter to buy Strike Energy Western Australia (four Carnarvon Basin permits) for $3.5m cash, subject to due diligence and Torrens shareholder approval. Same deal as Strike's own announcement the same day.
10 Apr 2013investor presentation● Neutral
Conference deck on Cooper Basin gas restates known points: 925,000 net acres, development target ~$3.00/GJ. It shows recoverable prospective gas of 6.3-16.4 Tcf (mean 10.8 Tcf), lower than the ~14 Tcf in the March deck; the text doesn't explain the difference.
14 Mar 2013half year report● Neutral
Half-year to 31 December 2012: Bigham 1H stable at about 180 bbl/d oil and 400 Mcf/d gas. Cooper Basin best-estimate prospective gas is 28,990 Bcf total, 14,253 Bcf net to Strike. MB Clearfork #16 infill well hit low porosity, ~10 bbl/d. Financial figures not in the text provided.
6 Mar 2013investor presentation● Neutral
Managing Director David Wrench's Sydney conference deck repeats known points: ~14 Tcf prospective gas net in the Southern Cooper Basin, Bigham 1H producing, and a second Eagle Ford well planned for 2Q 2013. Market cap ~$64.5m, no debt. No new information.
1 Mar 2013other● Neutral
S&P Dow Jones's March 2013 index rebalance adds Strike Energy (STX) to the All Ordinaries Index, effective after close on 15 March 2013. This is an index listing only; no company news or change to the business.
14 Feb 2013security holder rights change● Neutral
2.5 million unlisted employee options expiring 13 February 2013 were forfeited under the incentive plan. Administrative; the Appendix 3B shows shares unchanged at 614,519,664.
16 Jan 2013joint venture update● Neutral
Partner WHL Energy (33% of WA-460-P) repeats that Palta-1 is still drilling, delayed by rig downtime and weather, with about 20% of the 13.5 Tcf prospect in WA-460-P. Third-party release; no result. The text carries a '16th December 2013' date, likely a typo.
16 Jan 2013joint venture update● Neutral
Partner Cott Oil and Gas (33% of WA-460-P) says Shell's Palta-1 drilling, spudded 14 October, is delayed by rig downtime and weather, past the 60-90 day schedule. Cott estimates ~2.5 Tcf of the 13.5 Tcf prospect lies in WA-460-P. Third-party release; no result yet.
15 Jan 2013production update● Neutral
Bigham 1H was shut in from 1 January for clean-out and a workover that installed tubing with gas lift provision. It restarted flowing unassisted at about 200 bbl/d oil and 300 Mcf/d gas, with the gas rate lower than the December 450-470 Mcf/d. Acreage now ~10,600 net.
6 Dec 2012drilling progress report● Neutral
Bigham 1H is steady at 200-220 bbl/d oil and 450-470 Mcf/d gas, with water down to ~480 bbl/d and oil cut ~30%. About 17.5% of frac fluid is recovered; tubing and gas lift will be installed. Gas pipeline due around 15 December.
21 Nov 2012investor presentation● Neutral
AGM chairman's address and presentation restate known points: Bigham 1H still cleaning up, Cooper flow tests planned this year, Palta drilling underway, and Texas assets earning about A$5m revenue over the past year. No new information.
20 Nov 2012well test result● NeutralMajor
Bigham 1H is producing about 240 bbl/d oil, 960 bbl/d water and 520 Mcf/d gas, with oil cut ~20% and 15% of frac fluid recovered. Strike says full potential can't be judged for some weeks; the gas pipeline is due mid-December.
12 Nov 2012regulatory community update▲ GoodMajor
Strike was awarded three Eromanga Basin permits in South Australia, near its Cooper permits: PEL 71 (75%, 6,145 km²), PEL 515 (100%, 3,038 km²) and PEL 575 (100%, 3,804 km²). Strike operates all three; they are prospective for conventional oil.
7 Nov 2012drilling progress report● Neutral
Bigham 1H is taking longer to clean up than expected, with only ~10% of the frac fluid recovered. Oil and gas flows are building steadily and management still expects full potential. The second-half-October results promised earlier have slipped.
29 Oct 2012drilling progress report● Neutral
Strike confirmed small volumes of gas have been flared at Bigham 1H over 36 hours, after internet forum speculation. It says the volume is not material to judging the well, which is still cleaning up; production testing results will follow.
22 Oct 2012drilling progress report● Neutral
Flow-back has started at Bigham 1H; initial production testing follows once flows clean up. No results yet.
16 Oct 2012drilling spud● NeutralMajor
Per industry reports, Palta-1 spudded 14 October in neighbouring WA-384-P, targeting a 13.5 Tcf gross prospect, up to 20% of which Strike believes lies in its WA-460-P (33.3%, operator). Strike pays nothing; drilling takes 60-90 days. Success would likely lift WA-460-P's value.
10 Oct 2012drilling progress report● Neutral
Bigham 1H frac completed. The well is shut in for about 10 days, then plug drill-out and flow-back, with initial production results still expected in the second half of October. Acreage ~10,300 net.
5 Oct 2012security holder rights change● Neutral
2.5 million unlisted employee options (exercise price 20 cents, expiry 28 September 2012) were forfeited under the incentive plan. Administrative.
5 Oct 2012other● Neutral
Required notice that 174 shareholders hold less than a marketable parcel of shares. Administrative only.
27 Sept 2012drilling progress report● Neutral
Fracture stimulation of Bigham 1H began; three of 21 planned stages were done by 26 September. Production test results are still expected in the second half of October.
26 Sept 2012annual report● Neutral
Annual report for the year to 30 June 2012. Restates the doubled Eagle Ford acreage, the two Cooper wells and the 14 Tcf potential resource. AGM set for 21 November 2012. Truncated text gives no financial detail here.
19 Sept 2012resource reserve update▲ GoodMajor
Strike raised its net Cooper Basin prospective resource 136% to 14.3 Tcf of gas (best estimate), plus 54 million bbl liquids, from the 5.8-6 Tcf figure, after Davenport 1 and Marsden 1. Flow testing is planned for 2013; Chris Thompson appointed General Manager Cooper Basin.
18 Sept 2012drilling progress report● Neutral
A 21-stage frac at Bigham 1H is due to start next week, with initial production results expected in the second half of October. Lateral now stated as 5,150 ft; acreage ~37,400 gross, over 10,200 net. Timing update only.
5 Sept 2012investor presentation● Neutral
Good Oil Conference presentation: ~A$12m cash at 31 August, ~A$100m market cap, 614.5m shares. Eagle Ford production is expected soon and Cooper flow testing is planned for H1 2013. Mostly restates known facts.
31 Aug 2012drilling progress report▲ Good
Bigham 1H frac and completion planning is on track. Nearby wells report initial rates of 864-1,369 Boe/d. Acreage ~10,000 net; Strike cites 35-45 million Boe net potential (up from 25-40 earlier) across ~80 net locations.
7 Aug 2012drilling result▲ Good
MB Clearfork Unit #16 (Strike 25%) reached 8,200 ft and found 556 ft of Lower Clearfork, including 322 ft of gross shale with oil and gas shows. It has been cased and will be completed as a Middle Clearfork oil producer later this month.
3 Aug 2012drilling result▲ Good
Bigham 1H, Strike's first Eagle Ford production test well (27.5%), reached 17,700 ft total depth with a 5,000 ft horizontal section. Good oil and gas shows were seen while drilling. It will be cased to await fracture stimulation; no production result yet.
31 July 2012investor presentation● Neutral
Managing Director's presentation at the Shale World Australia conference. Cites market cap ~A$95m, 615m shares and ~A$16m cash at 30 June, with generic gas market themes. Bigham 1H still drilling. Largely restates known facts.
26 July 2012other● Neutral
Strike notes RBC Capital Markets has started research coverage; the report is on its website. No new company information.
