6 Dec 2013joint venture update● Neutral
Partner Energy World Corporation (33.3% of PEL 96) re-released Strike's 5 December Le Chiffre 1 update, saying it is very pleased with progress. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2013drilling result▲ GoodMajor
Le Chiffre 1 reached a final depth of 2,089 m, with over 85 m of coal cored and elevated gas readings in all coals. Strike says results exceed pre-drill expectations and confirm a very significant coal system in PEL 96. This resolves the earlier preliminary coring news. Pilot testing planning is underway.
22 Nov 2013agm notice● Neutral
Chairman Mark Carnegie's AGM address targets commercial Southern Cooper gas production in 2017 and calls Eagle Ford results very disappointing after Bigham 1H and Wolters 1H. He says Strike will protect that investment and seek to realise value in 2014. Restates known facts.
22 Nov 2013agm notice● Neutral
All four AGM resolutions passed on a show of hands, including the remuneration report and the election of Mark Carnegie and David Baker. Re-election of Simon Ashton also passed. Administrative.
22 Nov 2013director officer appointment● Neutral
Sean McGuinness, previously GM-Finance at Lynas, is appointed Chief Financial Officer and Company Secretary. Salina Michels has resigned as Company Secretary after two years. The announcement does not mention what happens to the previous CFO/CCO role held by Andrew Hooper-Nguyen.
22 Nov 2013drilling progress report▲ GoodMajor
Le Chiffre 1 reached 1,588 m, with over 20 m of coal cored from 1,464-1,588 m, including two pressure cores. Preliminary gas readings exceed pre-drill expectations, but Strike says logging and analysis are needed before their significance is known.
14 Nov 2013joint venture update● Neutral
Partner Energy World Corporation (33.3% of PEL 96) re-released Strike's 14 November Le Chiffre 1 drilling update, saying it is pleased with progress. No new information.
14 Nov 2013drilling progress report● Neutral
Le Chiffre 1 was drilling ahead at 1,209 m, planning to reach about 1,500 m before coring. Target depth remains 2,021 m. No results yet.
30 Oct 2013quarterly activities report● Neutral
September quarter production was 22,685 boe (down 2%) and revenue $1.128m (down 1%). The report restates the Wolters frac problems, encouraging early MBCU #17 second-zone results, and the Miro Advisors Eagle Ford review. Le Chiffre 1 is next, with appraisal expected to finish early 2014.
29 Oct 2013drilling scheduled▲ GoodMajor
A rig is on site at Le Chiffre 1, the first Southern Cooper appraisal well in PEL 96 (Strike 66.7%, operator), pending final approvals. Planned TD is 2,021 m over about 21 days, with coring. This begins the drilling funded by the August raising.
22 Oct 2013security holder rights change● Neutral
Two parcels of unlisted employee options (675,000 and 500,000) expired on 21 October 2013. Administrative.
18 Oct 2013drilling result▼ BadMajor
Plug milling at Wolters #1H hit trouble at 13,550', where the casing may have split. A meaningful flow test is now uncertain. Strike hired Miro Advisors to review strategic alternatives for Eagle Ford, aiming to limit further Strike capital. This follows the earlier stuck-tool problems.
10 Oct 2013drilling progress report● Neutral
All nine frac stages at Wolters #1H are complete and a coil tubing unit is milling out the plugs. Flow back and testing follow, with Strike to report the 24-hour initial rate. No production result yet.
3 Oct 2013drilling progress report● Neutral
Frac operations at Wolters #1H restarted after the 30 September crew mobilisation, with two of nine stages done in the shortened ~1,800' lateral. Flow back and production testing follow completion of the program.
26 Sept 2013annual report● Neutral
2013 annual report for the year to 30 June. It restates the Orica deal (up to 150 PJ, up to $52.5m prepayments) and ~41,000 gross Eagle Ford acres. It notes Bigham 1H did not achieve commercial rates. Only the opening portion was readable here.
25 Sept 2013drilling progress report▼ Bad
Wolters #1H's stuck equipment could not be fully removed, so the bottom of the hole will be sealed at about 14,800'. Only nine frac stages over ~1,800' of lateral will be done, not the planned 22. The operator says cost won't be materially higher and the test remains valid.
12 Sept 2013director officer appointment● NeutralMajor
Mark Carnegie (9.2% holder via M.H. Carnegie & Co) became Chairman from 11 September 2013, replacing Tim Clifton, who stays as a director. David Baker joins as a non-executive director and will also consult to Strike. The change supports the Cooper Basin push, with field work starting October.
12 Sept 2013agm notice● Neutral
All three resolutions at the 12 September general meeting passed on a show of hands, with proxy votes heavily in favour. This clears the ratification of the 90m placement shares and the 2m director shares. Administrative.
10 Sept 2013drilling progress report▼ Bad
Wolters #1H's first frac stage worked, but tools stuck at 15,644' while setting the plug for stage two, so a workover rig is needed before 21 more stages. At MBCU #17, the first Lower Clearfork zone showed no hydrocarbons; a second zone is fracked awaiting test.
3 Sept 2013investor presentation● Neutral
Good Oil Conference presentation, near-identical to the DUG deck: 704.5m shares, $70m market cap, Wolters 1H waiting on frac, 6.3-16.4 Tcf target. It adds the Carnarvon Basin to the activity list. No new results.
28 Aug 2013investor presentation● Neutral
Conference presentation by David Wrench at DUG Australia. It shows 704.5m shares, a $70m market cap and Wolters 1H 'waiting on frac'. It restates the 6.3-16.4 Tcf Southern Cooper target and Orica offtake; no new results.
13 Aug 2013director officer appointment● Neutral
Formal director interest notices for the August board changes. Mark Carnegie, appointed 9 August 2013, has a relevant interest in 64,836,456 shares through two M.H. Carnegie funds. Ben Thomas and Eytan Uliel's final notices follow; Thomas held 500,000 and 2.5m unlisted options.
12 Aug 2013director officer appointment● NeutralMajor
Mark Carnegie joined the board as a non-executive director from 9 August 2013; his firm M.H. Carnegie & Co holds 9.2% of Strike. Ben Thomas and Eytan Uliel resigned as directors, with Thomas remaining US President.
12 Aug 2013agm notice● Neutral
Notice of a general meeting on 12 September 2013 was despatched to shareholders. It asks them to ratify the 90m Tranche 1 placement shares and approve 1m placement shares each for directors Clifton and Goyder. Administrative.
7 Aug 2013drilling progress report● Neutral
Wolters #1H finished at 18,530' with ~5,500' of lateral in the Lower Eagle Ford; frac stimulation is planned for early September. MBCU #17's first Lower Clearfork zone has been fracked and is flowing back. No production rates yet.
1 Aug 2013capital raising announcement▲ GoodMajor
Strike raised $9.2m by placing 92m shares at $0.10, a 20% discount to the 29 July close; 2m shares to directors need shareholder approval. It funds the three-well PEL 96 appraisal, with drilling from November 2013 and pilot production from April 2014.
What it means for a shareholder
92.0m new shares at A$0.100 to raise about A$9.2m. That's 56% dilution: every existing holder's slice gets 56% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.0139% to 0.0061% of the company. To keep it you'd need 12,802 more shares - about A$1,280 at the issue price.
Create a free account to see this worked out for your own holding.
1 Aug 2013drilling result▼ BadMajor
Shell's Palta 1 did not find commercial hydrocarbons and is being plugged and abandoned. About 20% of the prospect extended into Strike's WA-460-P (33.33%). Strike paid nothing for the well, but the Carnarvon upside it highlighted is gone.
30 July 2013quarterly activities report▼ Bad
Cash was A$1.408m at 30 June 2013, down from A$3.045m, after A$2.55m drawn from a loan facility. Next-quarter outflow is estimated at A$7.164m, far above cash, so a raise was needed (inference).
30 July 2013quarterly activities report● Neutral
June quarter: production fell 10% to 23,178 boe while revenue rose 3% to $1.138m. Highlights are the Orica deal, the BlueRock US facility (up to US$8m) and Wolters and MBCU #17 spuds. Strike expects eight wells across its projects over 2013/14.
22 July 2013investor presentation● Neutral
Updated company presentation adds the Orica deal. It lists 614.5m shares, a market cap of $73.7m at 17 July 2013, and 2012/13 revenue of $4.6m. It pitches near-term upside from Cooper, Eagle Ford and Palta; no new results.