Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 July 2013material agreement▲ GoodMajor
Strike signed a binding term sheet to supply Orica up to 150 PJ of gas over 20 years from PEL 96 (Strike 66.67%, operator). Orica may pre-pay up to $52.5m as appraisal milestones are met, funding the Southern Cooper project Strike called a 'break-out transaction'.
16 July 2013material agreement● Neutral
Orica's copy of the joint announcement of the binding term sheet for up to 150 PJ of PEL 96 gas, with up to $52.5m of prepayments. Duplicate of the Strike release; no new information.
16 July 2013investor presentation● Neutral
Investor presentation on the Southern Cooper Basin project accompanies the Orica deal. It cites Strike's prospective resource of 6.3-16.4 Tcf and a target ex-field cost of ~$3.00/GJ before royalties. These are targets, not results; largely repeats known points.
5 July 2013drilling progress report● Neutral
Wolters #1H is drilling its 6,000' lateral (about three weeks). MBCU #17 is cased; encouraging logs mean two Lower Clearfork zones will be fracture stimulated and tested. Nearby Penn Virginia wells reported IP24 rates of ~1,100 boepd. No Strike result yet.
25 June 2013drilling progress report● Neutral
Wolters #1H vertical pilot reached 12,850' on 23 June, to be logged and cased before the lateral. Permian MBCU #17 reached 8,040' on 22 June and has been logged, with fracture stimulation of the Lower Clearfork shale to follow.
12 June 2013drilling spud▲ GoodMajor
Wolters #1H spudded 9 June 2013, starting the lower Eagle Ford phase flagged for March; planned 12,850' vertical plus a 6,000' lateral, funded by the BlueRock facility. Strike now has exposure to three wells drilling, including Palta, and says resources now focus on Southern Cooper gas.
4 June 2013drilling spud● Neutral
MBCU #17 in the Permian Basin spudded 2 June 2013, targeting 8,200' to test the Lower Clearfork Shale, then complete in the Middle Clearfork. Strike's ~US$460,000 share is funded by the BlueRock facility announced 23 May. First of four planned 2013 US wells.
23 May 2013debt financing▲ GoodMajor
Strike signed a non-recourse production payment facility with BlueRock Energy Capital, US$6m initial and up to US$8m, repaid from a revenue interest in its producing US wells. It funds four Eagle Ford and Permian wells in H2 2013, after the earlier 2Q plan for the second Eagle Ford well.
21 May 2013investor presentation● Neutral
RBC conference deck repeats known Cooper Basin (6-16 Tcf prospective net) and Eagle Ford (10,680 net acres) points. Market cap is quoted at ~$55m, down from ~$64.5m in the March deck. No new facts.
14 May 2013material agreement termination▼ BadMajor
Torrens Energy elected not to proceed with buying Strike's Carnarvon subsidiary, so the $3.5m sale announced on 18 April falls away. Strike says it will keep looking to realise value from those Carnarvon assets.
30 Apr 2013quarterly activities report▼ Bad
Cash fell to A$3.045m at 31 March from A$5.05m, with no debt and no capital raised. Next-quarter outflow is estimated at A$3.383m, above cash on hand, so new funding looks needed (inference).
30 Apr 2013quarterly activities report● Neutral
March quarter: Bigham 1H has declined from a ~300 boe/d peak to ~200 boe/d over three months. Eagle Ford funding talks are in final stages, a three-well Cooper program is planned for H2 2013, and the Carnarvon sale is pending. Routine update.
30 Apr 2013other● Neutral
Notice that an analyst research report on Strike by MineLife is available on the company website. No substantive information.
18 Apr 2013asset acquisition disposition▲ GoodMajor
Strike agreed to sell its subsidiary holding four Carnarvon Basin permits to Torrens Energy for $3.5m cash, to focus on the Cooper Basin and Eagle Ford. It keeps its 33.3% of WA-460-P next to Shell's Palta well. Completion is expected by late June 2013, conditional on Torrens' due diligence and approvals.
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.
31 Jan 2013quarterly activities report▼ Bad
Cash fell to A$5.05m at 31 December from A$8.57m, after A$3.55m of operating and investing outflows; no debt and no capital raised. Next-quarter outflow is estimated at A$3.253m, so cash is thinning and a raise looks likely (inference).
31 Jan 2013quarterly activities report● Neutral
December quarter: Bigham 1H is producing about 200 bbl/d oil and 400 Mcf/d with no decline yet; the next Eagle Ford phase, testing the lower Eagle Ford, is expected from March. Cooper frac, flow test and PEL 96 drilling planned for 2013; Palta still drilling. Revenue rose 20% to A$1.167m.
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 2012agm notice● Neutral
All four AGM resolutions passed on a show of hands, including the remuneration report and re-election of Tim Clifton and Tim Goyder. Administrative.
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.
