Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 Oct 2012quarterly activities report● Neutral
September quarter: Bigham 1H (20-stage frac, 17,700 ft, 5,150 ft lateral) began flow-back after quarter end and is still cleaning up. Eagle Ford JV now 37,445 gross acres (~10,300 net). Cooper resource upgrade to 14.3 Tcf restated. No production rates yet.
26 Oct 2012quarterly activities report▼ Bad
Cash fell to A$8.57m at 30 September from A$16.683m, after A$7.82m of operating and investing outflows; no debt and no new capital raised. Next-quarter outflow is estimated at A$6.507m. The A$10m at-call deposit is gone.
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.
24 July 2012drilling spud● Neutral
MB Clearfork Unit #16, the first Permian infill well (Strike 25%), spudded 21 July. It will log and core the Lower Clearfork Shale (OOIP 1.35 billion bbl, ~330 million net), then be completed as a conventional oil producer. Drilling expected to take 10-15 days.
18 July 2012quarterly activities report● Neutral
June quarter report: Bigham 1H, the Eagle Ford test well, spudded 17 June and was drilling at ~14,700 ft on 17 July. Cash rose to A$16.7m after the $20m raising; quarterly revenue A$1.13m, output down 4%. Davenport 1 coal now stated as 116 m net.
18 July 2012quarterly activities report● Neutral
Appendix 5B for the June quarter: cash at end A$16.683m, up from A$3.785m after A$18.9m financing receipts. No debt. Estimated next-quarter outflow is A$7.34m. Supports the quarterly report; no new events.
2 July 2012drilling progress report● Neutral
Bigham 1H was drilling at 11,478 ft on 1 July, heading to 12,200 ft vertical depth before a 5,000 ft horizontal section. Continues the Eagle Ford production test; no results yet.
29 June 2012director officer appointment● Neutral
Andrew Dimsey resigned as Company Secretary on 29 June 2012. Salina Michels has been appointed in his place. Administrative change.
25 June 2012investor presentation● Neutral
June presentation states about A$16m cash at 15 June and says commitments are fully funded. Shows lab analysis and a revised Cooper resource due in coming months, Bigham 1H drilling now. Market cap ~A$105m. Largely restates known facts.
18 June 2012other● Neutral
Notice that Bell Potter has started research coverage of Strike; the report is available on request. Bell Potter led the March placement. No new company information.
7 June 2012drilling scheduled▲ GoodMajor
Bigham 1H, the first Eagle Ford horizontal production well (Strike 27.5%), is due to spud next week, with fracture stimulation and first production expected around October. Acreage is 9,568 net. Strike cites a 25-40 Mmboe net potential resource, based on an adjacent operator's estimates.
6 June 2012joint venture update● Neutral
Beach's May drilling report confirms Davenport 1 hit exceptionally thick coal, including a 45 m seam. It was cored and suspended, and core analysis has begun. Otherwise covers Beach's other wells.
18 May 2012drilling result▲ GoodMajor
Davenport 1 reached 2,102 m and found over 110 m of net coal, including a 45 m seam, which management says is well above pre-drill expectations. Follows Marsden 1; sidetrack coring under way, then the well will be suspended for later testing. Not a flow test.
3 May 2012investor presentation● Neutral
Updated presentation shows shareholders approved the placement on 30 April, so 614.5m shares are now on issue (market cap ~A$115m). Adds a competent person statement requested by ASX. Otherwise repeats known facts.
