Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2025drilling scheduled● Neutral
Operator Triangle says the Becos-1 rig arrives in the first week of April, with spud the following week, a few days later than the end-March target. Pad complete. Target unchanged: best case 5 MMbbl, 20% chance; Strike holds 25%.
11 Mar 2025investor presentation● Neutral
Acting CEO Jill Hoffmann's presentation at the Euroz Hartleys Rottnest Conference. Only the disclaimer is readable; no new information is shown.
27 Feb 2025half year report● Neutral
Half-year financial report to 31 December 2024: the readable text is the contents page, reserves notices and disclaimers. Financial figures appear in the separate results summary. Says Erregulla Deep resource estimates are unchanged pending 3D Natta seismic planned for Q1 CY2025.
27 Feb 2025half year report● Neutral
Half-year revenue was $35.8m (vs $8.1m), but underlying loss after tax was $15.5m versus a $11.0m profit, mainly from higher depreciation ($21m) and a one-off prior-year tax benefit. Operating cash flow was $19.9m; cash $33.1m; production cost $0.63/GJ.
30 Jan 2025debt financing▲ GoodMajor
Macquarie gave credit approval for $162m of committed funding within the $217m package, resolving the November approval pending. It includes $113m term debt to refinance existing debt and fund South Erregulla, plus $49m for engines. The remaining $55m needs further approval.
29 Jan 2025other● Neutral
Notice of a webinar on the December 2024 quarterly report, due 31 January 2025, hosted by Acting CEO Jill Hoffmann. Administrative; no business substance. Confirms Hoffmann is Acting CEO.
16 Jan 2025director officer appointment● NeutralMajor
Text not readable. Title indicates a CEO transition and strategic review; later announcements say Stuart Nicholls departed after 8 years and Jill Hoffmann became Acting CEO while the Board runs a strategic review of the project portfolio.
30 Dec 2024drilling result▲ GoodMajor
Walyering East-1 (EP447, 100%) logged a potential gas discovery: at least 13.4m net gas pay in the D-Sands, 16% maximum porosity. The A to C Sands were not worth testing, and the well was deepened to 3,858m. No gas samples were obtained, so a production test must confirm a discovery.
20 Dec 2024drilling progress report● Neutral
Walyering East-1 reached total depth of 3,771m, drilling through the primary A to D Sands. Mud log observations justify a logging and evaluation program of up to a week; no result yet, with the forward program to follow.
20 Dec 2024other● Neutral
Strike launched an interactive Investor Hub replacing its website, hosting announcements and letting shareholders ask questions. Administrative; no business substance.
16 Dec 2024drilling progress report● Neutral
Triangle says the Becos-1 well pad will be finished by end December. Drilling is still expected from end March 2025, after the rig completes other workovers. Target and odds unchanged: best case 5 MMbbl, 20% chance. Strike holds 25%.
4 Dec 2024drilling spud● Neutral
Strike spudded the Walyering East-1 exploration well in EP447 (100%), about 5 km north-west of the producing Walyering field. It targets the A to D Sands, the same Cattamarra Formation reservoirs as producing Walyering wells. This was the planned end-2024 well.
28 Nov 2024drilling result▲ GoodMajor
Strike took an unconditional FID on the 85 MW South Erregulla peaking gas power station, with $137m budgeted cost and commissioning before October 2026. Modelled pre-tax NPV is $250m, IRR 27%, with utilisation raised from 18.8% to at least 30%.
28 Nov 2024annual report● Neutral
Strike released its FY2024 Sustainability Report, its third. The readable text is a cover, contents and disclaimers covering the year to 30 June 2024; no new business information.
28 Nov 2024investor presentation● Neutral
At the AGM, the Chair reviewed the year: Walyering online in 21 months, payback by May 2024, and the South Erregulla peaking plant FID. He called the earlier South Erregulla 2 and 3 flow-test result a significant disappointment. Repeats known facts.
27 Nov 2024debt financing▲ GoodMajor
Macquarie approved a first $60m tranche for South Erregulla procurement and gave terms to lift the funding package from $153m to $217m, adding a $64m 7-year equipment lease. The lease is uncommitted until credit approval, expected within a month.
8 Nov 2024investor presentation● Neutral
Strike's November 2024 Macquarie WA Forum presentation. Only the disclaimer is readable; no new information is shown.
5 Nov 2024drilling scheduled● Neutral
Triangle signed Silver City Rig 24 for Becos-1 in EP437 (Strike 25%), resolving the rig question. Drilling is expected to start end March 2025 after workovers. Target 1-21 MMbbl, best 5 MMbbl, 20% chance of success (earlier noted as 25%).
4 Nov 2024investor presentation● Neutral
Responding to Hancock's up to $1.13bn purchase of Mineral Resources' Perth Basin gas assets, Strike says it trades at just under $1/GJ of certified 2P+2C, over 50% below Hancock's ~$2/GJ. Says South Erregulla power station utilisation may exceed the 18.8% forecast.
28 Oct 2024regulatory community update▲ GoodMajor
The federal environment department approved the West Erregulla upstream development under the EPBC Act. Strike calls it the last key environmental approval needed by the JV (Strike 50%, operator) and gas plant provider AGIG, clearing the way toward the targeted FID.
21 Oct 2024flow test result▲ GoodMajor
Erregulla Deep-1 flowed Kingia gas at a stabilised 53 mmscfd (max 60) at 5,515 psi, limited by equipment; absolute open flow estimated at 400-450 mmscfd. CO2 ~4%, no sand or water. High Cliff test was inhibited. Well suspended as a future West Erregulla producer.
21 Oct 2024other● Neutral
Notice that Strike will release its September 2024 quarterly report on 24 October 2024, with a CEO webinar at 9:00am AWST. Administrative notice with no substance.
1 Oct 2024flow test result▲ Good
Flow testing began at Erregulla Deep-1, the deep discovery well, with very high-pressure gas flows to surface from the Kingia during clean-up. The full program, including High Cliff, should take up to four weeks. Strike calls early observations preliminary.
1 Oct 2024regulatory community update▲ GoodMajor
AEMO awarded South Erregulla the full 85 MW capacity credits and requested Network Access Quantity, and set the 2026 capacity price at $216,092/MW a year, over $18m in the first year. This resolves the October NAQ condition ahead of the November 2024 FID, which still needs Macquarie close and contracts.
30 Sept 2024annual report● Neutral
Strike's 2024 Corporate Governance Statement, current at 30 September 2024, says it complied with ASX recommendations unless otherwise stated. Routine annual disclosure with no new business information.
30 Sept 2024regulatory community update▲ Good
Triangle says the Becos-1 environment plan is approved in EP437 (Strike 25% JV partner). The oil target has a 5 MMbbl gross best estimate, 25% chance of success. A rig is still to be secured, with a decision expected within weeks.
30 Sept 2024annual report● Neutral
Strike released its 2024 Annual Report covering the year to 30 June 2024. The extract shown is mainly contents and notices; it notes the South Erregulla power project still depends on Macquarie financial close, procurement contracts and approvals. No new figures in the readable text.
30 Sept 2024annual report▲ Good
Strike reported FY24 sales revenue of $45.6m and $85.5m liquidity (~$39m cash, ~$47m undrawn debt). Walyering produced ~7 PJe gross in its first year. Management says it will now fold the 20% export option into its gas strategy.
30 Sept 2024admin correction● Neutral
Appendix 4G, a corporate governance checklist for the year to 30 June 2024, signed by Justin Ferravant. It points to the governance statement on the website. Administrative filing with no new substance.
23 Sept 2024resource reserve update▼ BadMajor
RISC certified Walyering at 57 PJe of 2P Reserves plus 2C Resources, down from 58 PJe 2P and 34 PJe 2C in 2022. 2P Reserves fell to 41 PJe after seismic reprocessing and Walyering-5/6 revisions, and the Walyering-7 tie-in was on track for end September.
