6 May 2025director officer appointment● Neutral
CFO and Company Secretary Justin Ferravant steps down, with Tim Cooper appointed in his place. The Board says the CFO role must be based in Perth; Ferravant stays until 31 May 2025 for handover.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2025quarterly activities report● Neutral
March quarter: sales 2.33 PJe (up 3%), revenue $18.6m, cash $22.3m (down from $33.1m). Natta 3D seismic over Erregulla Deep completed (~132 km2); South Erregulla earthworks underway. Strategic review and CEO search said to be on track to finish in Q2.
24 Apr 2025other● Neutral
Notice of a webinar on the March 2025 quarterly report, to be released 28 April 2025, hosted by Acting CEO Jill Hoffmann. Administrative; no business substance.
22 Apr 2025drilling result▼ Bad
Strike confirms Becos-1 (EP437, 25%) found no commercial hydrocarbons and was plugged and abandoned, drilled ahead of schedule and within budget. This is a second dry hole in the EP437 and L7 area, after Booth-1.
22 Apr 2025drilling result▼ Bad
Echelon, the 25% partner in EP437, called Becos-1 a dry hole and said the joint venture will assess how it and Booth-1 affect the blocks' prospects. Repeats Triangle's and Strike's announcements; no new Strike information.
22 Apr 2025drilling result▼ BadMajor
Triangle reports Becos-1 reached 1,107m with no economic hydrocarbons, only a 2m low-porosity gas sand judged immoveable, and was plugged and abandoned. Strike holds 25% of EP437. This is a dry hole after Booth-1.
14 Apr 2025drilling spud● NeutralMajor
Triangle spudded Becos-1 in EP437 on 12 April 2025, resolving the timing question. Strike holds 25%. Planned depth is 1,164m, with logging expected around 20 April. Target unchanged: best case 5 MMbbl, 20% chance of success.
31 Mar 2025debt financing▲ GoodMajor
Strike signed definitive documents with Macquarie for the $217m financing package, of which $162m is committed and the rest needs further credit approval. Earthworks have started at South Erregulla for the 85 MW power station, moving the project into construction.
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.
31 Jan 2025quarterly activities report● Neutral
December quarter: sales of 2.25 PJe (down 6%), revenue $17.5m, cash $33.1m. Highlights include the South Erregulla FID and Walyering East-1's potential discovery. Nicholls has departed after 8 years; Hoffmann is Acting CEO during a Board strategic review of the project portfolio.
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 2024agm notice● Neutral
All AGM resolutions were carried, including the remuneration report (about 78% for), re-elections of Andrew Seaton and Nev Power, and performance rights for CEO Stuart Nicholls. Power's re-election drew about 30% against.
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.