19 Nov 2010drilling progress report● Neutral
Wireline logging and evaluation of the gas shows at Steindorf 1 continue, expected to finish in 1-2 days, before deciding whether to complete the well for production testing. Same timing as 16 November.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2010investor presentation● Neutral
AGM address by new chairman Tim Clifton: US production is performing well and Louise nearly doubled reserves, but the share price has not reflected it. Forge 1 results are called inconclusive, and a drilling program is a top priority. Steindorf 1 is under evaluation.
16 Nov 2010drilling result▲ Good
Steindorf 1 reached 14,800 feet, deeper than planned, with encouraging gas shows in the main Wilcox target. Wireline logging comes next, then a decision on production testing. Not yet a declared discovery.
10 Nov 2010drilling progress report● Neutral
Steindorf 1 is drilling ahead at 13,582 feet, slower than expected, with the target expected within seven days. No new result.
3 Nov 2010drilling progress report● Neutral
Steindorf 1 is drilling ahead at 12,608 feet after setting the liner, with the 14,500-foot target expected in 7-10 days. No new result.
28 Oct 2010drilling result▲ GoodMajor
Lab tests on Forge 1 coals show gas of about 40 scf/ton, even in weathered coal, which the company says points to better gas in deeper coals. Next Southern Cooper drilling is likely delayed to first half 2011 (weather, rig availability).
27 Oct 2010drilling progress report● Neutral
Liner setting at 11,450 feet at Steindorf 1 is well underway, with the 14,500-foot target still said to be within two weeks, the same timing as last week. No new result.
20 Oct 2010drilling progress report● Neutral
Steindorf 1 is setting a liner at 11,450 feet before drilling to the 14,500-foot objective, expected within two weeks. No new result.
13 Oct 2010drilling progress report● Neutral
Steindorf 1 is drilling ahead at 10,830 feet after setting casing at 10,100 feet, and is expected to reach the target zone in two to three weeks. No new result.
6 Oct 2010drilling progress report● Neutral
Steindorf 1 is setting casing at 10,100 feet, on schedule to reach the target zone in three to four weeks. No new result.
29 Sept 2010annual report● Neutral
FY2010 annual report: oil and gas sales A$14.4m (down 61%), EBITDAX A$7.6m, net loss A$6.1m, cash A$8.1m, debt A$5.5m. 2P reserves 15.3 Bcfe (up 67%). Forge 1 penetrated 21m of gassy coal; Baniyas interest stated at 61.5%. AGM set for 17 Nov.
29 Sept 2010drilling progress report● Neutral
Steindorf 1 (Deerslayer, Strike 30%) is drilling ahead at 7,620 feet toward 14,500 feet, about 40 days total. Success could give a five-fold rise in US reserves. Weekly updates promised. Spud date given as 15 September, versus 16 September earlier.
23 Sept 2010resource reserve update▲ GoodMajor
Net 2P reserves at the Rayburn, Mesquite and Louise fields rose 77% to 13.22 Bcf gas and 0.21 MMbbl condensate at 30 June 2010, mostly from the Louise discovery. 1P rose 62% to 12.11 Bcf. An independent report is due in the December quarter.
21 Sept 2010drilling spud● NeutralMajor
Steindorf 1 on the 200 Bcf Deerslayer prospect (Strike 30%) spudded 16 September and was at 2,357 feet. Planned depth is 14,500 feet, about 40 days. It is the third well of the 350 Bcf program after Starnes dry and Muegge suspended.
15 Sept 2010drilling scheduled● Neutral
Drilling is due to start this week on Steindorf 1 at the Deerslayer prospect (Strike 30%), Live Oak County, to 14,000 feet in about 40 days. It targets 200 Bcf of prospective gas, potentially a 5 to 10 fold rise in Strike's reserves.
8 Sept 2010investor presentation● Neutral
Good Oil Conference presentation. Shows 328.6m shares at 19c (market cap A$62.4m), cash A$4.6m, debt A$5.4m as at 6 September. Share price has fallen from 27.5c in April. Says a reserves update is due by the December quarter. Mostly repeats known projects.
3 Sept 2010investor presentation● Neutral
Managing Director interview recapping the four business areas. Gulf Coast production is 25 MMcfd equivalent gross; Steindorf 1 is due to spud in September. Forge 1 was suspended after penetrating 20% of target coals, and a new rig is being sourced. Baniyas is to be drilled in 2011.
19 Aug 2010director officer appointment● NeutralMajor
Chairman Jeff Schneider, a director since before the 2004 listing, stood down on 19 August 2010. Tim Clifton becomes non-executive chairman. Substantial shareholder Timothy Goyder joins as non-executive director.
2 Aug 2010admin correction● Neutral
Amended Appendix 5B for the June quarter, adding the previously missing next-quarter production and administration cash outflow lines. Estimated total outflow is A$7.5m, up from A$5.4m. Reported cash of A$8.1m is unchanged.
26 July 2010drilling result● NeutralMajor
Forge 1 has been suspended at 1,351m, before reaching the deeper Patchawarra coals, so drilling can resume later with different equipment. The 15m Epsilon coal is called promising. A rig for the next stage is not yet confirmed. Texas drilling to resume this quarter.
16 July 2010drilling result▼ BadMajor
Muegge 1 reached 13,650 feet with gas shows in the Wilcox, but log interpretation is inconclusive and the well is suspended pending evaluation. Not a declared discovery. Steindorf 1 timing is undecided but still expected this quarter.
15 July 2010drilling result▲ GoodMajor
Forge 1, Strike's first Cooper Basin coal seam gas well (PEL 96, 66.7%), cored a 15-metre gassy coal seam at 1,311-1,326m. Gas was seen in mud logs and core, an early encouraging sign for the 3,700-9,300 PJ prospective estimate. Deeper coals remain untested.
7 July 2010drilling progress report● Neutral
Muegge 1 (Strike 30%) is drilling again at 12,740 feet after mechanical delays, with total depth expected within ten days. Steindorf 1 may be delayed while the operator reviews it. Forge 1 has drilled to 765m, heading for 1,505m.
30 June 2010joint venture update● Neutral
Partner Energy World (via Australian Gasfields, 33.3% of PEL 96) welcomed the start of Forge 1 drilling and repeated Strike's 3,700-9,300 PJ estimate. It adds no new results.
29 June 2010drilling spud▲ GoodMajor
Maiden CSG drilling began at PEL 96 with the Forge 1 spud on 28 June, after months of flood delays. Strike (66.7%) targets 3,700-9,300 PJ of prospective gas, starting with two to four wells of up to 1,600m.
17 June 2010drilling result▼ BadMajor
Starnes 1 reached 13,030 feet with gas shows but no commercial pay; it is being plugged and abandoned. This is the program's first dry hole. Muegge 1 is delayed by mechanical problems, with total depth now expected late June to early August.
2 June 2010flow test result▲ GoodMajor
Gardner Duncan 1 tested at 3.7 MMcf/d gas, 111 bbl/d condensate and 80 bbl/d water gross, at the upper end of expectations. Strike's 30% lifts its production by 25% to about 600 boe/d, with no fracture stimulation needed.
20 May 2010drilling spud▲ Good
Starnes 1 (Pathfinder prospect, Live Oak County, Strike 30%) spudded 15 May, the second well of the 350 Bcf program. Muegge 1 is at 7,760 feet. Louise continues to flow to sales at commercial rates.
13 May 2010director officer appointment● Neutral
Derrick O'Keeffe, Chief Operating Officer since November 2009, was appointed an executive director responsible for operations, effective 13 May 2010. The board grows from four to five directors.
10 May 2010production update▲ GoodMajor
Gardner Duncan 1 on the Louise prospect (Strike 30%) is flowing to sales at commercial rates, expected at 2-5 MMcf/d like adjacent wells. Muegge 1 is at 7,740 feet; Starnes 1 due to start within a week.