Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2009investor presentation● Neutral
Updated corporate presentation adding commentary on PEL 96. Shows 328.6m shares at A$0.185 (market cap A$61m), cash and investments A$15.8m, debt US$6.3m, and US output of 970 boe/d. Largely repeats known facts.
2 June 2009other● Neutral
Energy World, partner Australian Gasfields' parent, re-lodged Strike's 29 May announcement about the Comet Ridge share sale funding PEL 96 exploration. Cover note only, no new information.
29 May 2009asset acquisition disposition▲ GoodMajor
Strike sold 5.75 million Comet Ridge shares for A$2.6m, a A$1.4m profit, to fund its share of the PEL 96 drilling. Its holding falls from 8.75m to 3.0m shares, so the Comet Ridge stake is largely realised. Drilling awaits approvals and a rig.
13 May 2009asset acquisition disposition▲ GoodMajor
Strike granted coal seam gas licence PEL 96 in South Australia's Southern Cooper Basin, 66.7% and operator, with Australian Gasfields 33.3%. It covers 4,050 km2 with 8-20 Tcf prospective resource. Drilling approvals are targeted for the September quarter. Resolves the long native title delay.
13 May 2009other● Neutral
Strike Oil announced it had been granted petroleum exploration licence PEL 96 in the Southern Cooper area of South Australia, holding 66.7% as operator with Australian Gasfields on 33.3%. It estimated 8-20 Tcf of prospective CSG resource and planned to seek approvals to start drilling in the September quarter.
16 Apr 2009investor presentation● Neutral
Open briefing on coal seam gas interests. The MD says there are no immediate plans for the Comet Ridge stake, and that Southern Cooper (PELA 96, 66.66% operated) permit is expected within two months, with 8-20 Tcf prospective resource claimed. Mostly restates known facts.
6 Apr 2009resource reserve update▲ GoodMajor
Backs the presentation's Kingston lignite figure with a JORC resource of 578.3 million tonnes (523.5Mt Measured, 54.8Mt Indicated) in South Australia. This is the FuturGas coal-to-liquids deposit, whose work had been delayed pending a partner.
6 Apr 2009investor presentation● Neutral
Presentation at the Excellence in Oil and Gas conference. It restates US production of about 1,100 boe/d, 9.6 Bcfe net proved reserves, and 328.6m shares at A$0.12 (market cap A$39.4m). Debt is shown as US$6.3m. Largely repeats known facts.
13 Mar 2009half year report▲ Good
Media release on half-year to December 2008: A$25m sales, gross profit up 70% to A$15.2m, net profit A$2.8m after write-downs. Confirms the shift from long-term Australian projects to US growth. Cash A$14.5m, debt A$8.6m. Repeats the half-year report already lodged.
13 Mar 2009half year report● Neutral
Half-year to December 2008: oil and gas sales were A$25m, with a 60% gross margin. Gross profit was A$15.2m, up 70%. The report confirms a strategy shift away from long-term Australian projects toward US growth. Borrowings are A$8.6m.
4 Mar 2009admin correction● Neutral
Strike's phone and fax numbers change from 9 March 2009 because its telecommunications provider ceased operations in Western Australia. Address, email and website are unchanged. Administrative notice only.
29 Jan 2009quarterly activities report● NeutralMajor
December quarter revenue was A$13m, up 8%, with gas output up 55%. Cash was A$14.5m and A$8.6m of debt remains. The company is cutting staff and overheads, focusing almost solely on the Gulf Coast, delaying FuturGas pre-feasibility work and seeking partners for Carnarvon and Cooper.
22 Jan 2009drilling result▼ BadMajor
The Tumbleweed well, Hart Estate Gas Unit 1-1, reached 12,100 ft. It found gas but low permeability, so it is unlikely to flow commercially and is temporarily abandoned. Strike's net output is 9.6 mmcf/d and 215 bpd. A Duncan Ansley shallow zone is selling 0.5 mmcf/d.
16 Jan 2009drilling progress report● Neutral
Tumbleweed well Hart Estate Gas Unit 1-1 has set its liner at 10,652 ft and is drilling toward the objective section, expected within a week. Planned total depth is 12,200 ft; Strike holds 30%.
23 Dec 2008drilling spud● NeutralMajor
Tumbleweed well Hart Estate Gas Unit 1-1 spudded 19 December to test 40 Bcf (Strike 30%). Gilbert Freeman 3's shallowest zone flowed 1.5 mmcf/d. Because of lower prices, some Gulf Coast drilling is deferred, with a pause after Tumbleweed until April/May 2009.
16 Dec 2008director officer appointment▼ BadMajor
Technical Director Jim Durrant, a founder since 1997, and non-executive director Peter Gunzburg resigned from the board. The Technical Director role is abolished, as part of cost cutting and the sharper focus on non-operated US Gulf Coast interests. Further cost reductions are under consideration.
3 Dec 2008drilling result▼ Bad
Gilbert Freeman 4, a shallow Rayburn well, reached 4,825 ft but its target sand was poorly developed and unlikely to flow commercially, so it was abandoned. Gilbert Freeman 3 final test rate is now due January 2009. Tumbleweed is pushed to late December.
25 Nov 2008drilling result▼ BadMajor
Duncan Ansley Gas Unit 1-1 reached 12,200 ft with no commercial pay in the Wilcox, the third weak Rayburn appraisal well. A shallower gas zone will be flow tested. The MD says proved reserves may be affected by around 10%. Production is 46 mmcf/d.
18 Nov 2008investor presentation● NeutralMajor
The chairman's AGM address says the company will focus its funds on the US Gulf Coast, contain discretionary spending, and seek to limit its own funding of Hybrid Energy, Carnarvon and Cooper. It notes revenue of about A$4m a month and the low share price.
12 Nov 2008resource reserve update▲ GoodMajor
Independent review puts Rayburn and Mesquite proved plus probable reserves at 86.2 Bcfe (19.3 Bcfe net to Strike) at 30 June 2008. Unrisked prospective gas resource is 870 Bcf (240 Bcf net). This follows the reserves report promised since October.
5 Nov 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 has set its liner at 8,065 ft and is preparing to drill ahead to the Wilcox, with total depth of 12,200 ft expected in 1-2 weeks. The first Rayburn shallow well is due within two weeks; Strike holds 22.8%.
30 Oct 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 is drilling at 7,848 ft. The operator proposes a shallow drilling and completion programme from early November, because shallow gas pays above the Wilcox in several wells appear commercial. The reserves report is expected next week.
22 Oct 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 reached its intermediate casing point of 7,162 ft and is preparing to run 9 5/8 inch casing. Total depth of 12,200 ft is still 2-3 weeks away.
16 Oct 2008drilling progress report● Neutral
Duncan Ansley Gas Unit 1-1 was at 7,087 ft on 15 October and preparing to drill ahead with a new bit. Total depth of 12,200 ft is expected in another 2-3 weeks.
9 Oct 2008drilling spud● NeutralMajor
Duncan Ansley Gas Unit 1-1, the tenth Rayburn well, spudded 7 October. A 12-month drilling programme follows, with exploration wells from November: Tumbleweed (40 bcf, 30%) then Flint (50 bcf, 35%). Revenue is still above A$4m a month; a reserves report is due.
1 Oct 2008annual report● Neutral
The 2008 annual report was lodged, covering governance, directors' and remuneration reports, audited financial statements and shareholder information. The extract provided does not show financial figures, so no new numbers are reported here.
1 Oct 2008drilling result▼ BadMajor
Duncan 4 reached 12,250 ft but the Wilcox sands were poor quality and unlikely commercial, so the lower section was abandoned untested. It is the second weak Rayburn appraisal well after Hlavinka. The rig moves to Duncan Ansley Gas Unit 1-1.
24 Sept 2008drilling progress report● Neutral
Operations are back to normal after Hurricane Ike. Duncan 4 is drilling ahead at 9,815 ft toward a 12,200 ft target, Gilbert Freeman 3 testing continues, and production is at expected levels.
16 Sept 2008production update● Neutral
Hurricane Ike caused no damage to Strike's Texas facilities. Production was shut in as a precaution and has returned to pre-shut-in rates. Duncan 4 drilling, paused at 7,810 ft, and Gilbert Freeman 3 testing are resuming.
10 Sept 2008drilling spud● Neutral
Duncan 4, the ninth Rayburn well, spudded 2 September and was drilling at 7,580 ft, targeting Wilcox. Gilbert Freeman 3 flow testing has started, with gas sold. Combined gross production holds at about 46.5 mmcf/d and 1,175 bpd.
