Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2011asset acquisition disposition▲ GoodMajor
Strike sold its Rayburn and Mesquite US gas fields for US$21.7m net cash (US$2.63/Mcfe of 1P reserves). Debt of US$5.8m is repaid and hedges closed, leaving A$20.4m cash. Louise (30%) and Eaglewood remain, with a six-well US program proposed.
22 Dec 2010other● Neutral
Administrative notice: Strike lodged its updated Share Trading Policy, approved 20 December 2010 and effective 1 January 2011. No operational or financial substance.
7 Dec 2010drilling scheduled● Neutral
Steindorf 1 has production casing set. Testing is planned for late January, when fraccing equipment becomes available. The Deerslayer prospect is 200 Bcf prospective, Strike 30%. Follows November's encouraging logs; commerciality still unproven.
3 Dec 2010investor presentation● Neutral
Conference presentation on Strike's Southern Cooper Basin coal seam gas position (over 17,000 km2). Repeats known facts: Forge 1 suspended at 1,351m, new program planned first half 2011, potential for 5 deep wells and 20 shallow holes. No new result.
22 Nov 2010well test result▲ GoodMajor
Steindorf 1 logs and samples suggest commercial gas intervals may exist in the Wilcox target. The joint venture approved casing so the zones can be tested. Management says commercial viability is unproven. Testing timing awaits equipment.
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.
17 Nov 2010agm notice● Neutral
All resolutions passed at the 17 November AGM, including re-election of Clifton, O'Keeffe and Goyder. The remuneration report drew 15.2m proxy votes against, versus 79.7m for.
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 2010quarterly activities report● Neutral
Appendix 5B for September quarter: cash fell to A$5.8m from A$8.1m, with a net operating outflow of A$2.7m. Loan facilities of A$7.0m are available, A$6.0m used. Next-quarter outflow is estimated at A$4.8m.
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).
28 Oct 2010quarterly activities report● Neutral
September quarter: revenue A$3.2m (down 8.6%), EBITDAX A$1.6m, cash A$5.8m. Production stable at about 567 boe/d. Steindorf 1 results are due in early November. Strike will not join further Bateman Lake wells. Ben Thomas hired to run the US business.
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.
29 July 2010quarterly activities report● Neutral
Appendix 5B for June quarter: cash fell to A$8.1m from A$9.9m, with a net outflow of A$1.9m including A$1.2m from selling Comet Ridge shares. Loan facilities of A$5.66m are fully drawn. Next-quarter exploration spend is estimated at A$5.3m.
29 July 2010quarterly activities report● Neutral
June quarter: revenue A$3.5m, EBITDAX A$1.9m, cash A$8.1m. Louise lifted output to 11 producing wells, though gas prices fell to US$5.28/Mcf. Gas hedged for three years at about US$5.77-5.79/Mcf. Starnes dry, Muegge suspended, Forge 1 cored.
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.
