Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2010quarterly activities report● Neutral
March quarter: Strike's net production averaged about 536 boe/d, with volumes down 9.4% on natural decline. Oil and gas revenue was A$4.1m, EBITDAX A$2.5m and cash and listed investments A$11.1m. The remaining Comet Ridge shares were sold for A$1.1m, and CSG core hole drilling was scheduled for mid-year.
29 Apr 2010drilling spud▲ Good
Muegge 1 (Homestead prospect, Strike 30%) began drilling on 28 April, to 14,000 feet in about 45 days. Starnes 1 is due in early May. Flow testing of the Louise discovery well is due to start, with all test gas sold.
20 Apr 2010investor presentation● Neutral
Company presentation by the COO at a Sydney conference. The capital structure slide shows 328.6m shares, 27.5c price, A$90.4m market cap, and A$11.1m cash and investments at 31 March. It mostly repeats known facts.
16 Apr 2010drilling progress report● Neutral
The rig for Muegge 1 on the Homestead prospect has been mobilised and is rigging up after truck delays. Spud is expected before the end of April. It is the first of the three-well, 350 Bcf program.
8 Apr 2010drilling scheduled▲ GoodMajor
Eaglewood JV (Strike 30%) has contracted two rigs for a three-well Texas program (Homestead, Pathfinder, Deerslayer) targeting up to 350 Bcf, about 100 Bcf to Strike's share. First drilling starts within a week. Louise production facilities near completion.
26 Mar 2010investor presentation● Neutral
Presentation on Strike's Southern Cooper Basin activities at an Adelaide symposium. It cites PEL 96 prospective gas of 3,700-9,300 PJ and over 17,000 sq km of acreage. It largely repeats known facts rather than giving new results.
23 Mar 2010drilling scheduled▼ Bad
Floodwater cut the Strzelecki Track, delaying the PEL 96 coal seam gas corehole program, planned for early April, by at least two months. No drilling equipment had been mobilised. This is another delay after the earlier January and February slips.
10 Mar 2010material agreement termination▼ BadMajor
Strike ended its Cadlao oilfield pursuit: mutually acceptable farm-in terms could not be agreed with Blade Petroleum. This resolves the thread that began with the December option. Strike will keep looking for new opportunities and focus on its US and Cooper assets.
9 Mar 2010half year report▲ Good
Half-year to 31 Dec 2009: net profit A$364,000, EBITDAX A$3.1m, cash A$13.1m. Production returned to full strength in November after low-gas-price cutbacks, about 700 boe/d. Gardner Duncan 1 is being tied in; up to 10 US wells planned.
1 Mar 2010asset acquisition disposition● NeutralMajor
Strike will not exercise its option to buy Blade Petroleum (Cadlao oilfield), preferring to pursue a farm-in; talks with Blade continue. This ends the proposed A$20m acquisition. Gardner Duncan 1 is cased with gas sales expected in 4-6 weeks. PEL 96 drilling delayed again by flooding.
19 Feb 2010drilling result▲ GoodMajor
Strike reports a significant gas discovery at Gardner Duncan 1 (30% interest), with gas pay from logs. Testing to confirm commerciality takes 4-6 weeks. The company says its share could double reserves; a 100 Bcf Wilcox prospect is next, offsetting the Louisiana dry hole.
17 Feb 2010drilling progress report● Neutral
Gardner Duncan 1 reached 10,433 feet with gas shows in the Wilcox Formation; logging will decide whether to test it. PEL 96 CSG drilling is delayed a further 4-6 weeks by flooding. Cadlao decision due by 28 February.
4 Feb 2010admin correction● Neutral
Correction to the earlier release: the Gardner Duncan 1 spud date is 2 February 2010, not 2 January. Nothing else changed.
4 Feb 2010drilling spud▲ GoodMajor
Gardner Duncan 1 on the Louise Prospect (Eaglewood JV, Texas, Strike 30%) spudded, targeting 30 Bcf to 10,300 feet under a turn-key contract that limits cost overruns. Success could double Strike's reserves. Spud date was later corrected.
1 Feb 2010drilling result▼ BadMajor
The Driskill Land Co 1 well in Louisiana reached 8,962 feet and found no commercial hydrocarbons, so it is being plugged and abandoned. The Eaglewood JV's Gardner Duncan 1 well in Texas, with Strike at 30%, is due to spud within days.
29 Jan 2010quarterly activities report● Neutral
December quarter: about 700 boe/d from ten wells, EBITDAX A$0.9m, cash and investments A$14.4m, debt US$5.3m. PEL 96 drilling delayed to February by rain; Cadlao option extended to 28 February. Routine update of known plans.
29 Jan 2010quarterly activities report● Neutral
Appendix 5B cash flow statement for the December quarter: cash ended at A$13.1m, down from A$14.6m after a net outflow of A$1.5m. No new capital raised. Planned spending next quarter is A$6.9m. Debt facility A$5.9m fully drawn.
27 Jan 2010material agreement● Neutral
Strike extended its option over the Cadlao oilfield acquisition from 31 January to 28 February 2010 to finish due diligence. This continues the December option and delays the decision by a month.
18 Jan 2010drilling progress report● Neutral
Driskill well spudded 15 January and is drilling. Two Eaglewood wells (30%, 30 Bcf and 100 Bcf prospects) are being prepared. Production is 700 boe/d. PEL 96 drilling slips from January to mid-February because Queensland rains delay the rig. Cadlao due diligence continues.
12 Jan 2010drilling spud● Neutral
The Driskill Land Co 1 well in the new Texana Bateman Lake JV, Louisiana, is about to spud, targeting 15-25 Bcf to 8,933 feet. Strike pays 17.5% of dry-hole cost (about US$153,000) to earn at least 12.6%. Up to 10 US wells are planned for 2010.
