Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Jan 2010price query● Neutral
ASX queried a share price rise from 26.5 to 32.5 cents and higher volume. Strike said it knew of no undisclosed information, pointing to the December acreage and Cadlao announcements, and confirmed listing rule compliance.
16 Dec 2009asset acquisition disposition▲ GoodMajor
Strike secured an option to buy Blade Petroleum, holding the Philippines Cadlao oilfield (2P reserves 6.3m barrels, first oil targeted Q4 2010). Price is up to A$20m: 33⅓m shares at A$0.30 (A$10m) plus up to A$10m performance payments. Option expires 31 January 2010. New oil-weighted strategy.
15 Dec 2009asset acquisition disposition▲ GoodMajor
Strike won new permit CO2009-D (100%) and bought Magellan's interests in PEL 94 (35%), PEL 95 (50%) and the Aldinga oilfield PPL 210 (50%, 15 bbl/d) for A$1.3m. Southern Cooper acreage rises from 10,000 to 17,600 sq km; PEL 96 drilling still due January 2010.
4 Dec 2009admin correction● Neutral
The company formally changed its name from Strike Oil Limited to Strike Energy Limited, following shareholder approval at the 17 November 2009 AGM. It still trades under the code STX. Administrative only.
24 Nov 2009farm in farm out agreement▲ GoodMajor
Strike signed a second US Gulf Coast joint venture with Houston-based Texana Resources Partners, earning at least 12% in the first Louisiana well (December 2009). Production is back to 700 boe/d net. Eaglewood drilling resumes January/February 2010 (30%). Up to 10 US wells are possible in 2010.
17 Nov 2009agm notice● Neutral
All four AGM resolutions passed on a show of hands, including the remuneration report, re-election of David Wrench, options for Simon Ashton and the change of name to Strike Energy.
17 Nov 2009agm notice● Neutral
AGM chairman's address and presentation. Says four US wells are planned by June 2010, a 3-well PEL 96 program starts within two months, and Baniyas is to be drilled in 2010. It proposes renaming the company Strike Energy. Mostly restates known plans.
5 Nov 2009investor presentation● Neutral
Investor briefing presentation. Shows 328.6m shares at A$0.24 (market cap A$78.8m), cash and investments A$16.0m, and debt A$6.0m. Four US wells by June 2010. Largely repeats known facts.
28 Oct 2009quarterly activities report● Neutral
September quarter: 63,047 boe produced, A$3.9m revenue, 66% margin, EBITDAX A$2.1m after the September cutback. Cash and investments A$16.0m, debt US$5.3m. PEL 96 drilling is now January 2010; Eaglewood drilling resumes December, with 3-4 wells by June 2010.
23 Oct 2009production update● Neutral
US production is being restored to full capacity after gas prices rebounded about 150% from the September low; Strike's share was 710 boe/d before the cutback. A rig is being secured for PEL 96, so drilling slips to January 2010 from late 2009. US drilling is planned for December.
30 Sept 2009annual report● Neutral
Audited FY2009 annual report. Confirms A$10.2m net profit, A$24.8m EBITDAX, A$13.3m cash and 17% gas reserve growth. It also notes the independently confirmed PEL 96 resource (7,000-19,000 PJ gas-in-place) and Baniyas potential of 9-47 million boe. Repeats the August results.
17 Sept 2009production update● Neutral
Rayburn and Mesquite output was cut back until about 25 September for maintenance, and might stay reduced, possibly for the quarter, to defer gas to higher futures prices (up to A$1.5m of revenue deferred). US drilling was set to restart in November, the bank loan had a repayments holiday to June 2010, and PEL 96 drilling was expected late November/early December.
1 Sept 2009investor presentation● Neutral
Good Oil Conference presentation. Shows 328.6m shares at A$0.27 (market cap A$88.6m), cash and investments A$15.7m, debt US$5.3m, and drilling from November 2009. Largely repeats known facts; the share price is up from A$0.185 in June.
31 Aug 2009annual report▲ GoodMajor
Unaudited FY2009 results: revenue A$41.2m, net profit A$10.2m, oil and gas revenue up 128% to A$36.4m, 60% gross margin, A$13.3m cash. A put option secures a minimum US$3.00/Mcf to June 2010. US drilling starts November 2009, PEL 96 drilling by year-end.
27 Aug 2009resource reserve update▲ GoodMajor
Independent review by MBA confirms PEL 96 prospective CSG resource: best estimate 3,712 PJ, high 9,281 PJ gross (Strike share 2,475-6,188 PJ). Drilling tenders are out, three wells planned Nov/Dec 2009 subject to approval. Key gas content and permeability are still untested.
17 Aug 2009investor presentation● Neutral
Presentation by the MD at the South Australia Future Energy Conference, centred on the Southern Cooper CSG project (Strike 66⅔%, operator) and the FuturGas coal-to-liquids project. Largely repeats known facts; the 8,000-20,000 PJ gross resource figure is the one already claimed.
31 July 2009quarterly activities report▲ Good
June quarter: 930 boe/d, A$4.4m revenue, 69% margin; full-year revenue A$41.1m. Ultimate recovery from Rayburn and Mesquite up 17%. Cash A$13.3m, debt US$5.3m. Three US wells planned for final quarter 2009 and PEL 96 drilling in the same period.
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.
29 Apr 2009quarterly activities report● Neutral
March quarter: output over 1,100 boe/d, A$7.1m revenue, 55% margin; cash A$12.8m, debt US$6.3m. Drilling is deferred to late 2009 for cheaper rigs, reversing the April/May restart. Independent estimate raised ultimate recovery 11%, but remaining probable reserves dropped.
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.
