Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2009quarterly activities report● Neutral
Appendix 5B for the December quarter: receipts A$14.6m, cash A$14.5m (from A$11.1m) and loans fully drawn at A$8.6m. Next quarter's outlays are estimated at A$3.9m. Payments to directors of A$613k include termination payments to resigned directors.
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.
18 Nov 2008agm notice● Neutral
All seven AGM resolutions passed on a show of hands, including re-election of Clifton, Schneider and Gunzburg, options to Ashton and Durrant, and renewed partial takeover provisions. This closes the AGM thread from the October notice.
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.
29 Oct 2008quarterly activities report▲ Good
September quarter oil and gas revenue was A$12m, up 35%. Net gas output rose 34% to 719 mmcf and condensate rose 30%. FuturGas coal-to-liquids reached pre-feasibility, and RBC Capital Markets is seeking a cornerstone investor. Flint and Tumbleweed exploration wells are planned.
29 Oct 2008quarterly activities report▲ Good
Appendix 5B: September quarter receipts were A$12.05m and cash rose to A$11.08m from A$8.4m. A$7.5m of the A$12.5m loan facility is drawn. Next quarter's outlays are estimated at A$8.0m. The EP 341 Carnarvon permit (10%) was surrendered.
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.
17 Oct 2008agm notice● Neutral
Notice of the 18 November 2008 AGM. Items include the remuneration report, re-election of Clifton, Schneider and Gunzburg, options to Simon Ashton (1.5m) and James Durrant (0.5m) at 30c, and renewed partial takeover provisions.
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.
3 Sept 2008investor presentation● Neutral
Presentation at the Good Oil Conference repeats known facts: net output 10.7 mmcf/d, FY09 revenue target A$50-55m, and Rayburn and Flint prospects. It adds cash of A$7.0m at 31 July and 1,000 bcf prospective Gulf Coast resource, about 30% net to Strike.
1 Sept 2008flow test result▲ GoodMajor
Gilbert Freeman 2 tested at 8.976 mmcf/d gas and 245 bpd condensate, lifting Rayburn output about 25%. Gross Gulf Coast production is now 46.5 mmcf/d and 1,175 bpd; Strike's net share is 10.7 mmcf/d and 270 bpd. Revenue forecast stays above A$4m a month. This resolves the Gilbert Freeman 2 thread.
26 Aug 2008drilling result▼ BadMajor
Logs at Hlavinka Gas Unit 1-1 show gas in multiple Wilcox sands, but interpreted as poorer quality than earlier Rayburn wells. Partners deferred choosing test zones and plugged the well for later re-entry. Commerciality is unproven. Gilbert Freeman 3 testing is due early September.
21 Aug 2008drilling progress report● Neutral
Hlavinka Gas Unit 1-1 reached its 12,200 ft target depth and is preparing wireline logs to assess gas shows in the Wilcox. Gilbert Freeman 2 is testing at substantial rates. Duncan 4, the ninth Rayburn well, follows next.
14 Aug 2008drilling progress report● Neutral
Gilbert Freeman 2 testing continues in line with expectations while the well cleans up. Hlavinka Gas Unit 1-1 has a liner set and is drilling at 8,230 ft, with the objective section 1-2 weeks away. Rayburn production targets are being maintained.
13 Aug 2008director officer appointment● Neutral
Tim Clifton joins the board as a non-executive director. He chaired Strike before its June 2004 listing, is a substantial shareholder, and has over 40 years of mining experience, including as managing director of Perilya.
7 Aug 2008well test result▲ Good
Gilbert Freeman 2 testing began 4 August, with early results comparable to other Rayburn wells. Stabilised flow rates are likely to be reported next month. Hlavinka Gas Unit 1-1 restored circulation and is drilling at 7,395 ft.
