Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2007drilling progress report● Neutral
McGall 1 is conditioning the hole at 14,445 ft before running a liner. Logs suggest the high-gas shallow zones are non-reservoir rock, though the gas and pressure are called encouraging. Kewarra 1 (15%, ~0.7 mmbbl) is about to spud.
21 Mar 2007drilling progress report▲ Good
McGall 1 is at 14,236 ft with significant gas shows in shallower intervals above the main targets, to be assessed by logging. Strike also exercised its option for 15% of Cooper permit ATP633P; Kewarra 1 is due to spud around 25 March.
20 Mar 2007well test result● Neutral
Peltier 11-12 stays shut in. Schlumberger is modelling whether fractures were plugged, though pressure building steadily suggests oil inflow from a fracture system. Options range from cheap fixes to costly workover rig operations; Comet Ridge stops weekly reports.
16 Mar 2007half year report▲ Good
For the half to 31 Dec 2006, production revenue was A$4.825m (up 77%) and after-tax profit A$1.011m, with operating cash flow of A$2.87m. The A$4.918m entitlement issue closed after period end. Text is truncated; nothing new on wells.
14 Mar 2007drilling progress report● Neutral
McGall 1 is at 13,421 ft, with a 7-inch liner planned around 14,200 ft before the main objectives. Peltier 11-12 is shut in for a pressure build-up; Strike repeats that flow to date is low versus the logs.
13 Mar 2007well test result▼ Bad
Peltier 11-12 is producing clean new oil but at low rates, which Comet Ridge says is inconsistent with logs and raises possible plugging of fractures near the wellbore. The well is shut in for a pressure build-up; remedial options are described as inexpensive.
9 Mar 2007drilling progress report● Neutral
McGall 1 is drilling at 12,015 ft in a slightly deviated hole toward 16,500 ft. Peltier 11-12 testing continues, with bottom-hole pressure being lowered to try to start inflow. Strike's weekly reports move to Wednesdays. No new results.
6 Mar 2007well test result▼ Bad
Comet Ridge reports load oil and drilling fluid at Peltier 11-12 almost all recovered, but only minimal inflow at 400 psi. Lower pressures will be tried over the coming week. An early soft signal after the earlier encouraging shows.
2 Mar 2007drilling progress report● Neutral
McGall 1 has 9⅝-inch casing set at 11,252 ft ahead of drilling on. Peltier 11-12 is on a deliberately low-rate production test; Strike's earning at Bear River is complete, leaving it with 33.75%. No flow rates reported yet.
27 Feb 2007well test result● Neutral
Peltier 11-12 is on production test, currently recovering the oil pumped in to displace drilling fluid, run at a low rate to protect the fractures. Productivity needs a few days to assess. Earning requirements at Bear River are complete, with Strike holding 33.75%.
23 Feb 2007drilling progress report● Neutral
McGall 1 is at 11,252 ft, preparing to set 9⅝-inch casing, target 16,500 ft. At Peltier 11-12, about 10 barrels of oil collected in the mud tank while conditioning the hole; a pump is due in days. No flow rates yet.
20 Feb 2007drilling progress report● Neutral
The completion rig is set up at Peltier 11-12, with testing expected by end of week, weather permitting. Once complete, Strike and Comet Ridge each hold 33.75% of Bear River. No new results.
16 Feb 2007drilling progress report● Neutral
McGall 1 is drilling at 9,325 ft toward 16,500 ft. Coal View 31-4 fishing ended, with a spring redrill planned. A pump rig is due at Peltier 11-12. Florence seismic starts mid-to-late March. No new results.
14 Feb 2007regulatory community update▲ Good
Comet Ridge signed a crew for an 8-square-mile 3D seismic survey at Florence, Colorado, with acquisition from mid-to-late March and drilling by end-July. Strike holds 26%. The field has produced about 15 million barrels since 1862.
13 Feb 2007drilling result▼ BadMajor
Attempts to recover stuck pipe in Coal View 31-4 were abandoned. The plan is to re-enter after the spring thaw and redrill the last 2,000 ft, about 3 to 4 days of drilling. A pump goes into Peltier 11-12 this week.
9 Feb 2007well test result● Neutral
Webernick 5 is flowing about 200 mcf/day, which Strike says is in line with expectations for a shallow, low-cost well. McGall 1 is at 4,176 ft with casing set. Peltier 11-12 awaits a pump; Coal View 31-4 fishing continues.
6 Feb 2007drilling progress report● Neutral
Peltier 11-12 was drilled under budget, with a 5½-inch perforated liner run across three fractured Niobrara benches and the rig released. Coal View 31-4 fishing is extended two more days. Drilling resumes in the second quarter.
2 Feb 2007drilling progress report▲ Good
Strike repeats that Peltier 11-12 hit 6,700 ft with fractured Niobrara and oil shows, and will be completed. Webernick 5 is connected and selling gas. McGall 1 is at 3,258 ft. Coal View 31-4 fishing continues. The third proof-of-concept well is planned for Q2.
2 Feb 2007drilling result▲ GoodMajor
Peltier 11-12 reached 6,700 ft with all three Niobrara targets appearing fractured and oil and gas shows, including free oil. It will be completed now. Coal View 31-4 pipe is still stuck. Comet Ridge says both wells met pre-drill objectives.
30 Jan 2007drilling progress report▼ Bad
Drill pipe is stuck at 5,300 ft in Coal View Unit 31-4, but about 10 barrels of oil have circulated up, confirming a productive zone. The well may be suspended or sidetracked if the pipe isn't recovered. Peltier 11-12 is at 5,684 ft with minor shows.
30 Jan 2007drilling spud▲ GoodMajor
McGall 1 on the Flint prospect (25% WI, ~200 bcf potential, 16,500 ft target) spudded on 28 January and was at 751 ft. Strike funds 33⅓% of the A$7.8m dry-hole cost, about A$2.6m. Webernick 5 is testing a small Frio gas zone, and Coal View 31-4 has stuck pipe but is producing oil.
23 Jan 2007drilling progress report● Neutral
Comet Ridge says Coal View Unit 31-4 completion restarts 23 January after a 24-hour equipment delay. Peltier 11-12 is drilling at 4,022 ft, targeting up to 500,000 barrels. Strike holds 37.5% and 33.75%. No new results.
19 Jan 2007drilling progress report● Neutral
Weekly update: Webernick 5 completion is underway, the Flint rig is rigging up with spud expected within two weeks, Coal View Unit 31-4 completion is weather-delayed, and Peltier 11-12 is running casing. No new results.
19 Jan 2007drilling progress report● Neutral
Comet Ridge says Coal View Unit 31-4 completion should restart 22 January, weather permitting, as extreme cold shuts rigs across the region. Peltier 11-12 is preparing to run casing at 3,750 ft. Strike holds 37.5% and 33.75%.
17 Jan 2007capital raising announcement▲ GoodMajor
The 1-for-10 entitlement issue at 22 cents closed, raising $4,917,808 before costs. Acceptances were 17,915,219 shares ($3.94m); the remaining 4,438,454 shares ($976k) go to shortfall applicants. Allotment is 18 January. This completes the raising proposed on 29 November.
16 Jan 2007drilling progress report▼ Bad
Comet Ridge says extreme cold (-37°C) delayed completion of Coal View Unit 31-4, with the workover rig on standby. Peltier 11-12, spudded 12 January, is at 1,833 ft. Strike holds 37.5% of Tow Creek and 33.75% of Bear River.
12 Jan 2007drilling progress report● Neutral
Weekly update: Webernick 5 is being completed, the Flint rig arrives next week, a workover rig has started testing Coal View Unit 31-4, and Peltier 11-12 is due to spud within 24 hours. No new results.
11 Jan 2007drilling result● Neutral
Webernick 5 at Mesquite reached 4,200 ft, and logs show a small potentially commercial gas zone in the shallow Frio. It will be completed for production testing. Further drilling awaits results. Strike holds 32.3%.
9 Jan 2007investor presentation● Neutral
Strike releases its 2007 program presentation for investors, repeating known projects: 10-plus wells, Flint, Rayburn, Rodeo, Tow Creek, Bear River, Cooper and Carnarvon. It budgets about $7m of 2006/07 revenue and a $500m market capitalisation target. No new results.
5 Jan 2007drilling spud▲ GoodMajor
Webernick 5 at Mesquite (32.3% WI) spudded on 3 January, targeting shallow zones above 5,000 ft. The Flint McGall 1 well (25%, ~200 bcf potential) has been brought forward to spud within a week. Peltier 11-12 is due to spud next week.
