9 Apr 2008drilling progress report● Neutral
Currumbin 1 (Strike 15%, Beach operator) is drilling in the Hutton Sandstone at 1,473 m with no significant hydrocarbon shows so far. A routine progress note.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2008well test result● Neutral
Duncan 2 ST is producing to sales with flow in line with expectations, but no rates were given. Gilbert Freeman 1 is being fracced. Duncan 3 has casing set at 7,900 ft. Currumbin 1 is drilling at 1,473 m.
9 Apr 2008other● Neutral
Beach Petroleum weekly drilling report, re-released for Strike's Currumbin 1 interest: drilling at 1,473 m with no significant hydrocarbon shows. The rest concerns Beach's other wells and adds nothing new for Strike.
3 Apr 2008drilling spud▲ Good
Production facilities are connected, and Duncan 2 is being fracced for testing. Duncan 3 spudded 26 March. Cooper Basin well Currumbin 1 (Strike 15%) spudded 2 April, with a mean 0.45 mmbbl prospective resource. Revenue now exceeds A$1m a month.
27 Mar 2008drilling progress report● Neutral
Hlavinka Duncan 1R was cased for testing, and fifth well Duncan 3 is due to spud within a week, targeting 12,200 ft. Testing of three wells starts in April. Duncan 1 holds about 10 mmcf/d and 250 bpd condensate.
25 Mar 2008regulatory community update● Neutral
Cover note forwarding operator Comet Ridge's Florence project update; Strike holds 39%. The attached update's content is not in the text, so nothing new can be reported.
19 Mar 2008farm in farm out agreement▲ GoodMajor
Comet Ridge announced a letter of intent with Freedom Natural Resources to fund drilling at Tow Creek and Bear River, with Strike's subsidiary joining. Combined Comet/Strike interests fall to 20% at Tow Creek and 12.5% at Bear River. Drilling starts by July 2008.
19 Mar 2008drilling result▼ BadMajor
Hlavinka-Duncan 1R reached 12,800 ft but the Middle Wilcox main target sand is unlikely to hold hydrocarbons, a disappointing result for the step-out. A shallower interval looks gas-bearing and will be tested. Fifth well, Duncan 3, will be drilled next.
12 Mar 2008half year report● Neutral
Half-year report to 31 December 2007 restates known facts: Duncan 1 at 10 mmcf/d and 260 bpd, and revenue expected about A$2m a month by July 2008. Text shown has no new figures; the financial statements were truncated.
5 Mar 2008drilling progress report▼ Bad
Hlavinka-Duncan 1R found only thin gas sands of variable quality in the shallower Cook Mountain, a weaker result than the earlier strong gas show. A liner is set at 8,300 ft and the well drills on to the Middle Wilcox main target within weeks.
28 Feb 2008investor presentation● Neutral
Managing director interview repeating known points: Duncan 1 at about 10 mmcf/d and 260 bpd, revenue about A$1m a month now, targeted at about A$2m by mid-year. He says 8 to 10 Gulf Coast wells are possible over 12 months. No new results.
22 Feb 2008drilling progress report● Neutral
Hlavinka-Duncan 1R has set casing at 6,505 ft and should reach the Cook Mountain gas zone within a week. Duncan 1 continues at about 10 mmcf/d and 250 bpd condensate. Production facilities for Duncan 2 and Gilbert Freeman 1 are still being installed.
13 Feb 2008drilling spud▲ Good
Hlavinka-Duncan 1R redrill spudded 9 February, targeting both the Cook Mountain gas show and the Middle Wilcox, to 12,650 ft. Duncan 1 still flows about 10 mmcf/d and 260 bpd, roughly A$3m a month gross. Duncan 2 and Gilbert Freeman 1 testing is now set for March.
31 Jan 2008quarterly activities report● Neutral
Cash rose to A$6.97m at 31 December from A$4.07m, helped by the A$10.0m share issue; no debt. Quarter operating and investing outflow was A$7.2m. Planned next-quarter spend is A$5.7m. New permit EP 459 (Carnarvon) awarded at 100%.
31 Jan 2008quarterly activities report▲ Good
December quarter revenue was A$1.6m, up 12%. Duncan 1 stabilised at 10.1 mmcf/d gas and 260 bpd condensate, naming the Cypress Eagle Field, and the Rivoli FEED study was completed. Cash was not stated in the text shown.
30 Jan 2008flow test result▲ GoodMajor
Duncan 1 stabilised at 10.1 mmcf/d of gas and 260 bpd of condensate, and the field is named Cypress Eagle. Management says net revenue could reach about A$2m a month by mid-2008. Hlavinka Duncan 1-R redrill is due to start in early February.
25 Jan 2008drilling result▼ Bad
Hlavinka Duncan 1 will be plugged and abandoned and redrilled because of the mechanical problems and gas. This lets the Cook Mountain gas shows be evaluated before drilling on to the Middle Wilcox target at 12,600 ft. Resolves the earlier well-control incident.
21 Jan 2008drilling progress report▼ Bad
Hlavinka Duncan 1 hit a substantial gas show at 7,800 ft in the shallower Cook Mountain Formation. A downhole equipment problem forced blow-out preventers to be activated. The well is shut in and under control, with part of the drilling assembly stuck in the hole.
11 Jan 2008drilling progress report● Neutral
Hlavinka Duncan 1 is drilling at 6,524 ft. Duncan 1 continues to sell gas and condensate, with specific flow rates promised by end of January. Duncan 2 and Gilbert Freeman 1 testing is planned for the first quarter 2008.
4 Jan 2008drilling spud● NeutralMajor
Hlavinka Duncan 1, the fourth Rayburn well and a step-out about 9,700 ft northeast of Duncan 1, spudded 2 January targeting 12,650 ft. Gilbert Freeman 1 is cased for testing. Duncan 1 is still flowing, with rates comparable to nearby wells.
27 Dec 2007drilling result▲ GoodMajor
Gilbert Freeman 1 reached 12,205 ft and penetrated the Middle Wilcox pay sands, plus extra potential pay above, per gas shows and logs. It is being cased for testing. Management calls Rayburn three for three. Fourth well Hlavinka Duncan 1 is a 9,700 ft step-out.
19 Dec 2007drilling progress report● Neutral
Gilbert Freeman 1 is drilling at 9,800 ft and expected to reach target within a week. The operator proposes a fourth well, Hlavinka Duncan 1, to follow it. Duncan 2 testing slips to February 2008.
12 Dec 2007drilling progress report● Neutral
Gilbert Freeman 1 is drilling at 4,545 ft with casing set. Duncan 1 continues to sell gas and condensate at commercial rates, with no flow rate given yet. Duncan 2 testing is set for January 2008.
6 Dec 2007drilling spud▲ GoodMajor
Duncan 1 Middle Wilcox testing is producing gas and condensate at commercial rates, with a stabilised rate due in about four weeks. Duncan 2 sidetrack is cased. A third Rayburn well, Gilbert Freeman 1, spudded 5 December targeting 12,200 ft.
6 Dec 2007security holder rights change● Neutral
2,660,000 employee options were issued at 30c, expiring 5 December 2010 and vesting half after one year and half after two. Directors do not participate. This completes the plan flagged in October and approved at the AGM.
27 Nov 2007drilling result▲ GoodMajor
The Duncan 2 sidetrack reached 12,150 ft and logs show a full section of Middle Wilcox pay sand, resolving the earlier faulting problem. Duncan 1's Lower Wilcox testing is finished, and Middle Wilcox flow tests are expected to report in four to five weeks.
19 Nov 2007investor presentation● Neutral
Chairman's AGM address and presentation. It targets sales revenue above A$2m a month from the US Gulf Coast by mid-2008 and a planned debt facility for development wells. It calls Rocky Mountains results disappointing, with about A$6.0m spent at Tow Creek/Bear River.
19 Nov 2007agm notice● Neutral
All eight AGM resolutions passed, including the remuneration report, re-election of Durrant and Wrench, ratification of past issues, and the employee option plan approval. Administrative outcome.
15 Nov 2007drilling result▼ BadMajor
Duncan 2 reached 12,200 ft but the target Middle Wilcox sand is faulted out, so a sidetrack of 2-3 weeks is planned. Duncan 1's poorer Lower Wilcox sands stabilised at only 0.5 mmcf/d. Production is still targeted for January 2008.
9 Nov 2007joint venture update● Neutral
Strike forwards an operator (Comet Ridge) release on the Florence project, where it holds 39%. The text provided contains no details of the update itself, so no result is stated.