Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2006annual report▲ Good
2006 Annual Report, with audited accounts to 30 June 2006. Chairman says Mesquite revenue runs at about A$10m a year and Gulf Coast drilling starts October. Kingston coal rights moved into a new entity, Kingston Energy. AGM is set for 29 November 2006.
26 Sept 2006joint venture update▲ Good
Comet Ridge received the first Tow Creek drilling permit (Coal View Unit State 31-4, 37.5% interest), with surface hole starting soon. The well targets 200,000-500,000 barrels, costs about US$1.7m gross, and a two or three well program is expected in October.
5 Sept 2006investor presentation● Neutral
Good Oil Conference presentation: plans 10+ wells in 12 months, funded by about A$8m cash and revenue. Gulf Coast timing slips, Flint now November 2006, Rayburn January 2007, Lasso March 2007; Colorado drilling now October. Claims A$900,000 monthly revenue to Strike.
25 Aug 2006joint venture update● Neutral
Comet Ridge relays Tow Creek/Bear River preparations: surface agreements for two wells and a permit application for Peltier 11-12 lodged. The Coal View Unit awaits final approval. Mahalo coal seam gas content is outside Strike's interests. No drilling yet.
16 Aug 2006joint venture update● Neutral
Operator Comet Ridge reported 11 drilling locations identified at Tow Creek, with drilling anticipated to start in September. Grassy Creek 1-1 output rose from 1-2 to about 8 barrels of oil a day after repairs. Strike holds 33.5-37.5% of the projects.
15 Aug 2006well test result● NeutralMajor
Webernick 2 tested at 3.48 MMcf/d gas and 97 bbl/d condensate, so all four Mesquite wells have flowed commercially, though below the 15-20 MMcf/d hoped for. Field output is 11-12 MMcf/d. Shallower zones will not be tested for now. Rig-drilled Lasso, Flint and Rayburn prospects (25% WI) start October 2006.
31 July 2006investor presentation● Neutral
Conference presentation by the MD repeating known facts: Mesquite at about 12 MMcf/d gas and 200 bbl/d condensate, 20+ Bcf potential, and a target of 15-20 MMcf/d by August 2006. Colorado drilling in August/September; Cooper drilling late 2006 to early 2007; Carnarvon drilling mid 2007.
11 July 2006investor presentation▲ Good
MD interview: preliminary estimate is 15-20 billion cubic feet of gas in Strike's Mesquite leases, with a third-party assessment under way. He expects combined output to lift net revenue to A$0.9-1.2 million monthly, and says cash exceeds A$8 million.
22 June 2006drilling scheduled● NeutralMajor
All four Mesquite wells are drilled; Webernick 1 and 2 testing is expected to take 1-2 more months. Colorado oil wells at Tow Creek and Bear River are due to start in July, with Texas drilling resuming in September. Regular drilling reports will now be issued as needed.
15 June 2006drilling progress report● Neutral
Production casing is run on Webernick 2 and the rig was released 9 June. Production testing of the gas zones is expected over the next month. No new results.
8 June 2006production update▼ BadMajor
Strike says four wells support Mesquite's pre-drill potential of 25-35 billion cubic feet. Current net revenue is about A$750,000 monthly, below the earlier A$1 million by mid-2006 target, which it attributes to testing delays on the two Webernick wells.
1 June 2006drilling progress report● Neutral
Webernick 2 is preparing to run production casing over the gas shows from 10,780 to 13,000 feet before testing. Mesquite sales stay at 12-13 million cubic feet daily. A decision on more wells awaits Webernick 1 and 2 testing.
31 May 2006regulatory community update● Neutral
Comet Ridge completed the US$120,000 purchase of the producing Tow Creek oil well. Strike's subsidiary is to be assigned a 37.5% interest, with Comet Ridge also at 37.5% and Lynn Properties 25%. The well produces about 2 barrels of oil daily.
25 May 2006drilling result▲ GoodMajor
Webernick 2 reached total depth of 13,000 feet, deepened from the planned 12,300. Extensive gas shows across multiple zones from 10,780 to 13,000 feet suggest potentially commercial gas similar to the offset wells. It is not yet tested; further Mesquite drilling awaits testing.
18 May 2006production update● Neutral
Mesquite sales are 12-13 million cubic feet daily of gas and 250-275 barrels of condensate, worth A$23,000-25,000 daily to Strike. Webernick wells are slower than expected for operational reasons. About 5,000 acres of new prospects are leased or under negotiation, with Strike able to take up to 25%.
16 May 2006regulatory community update● Neutral
Comet Ridge, operator of the Tow Creek project in Colorado, agreed to buy a producing well and 640-acre lease for US$120,000. The well produces about 2 barrels of oil daily. Strike, a partner, intends to participate.
16 May 2006asset acquisition disposition● Neutral
Strike says it has acquired a 37.5% interest in additional leases at Tow Creek, Colorado, covered by the Comet Ridge release on the US$120,000 producing well purchase. Strike also holds about 8.9% of Comet Ridge. Small bolt-on to an existing project.
11 May 2006production update▲ Good
Shefcik 1's shut-in zone is back on production, with the well now flowing about 7 million cubic feet daily of gas and 180 barrels of condensate. Mesquite sales total about 13 million daily. Strike also won an APPEA environment award for its Cooper 1 well work.
4 May 2006drilling progress report● Neutral
Webernick 2 is drilling in its sidetrack at 10,381 feet before a liner is set. Work continues to restore the Shefcik 1 zone to production; Webernick 1 testing is planned within the month. Beach is running the Gukithi 2D seismic survey in ATP633P.
20 Apr 2006flow test result▲ Good
Shefcik 3 tested at 8.1 million cubic feet daily of gas and 118 barrels of condensate, and is selling around 7.5 million daily. Webernick 2 had liner problems and is being sidetracked from about 9,000 feet. Gidgee 3D seismic finished 18 April.
13 Apr 2006drilling progress report● Neutral
Webernick 2 has reached 10,436 feet and is being logged before a liner is run. Separately, Beach has begun 3D seismic over the Gidgee oil discovery in ATP633P, where Strike has an option on up to 15%; the permit took over 8 years to be granted.
6 Apr 2006drilling progress report● Neutral
Testing continues on the Mesquite wells, with test gas sold at 3-11 million cubic feet daily depending on zone. Webernick 2, the fourth well, is setting casing at 6,400 feet toward a 12,300 foot target. No new result.
31 Mar 2006capital raising announcement▲ GoodMajor
The entitlement issue closed with 72% take-up (26,977,847 shares), and the shortfall of 10,135,358 shares was placed with existing shareholders. The full $10,391,697 was raised at 28 cents. Shares were allotted 31 March.
30 Mar 2006drilling spud▲ GoodMajor
Shefcik 3 achieved its first commercial test, so all of the first three Mesquite wells now flow at commercial rates. Webernick 2, the fourth well, spudded 22 March and was at 3,875 feet, with a planned depth of 12,300 feet.
29 Mar 2006investor presentation● Neutral
Conference presentation repeating known Mesquite results, the 7-well US record and Rocky Mountains plans. It states the company is on track for A$1 million monthly net revenue by mid-2006 and describes Shefcik 3 as a discovery.
23 Mar 2006joint venture update▲ GoodMajor
Strike finalised raising its Eaglewood Participation Agreement interest from 10% to 25%, resolving the earlier negotiation. Testing at Shefcik 1 and Webernick 1 shows individual zones at 2-7 million cubic feet daily; testing runs another 4-6 weeks. A second pipeline lifts sales capacity to 12-13 million daily.
16 Mar 2006half year report● Neutral
Half-year report to 31 December 2005, covering previously reported events: the Shefcik 1 discovery, Carnarvon seismic, Colorado interest increases and the $2.2 million share purchase plan. The excerpt does not show the financial figures.
16 Mar 2006drilling progress report● Neutral
Shefcik 1 shallower-zone testing continues. Shefcik 3 rig was released 7 March and awaits testing equipment. Webernick 2 is due to start drilling within days. No new results.
13 Mar 2006investor presentation● Neutral
March shareholder presentation reviewing operations and 2006 drilling plans, mostly repeating known facts. It says production revenues have begun and the $10 million rights issue closes 28 March. It cites 7 US wells drilled to date: 3 discoveries and 4 dry.
13 Mar 2006other● Neutral
Strike was listed on the Munich Stock Exchange without its knowledge. It has no reporting or compliance obligations there. Administrative notice with no operational impact.
