Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2024regulatory community update▲ GoodMajor
WA lifted its onshore gas export ban, letting Strike export up to 20% of production from its pre-FID Perth Basin projects until end 2030. Strike calls it a strong positive, with premium export pricing possible, but will first engage government on how it works.
6 Sept 2024other▼ Bad
S&P Dow Jones announced Strike will be removed from the S&P/ASX 200 before the open on 23 September 2024. Strike joined the index in February 2024. This is an index change, not a company event.
3 Sept 2024drilling result▲ GoodMajor
Erregulla Deep-1 made two gas discoveries: 26m net pay in Kingia and 2m in High Cliff, with lower CO2 than West Erregulla. At 5,225m it is Australia's deepest onshore well. Flow testing is due this month. Extends the Permian play east toward Strike's 100% acreage.
27 Aug 2024drilling progress report▲ Good
Erregulla Deep-1 at 5,208m shows preliminary signs of gas-charged porous sand in the Irwin River Coal Measures and the main Kingia target. Wireline logging and final results follow.
20 Aug 2024drilling progress report● Neutral
Erregulla Deep-1 reached 4,593m and set intermediate casing. Gas shows and compromised logs hint at a possible gas zone in the Wagina Sandstone, needing further testing. Drilling continues to target depth.
15 Aug 2024regulatory community update▲ GoodMajor
Production Licence L25 was granted over West Erregulla (Strike 50% operator), a key tenure step. Final investment decision for the 87 TJ/d development is still targeted for later this year. Strike says three of four Gas Acceleration fields now have approvals and tenure.
13 Aug 2024regulatory community update▲ GoodMajor
AEMO awarded the South Erregulla peaking plant 85 MW of Certified Reserve Capacity for 2026. Strike must pay a $4.9m deposit. Consultants model $180-230k per MW, or $15-20m a year, with capacity price due in September. FID in November 2024 now awaits network access quantity in October.
7 Aug 2024drilling result▼ Bad
Triangle reports Booth-1 reached 2,812m with no moveable hydrocarbons in any target. It was drilled ahead of schedule and below budget. Becos-1 is next.
7 Aug 2024drilling result▼ Bad
Echelon (25% partner) repeats Triangle's report: Booth-1 hit 2,812m and found no moveable hydrocarbons. Its CEO says the well was drilled safely and expects it under budget. It points to the Becos prospect next.
7 Aug 2024drilling result▼ BadMajor
Strike confirms Booth-1 (Strike 25%) reached 2,812m with no moveable hydrocarbons, a dry hole. It was drilled ahead of schedule and will be plugged and abandoned. Resolves the Booth-1 thread.
2 Aug 2024flow test result▲ GoodMajor
Walyering-7 finished 40 days of testing, with a peak of 14 TJ/d gas and 900 bbl/d condensate, and condensate-gas ratio higher than expected. D-Sands remain untested. The well is shut in for permanent tie-in, then Walyering-6 deeper testing, before RISC's assessment.
1 Aug 2024contract award▲ GoodMajor
Strike signed a $48.5m fixed-price contract with Clarke Energy for twenty 4.5 MW gas engines for the South Erregulla 85 MW peaking plant, in line with its mid-case cost estimate. Termination and suspension exposure is limited ahead of the November 2024 FID, which still depends on AEMO outcomes.
31 July 2024drilling spud● Neutral
Triangle, as operator, says Booth-1 has spud in L7 (Strike 25%). Target is gas with a 279 Bcf best-estimate prospective resource (113-540 Bcf gross), to a planned 2,900m in about three weeks. Confirms the spud flagged earlier.
31 July 2024drilling spud● NeutralMajor
Strike confirms the L7 joint venture has spud Booth-1 in the north Perth Basin, planned to 2,900m in about three weeks. Strike holds 25%. Duplicates Triangle's announcement; Strike's own cost is not stated.
23 July 2024admin correction● Neutral
Notice of a webinar on 25 July 2024 to accompany the June quarter report. Administrative; no substance.
22 July 2024drilling scheduled● Neutral
NZO re-released Triangle's rig update and said Booth-1 should start drilling the week of 23 July, slightly earlier than Triangle's 31 July. Strike holds 25%. No new information on the well.
22 July 2024drilling scheduled● Neutral
Triangle has the Ventia 106 rig, now mobilising to Booth-1 with spud expected around 31 July 2024. Best-estimate prospective gas is 279 Bcf gross; about three weeks to drill. Strike holds 25%; Becos rig talks continue.
9 July 2024regulatory community update▲ GoodMajor
West Erregulla received its WA environmental Ministerial Statement for upstream and midstream works, ending a process of more than three years. Strike calls it a major de-risking event. Federal EPBC approval is expected this quarter; FID remains pending.
1 July 2024material agreement termination● Neutral
Due to delayed approvals and FID, the firm West Erregulla gas deal with CSBP reverted to the 2019 option for 100 PJ at up to 25 TJ/d. The fixed price now rises to an option price Strike says is closer to market. The option lapses 30 June 2027.
27 June 2024flow test result▲ Good
Walyering-7 testing began through the Walyering plant. Gas and condensate flowed from completed zones; over 2 TJ of test gas was sold and over 80 bbls of condensate recovered in a 90-minute test. Results are preliminary; more zones and a long-term test remain before RISC's review.
27 June 2024drilling spud● NeutralMajor
Erregulla Deep-1 has spud in EP469 (Strike 50% operator, Warrego 50%), testing a closure east of the West Erregulla reserves. Total depth is expected in about 40 days. This is the mid-2024 well flagged earlier.
24 June 2024material agreement▲ GoodMajor
Strike applied to AEMO for capacity credits for an 85 MW gas peaking power plant on the Precinct, fuelled by South Erregulla's 37 PJ 1P reserves, with operations by October 2026. Targets an unconditional FID in November 2024; modelled revenue $40-50m a year. This is a new development path.
24 June 2024investor presentation● Neutral
Presentation on the South Erregulla peaking power project. Only the disclaimer text is readable, so no new figures can be taken from it. Text not readable beyond the disclaimer.
24 June 2024investor presentation● Neutral
Notice of a webinar on 24 June 2024 where the CEO will present the South Erregulla peaking power development, followed by Q&A. Administrative; no new results.
24 June 2024resource reserve update▼ BadMajor
After the disappointing SE-2/SE-3 tests, South Erregulla was re-certified at 82 PJ of 2P plus 2C (45 PJ 2P Kingia, 37 PJ 2C Wagina), a large cut. The western side is downgraded to Prospective Resource. Resolves the reserves review.
21 June 2024debt financing▲ GoodMajor
Terms agreed with Macquarie for a 5-year $153m package: a $60m facility refinancing $16.3m drawn debt, plus $53m South Erregulla and $40m West Erregulla facilities. The $93m of new debt needs FID and Macquarie internal approvals. Replaces the earlier uncommitted $80m contingent facility.
12 June 2024drilling scheduled● Neutral
Re-release of Triangle's 12 June update: the Ventia 106 rig is due in early July, with Booth-1 spud mid to late July. Strike holds 25% of L7. Repeats the delay already noted; no new information.
12 June 2024drilling scheduled● Neutral
Triangle says the Ventia 106 rig is due for release in early July, so Booth-1 will now spud in mid to late July rather than late June. Approvals are received. Strike holds 25% of the permit. Negotiations are ongoing for a Becos rig.
3 June 2024drilling result▲ GoodMajor
Walyering-7 found 23m of net gas pay at 16% average porosity in a new compartment north-east of the producing field. Most is in the A Sand (22m). It still has to be flow tested. The result feeds the RISC reserves review.
28 May 2024drilling progress report▲ GoodMajor
Walyering has paid back its ~$30m development cost just 8 months after start-up, with ~$47m gross income received so far. Walyering-7 reached 4,035m in 18 days, five days ahead of plan, with positive gas observations. Logging and evaluation are still to come.
