Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Oct 2024quarterly activities report▲ Good
Strike's Sept quarter: Walyering sales 2.4 PJe (+2%), revenue about $18.3m. Walyering-7 test reached max 14 TJ/d and 900 bbl/d condensate; Erregulla Deep-1 flowed 53 mmscfd. Cash $44.5m, undrawn debt $17m, liquidity $61.5m (down from $85.5m). Macquarie $153m documentation progressing.
21 Oct 2024flow test result▲ GoodMajor
Erregulla Deep-1 flowed Kingia gas at a stabilised 53 mmscfd (max 60) at 5,515 psi, limited by equipment; absolute open flow estimated at 400-450 mmscfd. CO2 ~4%, no sand or water. High Cliff test was inhibited. Well suspended as a future West Erregulla producer.
21 Oct 2024other● Neutral
Notice that Strike will release its September 2024 quarterly report on 24 October 2024, with a CEO webinar at 9:00am AWST. Administrative notice with no substance.
1 Oct 2024flow test result▲ Good
Flow testing began at Erregulla Deep-1, the deep discovery well, with very high-pressure gas flows to surface from the Kingia during clean-up. The full program, including High Cliff, should take up to four weeks. Strike calls early observations preliminary.
1 Oct 2024regulatory community update▲ GoodMajor
AEMO awarded South Erregulla the full 85 MW capacity credits and requested Network Access Quantity, and set the 2026 capacity price at $216,092/MW a year, over $18m in the first year. This resolves the October NAQ condition ahead of the November 2024 FID, which still needs Macquarie close and contracts.
30 Sept 2024annual report● Neutral
Strike's 2024 Corporate Governance Statement, current at 30 September 2024, says it complied with ASX recommendations unless otherwise stated. Routine annual disclosure with no new business information.
30 Sept 2024regulatory community update▲ Good
Triangle says the Becos-1 environment plan is approved in EP437 (Strike 25% JV partner). The oil target has a 5 MMbbl gross best estimate, 25% chance of success. A rig is still to be secured, with a decision expected within weeks.
30 Sept 2024annual report● Neutral
Strike released its 2024 Annual Report covering the year to 30 June 2024. The extract shown is mainly contents and notices; it notes the South Erregulla power project still depends on Macquarie financial close, procurement contracts and approvals. No new figures in the readable text.
30 Sept 2024annual report▲ Good
Strike reported FY24 sales revenue of $45.6m and $85.5m liquidity (~$39m cash, ~$47m undrawn debt). Walyering produced ~7 PJe gross in its first year. Management says it will now fold the 20% export option into its gas strategy.
30 Sept 2024admin correction● Neutral
Appendix 4G, a corporate governance checklist for the year to 30 June 2024, signed by Justin Ferravant. It points to the governance statement on the website. Administrative filing with no new substance.
26 Sept 2024agm notice● Neutral
Strike will hold its 2024 AGM on 28 November 2024. Director nominations close 10 October 2024, and the Notice of Meeting is due in October. Administrative notice only.
23 Sept 2024resource reserve update▼ BadMajor
RISC certified Walyering at 57 PJe of 2P Reserves plus 2C Resources, down from 58 PJe 2P and 34 PJe 2C in 2022. 2P Reserves fell to 41 PJe after seismic reprocessing and Walyering-5/6 revisions, and the Walyering-7 tie-in was on track for end September.
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.
25 July 2024quarterly activities report● Neutral
June quarter Walyering sales rose 7% to ~2.4 PJe and revenue 13% to about $20m. Cash fell to $38.8m (liquidity $85.5m). Erregulla Deep-1 reached 3,709m. Walyering-7 tie-in expected by end of next quarter.
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.
