Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 May 2021drilling progress report▲ Good
WE5's intermediate section reached 3,635m, with casing cemented and pressure tested in under 17 days. The 8-1/2in production section is next. WE4 clean-up and flow test are expected to restart in early June after sand-handling equipment is sourced.
19 May 2021drilling progress report▼ Bad
WE5 is drilling ahead at about 3,356m. The WE4 flow test is paused because sand is coming up with the gas, and extra equipment will take about two weeks to procure. This delays the WE4 production test that underpins the maiden reserves report.
17 May 2021drilling progress report▲ Good
WE4 core analysis shows permeability up to 430mD and porosity up to 19.9% in the Kingia. The flow test is still cleaning up, with pressures similar to WE2. WE5 has cemented surface casing and is drilling at about 2,785m.
10 May 2021drilling progress report● Neutral
Duplicate of the 10 May West Erregulla update: WE5 spudded 8 May and drilled to about 1,567m, and the WE4 flow test has begun. No new information.
10 May 2021drilling spud▲ GoodMajor
West Erregulla 5, the final appraisal well, spudded on 8 May and finished its first hole section at about 1,567m. At WE4, 75m of Kingia was perforated and the flow test began. WE5's design drops one casing string to drill faster.
19 Apr 2021drilling progress report▲ Good
West Erregulla 4 drilling is complete, with 5-1/2" production casing cemented at about 5,060m and the rig being packed down. Preliminary core data confirms high-quality Kingia sandstone. A roughly 5-day flow test is due in early May, and WE5 is next.
8 Apr 2021drilling result▲ GoodMajor
West Erregulla 4 reached 5,069m and found a 155m Kingia section with 28m net pay, 11% average porosity (up to 19%) and no gas-water contact, extending the field. Strike says it materially de-risks Phase 1; a flow test is planned and WE5 follows.
8 Apr 2021drilling result● Neutral
Strike reported that West Erregulla 4 reached 5,069m with results above expectations. It found a 155m Kingia Sandstone with 28m net pay, porosity up to 19%, and no gas-water contact. Warrego asked ASX to lift its trading halt after the release.
31 Mar 2021drilling progress report▲ Good
Strike cut and recovered about 45m of gas-bearing Kingia core in WE4, down to 4,931m, and sent it for lab testing. The drill assembly is heading back in toward the High Cliff Sandstone, the final objective.
25 Mar 2021drilling progress report▲ Good
West Erregulla 4 reached the top of the primary Kingia Sandstone at about 4,870m (drilled to 4,886m), with gas shows and drilling breaks. Strike is preparing to core a 45m interval.
22 Mar 2021drilling progress report▼ Bad
Wireline data confirmed a large Wagina gas column but showed less net pay and lower permeability than the earlier logs, which Strike attributes to WE4's position at the edge of the fan. It said more data may be needed before any resource update.
18 Mar 2021drilling progress report▲ Good
West Erregulla 4 real-time logs show 35-40m of net conventional pay in a 206m gas column across the Dongara and Wagina, at 6% average porosity, with no water leg yet. Wireline logs are being run to confirm; Kingia target is next.
4 Mar 2021drilling progress report▲ Good
West Erregulla 4 finished its second intermediate section at 3,906m, with hydrocarbon shows throughout, similar to WE2. Wireline logging comes next, then 9-5/8in casing and drilling toward the Wagina, Kingia and High Cliff targets.
15 Feb 2021drilling progress report● Neutral
West Erregulla 4 finished its 17.5-inch section at 2,635m and is running 13-3/8 inch casing. Hydrocarbon shows in the Cattamarra Coal Measures are similar to WE2 and WE3.
8 Feb 2021drilling progress report● Neutral
West Erregulla 4 reached surface hole depth of 1,003m, with 20-inch casing cemented. Drilling of the 17.5-inch section to about 2,550m is next. Normal logistics resumed as WA's COVID lockdown eased.
1 Feb 2021drilling progress report● Neutral
West Erregulla 4 is at 707m in the 26-inch surface hole after several days lost to a mud system part failure. Personnel were moved to site to keep operating through WA's five-day COVID lockdown.
25 Jan 2021drilling spud● NeutralMajor
West Erregulla 4 spudded over the weekend after the rig moved from West Erregulla 3, which was suspended with cement plugs after hitting an over-pressured gas column. Plans to take WE3 to final depth are still being developed.
4 Jan 2021drilling progress report● Neutral
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23 Dec 2020drilling progress report● Neutral
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15 Dec 2020drilling progress report● Neutral
West Erregulla 3 is at 4,024m after casing the 9-5/8 inch string, with consistent gas shows in the Dongara and upper Wagina sandstones. Jurassic and Triassic sands had only residual hydrocarbons. The Kingia and High Cliff primary targets are next.
4 Dec 2020drilling progress report▲ Good
West Erregulla 3 finished its second intermediate section at about 3,534-3,556m, short of the planned 3,750m because a fault was hit higher than predicted. Hydrocarbon shows throughout are consistent with West Erregulla 2. Wireline logging comes next, then 9-5/8 inch casing.
23 Nov 2020drilling progress report▲ Good
The new slip and seal assembly is installed and pressure tests passed. West Erregulla 3 is running in hole to drill the second intermediate section to 3,750-4,150m. This resolves the wellhead delay reported a week earlier.
16 Nov 2020drilling progress report▼ Bad
At West Erregulla 3, pressure testing of the 13-3/8 inch casing wellhead seals failed because the slip and seal assembly failed. A replacement is due in about a week, and the rig stands by. Another delay after the earlier bit and motor failures.
12 Nov 2020drilling progress report▲ Good
West Erregulla 3 finished its first intermediate section at 2,462m with casing cemented, after the side-tracks. Hydrocarbon shows in the upper Cattamarra Coal Measures are similar to West Erregulla 2. Strike believes it found the root causes of the earlier failures.
26 Oct 2020drilling progress report▼ Bad
A second mud motor failure at 1,629m on West Erregulla 3 forced another cement plug and side-track. Strike has added experienced Perth Basin drilling engineers and is reviewing the cause. Repeats the earlier problem and further delays the well.
14 Oct 2020drilling progress report▼ Bad
West Erregulla 3 lost its drill bit and motor in the hole while drilling the 17.5-inch section. Fishing failed, so Strike is cementing and side-tracking. Strike calls the delays unfortunate but is confident of resuming normal drilling.
14 Oct 2020drilling progress report● Neutral
Warrego re-released Strike's 14 October West Erregulla 3 update (lost bottom hole assembly, side-track under way). Counterparty re-release; no new information.
12 Oct 2020drilling scheduled▲ GoodMajor
Strike secured three Ensign Rig 970 slot options for CY21 to drill Walyering and South Erregulla, targeting 1,686 PJ of prospective resource (Strike share). Trieste 3D data lifted South Erregulla's chance of success from 50% to 57%.
29 Sept 2020drilling progress report● Neutral
West Erregulla 3 finished its 26-inch surface hole at 1,210m and is running 20-inch casing. Next is the first intermediate section, planned to about 2,740m. Routine progress on plan.
21 Sept 2020drilling spud▲ GoodMajor
Rig 970 is rigged up and West Erregulla 3 began drilling on 21 September 2020, starting the appraisal campaign planned for up to three wells to about 5,000m. This is the spud that was targeted for late August/early September.
