Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2006regulatory community update▲ GoodMajor
Beach Petroleum was awarded Cooper Basin permit ATP633P after an 8-year native title delay; Strike is entitled to a 15% interest. A 3D seismic survey is planned for Q2 and a follow-up well to Gidgee 1 around year-end. PELA 71 and 96 are expected mid-year.
9 Mar 2006drilling progress report▲ Good
Shallower-zone testing at Shefcik 1 is going well, with more commercial zones likely. Shefcik 3 has production casing set and awaits testing. Webernick 2 is planned next. No new flow numbers.
8 Mar 2006drilling result▲ Good
Shefcik 3 reached 12,200 feet; logs resemble the neighbouring producing wells, so it is likely commercial and is being completed for production. Flow testing will follow Shefcik 1 testing in 2-3 weeks. This is the third Mesquite well.
2 Mar 2006drilling progress report● Neutral
Testing of shallower zones in Shefcik 1 has begun, with Webernick 1 testing paused meanwhile. Shefcik 3 is drilling at 11,182 feet, with logs expected in 7-10 days. Processing capacity of 17-20 million cubic feet daily may be expanded.
28 Feb 2006capital raising announcement● Neutral
Prospectus lodged for the 1-for-5 entitlement issue at 28 cents, up to $10.39 million, with a $2.5 million minimum. Not underwritten; closes 28 March. Entitlements cannot be sold and lapse if unused. Administrative follow-up to the 24 February announcement.
24 Feb 2006capital raising announcement● NeutralMajor
Strike announced a one-for-five non-renounceable entitlement issue at 28 cents to raise up to about $10.4 million (up to 37.1 million shares). Funds are for expanding Mesquite gas development and nearby exploration in Texas. It follows the 18 cent placement in January.
What it means for a shareholder
37.1m new shares at about A$0.2803 to raise about A$10.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
23 Feb 2006flow test result▲ GoodMajor
Shefcik 1 now flows 7.1 million cubic feet of gas and 170 barrels of condensate daily, and Webernick 1 testing confirms it is commercial. Webernick 2 is planned next, and Strike's Gulf Coast exploration interest is to rise from 10% to 25%, subject to formal agreement. Debt and equity funding are under consideration.
16 Feb 2006drilling progress report● Neutral
Shefcik 1 still flows about 6 million cubic feet of gas daily; final results await regulatory reporting. Webernick 1 testing has begun, with results in 2-3 weeks. Shefcik 3 has set casing at 6,400 feet.
9 Feb 2006drilling progress report● Neutral
Shefcik 1 continues flowing around 6 million cubic feet of gas and 150 barrels of condensate daily; final results are still pending. Webernick 1 testing is due within 1-2 days. Shefcik 3 is drilling at 5,115 feet.
2 Feb 2006drilling spud▲ Good
Shefcik 3 spudded on 1 February 2006, 1,200 feet from Shefcik 1. Shefcik 1 interim flow repeated at over 6 million cubic feet per day, constrained by pipeline capacity, with full production facilities likely by March. Webernick 1 testing is about to start.
1 Feb 2006flow test result▲ GoodMajor
Interim testing at Shefcik 1 shows a constrained stable flow of over 6 million cubic feet of gas per day plus about 158 barrels of condensate daily, flowing to a sales pipeline. Strike calls it an important step toward confirming commerciality.
27 Jan 2006drilling progress report● Neutral
Webernick 1 has production casing installed and the rig released, with testing expected in early February. Shefcik 1 fraccing continues, with final results in about two weeks. Shefcik 3 is preparing to spud.
25 Jan 2006capital raising announcement● Neutral
Strike allotted the 22 million shares on 20 January 2006, completing the placement announced on 11 January. Administrative confirmation only.
19 Jan 2006drilling result▲ Good
Webernick 1 will be completed for production after logs and gas shows justified it. Flow testing is expected in early February. Shefcik 1 final test results are due in about three weeks.
17 Jan 2006drilling result▲ Good
Webernick 1 reached 12,200 feet with extensive gas shows comparable to Shefcik 1. Shefcik 1 testing began, with commerciality confirmed only after about three weeks. The next well moves to Shefcik 3 instead of Shefcik 2.
12 Jan 2006drilling progress report● Neutral
Webernick 1 hit lost circulation of drilling fluid at 11,359 feet, with repairs under way. Testing equipment is at Shefcik 1, with fraccing of the first interval due within days.
11 Jan 2006capital raising announcement▲ GoodMajor
Strike secured firm commitments for a 22 million share placement at 18 cents per share, about $3.96 million (calculated from text). Funds go to testing and developing the Mesquite gas discoveries and drilling Shefcik 2 in Texas.
10 Jan 2006drilling progress report▲ Good
Webernick 1 in Texas has hit gas shows in its main Wilcox target, at 11,359 feet depth. Drilling continues to a planned 12,200 feet, with shows to be evaluated afterwards. Strike holds 26.25%.
10 Jan 2006asset acquisition disposition▲ Good
Operator Comet Ridge has signed a letter of intent for 100% of 1,000 acres on the new Bear River oil prospect next to Tow Creek in Colorado. Strike, as partner, indicated it will take a 37.5% share. Drilling is planned for Q2 2006.
10 Jan 2006asset acquisition disposition▲ GoodMajor
Strike will acquire a 37.5% interest in the Bear River oil prospect in Colorado, next to its Tow Creek project, via operator Comet Ridge. Mostly a cover note attaching the Comet Ridge release.
9 Jan 2006investor presentation▲ Good
Strike Oil outlines a 2006 plan of 12-20 wells across Texas, Colorado, Carnarvon and Cooper basins. Notes its Tow Creek interest rose from 25% to 37.5% and two Cooper permits were farmed out. Mostly restates known activity.
5 Jan 2006drilling progress report▲ Good
Strike Oil says Shefcik 1 gas well in Texas will start production testing within two weeks, while Webernick 1 nears its targets. It holds 26.25% in both prospects; pre-drill potential is 10-15 and 15-20 billion cubic feet.
