Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2007regulatory community update● Neutral
Victoria Petroleum (36.1% partner) re-releases Strike's Rivoli gas field Defence feasibility study announcement, adding its own comment on exploration upside. A duplicate of the Strike release with no new information.
18 July 2007contract award▲ GoodMajor
The Department of Defence has commissioned Strike (44.5%, operator) to study supplying gas from the Rivoli field near Exmouth to power a Defence station, about 8 PJ over 20 years. First gas is possible in 2009 if approved. A feasibility study only, not yet a development approval.
18 July 2007drilling progress report● Neutral
A 4½ in liner is set over 12,330-16,030 ft in Duncan 1 (22.8%) ready for testing, expected within the next month. The Florence 3D seismic survey is complete. No new results.
16 July 2007drilling result▲ GoodMajor
Wireline logs confirm further gas pay in the Lower Wilcox at Duncan 1 (22.8%), adding to the shallower Middle Wilcox pay. Production testing is planned. Reserves are not yet estimated, and the Rayburn prospect had pre-drill potential of 500 Bcf. Management expects an early cash flow improvement.
16 July 2007security holder rights change● Neutral
350,000 employee incentive options (exercise prices 20c to 40c) were cancelled after staff movements. The Appendix 3B shows 279,890,403 fully paid shares quoted. Minor administrative change.
11 July 2007drilling result▲ Good
Duncan 1 (22.8%) reached total depth of 16,030 ft. The Middle Wilcox gas pay will be production tested, with a Lower Wilcox testing decision after logging. Management says confirmation would give a second producing asset and a 2-of-4 exploration success rate.
4 July 2007drilling progress report● Neutral
Duncan 1 (22.8%) is drilling at 15,105 ft with elevated gas readings in new zones, and deep targets are expected within a week. Florence seismic is about 85% done, delayed by storms and wind. Nearby West Florence-1 shows will be tested in July.
29 June 2007director officer appointment● Neutral
Company Secretary Gillian Swaby, in the role since the company's start in May 1997, resigns effective 30 June 2007. Tony Brazier is appointed in her place. Administrative change.
28 June 2007regulatory community update● Neutral
Strike forwards Comet Ridge's update: Florence 3D seismic is 80% complete, with drilling now expected in Q4 2007 (earlier 'late Q3'). The Coal View 31-4 sidetrack is set for early August, and Peltier 11-12 remedial work is planned for early July. No new results.
27 June 2007drilling progress report● Neutral
Duncan 1 is at 13,213 ft, where crews recovered a parted drill string, and is returning to drilling the deep Wilcox objectives. Florence 3D seismic is about 75% acquired. No new results.
20 June 2007drilling progress report● Neutral
Duncan 1 has a 7 5/8 inch liner set from 8,119 to 12,650 ft and is preparing to drill the deeper Wilcox. The shallow gas pay zone is now behind casing, awaiting flow testing. Florence seismic is about 60% done.
18 June 2007drilling result▲ GoodMajor
Wireline logs on Duncan 1 (22.8%) indicate gas pay in the shallower Wilcox. Its commercial value awaits flow testing after total depth near 16,500 ft. Strike calls results encouraging for deeper targets. This contrasts with McGall 1's main targets, which showed no pay.
13 June 2007drilling progress report● Neutral
Duncan 1 (22.8%) reached casing point at 12,650 ft with high gas readings in the shallower Wilcox. Wireline logs will assess their significance. Florence seismic is about 45% acquired, due to finish by end June.
6 June 2007drilling progress report● Neutral
Duncan 1 is at 10,405 ft after about 80 hours lost to rig repairs. Strike negotiated its interest down from 25% to 22.8%, subject to approvals, with past costs reimbursed, to help cover higher than expected drilling costs. Florence seismic is 32% complete.
30 May 2007drilling progress report● Neutral
Duncan 1 has 9 5/8 inch casing set at 8,398 ft and is testing safety systems before drilling the 8½ inch hole. Florence seismic has begun but heavy rain has hampered it. Strike's Florence interest is now 39%.
24 May 2007regulatory community update● Neutral
Strike reports the Florence 3D seismic survey is starting, forwarding the Comet Ridge release. The crew is on site and acquisition of the 8 square mile survey starts within a day or so. No new result.
23 May 2007drilling progress report● Neutral
Duncan 1 reached intermediate casing depth of 8,300 ft on 22 May Texas time, and is preparing intermediate wireline logs. Proposed total depth is 16,500 ft. No new results.
18 May 2007farm in farm out agreement▲ Good
Strike confirms it has elected to lift its Florence oil field interest from 26% to 39%, and attaches Comet Ridge's release. A 3D seismic survey is due to start within the next week. Duplicates the Comet Ridge announcement.
18 May 2007farm in farm out agreement▲ GoodMajor
Comet Ridge says it is raising its Florence interest from 26% to 39% after AJ Lucas withdrew from US exploration. It states Strike is also increasing to 39%. The 3D survey starts next week, with drilling expected late in the third quarter.
16 May 2007drilling spud▲ GoodMajor
Duncan 1 on the Rayburn Prospect (25%, potential 500 Bcf gas) spudded 9 May 2007, with proposed depth 16,500 ft. Casing is set at 2,768 ft. Florence 3D seismic is due to start next week.
2 May 2007drilling progress report● Neutral
McGall 1 is left re-enterable if later study reduces the completion risk. The rig is moving to Rayburn, with Duncan 1 to start drilling in two to three weeks. Weekly reports resume once drilling starts.
26 Apr 2007drilling result▼ BadMajor
Strike and the operator abandoned completion of McGall 1 because the gas zone needs fracturing and sits too near water-bearing sand. Completion would cost about US$2.5m. This ends the Flint well without production. Rig moves to Duncan 1 at Rayburn. Peltier still flows 15 bopd.
24 Apr 2007quarterly activities report● Neutral
March quarter sales revenue was A$2.054m, down from A$2.221m. McGall 1 found gas only in a secondary zone, Kewarra 1 was abandoned, and the A$8.84m placement closed fully subscribed. Cash fell to A$2.085m.
24 Apr 2007quarterly activities report● Neutral
Appendix 5B shows cash of A$2.085m at 31 March 2007, down from A$4.788m, after A$4.868m of share proceeds. Next-quarter spending is estimated at A$6.0m. No debt facilities. Shares on issue were 245.9m at quarter end, before the placement shares.
24 Apr 2007well test result● Neutral
Peltier 11-12 (Strike 33.75%) produced about 15 barrels of oil a day after being put back on production test on 20 April, following several weeks shut in. Work is under way to raise the rate, and Strike holds 8.4% of operator Comet Ridge.
23 Apr 2007drilling result▼ BadMajor
McGall 1 (25%) reached 16,510 ft but found no commercial pay in its main targets. One secondary Wilcox zone is likely commercial gas and will be production tested. The rig then moves to Rayburn's Duncan 1, where Strike funds 33% of cost to earn 25%.
20 Apr 2007other● Neutral
Strike forwards a Comet Ridge interview on its Colorado plans. It covers a Coal View 31-4 sidetrack plus at least one more Tow Creek well, and Florence seismic with up to three wells this year. Operator commentary, no new Strike result.
18 Apr 2007drilling progress report● Neutral
Beach's weekly report confirms Kewarra 1 plugged and abandoned at 1,630 m. Nothing beyond what Strike already reported.
18 Apr 2007drilling progress report● Neutral
McGall 1 is at 16,035 ft, with total depth of 16,500 ft expected within a week, then wireline logging. Site preparation is under way for Rayburn (25%, 500 Bcf potential), which will spud once McGall 1 finishes.
11 Apr 2007drilling result▼ BadMajor
Kewarra 1, Strike's first Cooper Basin well (15%), reached 1,630 m and found only a small oil accumulation in the Hutton Sandstone judged uneconomic. It is being plugged. McGall 1 shows elevated gas at 15,459 ft.
