Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2007capital raising announcement▲ GoodMajor
The 1-for-10 entitlement issue at 22 cents closed, raising $4,917,808 before costs. Acceptances were 17,915,219 shares ($3.94m); the remaining 4,438,454 shares ($976k) go to shortfall applicants. Allotment is 18 January. This completes the raising proposed on 29 November.
16 Jan 2007drilling progress report▼ Bad
Comet Ridge says extreme cold (-37°C) delayed completion of Coal View Unit 31-4, with the workover rig on standby. Peltier 11-12, spudded 12 January, is at 1,833 ft. Strike holds 37.5% of Tow Creek and 33.75% of Bear River.
12 Jan 2007drilling progress report● Neutral
Weekly update: Webernick 5 is being completed, the Flint rig arrives next week, a workover rig has started testing Coal View Unit 31-4, and Peltier 11-12 is due to spud within 24 hours. No new results.
11 Jan 2007drilling result● Neutral
Webernick 5 at Mesquite reached 4,200 ft, and logs show a small potentially commercial gas zone in the shallow Frio. It will be completed for production testing. Further drilling awaits results. Strike holds 32.3%.
9 Jan 2007investor presentation● Neutral
Strike releases its 2007 program presentation for investors, repeating known projects: 10-plus wells, Flint, Rayburn, Rodeo, Tow Creek, Bear River, Cooper and Carnarvon. It budgets about $7m of 2006/07 revenue and a $500m market capitalisation target. No new results.
5 Jan 2007drilling spud▲ GoodMajor
Webernick 5 at Mesquite (32.3% WI) spudded on 3 January, targeting shallow zones above 5,000 ft. The Flint McGall 1 well (25%, ~200 bcf potential) has been brought forward to spud within a week. Peltier 11-12 is due to spud next week.
3 Jan 2007drilling progress report● Neutral
Comet Ridge says a completion rig arrives on Coal View Unit 31-4 early next week and Peltier 11-12 should spud mid-to-late week. Peltier targets up to 500,000 barrels; Strike funds 50% and holds 33.75%. Completing it finishes the earning requirements at Tow Creek and Bear River.
29 Dec 2006drilling result▲ GoodMajor
Coal View Unit 31-4 reached 6,600 ft on 25 December with oil and gas shows over 245 feet of the main Niobrara target, which logs suggest is fractured. It will be completed for testing in January. Webernick 5 and Flint wells are also scheduled.
22 Dec 2006drilling progress report● Neutral
Comet Ridge reports Coal View Unit 31-4 casing set at 4,795 ft and about to drill the Niobrara target, with the first reservoir expected at about 5,100 ft. A major winter storm continues to affect operations.
15 Dec 2006drilling progress report● Neutral
Comet Ridge reports Coal View Unit 31-4 drilling at 4,328 feet after setting casing to counter mud losses. First reservoir interval expected early next week. The rig then moves to Peltier 11-12, four miles away.
8 Dec 2006drilling progress report▼ Bad
Comet Ridge reports a rig component broke down, costing 5 days, but drilling has resumed. Coal View Unit 31-4 now expected to reach 6,600 ft by Christmas, versus about two weeks from 1 December. Peltier 11-12 permit now received.
1 Dec 2006drilling progress report● Neutral
Comet Ridge reports Coal View Unit 31-4 drilling ahead at 2,758 feet, with penetration rates improving after earlier mud losses in fractures. About two more weeks to the 6,600 ft target depth. Strike holds 37.5%.
30 Nov 2006agm notice● Neutral
Results of proxy voting at the 29 November AGM: Gunzburg's election, Schneider's re-election and the remuneration report all passed, with about 55.4-56.0 million votes for and few against. Routine administrative outcome.
29 Nov 2006agm notice● Neutral
The chairman's AGM address says Mesquite has earned A$6.6m revenue since February, and admits the funding reversals (entitlement issue announced then withdrawn) puzzled shareholders. He says the board would decide the same again, and Flint could spud in December or January.
29 Nov 2006capital raising announcement● NeutralMajor
Strike announces a smaller one-for-ten entitlement issue at 22 cents to raise about $4.9m, replacing the withdrawn $8m offer. Funds go to Mesquite work including a shallow gas well, Gulf Coast seismic and Florence.
24 Nov 2006drilling progress report● Neutral
Comet Ridge reports Coal View Unit 31-4 drilling at 1,050 feet. Fracture zones caused mud losses and a stuck drill string, losing some time. Strike holds 37.5%.
23 Nov 2006capital raising announcement▼ BadMajor
Strike withdraws its 7 November entitlement issue after the Mesquite operator deferred the Shefcik 2 and 4 wells, possibly for up to 12 months, following inconclusive Webernick 2 shallow-zone tests. Mesquite output stays at 10-11 mmcf/d, not 15. Funding is under review.
17 Nov 2006drilling spud▲ GoodMajor
Coal View Unit 31-4 at Tow Creek began drilling at 3:30pm on 16 November 2006, delayed by a winter storm. It takes about 30 days to drill, targeting 200,000-500,000 barrels. Strike holds 37.5%. This is the first of three Rocky Mountain wells.
13 Nov 2006investor presentation● Neutral
A November company presentation restates known facts: a 10-plus well program, Mesquite output of 11 mmcf/d, Flint, Rayburn and Rodeo drilling, and Colorado projects. It says the program is funded from about $15m cash after the rights issue.
13 Nov 2006capital raising announcement● Neutral
Strike lodges the prospectus for its one-for-seven entitlement issue at 25 cents, raising up to $7,983,454. It needs a minimum of $2.1m, is not underwritten, and closes 7 December 2006.
10 Nov 2006joint venture update▼ Bad
Strike relays Comet Ridge's update that the rig is on location at Tow Creek. Spud is now expected early next week after minor delays from trucking shortages and soft ground. Strike holds 37.5%. The 10 November spud target is missed.
8 Nov 2006director officer appointment● Neutral
Founding director Roy Woodall, on the board since 22 May 1997, will resign after the 29 November AGM, effective 30 November 2006. No reason is given.
8 Nov 2006production update▲ Good
Mesquite output has risen to 10-11 mmcf/d gas and 200-225 bbl/d condensate, up from 9 mmcf/d and 150 bbl/d at end-September. Two more wells are planned, Flint has a rig for January 2007, and about $2.4m goes to a seismic purchase.
7 Nov 2006joint venture update● Neutral
Strike relays Comet Ridge's announcement that the rig is moving to the first Tow Creek well, with drilling due at the end of the week. Strike holds 37.5% of Tow Creek and 33.75% of Bear River. No new Strike information.
7 Nov 2006capital raising announcement● NeutralMajor
Strike announces a one-for-seven non-renounceable entitlement issue at 25 cents to raise up to $7,983,455, to fund expanded US work: Mesquite development (Shefcik 2 and 4), more Gulf Coast seismic and Florence. Follows the September quarter's cash and spending estimates.
7 Nov 2006drilling progress report● Neutral
Comet Ridge says the rig move to Coal View Unit 31-4 at Tow Creek has begun, with drilling due by week's end and about 35 days to complete. It targets 200,000-400,000 barrels at about $1.8m; Strike pays 50% of the well.
2 Nov 2006investor presentation▲ Good
MD Simon Ashton's Open Briefing says drilling restarts in early November after four quiet months, starting a 9-month program of 5 appraisal and 5 exploration wells. Shefcik-2 is now likely the first Texas well; Flint, Rayburn and Rodeo exploration follows from January 2007.
1 Nov 2006asset acquisition disposition▲ GoodMajor
Strike exercises its option to join the Florence oilfield redevelopment in Colorado, getting a 26% working interest after the earning phase. This resolves the open Florence decision and adds a third Colorado oil project beside Tow Creek/Bear River.
1 Nov 2006joint venture update● Neutral
Comet Ridge reports that Strike and AJ Lucas have each taken up their full share of the Florence oilfield deal, leaving Comet Ridge 26%. Seismic is expected to begin in December, and the first well must start by 1 August 2007.
31 Oct 2006quarterly activities report● Neutral
September quarter cash fell from A$8.268m to A$7.632m, with no debt. Next-quarter spending is estimated at A$6.4m, well above the A$2.5m earlier estimated. Shares unchanged at 223,536,730.
