Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2006joint venture update▲ GoodMajor
Comet Ridge contracted a rig for a three-well Tow Creek/Bear River program, with the first well to spud by 10 November 2006 and estimated to cost $1.8m. Comet Ridge holds 37.5% and 33.75% of the two projects, and it and Strike each pay 50% of the first two wells.
30 Oct 2006joint venture update▲ Good
Strike relays Comet Ridge's news that a rig is contracted for the three-well Tow Creek/Bear River program, with the first well due to spud by 10 November 2006. Strike holds 37.5% of Tow Creek and 33.75% of Bear River.
27 Oct 2006agm notice● Neutral
Notice of the 29 November 2006 AGM and the annual report. Shareholders vote on electing Peter Gunzburg, re-electing chairman Jeff Schneider, and an advisory remuneration report vote.
20 Oct 2006director officer appointment▲ Good
Peter Gunzburg, a former chairman of ASX (Perth) with 22 years of resources experience, joins the Strike board from 20 October 2006. He chairs several other listed companies.
18 Oct 2006quarterly activities report● NeutralMajor
September quarter Mesquite output was flat on June, but revenue fell 5% on lower prices. Mesquite proved plus probable reserves are 5.5 Bcf to Strike's working interest, well below the earlier 15-20 Bcf indication. Flint and Rayburn exploration wells are now early 2007.
6 Oct 2006joint venture update● Neutral
Strike relays the Comet Ridge Tow Creek update unchanged: surface hole done, full rig awaited for the Coal View Unit 31-4 well. Strike holds 37.5% of Tow Creek and 8.9% of Comet Ridge. No new Strike information.
6 Oct 2006joint venture update● Neutral
Comet Ridge says Tow Creek well Coal View Unit 31-4 has only a 60-foot surface hole drilled so far; a full-size rig is awaited, possibly within a month. It targets 200,000-400,000 barrels. Strike holds 37.5%. First-well timing slips from October.
3 Oct 2006asset acquisition disposition● Neutral
Strike says it holds an option on 33⅓% to 50% of the Florence oilfield interest Comet Ridge bought (78% for about US$650,000), with a decision due in two or three weeks. Strike owns 8.9% of Comet Ridge.
3 Oct 2006asset acquisition disposition● Neutral
Comet Ridge, the Rocky Mountains operator, bought a 78% interest in 4,678 acres of the historic Florence oil field, Colorado, for about US$650,000 total. The deal is to be offered to Strike and AJ Lucas; Strike's participation is not yet decided.
3 Oct 2006admin correction● Neutral
Amended re-release of the Comet Ridge Florence field announcement, with tracked-change deletions removed. Substance is unchanged: 78% interest for about US$650,000, to be offered to Strike.
2 Oct 2006annual report▲ Good
2006 Annual Report, with audited accounts to 30 June 2006. Chairman says Mesquite revenue runs at about A$10m a year and Gulf Coast drilling starts October. Kingston coal rights moved into a new entity, Kingston Energy. AGM is set for 29 November 2006.
26 Sept 2006joint venture update▲ Good
Comet Ridge received the first Tow Creek drilling permit (Coal View Unit State 31-4, 37.5% interest), with surface hole starting soon. The well targets 200,000-500,000 barrels, costs about US$1.7m gross, and a two or three well program is expected in October.
5 Sept 2006investor presentation● Neutral
Good Oil Conference presentation: plans 10+ wells in 12 months, funded by about A$8m cash and revenue. Gulf Coast timing slips, Flint now November 2006, Rayburn January 2007, Lasso March 2007; Colorado drilling now October. Claims A$900,000 monthly revenue to Strike.
25 Aug 2006joint venture update● Neutral
Comet Ridge relays Tow Creek/Bear River preparations: surface agreements for two wells and a permit application for Peltier 11-12 lodged. The Coal View Unit awaits final approval. Mahalo coal seam gas content is outside Strike's interests. No drilling yet.
16 Aug 2006joint venture update● Neutral
Operator Comet Ridge reported 11 drilling locations identified at Tow Creek, with drilling anticipated to start in September. Grassy Creek 1-1 output rose from 1-2 to about 8 barrels of oil a day after repairs. Strike holds 33.5-37.5% of the projects.
15 Aug 2006well test result● NeutralMajor
Webernick 2 tested at 3.48 MMcf/d gas and 97 bbl/d condensate, so all four Mesquite wells have flowed commercially, though below the 15-20 MMcf/d hoped for. Field output is 11-12 MMcf/d. Shallower zones will not be tested for now. Rig-drilled Lasso, Flint and Rayburn prospects (25% WI) start October 2006.
31 July 2006quarterly activities report● Neutral
Appendix 5B for June quarter: cash fell from A$11.095m to A$8.268m, with net operating and investing outflow of A$2.827m and no debt. Next-quarter outflow is estimated at A$2.5m. Gulf Coast interest stays at 25%; Tow Creek acreage rose 1,084 acres.
31 July 2006investor presentation● Neutral
Conference presentation by the MD repeating known facts: Mesquite at about 12 MMcf/d gas and 200 bbl/d condensate, 20+ Bcf potential, and a target of 15-20 MMcf/d by August 2006. Colorado drilling in August/September; Cooper drilling late 2006 to early 2007; Carnarvon drilling mid 2007.
25 July 2006quarterly activities report▲ Good
June quarter Mesquite gas output rose 218% and condensate 151% on March, with Strike's share of gas and oil revenue A$2.7m (working interest). Webernick 2 is a further gas discovery, being tested; 15-20 Bcf indicated, reserve review under way. Colorado drilling is now late August/September; Carnarvon drilling not before mid 2007.
11 July 2006investor presentation▲ Good
MD interview: preliminary estimate is 15-20 billion cubic feet of gas in Strike's Mesquite leases, with a third-party assessment under way. He expects combined output to lift net revenue to A$0.9-1.2 million monthly, and says cash exceeds A$8 million.
22 June 2006drilling scheduled● NeutralMajor
All four Mesquite wells are drilled; Webernick 1 and 2 testing is expected to take 1-2 more months. Colorado oil wells at Tow Creek and Bear River are due to start in July, with Texas drilling resuming in September. Regular drilling reports will now be issued as needed.
15 June 2006drilling progress report● Neutral
Production casing is run on Webernick 2 and the rig was released 9 June. Production testing of the gas zones is expected over the next month. No new results.
8 June 2006production update▼ BadMajor
Strike says four wells support Mesquite's pre-drill potential of 25-35 billion cubic feet. Current net revenue is about A$750,000 monthly, below the earlier A$1 million by mid-2006 target, which it attributes to testing delays on the two Webernick wells.
1 June 2006drilling progress report● Neutral
Webernick 2 is preparing to run production casing over the gas shows from 10,780 to 13,000 feet before testing. Mesquite sales stay at 12-13 million cubic feet daily. A decision on more wells awaits Webernick 1 and 2 testing.
31 May 2006regulatory community update● Neutral
Comet Ridge completed the US$120,000 purchase of the producing Tow Creek oil well. Strike's subsidiary is to be assigned a 37.5% interest, with Comet Ridge also at 37.5% and Lynn Properties 25%. The well produces about 2 barrels of oil daily.
25 May 2006drilling result▲ GoodMajor
Webernick 2 reached total depth of 13,000 feet, deepened from the planned 12,300. Extensive gas shows across multiple zones from 10,780 to 13,000 feet suggest potentially commercial gas similar to the offset wells. It is not yet tested; further Mesquite drilling awaits testing.
18 May 2006production update● Neutral
Mesquite sales are 12-13 million cubic feet daily of gas and 250-275 barrels of condensate, worth A$23,000-25,000 daily to Strike. Webernick wells are slower than expected for operational reasons. About 5,000 acres of new prospects are leased or under negotiation, with Strike able to take up to 25%.
16 May 2006regulatory community update● Neutral
Comet Ridge, operator of the Tow Creek project in Colorado, agreed to buy a producing well and 640-acre lease for US$120,000. The well produces about 2 barrels of oil daily. Strike, a partner, intends to participate.
16 May 2006asset acquisition disposition● Neutral
Strike says it has acquired a 37.5% interest in additional leases at Tow Creek, Colorado, covered by the Comet Ridge release on the US$120,000 producing well purchase. Strike also holds about 8.9% of Comet Ridge. Small bolt-on to an existing project.
11 May 2006production update▲ Good
Shefcik 1's shut-in zone is back on production, with the well now flowing about 7 million cubic feet daily of gas and 180 barrels of condensate. Mesquite sales total about 13 million daily. Strike also won an APPEA environment award for its Cooper 1 well work.
