Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2006drilling progress report● Neutral
Webernick 2 is drilling in its sidetrack at 10,381 feet before a liner is set. Work continues to restore the Shefcik 1 zone to production; Webernick 1 testing is planned within the month. Beach is running the Gukithi 2D seismic survey in ATP633P.
28 Apr 2006quarterly activities report▲ Good
Cash flow report for the March quarter: cash at quarter end was $11.095 million, up from $4.415 million, with no debt. Oil and gas revenue earned was $739,000, though only $69,000 had been received by 31 March. Next-quarter outflow is estimated at $2.589 million.
27 Apr 2006quarterly activities report▲ Good
March quarter report: first production revenue from Mesquite, with about 62 million cubic feet of gas and 1,304 barrels of condensate sold net, for gross proceeds of US$530,000. Raisings of $14.4 million completed; Webernick 2 is sidetracking. Largely repeats earlier announcements.
20 Apr 2006flow test result▲ Good
Shefcik 3 tested at 8.1 million cubic feet daily of gas and 118 barrels of condensate, and is selling around 7.5 million daily. Webernick 2 had liner problems and is being sidetracked from about 9,000 feet. Gidgee 3D seismic finished 18 April.
13 Apr 2006drilling progress report● Neutral
Webernick 2 has reached 10,436 feet and is being logged before a liner is run. Separately, Beach has begun 3D seismic over the Gidgee oil discovery in ATP633P, where Strike has an option on up to 15%; the permit took over 8 years to be granted.
6 Apr 2006drilling progress report● Neutral
Testing continues on the Mesquite wells, with test gas sold at 3-11 million cubic feet daily depending on zone. Webernick 2, the fourth well, is setting casing at 6,400 feet toward a 12,300 foot target. No new result.
31 Mar 2006capital raising announcement▲ GoodMajor
The entitlement issue closed with 72% take-up (26,977,847 shares), and the shortfall of 10,135,358 shares was placed with existing shareholders. The full $10,391,697 was raised at 28 cents. Shares were allotted 31 March.
30 Mar 2006drilling spud▲ GoodMajor
Shefcik 3 achieved its first commercial test, so all of the first three Mesquite wells now flow at commercial rates. Webernick 2, the fourth well, spudded 22 March and was at 3,875 feet, with a planned depth of 12,300 feet.
29 Mar 2006investor presentation● Neutral
Conference presentation repeating known Mesquite results, the 7-well US record and Rocky Mountains plans. It states the company is on track for A$1 million monthly net revenue by mid-2006 and describes Shefcik 3 as a discovery.
23 Mar 2006joint venture update▲ GoodMajor
Strike finalised raising its Eaglewood Participation Agreement interest from 10% to 25%, resolving the earlier negotiation. Testing at Shefcik 1 and Webernick 1 shows individual zones at 2-7 million cubic feet daily; testing runs another 4-6 weeks. A second pipeline lifts sales capacity to 12-13 million daily.
16 Mar 2006half year report● Neutral
Half-year report to 31 December 2005, covering previously reported events: the Shefcik 1 discovery, Carnarvon seismic, Colorado interest increases and the $2.2 million share purchase plan. The excerpt does not show the financial figures.
16 Mar 2006drilling progress report● Neutral
Shefcik 1 shallower-zone testing continues. Shefcik 3 rig was released 7 March and awaits testing equipment. Webernick 2 is due to start drilling within days. No new results.
13 Mar 2006investor presentation● Neutral
March shareholder presentation reviewing operations and 2006 drilling plans, mostly repeating known facts. It says production revenues have begun and the $10 million rights issue closes 28 March. It cites 7 US wells drilled to date: 3 discoveries and 4 dry.
13 Mar 2006other● Neutral
Strike was listed on the Munich Stock Exchange without its knowledge. It has no reporting or compliance obligations there. Administrative notice with no operational impact.
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.
31 Jan 2006quarterly activities report● Neutral
Appendix 5B for the December 2005 quarter: cash at quarter end was $4.4 million, with $5.5 million of outflows forecast for the next quarter. The January placement was completed after quarter end. No debt facilities.
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.
18 Jan 2006quarterly activities report● Neutral
December quarter report: Shefcik 1 gas discovery in Texas, Tow Creek interest raised to 37.5%, Carnarvon seismic done, and Advent farming into two Cooper permits for $2.2 million. Three shallow Texas wells found no commercial hydrocarbons. Cash was $4.4 million.
