Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 July 2024regulatory community update▲ GoodMajor
West Erregulla received its WA environmental Ministerial Statement for upstream and midstream works, ending a process of more than three years. Strike calls it a major de-risking event. Federal EPBC approval is expected this quarter; FID remains pending.
1 July 2024material agreement termination● Neutral
Due to delayed approvals and FID, the firm West Erregulla gas deal with CSBP reverted to the 2019 option for 100 PJ at up to 25 TJ/d. The fixed price now rises to an option price Strike says is closer to market. The option lapses 30 June 2027.
27 June 2024flow test result▲ Good
Walyering-7 testing began through the Walyering plant. Gas and condensate flowed from completed zones; over 2 TJ of test gas was sold and over 80 bbls of condensate recovered in a 90-minute test. Results are preliminary; more zones and a long-term test remain before RISC's review.
27 June 2024drilling spud● NeutralMajor
Erregulla Deep-1 has spud in EP469 (Strike 50% operator, Warrego 50%), testing a closure east of the West Erregulla reserves. Total depth is expected in about 40 days. This is the mid-2024 well flagged earlier.
24 June 2024material agreement▲ GoodMajor
Strike applied to AEMO for capacity credits for an 85 MW gas peaking power plant on the Precinct, fuelled by South Erregulla's 37 PJ 1P reserves, with operations by October 2026. Targets an unconditional FID in November 2024; modelled revenue $40-50m a year. This is a new development path.
24 June 2024investor presentation● Neutral
Presentation on the South Erregulla peaking power project. Only the disclaimer text is readable, so no new figures can be taken from it. Text not readable beyond the disclaimer.
24 June 2024investor presentation● Neutral
Notice of a webinar on 24 June 2024 where the CEO will present the South Erregulla peaking power development, followed by Q&A. Administrative; no new results.
24 June 2024resource reserve update▼ BadMajor
After the disappointing SE-2/SE-3 tests, South Erregulla was re-certified at 82 PJ of 2P plus 2C (45 PJ 2P Kingia, 37 PJ 2C Wagina), a large cut. The western side is downgraded to Prospective Resource. Resolves the reserves review.
21 June 2024debt financing▲ GoodMajor
Terms agreed with Macquarie for a 5-year $153m package: a $60m facility refinancing $16.3m drawn debt, plus $53m South Erregulla and $40m West Erregulla facilities. The $93m of new debt needs FID and Macquarie internal approvals. Replaces the earlier uncommitted $80m contingent facility.
12 June 2024drilling scheduled● Neutral
Re-release of Triangle's 12 June update: the Ventia 106 rig is due in early July, with Booth-1 spud mid to late July. Strike holds 25% of L7. Repeats the delay already noted; no new information.
12 June 2024drilling scheduled● Neutral
Triangle says the Ventia 106 rig is due for release in early July, so Booth-1 will now spud in mid to late July rather than late June. Approvals are received. Strike holds 25% of the permit. Negotiations are ongoing for a Becos rig.
3 June 2024drilling result▲ GoodMajor
Walyering-7 found 23m of net gas pay at 16% average porosity in a new compartment north-east of the producing field. Most is in the A Sand (22m). It still has to be flow tested. The result feeds the RISC reserves review.
28 May 2024drilling progress report▲ GoodMajor
Walyering has paid back its ~$30m development cost just 8 months after start-up, with ~$47m gross income received so far. Walyering-7 reached 4,035m in 18 days, five days ahead of plan, with positive gas observations. Logging and evaluation are still to come.
9 May 2024investor presentation● Neutral
Macquarie conference presentation by the CEO. Only the disclaimer text is shown, with no new figures or results.
23 Apr 2024quarterly activities report▲ Good
March quarter Walyering output rose 21% to 2.29 PJe gross, with record gross sales of about $18m. Cash fell to $44.6m (liquidity ~$91m). The CEO called South Erregulla results disappointing and said West Erregulla FID is targeted for Q3 2024. Walyering-7 spud is expected shortly after rig handover in late April.
19 Apr 2024regulatory community update▲ Good
The 256 km² Ocean Hill 3D seismic survey finished on schedule and under budget, over the field's 306 PJe 2C contingent resource. The 479 km Kadathinni 2D survey has started, targeting over 100 km² of Permian closure. This will help site an Ocean Hill appraisal well.
18 Apr 2024drilling scheduled● Neutral
New Zealand Oil & Gas re-released Triangle's news that the Booth-1 rig is signed and approvals are in hand, with drilling from late June 2024. NZO's net cost is A$4.55m. It confirms Strike holds 25%. No new information for Strike.
18 Apr 2024drilling scheduled▲ Good
Triangle, operator of L7, signed the Ventia 106 rig to drill Booth-1 in late June–July. Strike holds 25% of the permit. Booth's best-estimate prospective gas resource is 279 Bcf gross. Becos is planned for the September quarter.
28 Mar 2024security holder rights change● Neutral
Strike will buy back unmarketable parcels (2,083 shares or less) at $0.24 per share. 1,569 holders with 2,034,041 shares (0.07% of the register) are eligible, at a total cost of about $488,170. Holders can opt out by 9 May 2024.
12 Mar 2024investor presentation● Neutral
Text not readable.
12 Mar 2024material agreement▲ Good
Strike signed a 2-year transport deal with APA to send up to 10 TJ/d from Walyering into the DBNGP pipeline from late 2024, opening a larger market. Walyering hit 34 TJ/d on 6 February 2024, with instantaneous rates equal to 38 TJ/d; A-Sand production is tracking its 2P case.
28 Feb 2024half year report● Neutral
Half-year report to 31 December 2023. Walyering began producing in the first quarter, with 1.1 PJe net and $8.13m net revenue. The Alinta 3.4 PJ deal is noted, and Walyering-7 has been sanctioned. Remaining financial detail was truncated in the text.
28 Feb 2024other▼ Bad
The Chair wrote to shareholders calling the SE-2 and SE-3 flow tests a setback, with South Erregulla resources and reserves being updated and development pathways assessed. Walyering-7 is planned for April and Erregulla Deep-1 mid-year. The board says Walyering cash flow lets it avoid dilution.
28 Feb 2024investor presentation● Neutral
Text not readable.
26 Feb 2024investor presentation● Neutral
Notice of a 28 February 2024 webinar on half-year results and an operational update. Administrative only.
20 Feb 2024well test result● Neutral
SE-2 testing began, producing gas and formation water, with more equipment needed for further flow tests. SE-3's wellhead pressure has built to about 431 psi, suggesting some response from the formation. Independent reviews are under way; no final result yet.
19 Feb 2024listing compliance notice▼ Bad
Strike answered an ASX query about trading before the SE-3 announcement. It said the well was overbalanced, so not yet price-sensitive, and it knew of the no-flow on 8 February. It said heavy trading that day was explained by its S&P/ASX 200 inclusion. Shares fell from $0.42 to a low of $0.29.
14 Feb 2024investor presentation● Neutral
Conference presentation titled 'Ramping up gas production'. Extracted text shows only the disclaimer, with no new figures or results.
13 Feb 2024well test result▼ BadMajor
South Erregulla-3 failed to flow when tested in the Kingia Sandstone, despite earlier-booked gas pay; Strike interprets a possible gas-water contact. The CEO called it disappointing. Testing moves to up-dip SE-2 within 5 days, and reserves will be reviewed afterwards.
1 Feb 2024other● Neutral
S&P Dow Jones announced Strike will join the S&P/ASX 200 index from 9 February 2024, replacing Costa Group. Index change only, no operational news.
