Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2020farm in farm out completion● Neutral
Talon announced that formal farm-in documents with Strike for 45% of Walyering (EP447) have been executed. Completion still awaits regulatory approvals. Counterparty restatement of Strike's own announcement the same day.
14 Sept 2020farm in farm out agreement▲ GoodMajor
Strike signed definitive documents for the 45% Walyering farm-out to Talon, which paid a $1m bond against its $6m carry. Ministerial approval is still needed. The appraisal well is planned for 2021, with the well design and location done.
17 Aug 2020drilling progress report● Neutral
Text not readable.
24 July 2020resource reserve update● Neutral
Talon restates Walyering resources for its 45% share (best estimate 38.7 bcf gas, 0.981 mmbbl condensate, unrisked prospective) and Ocean Hill's 360 bcf 2C contingent resource. These are existing Strike figures; Strike puts the chance of discovery and development at 38%.
21 July 2020farm in farm out agreement● Neutral
Talon Petroleum's own announcement of the non-binding term sheet for a 45% Walyering farm-in, with $6m towards a $9m well in 2021 and a right of first refusal over Ocean Hill. Also appoints David Casey, ex-Warrego, as its MD. Counterparty restatement of Strike's 20 July deal.
20 July 2020farm in farm out agreement▲ GoodMajor
Strike agreed terms to farm out 45% of Walyering (EP447) to Talon Petroleum, which will free-carry the first $6m of a proposed $9m appraisal well in 2021. Strike keeps 55% and operatorship. Subject to final documents and ministerial approval. Follows the June resource upgrade and the farm-out plan.
9 June 2020resource reserve update● Neutral
Title indicates a Greater Erregulla and Walyering update; text not readable. The June quarterly later reports a Walyering prospective resource upgrade.
20 May 2020resource reserve update▼ Bad
Strike responds to Warrego's RISC-certified resource estimate (18 May), which differs from Strike's November 2019 figure. Strike says it has not been given RISC's report, and that RISC did not use seismic attributes. It stands by its own estimate. Dispute with its JV partner.
17 Feb 2020resource reserve update▲ GoodMajor
Strike announces the South Erregulla prospect next to West Erregulla, with a best-estimate 1.6 TCF prospective resource (Strike share, gas in place). It is undrilled and unvalidated, with 3D seismic still to come. Walyering 3D has also identified drillable targets.
6 Dec 2019drilling progress report▲ Good
Strike finished acquiring 90 km² of 3D seismic over its 100%-owned Walyering gas discovery. Existing prospects may hold up to 263 BCF (P10, 2018 estimate); interpretation is pending, after which Strike plans to seek a partner.
11 Nov 2019resource reserve update● Neutral
Text not readable.
10 Oct 2019drilling progress report● Neutral
The rig has left West Erregulla-2 and the flow test equipment is being moved to site. A multi-stage Kingia test will measure pressure, gas column height and sustained rate, which may be limited by the tubing size.
24 Sept 2019drilling progress report▲ Good
West Erregulla-2 is complete: Kingia perforated and 3-1/2in tubing run, and the rig released. The Kingia flow test is expected to start in early October and run about two weeks, the step before any resource booking.
16 Sept 2019drilling progress report▲ Good
The final 5-1/2in casing is set and cemented at 5,090m, securing the Kingia and High Cliff discoveries. Strike expects Kingia alone to limit flow, so it will perforate Kingia first; High Cliff and Wagina flow tests come later.
11 Sept 2019resource reserve update▲ GoodMajor
Strike upgrades the Kingia discovery to 58m net pay (from 41m), with 6,814-6,828 psia pressure and 102 mD permeability. Gas samples were recovered. A contingent resource will be booked after a flow test within weeks. High Cliff pressure tools could not seal.
6 Sept 2019drilling result▲ Good
Partner Warrego announces the same High Cliff discovery (10m net pay in 22m gross) and TD of 5,100m. It says further data is needed before an initial resource certification. Repeats Strike's news.
6 Sept 2019drilling result▲ GoodMajor
Strike reports a High Cliff gas discovery at WE-2: at least 22m gross column, 10m net pay, porosity up to 16%. Drilling finished at 5,100m, completing Wagina, Kingia and High Cliff discoveries. Casing and flow testing come next; no resource is booked yet.
2 Sept 2019drilling progress report▲ Good
WE-2 has intercepted the High Cliff sandstone at 4,928m with drilling breaks and elevated gas, and passed 5,000m, making it Australia's deepest onshore well. Drilling continues into the Holmwood Shale before wireline logging.
27 Aug 2019drilling result▲ GoodMajor
Strike reports a Kingia gas discovery at WE-2: at least 97m gross gas column, 41m net pay and porosity up to 19%, with no gas-water contact found. This is the primary target; no resource is booked until further data and testing.
23 Aug 2019drilling progress report▲ Good
WE-2 is interpreted to have entered the upper Kingia sandstone at 4,761m, with drilling breaks and elevated gas. Strike thinks it is about halfway through the formation and expects the best reservoir in the lower Kingia.
19 Aug 2019drilling progress report● Neutral
WE-2 is drilled to 4,650m in the final hole section. After a short rig maintenance, Strike will run logging-while-drilling tools to capture data as it approaches the first primary target, the Kingia sandstone.
12 Aug 2019resource reserve update▲ Good
Strike upgrades the Wagina discovery to at least 10.2m net reservoir (from 2.5m) and a 79m gross gas column, comparing it with the nearby Beharra Springs fields. Pressure exceeds 6,800 psia. No contingent resource is booked until a flow test.
7 Aug 2019drilling progress report● Neutral
WE-2's 8-5/8" liner is cemented at 4,226m, finishing the second intermediate section. Strike will log the cement, then drill the 6-3/4" hole toward 5,200m and the primary Kingia and High Cliff targets.
5 Aug 2019drilling result▲ Good
Joint venture partner Warrego repeats the Wagina gas discovery (74m gross, ~14% porosity) and says the sands are encouraging for the deeper Kingia-High Cliff target, expected by end August. The Wagina zone will be cased off for possible later flow testing.
1 Aug 2019drilling result▲ GoodMajor
Strike announced a significant gas discovery in the Wagina sandstone at WE-2: about 74m gross, with 14.2% porosity over a 2.5m logged interval. Poor hole condition prevented pressure and sample data, so no resource is booked until a flow test. Primary Kingia-High Cliff target is still to drill.
29 July 2019drilling progress report▲ Good
WE-2 reached 4,229m with continuous strong gas shows. The hole is conditioned and Schlumberger wireline logging is starting. The primary Kingia-High Cliff target is yet to be drilled.
24 July 2019drilling result▲ GoodMajor
WE-2 hit the Wagina formation at 4,102m, with high-pressure gas (over 98% methane) flowing strongly enough to light the rig flare. Drilling paused to rebalance the well. Strike says this matches pre-drill modelling but lacks data to evaluate it.
16 July 2019drilling progress report▼ Bad
WE-2 is at 3,617m. Drilling through the Kockatea shale has been much slower than expected, needing many bit changes. Strike expects better progress ahead through the sandstones to about 4,230m.
5 July 2019drilling progress report▲ Good
WE-2 is at 3,371m with pronounced hydrocarbon shows in the Lesueur and Woodada formations. Strike says they look markedly better than in the nearby West Erregulla-1 well. Wireline logging will follow at section TD.
28 June 2019drilling progress report● Neutral
WE-2 finished the first intermediate section at 2,499m and cemented the 11-3/8" casing. Next is the second intermediate section to about 4,230m, which will intercept the Basal Wagina gas target.
