22 Sept 2023annual report● Neutral
Strike's annual report for the year to 30 June 2023. The extracted text is only the contents page, notices and introduction, so no financial results or new developments can be confirmed from it.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2023regulatory community update▲ GoodMajor
South Erregulla production licence L24 was granted, so Strike can now file the safety case and environment plan needed for Phase 1 construction after a final investment decision. The SE-2 appraisal well spudded on 22 August and has drilled to 4,259m.
7 Sept 2023investor presentation● Neutral
Text not readable. Conference slides with only bullet markers extracted; no content can be confirmed.
28 Aug 2023business combination● Neutral
Strike declared its 0.4828 offer for Talon its best and final, absent a superior proposal. It says the deal is not critical to its strategy. If it fails, Strike will call in the drawn funds on the $6m facility and may enforce security over Talon's Walyering interest after 60 days. Scheme timetable runs to December.
28 Aug 2023business combination● Neutral
Talon's response to Strike's best-and-final statement: Strike cannot raise its price unless a superior proposal appears. If the scheme fails, the secured convertible facility must be repaid within 60 days, not converted into shares. Talon's board still recommends the scheme.
14 Aug 2023business combination● Neutral
Talon's version of the binding scheme with Strike: 0.4828 Strike shares per Talon share (implied $0.212), board unanimously recommends it absent a superior proposal. Mongolian interest may be spun out with $850,000 cash. Scheme booklet expected November 2023.
14 Aug 2023business combination▲ GoodMajor
Despite the earlier breakdown, Strike signed a binding deal to buy all of Talon by scheme: 0.4828 new Strike shares per Talon share (implied $0.212, ~21% premium), leaving Talon holders with ~11%. Strike gives a $6m convertible facility, and Talon's Mongolian asset is to be demerged. This would give Strike 100% of Walyering.
1 Aug 2023business combination● Neutral
Talon's account: Strike's revised proposal of 26 July offered 0.4828 Strike shares per Talon share (implied $0.21, a 20% premium) plus a convertible facility of up to $6m. It was withdrawn when terms could not be agreed before trading resumed.
1 Aug 2023business combination● NeutralMajor
Strike says talks to buy Talon at 0.4828 Strike shares per Talon share, plus a $6m interim funding facility, ended without agreement after due diligence and negotiation of the facility. Strike will keep operating Walyering as normal.
1 Aug 2023listing compliance notice● Neutral
ASX notice that Strike's trading suspension will be lifted immediately after it releases its announcement on the proposed material transaction. Administrative only.
31 July 2023listing compliance notice● Neutral
At Strike's request, ASX suspended its shares pending an announcement about a proposed material transaction. Strike asked for the halt to last until trading on 1 August or until the announcement. This relates to the Talon talks.
27 July 2023quarterly activities report● Neutral
June quarter: Walyering construction is well advanced, with commissioning now expected in Q3 (previously before end of June quarter). South Erregulla drilling is now due in August rather than July. Liquidity is ~$175m ($128m cash), and Macquarie exercised 20.7m options at 34c.
25 July 2023business combination● NeutralMajor
Talon says Strike made an unsolicited, non-binding proposal on 19 July to acquire it for 0.4586 Strike shares per Talon share (about 10.8% of the merged group), with Talon's Mongolian assets demerged. Strike withdrew it on 23 July when Talon asked for more time.
21 June 2023investor presentation● Neutral
Text not readable. Investor showcase slides with only bullet markers extracted; no content can be confirmed.
19 June 2023production update● Neutral
Talon's update on Walyering: Strike expects mechanical completion within two weeks, then commissioning and production. A condensate trucking agreement with Road Trains Australia was signed. First gas, earlier targeted before end of June quarter, is slipping slightly.
19 June 2023production update● Neutral
Text not readable. Only a bullet marker was extracted, so nothing about the Walyering update can be confirmed.
15 June 2023material agreement▲ GoodMajor
Strike finished gas marketing for South Erregulla and is negotiating a 5-year, 20 TJ/d binding supply deal with a major WA industrial user. Enerflex is engineering the 40 TJ/d Phase 1 plant, estimated at $90m (excluding export pipeline), with late-2024 start-up targeted. Neighbouring Trigg-1 reduced appraisal risk.
8 June 2023regulatory community update▲ Good
WA Government gave Strike's gas acceleration strategy Lead Agency Service, providing case management and coordinated approvals across departments. Supports the end-2025 target for four gas projects; no funding or approvals are granted.
17 May 2023contract award▲ Good
Walyering JV (Strike 55%) signed condensate processing and sales agreements with Santos, with gross revenue forecast above A$10m a year at 250 bbl/d and US$75 Brent. Construction continues, with start-up still targeted before end of June quarter.
17 May 2023contract award▲ Good
Talon's version of the Santos condensate agreement for Walyering: over A$10m annual revenue at US$75 Brent, breakeven US$45-50 per barrel. Notes the Safety Case has been accepted. Re-release of Strike's news from the partner's side.
9 May 2023regulatory community update● Neutral
Strike received approvals for a 128 km 2D seismic survey at its 100% Eneabba Deep permit (EP506), starting within 7-10 days. Results could lead to an exploration well, part of the gas acceleration strategy. Near the Ocean Hill discovery.
2 May 2023investor presentation● Neutral
Text not readable. Conference presentation with only bullet markers extracted; no content can be confirmed.
28 Apr 2023quarterly activities report▲ Good
March quarter: Strike closed its Warrego bid holding ~30.4%, then accepted Hancock's $0.36 cash offer for $136m. Cash is ~$143m, with ~$190m available funding. Walyering is under construction and South Erregulla drilling is due from July. Resolves the Warrego contest.
27 Apr 2023debt financing▲ GoodMajor
Strike signed the Macquarie $153m financing package first announced in December: $33m refinanced, a $40m committed drilling facility, and an $80m uncommitted development facility. Cash is $143m. Macquarie options were cut to 62.1m at 40c. This resolves the earlier unreadable financing item.
24 Apr 2023director officer appointment● Neutral
Former Woodside senior executive Jill Hoffmann joins the board as a non-executive director from 1 May 2023, bringing WA gas marketing experience. She is to receive 5 million options at $0.60, subject to shareholder approval and election at the AGM.
20 Apr 2023drilling scheduled▲ GoodMajor
Strike plans South Erregulla in three phases, starting with a 40 TJ/d modular plant at the Precinct targeted for late 2024, on 128 PJ of 2P reserves. A 3-well appraisal campaign from July 2023 aims to convert up to 271 PJ of 2C. Production licence applications are lodged.
4 Apr 2023admin correction● Neutral
Administrative notice: Strike's registered office and principal place of business moved to Level 1, 40 Kings Park Road, West Perth. Phone number unchanged. No substance for shareholders.
14 Mar 2023production update● Neutral
Talon's re-release of the Walyering update: Environmental Plan approved, about 6 weeks of construction, production expected April, upstream cost $19.2m plus $3.8m for the APA connection. Nothing new beyond Strike's own announcement.
14 Mar 2023production update● Neutral
Walyering (Strike 55%, Talon 45%) got its Environmental Plan approved; construction takes about 6 weeks, with first gas expected in April. Costs rose: upstream scope now $19.2m and APA's pipeline connection $3.8m. Only the safety case approval remains.
7 Mar 2023investor presentation● Neutral
Conference presentation repeating known points, such as the South Erregulla-1 flow test at 80 mmscfd (equipment-constrained) and the Precinct hosting gas processing. Only the opening and disclaimer text is readable; no new results.