Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2018drilling progress report▲ Good
The Jaws-1 vertical well was logged, cored, cased and cemented at 2,164m. Pressure cores from the Vu Lower, Vu Upper and Vm3 are being analysed in Brisbane. The rig is moving to spud the horizontal well, still on track for April completion.
27 Feb 2018drilling progress report▲ Good
The Jaws-1 vertical well reached total depth of 2,164m after intersecting the coals, with surface casing cemented at 1,116m. Pressurised coring is next. Drilling is still planned to finish in April 2018.
15 Feb 2018drilling spud▲ GoodMajor
Strike spud the vertical well of the Jaws-1 appraisal, the key well toward a reserve booking and Phase 1 decision, after a slow start-up to confirm the rig was fully ready. Drilling is expected to finish in April 2018.
22 Jan 2018drilling progress report● Neutral
The Ensign 965 rig began arriving at the Klebb field in PEL96 and mobilisation is on track for the 14 February Jaws-1 spud. Drilling leases are complete. No new results.
21 Dec 2017drilling progress report▲ Good
Klebb 4 was worked over and plugged to serve as the microseismic monitoring well for the Jaws-1 frac. Recovered pump cable, saving $50k, will be reused. Preparation for Jaws-1 is within schedule.
14 Dec 2017drilling progress report▲ Good
Bulk civil works for Jaws-1 are complete, including two well leases, access tracks and a water pond for the seven-stage frac. The company says work was on schedule and budget ahead of rig mobilisation.
20 Oct 2017drilling progress report● Neutral
At Klebb 1, the bridge plug isolating the Vu Lower was milled out without issue and the pump is being re-run. Commingled dewatering and production testing of Vu Lower and Upper follows. No flow results yet.
13 Oct 2017drilling scheduled● Neutral
Strike mobilised a rig to recomplete Klebb 1 into the Vu Lower coal seam, at a Strike-share cost of $220,000 over about a week. The well has been shut in for 3 years since fracturing, so results are uncertain. It will inform the 'Spectre' well design.
30 Aug 2017drilling result▲ GoodMajor
Strike declared Technical Success on the Klebb Vu Upper coal, refining gas content to 6.0-6.1 m3/t after about three months of pumping, within the top third of its expected range. This resolves the open milestone; Jaws appraisal is planned for Q1 2018. Igesi validated it.
22 Dec 2016drilling progress report● Neutral
Stable Klebb pumping continued; Klebb 1 gas is slowly building and flaring constantly, and Klebb 2 and 3 together contribute about 1,000 bbl/d of water. The distributed power project is complete. A PACE grant application was submitted, with decisions expected February 2017. Klebb 4 still has issues.
28 Nov 2016drilling progress report● Neutral
Klebb pilot has run stably for weeks, with dewatering on plan; Klebb 1 is flaring gas and Klebb 3 has had over 3 weeks of uninterrupted flow. Klebb 4 has intermittent issues. No commercial gas rates yet.
12 Sept 2016drilling progress report● Neutral
All four Klebb wells are operating, with jet-pump trials improving performance, but no commercial gas rates are yet reported. Klebb 2's second high-pressure pump was delayed by rain and road closures to early October. A 2 September storm damaged Klebb 3's generator.
15 July 2016drilling progress report● Neutral
Klebb 4's submersible pump was commissioned, so all four Klebb wells are now on test. Klebb 3 sustains 730-750 bwpd, but this means it will take longer to reach the conditions that produce rapid gas increases. Klebb 2 is still gas-handling constrained and is to be upgraded.
21 June 2016drilling progress report▲ Good
The Klebb 4 frac was pumped and the well is flowing back. Klebb 3 water production is about 550 bwpd versus about 450 before its workover, a 20-25% productivity gain. The same upgrade is planned for Klebb 2. No new gas rates given.
26 May 2016drilling progress report▲ Good
May testing tracked previous experience, with Klebb 3 water production now above 550 bwpd. Klebb 4 frac (500,000 lbs) and pump installation remain on track for June, with testing from early July. Four-well water capacity is expected to approach 2,000 bwpd.
2 May 2016drilling progress report▲ Good
Pump upgrades at Klebb 1, 2 and 3 were completed in April and all wells are back on test. Gas flows restarted after a four-week shut-in, with reservoir pressure back to about 2,300 psi. Klebb 4 frac and pump completion is due in June.
31 Mar 2016drilling progress report▲ Good
Operations update: record gas flows were reached in February, but flows are limited by the Klebb 2 and 3 jet pump capacity, not the reservoir. Pump upgrades are due for recommissioning in April, and Klebb 4, a larger-casing well, is planned. Commercial rates are still not conclusively demonstrated.
22 Dec 2015drilling progress report▲ Good
Strike reports record gas flows at the Klebb pilot, with strong, consistent gas and stable water at Klebb 2 and 3. Klebb 1 pump rate is limited because stable gas separation is not yet achieved. No flow figures given, and commercial rates are not yet demonstrated.
10 Nov 2015drilling progress report▲ Good
The Klebb 1 pump workover was completed on 2 November and testing restarted on 3 November. Running at about 80 barrels of water a day with no downtime, gas was measured within days. This resolves the October pump shut-in, with all three wells online.
12 Oct 2015drilling progress report▼ Bad
Klebb 1 pump shut in after gas built up in the tubing, and a workover is planned with a new pump assembly. A rig takes about two weeks to mobilise, with completion expected at the end of October. Klebb 2 and 3 continue at about 500 bwpd. This is a setback to the pilot's timing.
24 Sept 2015drilling progress report▲ Good
Klebb Phase 3 testing is on track: Klebb 2 and 3 each produce about 550 barrels of water a day, and Klebb 1 about 200. Gas per barrel of water is roughly double the prior phase. Management sees commercial rates as achievable, but they have not been reached.
1 Sept 2015drilling progress report▲ Good
All three Klebb wells are producing gas with rates building. Klebb 2 and 3 pumps run at about 60% of capacity, and Klebb 1 pump commissioning issues were resolved. Fracs gave higher gas rates earlier at lower pump rates; ramp-up continues for about 6 weeks.
10 Aug 2015drilling progress report▲ Good
Workovers at the three Klebb wells are finished and the Phase 3 extended flow test began the week before. Early gas flows are seen at each well, and productivity at Klebb 2 and 3 is reported substantially higher after the fracs. Rates will be ramped up over coming weeks.
22 July 2015drilling result▲ Good
Fracs at Klebb 2 and 3 were completed, 2-3 times the size of the Klebb 1 frac, within budget. Gas reached surface at Klebb 2 in early flowback. Management cites six of six successful fracs in the Patchawarra coals.
25 June 2015drilling progress report● Neutral
Fracs on Klebb 2 and 3 are due by end of June, with a Klebb 1 rod pump workover starting. Le Chiffre 1, shut in since 26 April, shows pressure down to about 2,400 psia from 2,900; testing resumes late July.
14 May 2015drilling progress report▲ Good
Gas flow at Klebb rose sharply as Klebb 3 began assisting Klebb 1. Strike is accelerating the program: Klebb 1 workover in June and fracs on Klebb 2 and 3 in July. Le Chiffre 1 is in a pressure build-up test.
27 Apr 2015resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified Strike's first contingent gas resource in PEL 96: gross 1C 105, 2C 155, 3C 225 Bcf (2C net 103.6 Bcf at 66.7%). The 2C just exceeds the 150 Bcf economic threshold. This advances the reserves target set for 2015.
11 Mar 2015drilling progress report▲ Good
After the flood delays, gas rates kept rising at Le Chiffre 1 and Klebb 1, with reservoir pressure cut from 2,900-3,000 psi to 2,000-2,400 psi. Klebb 3 was commissioned. Klebb 2 and 3 will be fracture stimulated in a Phase 3 upgrade.
10 Nov 2014drilling progress report▲ Good
Pumping began at Klebb 1 on 31 October and at Le Chiffre 1 on 8 November, with good gas shows at surface and less water than expected. Klebb 2 reached 2,115m. Sustained gas flow is still the next goal.
25 Aug 2014drilling scheduled▲ GoodMajor
Strike set a testing plan for PEL 96 (66.7%): pumps on Le Chiffre 1 and Klebb 1 from October, then two offset wells near Klebb 1 drilled from November. The company says up to five wells will be under test by year end. This follows the July promise of a next-phase plan.
