11 Jan 2023business combination● Neutral
Text not readable. Title indicates the Strike offer for Warrego opened; consistent with the same-day despatch notices.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Jan 2023business combination● Neutral
Strike's second supplementary statement notes Hancock proposes lifting its cash bid from $0.28 to $0.36 if it reaches 40% acceptances. Strike says its offer, worth $0.375 per share at 5 Jan close, is still 4.2% higher, and expects to open 11 Jan.
30 Dec 2022business combination▲ Good
Strike's first supplementary statement says Warrego Chairman Greg Columbus recommends rejecting Hancock's $0.28 and accepting Strike's offer, absent a superior proposal. Strike's offer was worth $0.32 per Warrego share at 29 Dec close, a 14.3% premium.
30 Dec 2022business combination● NeutralMajor
Warrego lodged its target's statement responding to Hancock's unconditional cash takeover bid. It also set out the directors' views on Strike's competing scrip offer, and said both bids were now open for its shares.
23 Dec 2022material agreement termination● NeutralMajor
Strike will build its Greater Erregulla gas plant at its own Precinct and not extend the Phase 1 arrangements with Warrego and AGIG past end-2022. It also ended the gas balancing agreement with Warrego. Reverses the earlier 87 TJ/d EP469 plant plan; a third-party builder is yet to be found.
23 Dec 2022business combination● NeutralMajor
Strike formally lodged its bidder's statement for the off-market takeover of Warrego, offering one Strike share per Warrego share. This turns the Dec 2022 proposal into a formal bid against Hancock's cash offer; offer dates were still blank, so it was not yet open.
20 Dec 2022drilling scheduled▲ GoodMajor
The EP469 JV (Strike 50%, Warrego 50%) formally approved a budget for Erregulla Deep-1 and Southwest Erregulla-1, plus 2D seismic reprocessing. Rig slots are being negotiated for late 2023/early 2024, committing the partners to the December 16 exploration targets.
19 Dec 2022business combination● NeutralMajor
Warrego noted Strike's plan for an off-market takeover at 1 Strike share per Warrego share, competing with Hancock's earlier $0.28 per share offer. Bidder's Statement expected by year end. Warrego holders told to take no action until its Target's Statement, due by 29 December.
19 Dec 2022debt financing● Neutral
Text not readable. Title indicates a $153m domestic gas financing package, but no terms, lenders or purpose can be confirmed from the provided text.
19 Dec 2022business combination● Neutral
Text not readable. Title indicates a takeover offer for Warrego; per Warrego's release the same day, it is an off-market offer of 1 Strike share per Warrego share, competing with Hancock's $0.28 cash bid.
16 Dec 2022resource reserve update▲ GoodMajor
Strike tabled a two-well exploration program for late 2023/early 2024: Southwest Erregulla (272 PJ gross best-case prospective) and Erregulla Deep (278 PJ). Combined 550 PJ gross, ~330 PJ net at about 60% direct and indirect. Undiscovered, with discovery chances of 54% and 42%.
14 Dec 2022contract award▲ Good
Talon, Strike's 45% Walyering partner, announced the same five-year, 36.5 PJ take-or-pay gas sales agreement with Santos from Q1 2023, US-dollar and US-CPI linked. Re-release of Strike's news from the partner's side; nothing new for Strike.
14 Dec 2022contract award▲ GoodMajor
The Walyering JV (Strike 55%, Talon 45%) signed a binding five-year deal to supply 36.5 PJ to Santos-WA from Q1 2023, resolving the open gas sales agreement. Procurement is 95% done; Strike took over some pipeline scope, adding at least $2.4m gross capex.
7 Dec 2022asset acquisition disposition▲ GoodMajor
Strike secured about 19.9% of Warrego by swapping its own shares 1:1 with Warrego holders, up from ~7.6% and making it Warrego's largest holder. Lifts its direct and indirect interest in EP469 (West Erregulla) to about 60%. Strike says it has formed no intention on a future transaction.
21 Nov 2022investor presentation● Neutral
Slide-only release of seismic lines showing West Erregulla, Erregulla Deep and South/West Erregulla structures. No text, figures or new results are readable beyond the labels; apparent support for later exploration announcements (inference).
15 Nov 2022business combination▼ BadMajor
Warrego signed a scheme deed with Beach Energy, competing with Strike's proposal. Strike says its offer is worth A$0.217 per share, 8.5% above Beach's, and is weighing options. It may move Erregulla gas plant to the Precinct and speed up South Erregulla regardless.
11 Nov 2022material agreement● Neutral
Trek Metals signed a heads of agreement with Strike: if Strike gets its geothermal permit and drills the Future State-1 well, it will give Trek a water sample to test for lithium. Trek bears only analysis costs; no payment to Strike stated. Low-cost option, no commitment to drill.
10 Nov 2022business combination● NeutralMajor
Warrego disclosed a non-binding proposal from Strike to buy the rest of Warrego by scheme: 0.775 Strike shares per Warrego share, plus any net Spanish asset sale proceeds. Warrego holders would own about 30.5% of the combined group. Due diligence access granted; no certainty of a deal.
10 Nov 2022business combination▲ GoodMajor
Strike confirmed its Warrego merger approach: first offer of 0.7142 Strike shares on 16 Sep, revised to 0.7521, then an agreed ratio of 0.7750 that Warrego's board intended to recommend on 27 Oct. Implies A$0.186 per share, a 40.6% premium; Strike holders would own ~72%. Binding documents still pending.
7 Nov 2022other● Neutral
Strike released its first full sustainability report, covering FY22 and restating its Net Zero by 2030 commitment, the Precinct launch and its TCFD climate-risk review. A reporting document; it announces no new project, financial or resource information.
4 Nov 2022other▲ Good
Strike mapped the Tathra Terrace, with four leads totalling about 100 km² of closure, 15km east of SE1, in EP503/EP504. Based on limited 2D seismic; it plans more seismic, then up to two exploration wells. Early-stage exploration upside only.
31 Oct 2022admin correction● Neutral
Share registry Boardroom is changing its Sydney address to Level 8, 210 George Street from 1 November 2022. Administrative notice only.
27 Oct 2022contract award▲ GoodMajor
Technip Energies was awarded the Project Haber FEED (estimated 9-10 months) and Wood the owner's engineering. Environmental referrals went to the EPA. FEED formally starts once licensor agreements are in place, expected next quarter. Advances Haber's pre-FID work.
19 Oct 2022joint venture update▲ Good
Walyering is progressing: procurement about 70% complete, a pipeline connection agreement signed with APA, and a gas sales term sheet executed with a preferred buyer. Production licence approvals remain the critical path, with first gas still targeted Q1 2023.
18 Oct 2022resource reserve update▲ GoodMajor
NSAI certified 93 PJ of 2C resources in the Wagina at SE1, lifting SE1's total to about 399 PJ and Strike's Perth Basin total to 982 PJ. Wagina flow peaked at 35 mmscfd but sustained only 2 mmscfd, which Strike attributes partly to leftover fluid in the well.
10 Oct 2022resource reserve update▲ GoodMajor
RISC certified 300 PJ of 2C contingent resources at the 100%-owned Ocean Hill field, with 1C up over 700% to 185 PJ, using Walyering data. Strike says its portfolio now totals about 889 PJ of 2P plus 2C.
5 Oct 2022flow test result● Neutral
The SE1 Wagina test began with a clean-up flow peaking at 10 mmscfd of dry gas (4-5% CO2) after 21m of perforations. Full testing follows the running of downhole gauges; no final result yet.
28 Sept 2022resource reserve update▲ GoodMajor
NSAI certified about 306 PJ of combined 2P reserves and 2C contingent resources (100% Strike) in the Kingia Sandstone at South Erregulla from SE1 alone. Strike's Erregulla-region total reaches 532 PJ, with Wagina testing still to add volumes.
26 Sept 2022drilling progress report● Neutral
The South Erregulla-1 workover is finished after minor delays, and test equipment is moving on site. The Wagina flow test (16m of perforations) is expected this week, with regulator confirmation of the discovery received, a step toward a production licence.
23 Sept 2022other● Neutral
Corporate Governance Statement 2022. Text not readable.