Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2014drilling progress report▲ Good
Fracture stimulation of Le Chiffre 1 finished, with two stages pumped (about 118,000 lbs and 460,288 lbs of proppant). Flow back is starting, and the frac equipment moves to Klebb 1 later that week. No gas result yet.
20 June 2014drilling progress report● Neutral
Frac operations at Le Chiffre 1 have begun, a four-week first phase with at least three months of production testing to follow. A six-well drilling program is planned from September, aiming for up to eight operated wells on test by Q1 2015.
17 June 2014drilling progress report▲ Good
Frac preparation at Le Chiffre 1 and Klebb 1 is largely done, with pumping due late that week. Diagnostic injection tests showed permeability above expectations, so the frac design will be modified. Manager cautions flow testing is still needed.
19 Feb 2014resource reserve update▲ GoodMajor
Prospective resource in PEL 96 rose to a best estimate of 6.8 Tcf, 4.5 Tcf net to Strike, following the two appraisal wells. The Phase One Area is now 1.2 Tcf net. Vertical production wells are costed at $3.2-3.6m each. Production testing is planned for the June 2014 quarter.
8 Jan 2014drilling result▲ GoodMajor
Appraisal drilling is finished. Klebb 1 reached 2,193 m with about 147 m of net coal, against 89 m pre-drill estimate, and Le Chiffre 1 found 105 m. Strike says both wells beat expectations. Fracture stimulation and production tests at both wells are planned for Q2 2014.
18 Dec 2013drilling progress report▲ Good
Le Chiffre 1 is cased and suspended for fracture stimulation and flow testing, with over 105 m of coal found including a 70 m gross pay interval in the Patchawarra. Klebb 1 spudded on 16 December and is at 960 m. Completion and testing are planned for Q2 2014.
5 Dec 2013drilling result▲ GoodMajor
Le Chiffre 1 reached a final depth of 2,089 m, with over 85 m of coal cored and elevated gas readings in all coals. Strike says results exceed pre-drill expectations and confirm a very significant coal system in PEL 96. This resolves the earlier preliminary coring news. Pilot testing planning is underway.
22 Nov 2013drilling progress report▲ GoodMajor
Le Chiffre 1 reached 1,588 m, with over 20 m of coal cored from 1,464-1,588 m, including two pressure cores. Preliminary gas readings exceed pre-drill expectations, but Strike says logging and analysis are needed before their significance is known.
14 Nov 2013drilling progress report● Neutral
Le Chiffre 1 was drilling ahead at 1,209 m, planning to reach about 1,500 m before coring. Target depth remains 2,021 m. No results yet.
29 Oct 2013drilling scheduled▲ GoodMajor
A rig is on site at Le Chiffre 1, the first Southern Cooper appraisal well in PEL 96 (Strike 66.7%, operator), pending final approvals. Planned TD is 2,021 m over about 21 days, with coring. This begins the drilling funded by the August raising.
18 Oct 2013drilling result▼ BadMajor
Plug milling at Wolters #1H hit trouble at 13,550', where the casing may have split. A meaningful flow test is now uncertain. Strike hired Miro Advisors to review strategic alternatives for Eagle Ford, aiming to limit further Strike capital. This follows the earlier stuck-tool problems.
10 Oct 2013drilling progress report● Neutral
All nine frac stages at Wolters #1H are complete and a coil tubing unit is milling out the plugs. Flow back and testing follow, with Strike to report the 24-hour initial rate. No production result yet.
3 Oct 2013drilling progress report● Neutral
Frac operations at Wolters #1H restarted after the 30 September crew mobilisation, with two of nine stages done in the shortened ~1,800' lateral. Flow back and production testing follow completion of the program.
25 Sept 2013drilling progress report▼ Bad
Wolters #1H's stuck equipment could not be fully removed, so the bottom of the hole will be sealed at about 14,800'. Only nine frac stages over ~1,800' of lateral will be done, not the planned 22. The operator says cost won't be materially higher and the test remains valid.
10 Sept 2013drilling progress report▼ Bad
Wolters #1H's first frac stage worked, but tools stuck at 15,644' while setting the plug for stage two, so a workover rig is needed before 21 more stages. At MBCU #17, the first Lower Clearfork zone showed no hydrocarbons; a second zone is fracked awaiting test.
7 Aug 2013drilling progress report● Neutral
Wolters #1H finished at 18,530' with ~5,500' of lateral in the Lower Eagle Ford; frac stimulation is planned for early September. MBCU #17's first Lower Clearfork zone has been fracked and is flowing back. No production rates yet.
1 Aug 2013drilling result▼ BadMajor
Shell's Palta 1 did not find commercial hydrocarbons and is being plugged and abandoned. About 20% of the prospect extended into Strike's WA-460-P (33.33%). Strike paid nothing for the well, but the Carnarvon upside it highlighted is gone.
5 July 2013drilling progress report● Neutral
Wolters #1H is drilling its 6,000' lateral (about three weeks). MBCU #17 is cased; encouraging logs mean two Lower Clearfork zones will be fracture stimulated and tested. Nearby Penn Virginia wells reported IP24 rates of ~1,100 boepd. No Strike result yet.
25 June 2013drilling progress report● Neutral
Wolters #1H vertical pilot reached 12,850' on 23 June, to be logged and cased before the lateral. Permian MBCU #17 reached 8,040' on 22 June and has been logged, with fracture stimulation of the Lower Clearfork shale to follow.
12 June 2013drilling spud▲ GoodMajor
Wolters #1H spudded 9 June 2013, starting the lower Eagle Ford phase flagged for March; planned 12,850' vertical plus a 6,000' lateral, funded by the BlueRock facility. Strike now has exposure to three wells drilling, including Palta, and says resources now focus on Southern Cooper gas.
4 June 2013drilling spud● Neutral
MBCU #17 in the Permian Basin spudded 2 June 2013, targeting 8,200' to test the Lower Clearfork Shale, then complete in the Middle Clearfork. Strike's ~US$460,000 share is funded by the BlueRock facility announced 23 May. First of four planned 2013 US wells.
6 Dec 2012drilling progress report● Neutral
Bigham 1H is steady at 200-220 bbl/d oil and 450-470 Mcf/d gas, with water down to ~480 bbl/d and oil cut ~30%. About 17.5% of frac fluid is recovered; tubing and gas lift will be installed. Gas pipeline due around 15 December.
7 Nov 2012drilling progress report● Neutral
Bigham 1H is taking longer to clean up than expected, with only ~10% of the frac fluid recovered. Oil and gas flows are building steadily and management still expects full potential. The second-half-October results promised earlier have slipped.
29 Oct 2012drilling progress report● Neutral
Strike confirmed small volumes of gas have been flared at Bigham 1H over 36 hours, after internet forum speculation. It says the volume is not material to judging the well, which is still cleaning up; production testing results will follow.
22 Oct 2012drilling progress report● Neutral
Flow-back has started at Bigham 1H; initial production testing follows once flows clean up. No results yet.
16 Oct 2012drilling spud● NeutralMajor
Per industry reports, Palta-1 spudded 14 October in neighbouring WA-384-P, targeting a 13.5 Tcf gross prospect, up to 20% of which Strike believes lies in its WA-460-P (33.3%, operator). Strike pays nothing; drilling takes 60-90 days. Success would likely lift WA-460-P's value.
10 Oct 2012drilling progress report● Neutral
Bigham 1H frac completed. The well is shut in for about 10 days, then plug drill-out and flow-back, with initial production results still expected in the second half of October. Acreage ~10,300 net.
27 Sept 2012drilling progress report● Neutral
Fracture stimulation of Bigham 1H began; three of 21 planned stages were done by 26 September. Production test results are still expected in the second half of October.
19 Sept 2012resource reserve update▲ GoodMajor
Strike raised its net Cooper Basin prospective resource 136% to 14.3 Tcf of gas (best estimate), plus 54 million bbl liquids, from the 5.8-6 Tcf figure, after Davenport 1 and Marsden 1. Flow testing is planned for 2013; Chris Thompson appointed General Manager Cooper Basin.
18 Sept 2012drilling progress report● Neutral
A 21-stage frac at Bigham 1H is due to start next week, with initial production results expected in the second half of October. Lateral now stated as 5,150 ft; acreage ~37,400 gross, over 10,200 net. Timing update only.
