Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2012drilling progress report▲ Good
Bigham 1H frac and completion planning is on track. Nearby wells report initial rates of 864-1,369 Boe/d. Acreage ~10,000 net; Strike cites 35-45 million Boe net potential (up from 25-40 earlier) across ~80 net locations.
7 Aug 2012drilling result▲ Good
MB Clearfork Unit #16 (Strike 25%) reached 8,200 ft and found 556 ft of Lower Clearfork, including 322 ft of gross shale with oil and gas shows. It has been cased and will be completed as a Middle Clearfork oil producer later this month.
3 Aug 2012drilling result▲ Good
Bigham 1H, Strike's first Eagle Ford production test well (27.5%), reached 17,700 ft total depth with a 5,000 ft horizontal section. Good oil and gas shows were seen while drilling. It will be cased to await fracture stimulation; no production result yet.
24 July 2012drilling spud● Neutral
MB Clearfork Unit #16, the first Permian infill well (Strike 25%), spudded 21 July. It will log and core the Lower Clearfork Shale (OOIP 1.35 billion bbl, ~330 million net), then be completed as a conventional oil producer. Drilling expected to take 10-15 days.
2 July 2012drilling progress report● Neutral
Bigham 1H was drilling at 11,478 ft on 1 July, heading to 12,200 ft vertical depth before a 5,000 ft horizontal section. Continues the Eagle Ford production test; no results yet.
7 June 2012drilling scheduled▲ GoodMajor
Bigham 1H, the first Eagle Ford horizontal production well (Strike 27.5%), is due to spud next week, with fracture stimulation and first production expected around October. Acreage is 9,568 net. Strike cites a 25-40 Mmboe net potential resource, based on an adjacent operator's estimates.
18 May 2012drilling result▲ GoodMajor
Davenport 1 reached 2,102 m and found over 110 m of net coal, including a 45 m seam, which management says is well above pre-drill expectations. Follows Marsden 1; sidetrack coring under way, then the well will be suspended for later testing. Not a flow test.
27 Apr 2012drilling spud▲ GoodMajor
Davenport 1, the second Cooper coal and shale well, spudded 25 April in PEL 94 (Strike 35%). It was at 812 m on 27 April, with 25-30 days expected to drill. Follows the Marsden 1 well; planned depth now 2,192 m.
17 Apr 2012drilling result▲ GoodMajor
Preliminary logs show Marsden 1 hit 804 m of Permian sediments, with coal and shale thicker than the resource model assumed, and heavy hydrocarbons up to pentane. Patchawarra coring failed. Well will be cased and suspended for later testing; Davenport 1 spuds within two weeks. Supports the 6 Tcf estimate but is not a flow test.
11 Apr 2012drilling progress report● Neutral
Marsden 1 reached total depth of 2,625 m. Wireline logging starts shortly, with results to follow. Ends the rain delay.
28 Mar 2012drilling progress report● Neutral
Crews and supplies are back at Marsden 1, still at 1,908 m, with drilling to resume shortly. Total depth of 2,640 m is expected in 15-20 days; coal and Murteree shale will be cored.
22 Mar 2012drilling progress report● Neutral
Marsden 1 remains at 1,908 m. Drilling is expected to resume next week once a new access road is built. Continues the rain delay.
5 Mar 2012drilling progress report▼ Bad
Marsden 1 reached 1,908 m of a planned 2,640 m, then was suspended because heavy rain closed access roads. Coring and logging wait for roads to reopen. Delays the Cooper result.
21 Feb 2012drilling spud▲ GoodMajor
Marsden 1 (PEL 95, Strike 50%, Beach operator) is to spud 22 February, targeting 2,640 m and 700-800 m of Permian sediments in the Battunga Trough, 25-30 days to drill. Davenport 1 follows. Starts the Cooper program announced in January.
18 Jan 2012drilling scheduled▲ GoodMajor
Details of the two Cooper Basin unconventional wells: Marsden 1 (PEL 95, Strike 50%) to spud in February, then Davenport 1 (PEL 94, 35%). Total cost $5.5m, Strike's share about $2.5m from existing cash. First dedicated unconventional wells on its acreage.
29 Dec 2011drilling result▼ BadMajor
Wintermann #1 reached 9,500 feet with no commercial hydrocarbons and is to be plugged and abandoned, a second dry hole in a month. Strike says 2012 resources will focus exclusively on unconventional projects, mainly Eagle Ford and Cooper.
20 Dec 2011drilling spud● Neutral
Wintermann #1 in Colorado County, Texas spudded 17 December, targeting the Wolf Ranch Upper Wilcox prospect (P50 15 Bcf). Strike takes a 25% interest. Planned depth is 9,500 feet, about two weeks to drill. This is the further Wilcox well flagged after Kennison.
5 Dec 2011drilling result▼ BadMajor
Kennison 1 reached 18,600 feet with no commercial hydrocarbons and is to be plugged and abandoned. A dry hole for the 10%-held high-risk well; Strike's cost share was already funded. One more Eaglewood Wilcox well is committed.
30 Nov 2011drilling progress report● Neutral
The operator recommends deepening Kennison 1 from 18,100 to 18,600 feet, with the revised depth expected within two weeks. This pushes back the result of the 10%-held well slightly.
10 Nov 2011drilling progress report● Neutral
Kennison 1 was drilling at about 16,400 feet on 9 November, heading for 18,100 feet. It should reach the target Wilcox sands within two weeks. Strike holds 10% of this high-risk, high-reward well.
3 Nov 2011resource reserve update▲ GoodMajor
Strike sets out its Cooper Basin plan with a net P50 prospective resource of 6.1 Tcf gas and 54 million bbl liquids. Beach-operated wells in PEL 95 and PEL 94 are to start in Q1 2012, replacing the earlier vaguer Q4 2011 or early 2012 timing.
6 Sept 2011drilling spud▲ GoodMajor
Kennison 1 (West Plumb Bob, 360-680 Bcfe) spudded 31 August to a planned 18,100 feet, taking 100-120 days; Strike's 10% dry-hole share is already funded. Eagle Ford acreage grew to 22,764 acres (6,260 net), with a drilling program planned over six months.
10 Aug 2011drilling progress report● Neutral
Eagle Ford leases have grown to 20,900 acres (5,748 net). Nearby GeoResources wells, including Black Jack Springs #1H, are reported producing in line with trend, though current rates are below the initial rates. Strike has no well of its own yet.
20 July 2011drilling progress report▲ Good
Eagle Ford leases now 20,270 acres (5,574 net), with nearby GeoResources wells reporting initial rates above 1,200 bbl/d. Kennison 1 spud is set for mid-August. Sadie 1 fraccing starts this week, with flow testing late July/early August after pipeline tie-in.
16 June 2011farm in farm out agreement▲ GoodMajor
Strike signed the Eagle Landing JV agreement, confirming its 27.5% Eagle Ford interest. JV leases total 12,400 acres (3,410 net), mostly in Fayette County. Net target potential is 10-21 million barrels of oil equivalent; leasing continues. Finalises the position announced 28 April.
28 Apr 2011farm in farm out agreement▲ GoodMajor
Strike is taking a 27.5% interest in an Eagle Ford shale joint venture in Texas, with about 8,500 gross acres (2,300 net) in the oil window. Target potential is 7-14 million barrels net. New oil-focused strategy; documentation still being finalised and no price stated.
31 Mar 2011drilling progress report● Neutral
Production casing is set at Sadie 1, with plan to test direct to sales via a nearby pipeline. Pipeline and fraccing scheduling mean testing is expected in two to three months, later than earlier drilling timing implied. No flow results yet.
24 Mar 2011drilling result▲ GoodMajor
Sadie 1 reached total depth of 12,400 feet. Gas shows and logs indicate potential gas pay in the main Wilcox target; the well is being prepared for completion and testing. Prospective resource 15-20 Bcf (40% Strike). Commerciality is not yet shown.
17 Mar 2011drilling progress report● Neutral
Sadie 1 has set a 7 5/8-inch liner at 10,992 feet and is being prepared to drill ahead. The 12,500-foot target is expected within 1-2 weeks. Strike holds 40%. No new result.
10 Mar 2011drilling progress report● Neutral
Sadie 1 is drilling ahead at 10,341 feet, with the 12,500-foot target expected in 2-3 weeks. On schedule. No new result.
