Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Dec 2022resource reserve update▲ GoodMajor
Strike, as operator, tables a two-well exploration plan for late 2023/early 2024 on EP469, targeting Southwest Erregulla (272 PJ gross) and Erregulla Deep (278 PJ gross) best-estimate prospective resource. These are unrisked, undiscovered volumes, with discovery chances of 54% and 42%.
17 Aug 2022drilling progress report● Neutral
Strike, as operator, says testing equipment is on site at WE-3 and flow testing of the Kingia Sandstone begins 17 August, over about seven days. This is the flow test planned since July; no results yet.
28 July 2022resource reserve update▲ GoodMajor
NSAI lifts West Erregulla 2P reserves 41% to 422 PJ gross (211 PJ Warrego share) from 300 PJ, after WE-3 extended the field north-west. 2C contingent resource falls to 30 PJ gross from 128 PJ, consistent with some volumes moving into reserves.
1 July 2022drilling result▲ GoodMajor
WE-3 confirms the field extends north: 38m net pay in a 60m gross Kingia gas column, 13.8% average porosity, no gas-water contact. Reservoir is the best in the field; the High Cliff was poor. NSAI will review reserves; production test next month.
27 June 2022drilling progress report▲ Good
WE-3 drilled through the Kingia primary target at 4,806m; logging-while-drilling tools show thick clean sands that are gas bearing. Drilling continues to the High Cliff, followed by wireline logging. Early encouraging sign, with full results to come.
17 June 2022drilling progress report● Neutral
WE-3 reached section depth of 4,435m and the 7-inch liner is cemented. The operator will lighten the mud and then drill the Kingia and High Cliff targets. Progress report only; no reservoir result yet.
9 June 2022resource reserve update▲ GoodMajor
Warrego maps Erregulla Deep in north-east EP469 as an exploration target with unrisked prospective resources of 165-403 Bcf gross (82-201 Bcf net to Warrego). It is undrilled at Kingia depth and will be covered by the planned Natta 3D seismic.
2 June 2022drilling spud▲ GoodMajor
Warrego confirms WE-3 was re-entered and drilling resumed, targeting the Kingia and High Cliff reservoirs. The well was suspended in January 2021 by over-pressured gas. Drilling and completion take 45-55 days, then flow testing; the well will be completed for production.
31 May 2022drilling progress report● Neutral
Strike, as operator, reports the Ensign 970 rig is on site and WE-3 re-entry starts 1 June 2022. Drilling is expected to take about 45 days, using managed pressure equipment after the well was suspended earlier by an over-pressured zone.
29 Dec 2021farm in farm out agreement▲ GoodMajor
Warrego agrees to farm out 50% of STP-EPA-0127 (2.2m acres) to Mitsui E&P Australia, which carries Warrego's year one and two exploration costs up to $1.5m. Mitsui may take operatorship from year three. Subject to permit grant and approvals. This resolves the farminee search.
11 Oct 2021resource reserve update▲ GoodMajor
NSAI certified West Erregulla Kingia 2P Reserves of 300 PJ gross (150 PJ Warrego share) with 3P of 372 PJ, plus 128 PJ 2C contingent and 198 PJ 2U prospective resources. Warrego says this is in line with the May 2020 RISC resource certification and supports its Alcoa gas contract.
1 July 2021drilling progress report● Neutral
Text not readable.
21 June 2021drilling result● Neutral
Text not readable.
15 June 2021drilling progress report▲ Good
WE-5 is at 4,895m, having passed through the primary Kingia Sandstone (top at 4,771m) with significant gas shows and drilling breaks. Sand-handling equipment has arrived and WE-4 is being rigged up to resume clean-up.
26 May 2021drilling progress report● Neutral
WE-5 finished its intermediate section at 3,635m, with casing cemented and tested in under 17 days. De-sanding equipment for WE-4 is being procured, with the clean-up and flow test now expected to restart in early June.
19 May 2021drilling progress report▼ Bad
WE-4 clean-up was paused because sand was coming up in the production stream, and about two weeks were needed to procure extra equipment. WE-5 was drilling ahead at about 3,356m.
17 May 2021drilling progress report▲ Good
Strike reports WE-4 core results: permeability up to 430mD and porosity up to 19.9% in the Kingia, confirming high reservoir quality. The WE-4 flow test is still cleaning up, and WE-5 is drilling at about 2,785m after cementing its first casing string.
10 May 2021drilling spud▲ Good
WE-5, the third well of the campaign, spudded on 8 May 2021 and finished its first hole section at about 1,567m, using a design with one fewer casing string. The WE-4 flow test has started, with 75m of Kingia perforated.
19 Apr 2021drilling progress report▲ Good
WE-4 drilling is complete: 5-1/2 inch production casing is cemented and the rig is being packed down to move to WE-5. Early core data confirm high-quality Kingia sandstone. A roughly 5-day flow test is scheduled for early May.
8 Apr 2021drilling result▲ Good
Strike's release of the WE-4 result (same content as the Warrego-lodged copy): final depth 5,069m, Kingia 155m thick with 28m net pay, no gas-water contact, and gas down to extended 61m deeper. Results are above expectations and a flow test follows.
8 Apr 2021drilling result▲ GoodMajor
WE-4 reached 5,069m with the thickest Kingia seen in the basin (155m), porosity up to 19% and 6,821 psia pressure. No gas-water contact was found, extending the field. Strike says this materially de-risks Phase 1; a flow test is to follow. Warrego asked for its trading halt to be lifted.
31 Mar 2021drilling progress report▲ Good
About 45m of gas-bearing Kingia core was recovered to 4,931m and sent for lab testing. Drilling continues toward the High Cliff Sandstone, the last main target, where coring will be repeated.
25 Mar 2021drilling progress report▲ Good
WE-4 reached the top of the primary Kingia Sandstone target at about 4,870m, with gas shows and drilling breaks. Strike is now changing the drilling assembly to core a 45m interval of the Kingia.
22 Mar 2021drilling progress report▼ Bad
Wireline data confirm a large Dongara/Wagina gas column but show less net pay and lower permeability than the earlier real-time logs. Strike says this suits the field edge location. A resource update may need more WE-4 and WE-5 data. Drilling is at 4,400m.
18 Mar 2021drilling progress report▲ Good
WE-4 at 4,248m: real-time logs show 35-40m of conventional pay in a 206m gross gas column across the Dongara and Wagina sandstones, with no water leg yet. These are preliminary figures to be confirmed by wireline logging and gas sampling.
4 Mar 2021drilling progress report▲ Good
WE-4 finished its second intermediate section at 3,906m in the Kockatea Shale, with hydrocarbon shows throughout, similar to the WE-2 discovery well. Wireline logging, then 9-5/8 inch casing, come before drilling to the Wagina and Kingia/High Cliff targets.
15 Feb 2021drilling progress report▲ Good
WE-4's first intermediate section reached 2,635m, and 13-3/8 inch casing is being run. Hydrocarbon shows in the Cattamarra Coal Measures are similar to WE-2 and WE-3.
8 Feb 2021drilling progress report▲ Good
WE-4 surface hole was drilled to 1,003m and 20 inch casing cemented. Normal operations resumed as WA lockdown restrictions eased. The 17-1/2 inch section is next, to about 2,550m.
1 Feb 2021drilling progress report● Neutral
WE-4 is at 707m in its 26 inch surface hole, after downtime from a failed mud system part. During the WA lockdown, Strike moved all needed staff to site so drilling continued.
25 Jan 2021drilling progress report● NeutralMajor
WE-3 was suspended with cement plugs after meeting an over-pressured gas column. The rig moved to WE-4, which has spudded. WE-3 will be completed later, so the northern-area result is delayed.
