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STX - Strike Energy

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Good morning
STX announcement today (21/10/24) - see attached:

Exceptional production testing results of the Kingia Sandstone gas discovery at Erregulla Deep-1, with strong flow rates and one of the highest flowing pressures ever measured in the basin.

• ED-1 stabilised rates of 53 mmscfd were recorded with a very high flowing well head pressure of 5,515 psi on a 46/64” choke. Flow rates were limited by surface equipment with well head pressures indicating the potential to stably flow at substantially higher rates and an absolute open flow of 400-450 mmscfd.
• Production testing and logging has confirmed ED-1 has:
extremely high reservoir and flowing pressures;
high degrees of permeability;
no sand and no formation water production; and
lower CO2 and other impurities compared to the West Erregulla gas field.

Hmmm

Kind regards
rcw1
 

Attachments

  • Exceptional-Production-Test-at-Erregulla-Deep-1.PDF
    517.3 KB · Views: 15
Good afternoon

Quarterly published 24/10/24, highlighting the following:
Walyering
• quarterly gas and condensate sales volumes increased by 2% to 2.4 PJe with sales revenues of approximately $18.3 million.
• The flow testing program at Walyering-7 into the Walyering production facility was completed, confirming the discovery with a maximum recorded gas rate of 14 TJ/d and liquid rate of 900 bbls/d of condensate.

South Erregulla
• Strike was awarded the full 85 MW of Certified Reserve Capacity Credits and its requested Network Access Quantity by AEMO for its proposed South Erregulla peaking gas power station in WA.
• AEMO published the 2026/27 year capacity price of $216,092 per MW per annum, which was at the higher end of Strike’s forecast.
• Strike entered into a $48.5 million contract with Clarke Energy to procure twenty (20) 4.5 MW Jenbacher gas reciprocating engines and commissioning services for the proposed peaking gas power plant. The fixed price contract was in line with Strike’s mid-case capital estimates.

West Erregulla
• DEMIRS issued Production licence L25 to the West Erregulla JV.
• Two high quality, low impurity conventional gas discoveries were made in the Erregulla Deep1 exploration well at depths never encountered in the Perth Basin. On flow test the ED1 well flowed exceptionally from the Kingia formation at a constrained, stabilised rate of 53 mmscfd with a FTHP of 5,515 psi on a 46/64” choke, confirming a high deliverability and low impurity gas accumulation. ED1 has one of the highest ever recorded flowing pressures from Perth Basin wells.

WA Domestic Gas Policy
• WA’s Domestic Gas Policy update delivered a positive outcome supporting the relaxation of the export ban. Strike will now be able to export 20% of its natural gas production from its Perth Basin assets until the end of 2030.

Corporate
• Facility documentation progressed with Macquarie Bank for the provision of the 5-year, $153 million financing package1 for its Perth Basin Gas Acceleration Strategy.

SP has failed to embrace this report.

Going through to read the 27-page report in its entirety the following passage revealed why shareholders have not fully responded in kind to the report:

*Total sales revenue was down 8% q-o-q. Lower revenues were primarily a result of FX effects (Santos gas contract being denominated in USD) and oil price (also denominated in USD).
*Gas sales revenues for the quarter were ~$16.2 million (~8% decrease q-o-q due to the above). *Averaged realised gas prices were ~$7.02 GJ (down 10% q-o-q). Condensate liftings and sales from Port Bonython totalled ~$2.04 million (down 6% q-o-q) and averaged ~$121/bbl (13% down q-o-q).

Overall STX financial position is sound.
Liquidity position of ~$62 million (~$45 million of cash and~$17 million of committed undrawn debt).

It was reported that Strike is now moving into a period where discretionary capital on exploration activities will slow as it focuses its balance sheet and free cash flow generation on its proposed two major construction projects at the West Erregulla gas field development and the South Erregulla peaking gas power station project.

Scheduled repayment of Strike’s existing Macquarie facility during the quarter was deferred pending finalisation of the transaction documentation for the $153 million financing package. Drawn debt that will be financed by this facility at the end of the quarter was $36.3 million.

rcw1 tapped into the Webinar on Thursday to have a listen to STX quarterly report card. No surprises.

Holding *hit loads

Kind regards
rcw1
 

Attachments

  • Q1-FY25-Quarterly-Report--Appendix-5B (1).PDF
    6.5 MB · Views: 16
  • Webinar-Registration-for-Q1-FY25-Quarterly-Results.PDF
    80.8 KB · Views: 8
***** MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

October 2024 - Following up on the previous monthly update at the end of September, share price action has been decent during the month of October, with the share price tracking in a sideways channel between the upper and lower bounds of $0.25 and $0.205, respectively. Price action is threatening to break below this channel at this time, however, with the DMI/ADX and RSI indicators looking flat to bearish, along with a test of the 10 day moving average at the present time. Should this channel break to the downside, I suspect that shareholder patience will finally run out and lead to another test of the prior level of support previously established (i.e.: $0.16/$0.165), which has been discussed in prior updates.

 
Good morning and happy Monday ...

STX Announcement as attached.
Department of Climate Change, Energy, the Environment and Water (DCCEEW) has determined to approve the development of the upstream infrastructure for the West Erregulla gas field ...

Nice

Kind regards
rcw1
 

Attachments

  • West-Erregulla-Gas-Project-Receives-EPBC-Approval.PDF
    150.4 KB · Views: 17
My pick for the November Comp STX Strike Energy,
Just thinking it is about time this company started to show a SP improvement, and I am hoping November will be the month.
 
STX Strike Energy Has become the lemon of my picks in this Comp, but I am hoping that a reversal of its fortunes may be just around the corner.
That wise wonderful and wise sage "the bloke in the mirror" is a firm believer in STX so who am I to argue with such knowledge.
Buy he says.
Hmmmmmm thinking about it!!!!!
 
may rerate/ move up a bit?
.
Strike Energy is confident that its “ambitious” Gas Acceleration Strategy (GAS) is well positioned from 2027 to start delivering “meaningful” shareholder returns.

Strike estimates that it is trading on a resource multiple of just under $1 per GJ on its aggregate independently certified 2P and 2C resource numbers, and does not include potential reserves and resources from its recent Erregulla Deep discovery.

At $1, the price is more than a 50 per cent discount to the price Hancock has paid for the non-independently certified Lockyer and North Erregulla 2C Resources project, (a response to the up to $1.13 billion acquisition of Mineral Resources Limited’s Perth Basin gas assets by Hancock Prospecting.)
 
***** FINAL MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

November 2024 - Following up on the previous monthly update at the end of October, it's looking increasing possible that shareholders of Strike Energy (STX) are getting exceptionally frustrated with yet another test of the upper bound of the sideways channel of $0.25 and yet another failure on the 18th November. The recent failure of the lower bound of the sideways channel of $0.205 in recent days has been accompanied with declining strength in the ADX on the DMI indicator as well as the RSI indicator, which is not boding well for the share price should this break of support prove too much for the patience of shareholders this time around. As noted in prior updates, should this channel break to the downside, another test of the prior level of support previously established (i.e.: $0.16/$0.165), would be likely.

 
STX Strike Energy.
Had really high hopes that STX would deliver the goods in this Comp.
Just seems to be hovering and not going anywhere of significance.
Perhaps the on-coming Santa Rush may get it up and moving.
 
STX Strike Energy Ltd
Picked this again in the hope that the SP will improve and at least finish in the green.
Surely the STX SP has to improve at some stage this year.
All its announcements so far haven't amounted to much but I and "The Bloke in the Mirror" continue to live in hope.
 
Good morning @farmerge
luv to be fly on the wall in a couple of them board rooms!!!! ha ha ha ha ha
Still holding a *hit load of shares...

Patience and belief and all the waffle that goes with it.... made the bed, will wait and see what comes of it. Way back when, a goog select. We both have collected a good return in the past, remains to be seen whether will capitalise on this baby this time round. Pleasantly optimistic There is gas, there is a market and there appears to be some heavy weights been sniffing around for long time... however the SP is on a merrygoround ... been going around for quite some time now. Once the resistance barriers are pierced .... we shall just hafta wait and see bloke.

Kind regards
rcw1
 
@rcw1 as long as merry-go-round does not swing STX on the curve. Just hanging in there, waitinggggggggg
 
embryo said:
farmer W8 should be spudded this week
Click to expand...
Hi there @embryo
yes had heard that one too via the good ol bush telegraph... however, according to previous good announcements the effect on SP has had a negligible short-term effect. Most disappointing indeed, as rcw1 is attempting to accumulate holding

We shall see.
Have a very nice night.

Kind regards
rcw1
 
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