STX - Strike Energy

[divs4ever]

Hi divs4ever,

If STX gets an offer then one would assume their joint venture partner TPD would also rise
Mitsui may bid. Who knows ...

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So if STX share goes up the value of the offer goes up at the same time ; .75 of stx share @ 24c values the offer to WGO holders at 19c a share.

Kind regards
rcw1

i am GUESSING Beach might offer a sweeter deal if say STX got up to 20% of WGO ( including the current stake )

i can see why STX wants WGO , but what would BPT do, it has enough projects and capped wells already to spend profits on

are they trying to preempt somebody like STO from snapping up the better minors ??

surely WDS has plenty of work to do digesting BHP Petroleum

another possibility is BPT uses the cash offer to get a part of the STX-WGO merger , i still don't see the silver-lining for BPT

cheers

 

[rcw1]

i am GUESSING Beach might offer a sweeter deal if say STX got up to 20% of WGO ( including the current stake )

i can see why STX wants WGO , but what would BPT do, it has enough projects and capped wells already to spend profits on

are they trying to preempt somebody like STO from snapping up the better minors ??

surely WDS has plenty of work to do digesting BHP Petroleum

another possibility is BPT uses the cash offer to get a part of the STX-WGO merger , i still don't see the silver-lining for BPT

cheers

Good morning Divs4ever,
All the action in STX & WGO tomorrow will be interesting.
Chance to make a few $$$$ ....

Kind regards
rcw1

 

[divs4ever]

not me . will be strictly an armchair observer ( even with BPT , where i managed to maneuver into a cash-risk free position )

unless TEG does something unusual this week , i will be concentrating on other sectors

given the latest OPEC+ moves i am expecting a disconnect of the oil-price compared to actual consumption/demand ( maybe the bulk of oil supply will be via long-term contracts in the future )

cheers , and good luck

 

[rcw1]

not me . will be strictly an armchair observer

Good afternoon divs4ever
Feet up on the stool too? ha ha ha ha ha ha .

Kind regards
rcw1

Financial Review article​

Beach Energy creates a contest for Perth Basin’s Warrego​

Anthony Macdonald, Sarah Thompson and Kanika Sood
Nov 11, 2022 – 6.57pm

Seven Group-backed Beach Energy has made its first material M&A move in five years, joining the bidding war for Perth Basin play Warrego Energy. Beach Energy, with no bankers in tow, has lobbed a 20¢ a share indicative and non-binding offer, valuing Warrego’s equity at close to $250 million.

Perth Basin partner Warrego Energy Ltd and Strike Energy have held on and off merger talks for years. Now Beach Energy has put up its hand for Warrego.
Warrego’s said the bid’s good enough for due diligence and will open up its books at the same time as it entertains joint venture partner Strike Energy, which made a scrip-based bid.
Both suitors could increase their offers should they acquire Warrego and be able to sell its Spanish assets within 12 months.
It’s interesting to see Beach Energy enter the fray. The company’s been on the M&A sidelines since acquiring Origin Energy’s Lattice Energy for $1.6 billion in 2017.

The view among analysts is that Beach has been somewhat constrained in chasing deals by its major shareholder Seven Group, which owns a 30 per cent stake and keeps a close eye on the company.

Beach was in a $38 million net cash position at September 30, according to its quarterly report released last month, and had undrawn facilities worth $490 million. Analysts expect it to report $1.77 billion revenue and $1.16 billion EBITDA in the 2023 financial year which, combined with its balance sheet position, means it shouldn’t have too much trouble swallowing Warrego should it get to that point.

Warrego is focused on developing onshore assets in Australia and Spain. The bulk of its value comes from its 50 per cent stake in the West Erregulla gas project, which is not yet in production. Beach Energy has existing interests in the Perth Basin.

Warrego has RBC Capital Markets and Allens in its corner, running what’s quickly turned into an auction. The company disclosed Strike’s interest on Thursday, only for Beach Energy to pop out of the woodwork on Friday night.

Strike’s scrip-based bid valued Warrego at 18.6¢ a share when it was lodged in late October.
Both bidders would like a board recommended deal and a scheme of arrangement.

Strike, the company’s 50 per cent partner in the West Erregulla project and long-time mooted merger buddy, is sitting on an 8.2 per cent pre-bid stake. Fund managers reckon the pair have a unique relationship, working together well at a project level but not always seeing eye to eye on corporate matters.

Strike has Macquarie Capital and DLA Piper in its corner.

 

[divs4ever]

i also hold some SVW shares

will be interesting to see if BPT/SVW settle for a sizable stake ( in the merged company ) and a seat on the board ,

also no matter who wins are the Spanish assets automatically going up for sale , maybe those Spanish assets have some potential for a company not buried in debt ( and don't forget BPT absorbed Drillsearch several years back , so they have in-house exploration staff )

 

[rcw1]

i also hold some SVW shares

will be interesting to see if BPT/SVW settle for a sizable stake ( in the merged company ) and a seat on the board ,

also no matter who wins are the Spanish assets automatically going up for sale , maybe those Spanish assets have some potential for a company not buried in debt ( and don't forget BPT absorbed Drillsearch several years back , so they have in-house exploration staff

Hey divs4ever, not sure re Spanish assets.

Acknowledge though the comments in that article about 7 keeping a tight rein on Beach. Had read that before last 6 or so months. Did you have anything further on that one?

Kind regards
rcw1

 

[divs4ever]

will also be interesting to see how the WGO shareholders react to this ,

investors to say NO ( to both ) or take the STX offer , and the short-term/mid-term players take the cash , perhaps

 

[rcw1]

will also be interesting to see how the WGO shareholders react to this ,

investors to say NO ( to both ) or take the STX offer , and the short-term/mid-term players take the cash , perhaps

They spent plenty of time together making their beds STX and WGO.

 

[divs4ever]

Hey divs4ever, not sure re Spanish assets.

Acknowledge though the comments in that article about 7 keeping a tight rein on Beach. Had read that before last 6 or so months. Did you have anything further on that one?

Kind regards
rcw1

i would have thought SVW ( Stokes family ) would have plenty to keep busy with BCI , SWM , and BLD , one might suggest BPT is a golden goose in the stable of turkeys currently ,
after BPT successfully absorbed Lattice , the only obvious danger seems to be it would get too greedy ( and say try to take-over STO or similar or maybe a services player like WOR )

surely BPT could swallow WGO with hardly a burp ( if the shareholders are willing )

 

[divs4ever]

They spent plenty of time together making their beds STX and WGO.

that is why i am thinking investors would prefer a scrip deal ( maybe from either player if offered )

 

[Dona Ferentes]

Strike have come back with their story

Perth Basin Strategy & Proposed Merger Update
• Strike Energy recognises there is a competing proposal for Warrego Energy Limited and that Warrego has entered into a Scheme Implementation Deed with Beach Energy Limited, however Strike believes that its proposal represents a superior result for Warrego shareholders as Strike’s merger proposal provides .....

read more at their site. I think it's a weak hand. Talks about value creation, but not how they'll pay for it.

 

[rcw1]

Good afternoon
STX SP just took off... up 16.33%, obviously in response to Gina Rinehart’s Hancock Energy takeover bid for Warrego Energy (WGO).

Hmmmmmmmmmmmmmm

Holding.

Have a great arvo.

Kind regards
rcw1

 

[rcw1]

Good afternoon
Well then STX on 29 November closed at $0.245.
SP at $0.345 today (06/12/22) with under two hours till close.

The last market sensitive announcement for STX was 24 November 2022.

Remarkable what talk of take over re: WGO, lies and innuendos, media speculation and spin will do.

Interesting.

Holding.

Kind regards
rcw1

 

[farmerge]

Good afternoon
Well then STX on 29 November closed at $0.245.
SP at $0.345 today (06/12/22) with under two hours till close.

The last market sensitive announcement for STX was 24 November 2022.

Remarkable what talk of take over re: WGO, lies and innuendos, media speculation and spin will do.

Interesting.

Holding.

Kind regards
rcw1

Arvo rcw1 the bloke in the mirror has made a decision with STX so I have a buy in but not at the closing price though. In the middle of reading an article in the local rural rag that I subscribe to. When I finally get through it will have a natter to you about it.

 

[rcw1]

Good afternoon
Well then STX on 29 November closed at $0.245.
SP at $0.345 today (06/12/22) with under two hours till close.

The last market sensitive announcement for STX was 24 November 2022.

Remarkable what talk of take over re: WGO, lies and innuendos, media speculation and spin will do.

Interesting.

Holding.

Kind regards
rcw1

Good afternoon
STX gain of 7.35% today 07/12/22.
52 week high. Honing in on 2020’s high.
Announcement helped
Strike has secured a ~19.9% shareholding and voting power in Warrego Energy Limited by entering into share swap agreements for Strike ordinary shares with Warrego shareholders at a 1:1 share exchange ratio.
Upon settlement of the share swaps, Strike will become Warrego’s largest shareholder.

Statement from the Managing Director & Chief Executive Officer of Strike, Stuart Nicholls:
“Strike has a strong track record of identifying and securing valuable and strategic energy assets at various stages of maturity. The expansion of our ownership of Warrego shares and the resulting look through to an increased economic interest in the West Erregulla gas field is a further demonstration of this.”

Hmmmmmmm
Holding

Have a very nice evening

Kind regards
rcw1

 

[farmerge]

Good afternoon
STX gain of 7.35% today 07/12/22.
52 week high. Honing in on 2020’s high.
Announcement helped
Strike has secured a ~19.9% shareholding and voting power in Warrego Energy Limited by entering into share swap agreements for Strike ordinary shares with Warrego shareholders at a 1:1 share exchange ratio.
Upon settlement of the share swaps, Strike will become Warrego’s largest shareholder.

Statement from the Managing Director & Chief Executive Officer of Strike, Stuart Nicholls:
“Strike has a strong track record of identifying and securing valuable and strategic energy assets at various stages of maturity. The expansion of our ownership of Warrego shares and the resulting look through to an increased economic interest in the West Erregulla gas field is a further demonstration of this.”

Hmmmmmmm
Holding

Have a very nice evening

Kind regards
rcw1

Good evening rcw1 Unfortunately I've been left behind at the station as my buy in price, which I thought would get on board, just was too low. Sadly I've watched the train depart whilst I'm still at the station. I was waiting for a dip and damn it didn't happen. Now will have to consult that wise sage, the bloke in the mirror, for further advice. !!!!!!

 

[rcw1]

Good evening rcw1 Unfortunately I've been left behind at the station as my buy in price, which I thought would get on board, just was too low. Sadly I've watched the train depart whilst I'm still at the station. I was waiting for a dip and damn it didn't happen. Now will have to consult that wise sage, the bloke in the mirror, for further advice. !!!!!!

Hey mate, yes been a pretty steady SP rise of late. ‘Twas a goog select back in 2020, bless him … Plenty discussion for an against back then on Commsec Community ha ha ha ha you may well remember it. The goog … master stroke … Sent the lad a bottle of Grange ha ha ha

STX is the one an only investment stock on rcw1 books. True that.

Free carried allot of shares from that 2020 bonanza and jumped in boots an all when the SP plummeted earlier this year. Several waves of buying

rcw1 won’t accumulate as have more than enough STX shares. Would rcw1 jump in to fast trade this stock if wasn’t holding - yep too right … Right now on the numbers being revealed yep rcw1 would.

Averment ##
rcw1 mind set is most positive with STX. This may impede judgement.

Yes that bloke in the mirror, the farmerge one, wouid be best placed to consider the matter further. Good fortune and have a very nice day today farmerge.

Kind regards
rcw1

 

[rcw1]

Good afternoon
STX announcement today (14/12/22) re: Walyering Gas secured sales.

• The EP447 JV has entered into a binding supply agreement for 36.5 PJ of gas to Santos-WA with target commencement from Q1/23, for a period of 5 years from the Walyering gas field in the Perth Basin; and
• The Walyering gas field development procurement program is 95% complete and construction is on schedule to allow first gas sales in Q1/23

Good news this.
Holding.

Have a safe and happy Christmas and prosperous New Year.

Kind regards
rcw1

 

[farmerge]

Good afternoon
STX announcement today (14/12/22) re: Walyering Gas secured sales.

• The EP447 JV has entered into a binding supply agreement for 36.5 PJ of gas to Santos-WA with target commencement from Q1/23, for a period of 5 years from the Walyering gas field in the Perth Basin; and
• The Walyering gas field development procurement program is 95% complete and construction is on schedule to allow first gas sales in Q1/23

Good news this.
Holding.

Have a safe and happy Christmas and prosperous New Year.

Kind regards
rcw1

Good arvo rcw1 I do have a buy in the STX thinking it might just come down a bit for me to get on board. Is at a tempting close will have to re-jig a bit me thinks. The" bloke in the mirror" is keeping quiet at the moment. he is more interested in PAB

 

[rcw1]

Good arvo rcw1 I do have a buy in the STX thinking it might just come down a bit for me to get on board. Is at a tempting close will have to re-jig a bit me thinks. The" bloke in the mirror" is keeping quiet at the moment. he is more interested in PAB

Nice PAB gain today ... Bought in the other day. Just a taste at the moment Is awatching M8

Kind regards
rcw1