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STX - Strike Energy

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Funny really how things go.
Just been reported (5pm 04/01/23), that Chris Ellison’s Mineral Resources mistakenly used the Strike ABN in its bidder's statement for Norwest Energy. ha ha ha ha ha ha ha cracks rcw1 up ha ha ha ha ha. Solicitors or MIN administration must have just changed the wording to suit Norwest, as STX... was off the table, but forgot to change the ABN on correspondence...

Suspicious minds.
Who would know...

Kind regards
rcw1
 
rcw does that open up a can of worms????
 
Arvo farmerge,
Nice STX gain .... today (05/01/23) 14.93% ... glad we still got Friday to go, too promulgate .. more silly boardroom games ha ha ha ha ha ha... ; note, still no STX announcement. ha ha ha ha ha ha ha ha ha
Glad you held on... mate. Good coin stacking up ... but to quote M_ "paper money rubbish", ha ha ha ha ha
Buyers27,310,688 units
Holding

Kind regards
rcw1
 
Arvo to you rcw1 Not in need to sell quickly. Just sitting here quietly watching the antics with the STX train building up steam. The bloke in the mirror reckons I should reset my sell to around 50c ish. At the moment is around 45c ish.
 
farmerge said:
Arvo to you rcw1 Not in need to sell quickly. Just sitting here quietly watching the antics with the STX train building up steam. The bloke in the mirror reckons I should reset my sell to around 50c ish. At the moment is around 45c ish.
Click to expand...
Hmm "M" liked his 2pc but I think greed will necessitate a higher percentage. Gina has deep pockets full of the folding. Perhaps that is why she is divesting some of the stations in her portfolio
 
Good morning
Latest STX response to Gina's takeover offer of WGO:
Interesting.

Executive summary:

  • Strike's Offer continues to represent the best value for Warrego Shareholders, implying a 4.2% premium to Hancock's Proposed Offer of $0.36 per Warrego Share based on Strike’s closing share price on 5 January 2023 of $0.3750;
  • Hancock's Proposed Offer places a terminal value on Warrego while Strike's Offer allows for Warrego Shareholders to participate in future potential upside and retain exposure to the exciting and emerging Perth Basin;
  • Accepting Strike’s Offer does not preclude you from receiving a further change of control premium in the event a takeover proposal is received for Strike;
  • Strike's Offer is not subject to a minimum acceptance condition;
  • Strike currently holds ~19.9% of Warrego Shares and as at the date of this Second Supplementary Bidder’s Statement additional Warrego Shareholders holding 10.68% have confirmed their intention to support a merger of Strike and Warrego, in the absence of a superior proposal.
Have a very nice day today.
EDIT: add WGO

Kind regards
rcw1
 

Attachments

  • Strike's-Second-Supplementary-Bidder's-Statement.PDF
    539.3 KB · Views: 6
The Strike move to accept Gina Hancock’s 36¢ a share offer in return for its 26 per cent stake in Warrego is the culmination of a takeover tussle that at different times also involved billionaires Chris Ellison, through Mineral Resources, and Kerry Stokes, through Beach Energy.

The writing was on the wall that Strike would bow out from Monday after it was disclosed MinRes had sold its 19.2 per cent stake into Hancock’s $438 million cash takeover, which pushed Hancock over the 50 per cent threshold.

Strike, which instigated the takeover action in October, is Warrego’s equal partner in the West Erregulla gas project and has the operating rights.

CEO Stuart Nicholls said Strike would pocket $116 million in cash, and potentially up to $120 million with its one-for-one script offer for Warrego open until Monday, by selling into the Hancock bid.
 
Good morning
Been reported today (15/02/23)

Strike Energy will vend all its Warrego into the unconditional Hancock Energy offer of 36c per share – netting $136m in proceeds.

Strike, which had been in a dual with Hancock for control of Warrego, said the windfall was the equivalent of it conducting an equity capital raise at 40c per share or a 16 per cent premium to its last closing price of 34.5c.

"The decision to accept Hancock’s offer and receive a substantial and certain funding injection provides clarity on the development pathway for the Greater Erregulla gas resources," the company said.

"Strike looks forward to working with its new joint venture partner in Hancock as the controller of the Warrego share of the West Erregulla gas field in EP469 where Strike is the operator and owns the other 50 per cent of equity."

Strike will have $203m of cash and available undrawn facilities and a further $80m in an uncommitted domestic gas development facility it says will support the acceleration of its gas, fertiliser and renewables strategy and execute its next final investment decision.
 
Good morning

Strike Energy launches its gas acceleration strategy following receipt of $136m in proceeds from the sale of its Warrego Energy shares.

Strike’s gas acceleration strategy is focused on bringing up to four gas fields into commercial production by the end of 2025 and "take advantage of current and forecast attractive WA gas market conditions".

"These market conditions have been brought about by a confluence of events, which include declines in existing supply sources, under-investment, a lack of reserves replacement, poor exploration outcomes and an increase in demand," the company said.

Strike said the lack of future supply was exacerbated by the change of control in the Perth Basin, where gas production that would have likely entered the domestic gas market for existing users now likely be consumed internally by acquiring entities, being Hancock Energy and Mineral Resources.

"With the WA gas market short in the immediate term, Strike’s counter cyclical exploration and appraisal activities over the past few years has the company extremely well positioned to deliver high return valuable domestic gas developments at a time where there is little alternative," Strike managing director and CEO Stuart Nicholls said.

Holding

Kind regards
Rcw1
 
Admirable aims, but there is a body of opinion that STX, aka last man standing, could also be an attractive play in WA gas rationalisation

And others may have missed out... Beach bid for Warrego early on but went no further bidding up, Mitsui sat it out at both Warrego and Norwest, Santos hasn’t made a sound, and MinRes left everyone puzzled .

Some 45Tj are meant for locals, and where's the supply coming from. And users likely want to lock in their share.

Even Albanese now says gas is part of the 'transition'.

 
Good evening

STX 3.90% gain …
Back into $0.40 territory ????

Nice.
Have a very Good Friday.

Holding

Kind regards
rcw1
 
Good morning

Strike Energy has reported today (14/03/22) the environmental plan for the construction and commissioning of the Walyering gas field has been approved, however costs have increased.

Strike said it the only remaining approval for the project, where it is the lead investor, is its safety case which will manage the safety systems for production operations.

That case is expected to be approved in the coming weeks.

Commencement of production and gas sales is expected to occur in April, subject to the completion of the connection to APA Group’s Parmelia Gas Pipeline and final quality assurances of the upstream facility.

"The upstream facility remains largely on budget however cost increases have been incurred in the well completions, increased scope associated with improving facility reliability and APA’s pipeline connection," Strike said.

"Overall Strike’s latest estimate indicates that the upstream scope is now $19.2m with APA’s scope increasing to $3.8m."

Holding
Have a very nice day, today.

Kind regards
rcw1
 
Good afternoon
STX broke on through to $0.41 …
Yar hoooooooooooooo the cow went mooooooo ????

Must be close to all time high.

Holding

Kind Regards
rcw1
 
rcw1 said:
Good afternoon
STX broke on through to $0.41 …
Yar hoooooooooooooo the cow went mooooooo ????

Must be close to all time high.

Holding

Kind Regards
rcw1
Click to expand...
Good afternoon champions
STX highest ever SP at $.044 today (06/04/2023); very exciting stuff.

Holding

Have a very nice Easter. Hoping a big white rabbit with large floppy ears calls in on Easter Sunday.

 
Good afternoon
SP today up 9.3% at present. Achieved $0.47. Nice. Should continue its run slowly but surely in the right direction, as 'people want in', according to the volume buyers pool.

Kindly conduct your own due diligence.
Holding.

Kind regards
rcw1
 
Good evening
So then NWE's Lockyer 2 is a failure. H2o issue. Makes STX's patch a tad more valuable. Might have something to do with what's happening with the SP at the minute. Next month it should no longer be STX the discoverer it will be STX the producer...

Wonder then what the market will value STX ?? Value may well be truly realised, when takeovers come ...
Most bold of rcw1 ...

Kind regards
rcw1
 

Attachments

  • Lockyer-2-gas-appraisal-well-results.PDF
    178.6 KB · Views: 5
Good evening
STX closed at $0.495 .... thought it might hit $0.50, but STX failed rcw1, maybe it wanted to wait until fright Friday ha ha ha ha

Have a lovely evening.

Kind regards
rcw1
 
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