Strike Energy Ltd
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Strike Energy Ltd
Strike Energy Ltd. engages in the exploration and development of oil and gas resources. The company is headquartered in Perth, Western Australia. The company went IPO on 2004-08-05. The firm is focused on the development of the West Erregulla conventional gas resource in the Perth Basin. The firm's exploration activities are focused on the Perth Basin, with drilling the West Erregulla-2 in EP469 and shooting 3D seismic over 90 square kilometers in Walyering (EP447). Its projects include West Erregulla Gas, Project Haber, Perth Basin Geothermal and Walyering. The firm's Perth Basin has a combination of clean, low-cost gas and geothermal energy resources that can supply baseload green energy. Its Perth Basin gas and geothermal acreage is located in Western Australia's Mid-West regions. The Waylering project is focused on the discovery of conventional gas in Cattamarra Coal Measures.
Strike Energy Ltd. engages in the exploration and development of oil and gas resources. The company is headquartered in Perth, Western Australia. The company went IPO on 2004-08-05. The firm is focused on the development of the West Erregulla conventional gas resource in the Perth Basin. The firm's exploration activities are focused on the Perth Basin, with drilling the West Erregulla-2 in EP469 and shooting 3D seismic over 90 square kilometers in Walyering (EP447). Its projects include West Erregulla Gas, Project Haber, Perth Basin Geothermal and Walyering. The firm's Perth Basin has a combination of clean, low-cost gas and geothermal energy resources that can supply baseload green energy. Its Perth Basin gas and geothermal acreage is located in Western Australia's Mid-West regions. The Waylering project is focused on the discovery of conventional gas in Cattamarra Coal Measures.
Revenue: Strike Energy reported revenue of $36 million for the half, mainly from Walyering production at an average price of $7.37 per gigajoule.
Production: Walyering produced 3.8 petajoules in the half, which was down from the same period last year due to planned maintenance and production management.
South Erregulla Progress: The South Erregulla power plant is now 99% complete and on track for commissioning in Q2, with full operations targeted for 1 October.
Cash Position: The company ended December with a cash balance of $69.5 million and net debt of $39 million.
Project Milestones: Key upcoming events include drilling at Walyering West in early April, reserve certification for West Erregulla and Erregulla Deep by quarter end, and practical completion of the power plant by the end of Q2.
Financing: There is a $15 million tranche of Macquarie financing facility pending approval, but management does not foresee issues accessing these funds.
Asset Strategy: Management stated there are no plans to sell assets, including West Erregulla, and remains focused on development and exploration.
Market Environment: Management highlighted strong government support for domestic gas supply and sees infrastructure growth in the Perth Basin as a positive for the company.
