Strike Oil vor dem möglichen Durchbruch
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AS X Announcement
ASX Code: STX 2 5 July 2008 Strike Oil Limited ABN 59 078 012 745 The Company Announcement Officer Australian Stock Exchange Ltd via electronic lodgement Our Strengths • strong cash flow • discoveries • portfolio • • partners • E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au QUARTERLY ACTIVITIES REPORT - PERIOD ENDED 30 JUNE 2008 Please find attached Strike Oil Limited's Quarterly Activities Report for the period ended 30 June 2008. Yours faithfully SIMON ASHTON Managing Director Further information: Strike Oil Limited Simon Ashton - Managing Director T: 08 6464 0400 E: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2008 HIGHLIGHTS FOR THE QUARTER • previous quarter; • increased by 129%; • subsequent to end of quarter); • focus on highly successful Gulf Coast programme; • Ltd; • operating cash flows and bank facility; • reported range of $35-40 million. Managing Director’s Report and Outlook Overall a very successful June 2008 Quarter which has strengthened the Company through increased production and substantial monthly revenues that places the Company in a strong position to develop its interests in the US and Australia. The successful development of the Rayburn project has underpinned record quarterly production and a 165% increase in sales revenues from the prior corresponding period. The company successfully tested and produced from four wells at the Rayburn project, lifting gross daily production from the Rayburn and Mesquite fields to 38 million cubic feet of gas and 900 barrels of oil condensate and Strike Oil’s share of daily production to 8.8 million cubic feet of gas and 219 barrels of oil condensate. The strong lift in revenues, coupled with the USD debt facility secured in May, will underpin Strike’s exploration and development activities in the US and Australia going forward. Production is expected to increase substantially into the next quarter as additional wells are tested and brought into production on the Rayburn Project. The 2007/08 oil and gas revenues for the year totalled $15.7 million (up 82% on $8.7 million for 2006/07). The Company’s revenues have now reached record levels of $4 million per month (on track to exceed recent forecasts of $35-40 million for the 2008/09 financial year) and enabling the Company to revise its 2008/09 forecast to $50-55 million based only on estimated production from wells already drilled assuming gas prices of US$10 per thousand cubic feet (mcf) and oil prices of US$120 per barrel. Additional success from new wells could see the production increase above these estimates. Page 1 of 7 The increase of the Company’s interest in the Gulf Coast, Eaglewood Area Participation Agreement from 25% to 30% holds the potential for additional revenues and production from further exploration success. A strategic decision to sell the Company’s interests in the Rocky Mountains Project realised $2.5 million, focussing the Company's resources on its Gulf Coast interests. In addition to its strong revenues , the Company’s US$11.7 million debt facility with the Commonwealth Bank of Australia provides considerable flexibility to fund the Company’s exciting exploration and development activities in the US and Australia. In the development of its Australian interests, the Company progressed the FuturGas Project, operated in South Australia by its wholly owned subsidiary Hybrid Energy Australia Pty Ltd, to focus on the project’s significant coal to liquids potential. Steps were taken to develop the Company’s Carnarvon Basin interests through a proposal to the Department of Defence for the supply of gas from the Rivoli gas field to its communication station north of Exmouth. The Department of Defence continues to fund work to progress the development. The Company also pursued strategies to secure a cost effective drilling rig for its shallow water acreage in the Carnarvon Basin Outlook Going forward Strike Oil is well positioned to effectively develop its interests in both the US and Australia during the coming year. In the US its prime focus will be on progressing its successful activities in the Gulf Coast, Texas which include an intensive development and exploration programme through to the end of the 2008/09 financial year designed to substantially increase production and revenue. In the development of its Australian interests, the company continues to explore funding options to advance to bankable feasibility study stage the 10,000 bbl per day coals to liquids project, FuturGas, operated in South Australia by its wholly owned subsidiary Hybrid Energy Australia Pty Ltd. The company has secured a technology agreement with the University of Adelaide and with current strong demand for costeffective liquid fuels there will be significant opportunities to negotiate with industry and investors in the coming 12 months In addition, the Company will continue its efforts to finalise a cost effective drilling rig for its extensive Carnarvon Basin portfolio of prospects and to identify the conventional and non conventional petroleum potential of its Cooper Basin interests. Simon Ashton Managing Director Page 2 of 7 SIGNIFICANT PROJECT ACTIVITIES PRODUCTION ACTIVITIES USA • Revenue Interest) Activities during the quarter continued to be focused on drilling, testing and producing wells which will have an immediate positive affect on cash flow. Test Results, rates /day Well Status Gas Oil Condensate Duncan 1 On production 10.1 mmcf 260 bbl Gilbert Freeman 1 On production 3.8 mmcf 126 bbl Duncan 2 On production 10 mmcf 224 bbl Hlavinka Duncan 1 On production <50 mcf Duncan 3 On production 10 mmcf 234 bbl Gilbert Freeman 2 Awaiting testing Gilbert Freeman 3 Awaiting testing Hlavinka GU 1-1 1 The initial discovery well, Duncan 1, continued to flow for the whole quarter at daily rates of approximately 10 mmcf of gas and 270 bbl of oil condensate. The well has now produced over 2.1 billion cubic feet of gas and over 58 thousand barrels of oil condensate since coming on stream in December 2007. The Duncan 2 (currently producing 10 mmcf and 230 bbl per day) and Gilbert Freeman 1 (currently producing 4 mmcf and 140 bbl per day) wells were successfully tested and brought onto production in early April. In late April, production (less than 50 thousand cubic feet per day) was added from a zone above the Wilcox Formation in the Hlavinka Duncan 1R well. The testing of Duncan 3, the fifth successful well on the Rayburn Project, commenced in the last week of June with all test gas and oil condensate being sold. Results subsequent to the end of the quarter recorded a test result of 10 mmcf of gas and 234 bbl of oil condensate per day. The Gilbert Freeman 2 and 3 wells, which have previously encountered gas and were cased awaiting facilities to be installed, will be tested in the next quarter. Subsequent to the quarter’s end, the Hlavinka Gas Unit 1-1 well was spudded. This well is targeting multiple objectives in the Wilcox Formation which could add new reserves to the project. Up to two more development wells are planned to be drilled next quarter. Page 3 of 7 Mesquite Project, Gulf Coast, Texas (26.25% Working Interest, ~20% Net Revenue Interest) Production from the Mesquite Project was lower than the previous quarter due primarily to natural decline. Average gross daily production for the quarter was approximately 3.25 mmcf of gas and 52 bbl of oil condensate. PRODUCTION REVENUE Strike Oil's Working Interest revenue from gas and oil condensate sales for the quarter was $9.22 million. This is an increase of 165% on the previous quarter. This result reflects the substantial impact of bringing the additional wells into production at the Rayburn Project and strong oil and gas prices. Production (Strike Oil WI) June Quarter March Quarter Movement Gas Oil Revenue (Strike Oil WI) June Quarter ($'000) March Quarter ($'000) Movement Gas Oil Total 9,220 3,482 165% RESERVES At Rayburn, the Wilcox wells are targeting 5 bcf per well with upside potential to 10 bcf per well. An independent reserve report at Rayburn is planned for next quarter. EXPLORATION ACTIVITIES USA • During the quarter the Company increased its working interest in the Eaglewood Area Participation Agreement in onshore Gulf Coast, Texas from 25% to 30%. The Agreement controls the relationship that Strike Oil has with Cypress E&P Corporation in the Gulf Coast exploration programme where prospects containing greater than 400 bcf of prospective resource have been located and are being prepared for drilling. Page 4 of 7 In addition to the increase in its overall interest under the Agreement, Strike Oil increased its interest in the Flint Prospect from 25% to 35%. The Flint Prospect is a specific exploration project within the Eaglewood Agreement which has a 50 bcf prospective resource. Further exploration drilling is planned later in the year. • During the quarter Strike Oil entered into a Purchase and Sale Agreement with a privately held US company, Pine Ridge Oil & Gas, LLC, to sell the Rocky Mountains interests that it held in Joint Venture with Comet Ridge Limited. Settlement on the deal occurred on 26 June 2008 at which time the Company received approximately US$2.5million as payment of the purchase price and cost reimbursement. As previously announced the cash payments and cost savings, in the order of US$4.5 million, will enable Strike Oil to redirect additional funds to its expanded Gulf Coast programme. Although Strike Oil will no longer have a direct interest in the Rocky Mountain Projects, it will, through its 8.34% shareholding in Comet Ridge, retain exposure to the projects, particularly the imminent 2-3 well Florence drilling programme. AUSTRALIA • Efforts continue to secure a suitable, cost effective drilling rig for drilling in the shallow waters of the Carnarvon Basin. The first well planned to be drilled will be on the Baniyas Prospect (prospective resource size of P The Department of Defence is considering a proposal to supply gas from the Rivoli gas field (Strike Oil WI: 44.5%) to its communications station located north of Exmouth. In the meantime the Department of Defence continues to fund further work including the gathering of environmental information to ensure an early and comprehensive stakeholder engagement upon project sanction. • Two wells drilled in ATP633P in Queensland operated by Joint Venture partner Beach Petroleum were plugged and abandoned. Oil shows in the Coolangatta 1 well indicate oil has been generated in the vicinity. Further seismic data may now be acquired to better define migration pathways and prospective traps. Progress has recently been made towards the granting of a permit over the PELA 96 in the southern Cooper Basin in South Australia. The joint venture is working towards having all the prerequisite documentation in place during the next quarter. The permit has conventional petroleum potential and non conventional potential in the form of coal seam gas and insitu coal gasification. Page 5 of 7 DRILLING SCHEDULE AND PROSPECT INVENTORY Drilling during the second half of the 2008 calendar year is again expected to be concentrated in the Gulf Coast, Texas. Efforts are underway to locate drilling services in the Gulf Coast to add to the current drilling rig under contract. No drilling is scheduled within Australia during the next two quarters. The provisional drilling schedule to mid 2009 is attached. The proposed drilling times are susceptible to change due to rig availability, climatic conditions, joint venture and regulatory approvals and operator schedules. BUSINESS DEVELOPMENT • In late June the Company provided an update on the development of its FuturGas Project, to be located near Kingston in South Australia. The project has been advanced to incorporate a coal to liquids gasification facility with integrated electricity generation, and will evaluate carbon capture and storage technology. The FuturGas facility will have a potential production output of 10,000 barrels of petroleum liquid fuels per day and 40MegaWatts of electricity. Development of the project to Bankable Feasibility (“BFS“) is planned in a number of stages culminating in the completion of the BFS, which will include pilot plant testing, initial liquids production and electricity generation, by the end of 2012. Funding options to take the project through to BFS continue to be evaluated. HEALTH SAFETY AND ENVIRONMENT The company did not record any safety or environmental incidents during the quarter. CORPORATE The Company's cash balance at 30 June 2008 was $8.4 million. In May the Company announced that it had secured a definitive borrowing base facility agreement (“Facility”) with the Commonwealth Bank of Australia (“CBA“). Under the agreement CBA will make available to the Company a debt facility of US$11.7 million, to be repaid over a term of five years. The Facility is a conventional borrowing base arrangement, secured against the Company’s production assets at the Mesquite and Rayburn gas fields. The Facility will be used to support the Company’s intensive Gulf Coast drilling programme. The Company has the ability to increase the facility limit should additional reserves be recognised at its production assets. At 30 June 2008 the Company had drawn down $7.6 million of the Facility. Page 6 of 7 NEXT QUARTER ACTIVITIES • • sales; • • • • Western Australia; • For further information contact: STRIKE OIL LIMITED Registered Office: Share Register Enquiries: Level 9, Wesfarmers House Computershare Investor Services 40 The Esplanade Level 2, 45 St George’s Terrace Perth, Western Australia, 6000 Perth, Western Australia 6000 Email: Website: www.strikeoil.com.au Facsimile: (61-8) 9323 2033 Telephone: (61-8) 6464 0400 Facsimile: (61-8) 6464 0401 Australian Stock Exchange Code: STX Page 7 of 7
mit deutlich steigenden Produktions- und Umsatzzahlen kann angesichts des Strike Oil Aktienkurses schon ein wenig Frustration aufkommen.
-outstanding test results duncan 3, von dieser Meldung hatte ich mir ansich ein wenig mehr Schubkraft für den Aktienkurs von Strike Oil gewünscht. So bleibt allerdings die Berfürchtung auch bei kommenden Produktionsdaten nicht mehr Rückenwind zu erhalten.
-quarterly activities report , hier gab es eigentlich keine Überraschungen. Die Produktionsdaten waren mehr oder minder bekannt, somit konnte man sich die Produktions- und Umsatzdaten in etwa selber ausrechnen. Strike Oil ist an dem Punkt angekommen, die laufenden Projekte aus dem Cash Flow finanzieren zu können. Die Produktionsdaten werden in den kommenden Monaten (duncan 3, sowie kommende Wells) weiter deutlich steigen. Ob die Umsätze parallel anziehen werden hängt massgeblich von den Preisentwicklungen bei Öl und Gas ab. So war im QAR deutlich zu sehen wie die Umsätze den Produktionsdaten davongeeilt sind. Eine leicht gegenläufige Entwicklung sollte aber einkalkuliert werden. Auch wenn ich gerade beim NatGas nicht mehr viel Potential nach unten sehe (vgl. Posting 150, Shortpositionen sind bereits auf einem sehr hohen Niveau), so ist der Preis in den letzten Wochen doch bereits deutlich unter die Räder gekommen.
-Börsenklima: Das derzeitige Börsenklima ist nicht förderlich für den Strike Oil Aktienkurs. Mehr gibt es zu diesem Thema eigentlich nicht zu sagen.
Was bedeutet das für mein Strike Oil Engagement?
-Das Management macht einen excellenten Job
-Die Kommunikations- und Informationspolitik ist hervorragend
-Die Finanzlage von Strike Oil ist komfortabel und verbessert sich stetig, der Cash Flow sollte weiterhin stark anziehen. Für das FJ 2008/2009 ist mit einem signifikanten Überschuss zu rechnenen.
-Waschtumstreiber beim Umsatz bleibt das Rayburn Field, neue Wells stehen stehen in Kürze vor dem Produktionsbeginn, daneben wird es neue Bohrungen geben (nähere Infos finden sich im QAR).
-Neue Projekte stehen in Ausstralien auf der Agenda (auch hier der Verweis auf den QAR).
-Langfristig besteht grosses Potential in der Tochter Hybrid Energy.
Es ist wichtig jedes finanzielle Engagement immer wieder in Frage zu stellen um eine Neueinschätzung herbeizuführen. Die Börse mag den Wert von Strike Oil aktuell nicht vernünftig wiederspiegeln, das ist kurzfristig sicher mitunter ein wenig frustrierend, dem langfristigen Investor bietet sich in dieser Situation die Gelegenheit seine Positionen in guten Werten weiter auszubauen. Ich werde in den kommenden Tagen nochmals zukaufen. Wobei meine grundsätzlich negative (bärische) Haltung zum Aktienmarkt mich hier ein wenig zur Zurückhaltung ermuntert.
Gruß
Permanent
ASX Announcement
Australian Stock Exchange Ltd
ASX Code: STX 30 July 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officervia electronic lodgement
RAYBURN PROJECT
OPERATIONS UPDATE
Strike Oil is pleased to provide the following update of its testing and drilling activities at the Rayburn Project in the Gulf Coast, Texas.
- •
- Duncan 3 continues to produce at test production rates
(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)
PRODUCTION
The Duncan 3 well continues daily production at rates of 10 million cubic feet of gas and 230 barrels of condensate (the same as those reported for the flow tests). Overall field production was maintained at previously reported levels.
WELL TESTING
Gilbert Freeman 2
All the facilities required for the testing of the Gilbert Freeman 2 well have been installed. Testing will commence as soon as the necessary frac materials and services have been sourced. All test gas will be sold.
Gilbert Freeman 3
The Gilbert Freeman 3 well is awaiting facilities installation prior to testing being scheduled.
DRILLING UPDATE
The well is at a depth of 7,214 ft (2,199 metres). No drilling progress was made during the past week. Current operation (Tuesday, Texas time) is attempting to remediate lost circulation of the drilling fluid prior to drilling ahead.
Proposed total depth of the well is 12,200 feet (3,719 metres).
The well, which is targeting Wilcox objectives, is located approximately 9,270 feet (2,825 metres) northeast of the initial discovery well, Duncan 1 and is appraising the Rayburn Field boundaries
Yours faithfully
SIMON ASHTON
Managing Director
Further information:
Strike Oil Limited
Simon Ashton - Managing Director
T: 08 6464 0400
E: strike@strikeoil.com.au
- • Gilbert Freeman 2 facilities installed ready for testing
- • Hlavinka Gas Unit 1-1 at 7,214 ft (2,199m)
RAYBURN PROJECT – WHARTON COUNTY
Strike Oil Limited ABN 59 078 012 745
Hlavinka Gas Unit 1-1
- • Gilbert Freeman 2 facilities installed ready for testing
ASX Announcement
Australian Stock Exchange Ltd
ASX Code: STX 7 August 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officervia electronic lodgement
RAYBURN PROJECT
OPERATIONS UPDATE - GILBERT FREEMAN 2 TESTING COMMENCED
Strike Oil is pleased to provide the following update of its testing and drilling activities at the Rayburn Project in the Gulf Coast, Texas.
- •
- Gilbert Freeman 2 testing commenced; initial results comparable with other producing wells
(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)
WELL TESTING
Gilbert Freeman 2
Testing of the Gilbert Freeman 2 well commenced on Monday 4 August (Texas time). The well will be flowed to clean up and allowed to stabilise before flow rates will be reported, likely next month. Results to date have been comparable to other successful wells currently producing in the Rayburn project.
All test gas and condensate is being sold.
Gilbert Freeman 3
The Gilbert Freeman 3 well is awaiting facilities installation prior to testing being scheduled.
DRILLING UPDATE
Mud circulation was successfully restored during the past week. The well is currently (Wednesday, Texas time) drilling ahead at a depth of 7,395 feet (2,254 metres).
Proposed total depth of the well is 12,200 feet (3,719 metres).
The well, which is targeting Wilcox objectives, is located approximately 9,270 feet (2,825 metres) northeast of the initial discovery well, Duncan 1 and is appraising the Rayburn Field boundaries.
MANAGING DIRECTOR’S COMMENT
Strike Oil's Managing Director, Simon Ashton, commenting on the latest testing results stated that:
"Gilbert Freeman 2 is expected to add substantially to the total Rayburn and Mesquite fields sales which continue at the previously reported gross production rates of over 38 million cubic feet of gas per day and 900 barrels of condensate per day
."Yours faithfully
SIMON ASHTON
Managing Director
Further information:
Strike Oil Limited
Simon Ashton - Managing Director
T: 08 6464 0400
E: strike@strikeoil.com.au
- • Hlavinka Gas Unit 1-1 at 7,395 feet (2,254 metres)
RAYBURN PROJECT – WHARTON COUNTY
Strike Oil Limited ABN 59 078 012 745
Hlavinka Gas Unit 1-1
ASX Announcement
Australian Stock Exchange Ltd
ASX Code: STX 14 August 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officervia electronic lodgement
RAYBURN PROJECT
OPERATIONS UPDATE
Strike Oil is pleased to provide the following update of its testing and drilling activities at the Rayburn Project in the Gulf Coast, Texas.
- •
- Gilbert Freeman 2: testing continues to deliver gas and condensate according to expectations
(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)
WELL TESTING
Gilbert Freeman 2
Testing of the Gilbert Freeman 2 well continued during the week. Cleanup of the well is still in progress. Gas and condensate rates continue to be in line with expectation and comparable to other successful wells currently producing in the Rayburn project.
All test gas and condensate is being sold.
Gilbert Freeman 3
The Gilbert Freeman 3 well is awaiting facilities installation prior to testing being scheduled.
PRODUCTION
Rayburn production from the other wells continues to be maintained at expected levels and is being enhanced by the flow from Gilbert Freeman 2.
DRILLING UPDATE
The 7 5/8 inch liner has been successfully set between 6,799-7,913 feet (2,072-2,411 metres) as planned. The well is currently drilling ahead at a depth of 8,230 feet (2,509 metres) towards the objective section which should take 1-2 weeks to reach.
Proposed total depth of the well is 12,200 feet (3,719 metres).
The well, which is targeting Wilcox objectives, is located approximately 9,270 feet (2,825 metres) northeast of the initial discovery well, Duncan 1 and is appraising the Rayburn Field boundaries.
Yours faithfully
SIMON ASHTON
Managing Director
Further information:
Strike Oil Limited
Simon Ashton - Managing Director
T: 08 6464 0400
E: strike@strikeoil.com.au
- • Rayburn production targets being maintained
- • Hlavinka Gas Unit 1-1: liner set and drilling towards objective
RAYBURN PROJECT – WHARTON COUNTY
Strike Oil Limited ABN 59 078 012 745
Hlavinka Gas Unit 1-1
ASX Announcement
Australian Stock Exchange Ltd
ASX Code: STX 21 August 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au The Company Announcement Officervia electronic lodgement
RAYBURN PROJECT
OPERATIONS UPDATE
Strike Oil is pleased to report on the progress of its testing and drilling activities at the Rayburn Project in the Gulf Coast, Texas.
- •
- Gilbert Freeman 2: testing at substantial production rates
(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)
WELL TESTING
Gilbert Freeman 2
The Gilbert Freeman 2 well is producing at substantial rates while cleanup and return of the frac fluid continues. Results, which are in line with expectation and comparable to producing Rayburn wells, are expected to be available for reporting to the regulatory authority in the next few weeks.
All test gas and condensate is being sold.
Gilbert Freeman 3
The Gilbert Freeman 3 well is awaiting facilities installation prior to testing being scheduled.
PRODUCTION
Production from all Rayburn producing wells, including Gilbert Freeman 2, is being maintained at expected levels.
DRILLING UPDATE
The well has reached its proposed total depth of 12,200 feet (3,719 metres). Current operation (Wednesday, Texas time) is preparing to run wireline logs to evaluate gas shows encountered while drilling the Wilcox Formation objectives.
The well is located approximately 9,270 feet (2,825 metres) northeast of the initial discovery well, Duncan 1 and is appraising the Rayburn Field boundaries.
Duncan 4
The Operator, Cypress E&P Corporation, has advised that the rig will be moved to drill Duncan 4, the ninth well in the Rayburn Field, immediately after drilling operations have been completed on the current well.
Yours faithfully
SIMON ASHTON
Managing Director
Further information:
Strike Oil Limited
Simon Ashton - Managing Director
T: 08 6464 0400
E: strike@strikeoil.com.au
- • Rayburn Field: production targets being maintained
- • Hlavinka Gas Unit 1-1: preparing to run wireline logs at total depth to evaluate shows in Wilcox Formation
- • Duncan 4: ninth Rayburn Project well , to commence shortly
RAYBURN PROJECT – WHARTON COUNTY
Strike Oil Limited ABN 59 078 012 745
Hlavinka Gas Unit 1-1
ASX
Announcement ASX Code: STX 26 August 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au RAYBURN (Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation) DRILLING Hlavinka At the Havlinka Gas Unit 1‐1 well, which was drilled to appraise the Rayburn Field boundaries, wireline logs were successfully run at the total depth of 12,200 feet (3,719 metres). The logs confirm the presence of gas in multiple sands of interpreted poorer quality than previous wells within the Wilcox Formtion at Rayburn. As a consequence, the partners have agreed to defer the decision on which intervals to test until some equivalent intervals in other Rayburn Fild wells have been tested. A retainer plug has been set in the well and the rig is currently being moved to the next location. The retainer will allow the well to be re‐entered later after the results from further testing in other Rayburn Field wells have been analysed. Gas shows were also encountered in the shallower Cook Mountain interval which will also be considered for evaluation. Oil Limited ABN 59 078 012 745 The Hlavinka Gas Unit 1‐1 well is located approximately 9,270 feet (2,825 metres) northeast of the initial discovery well, Duncan 1. Duncan The rig is currently being moved to the Duncan 4 location. Duncan 4 will be the ninth well in the Rayburn Field. Further details will be released closer to the spud date. WELL Gilbert The Gilbert Freeman 3 well which recorded elevated gas readings over several intervals within the Wilcox Formation during June, is scheduled for testing during the first week of September. Installation is on schedule for all the necessary facilities to allow test gas and condensate from the Gilbert Freeman 3 well t be produced to sales. PRODUCTION Production from all the Rayburn producing wells, including test gas and condensate from Gilbert Freeman 2, continues at expected levels. Results of the testing of Gilbert Freeman 2 are scheduled for reporting to the regulatory authority early next month. MANAGING Strike Oil's Managing Director, Simon Ashton, commenting on the latest drilling and testing results stated that: "The results from the Hlavinka Gas Unit 1‐1 well demonstrate that gas appears to extend over a substantial part of the structure however at this specific location an assssment of the commerciality of the zones encountered will need to await further evaluation after other Rayburn Field wells havebeen tested. Overall the drilling and testing programme at Rayburn is proceeding extremely well with all producing wells including Gilbert reeman 2 retaining consistent levels of production of both gas and condensate. Oil Limited ABN 59 078 012 745 The In Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐ Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au Strike
Hlavinka Gas Unit 1‐1: Interpreted gas pay in Wilcox; test interval to be determined Duncan 4: Rig moving to location Gilbert Freeman 3: Flow testing to commence early September Production: Levels maintained
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd via RAYBURN OPERATIONS Strike Oil is pleased to report on the progress of its testing and drilling activities at the Rayburn Project in the Gulf Coast Texas.
Announcement ASX Code: STX 1 September 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au Gilbert Freeman 2 outstanding flow rate adds 9 million cubic feet gas and 245 barrels oil‐condensate per day. Gross production from Strike Oil’s projects in the Gulf Coast (Rayburn and Mesquite combined) now at around 46.5 million cubic feet of gas and 1,175 barrels of oil‐condensate per day. Strike Oil’s net production 10.7 million cubic feet of gas and 270 barrels of oil‐condensate per day. Gilbert Freeman 3 flow test to commence this week. Duncan 4 to spud this week. RAYBURN (Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation) TESTING Gilbert The flow testing of the Gilbert Freeman 2 well has been completed. The following information has been reported to the Texas Railroad Commission, the state regulatory body; Gas Rate: 8.976 million cubic feet per day Oil‐Condensate Rate: 245 barrels per day Flowing Tube Pressure: 5,434 psia Choke Size: 17/64 inch Oil Limited ABN 59 078 012 745 Freeman 3 Flow testing of the Gilbert Freeman 3 well is scheduled to commence this week. The results of the flow tests will not be available for several weeks. DRILLING Duncan The Duncan 4 well is scheduled to spud sometime this week. Proposed total depth of the well is 12,200 feet (3,719 metres). The well is expected to take 30 to 35 days from spud to reach total depth. The well, which is targeting Wilcox objectives, is located approximately 6,677 feet (2,035 metres) southwest of the initial discovery well, Duncan 1. MANAGING Strike Oil's Managing Director, Simon Ashton, commenting on the test results and the increase in production, stated: "The flow from the Gilbert Freeman 2 well is another outstanding result at Rayburn. It lifts the gross production from the Rayburn and Mesquite Projects to 46.5 million cubic feet of gas per day and 1,175 barres of condensate per day. Strike With Yours faithfully SIMON ASHTON Managing Director information: Strike Oil Limited Simon T: E: Further
Gilbert
WELL
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd electronic lodgement RAYBURN GILBERT Strike Oil is pleased to announce successful flow test results from its Gilbert Freeman 2 well which has resulted in increased roduction at the Rayburn Project in the Gulf Coast, Texas by 25 percent.
via
ASX
http://www.asx.com.au/asx/statistics/...pe=D&releasedDuringCode=W
Eine Bestätigung der Ziele und der Unterbewertung des Unternehmens.
Permanent
HGU1-1
Die Well ist 2,8 km nordöstlich von Duncan #1 und somit "am Rande" der Formation platziert (man sieht das sehr gut auf CBBs Karte). Der Zweck wurde beschrieben als: "to appraise the Rayburn Field bounderies". Diese Well hatte somit a priori ein höheres Erfolgsrisiko.
Das Ergebniss ist im Prinzip nicht schlecht - wir haben im Middle Wilcox-target "presence of gas in multiple sands" und darüber hinaus auch "gas shows [...] in the shallower Cook Mountain Formation" - das ist alles prima!
Jedoch ist die Reservoir-Qualität schlechter - das heisst relativ sicher, dass wir schlechtere Flowrates haben werden als bisher (diese sind jedoch überragend, wie ihr wisst) und die Menge an Gas, die mit dieser Well gefördert werden kann, ist vermutlich deutlich kleiner als bei den bisherigen sehr erfolgreichen wells.
Immerhin spricht STX von "interpreted gas pay in Wilcox" - das drückt sehr deutlich aus, dass man bei HGU1-1 eine kommerzielle Gas-Produktion erreichen wird. Die Well ist somit relativ sicher kein kompletter Fehlschlag.
Offensichtlich hat die Well noch kein Production-Casing bekommen - hierzu muss man sich erinnern, dass die Kosten für "Completion" and Testing etwa auf A$2-3 Mio. belaufen. Man wartet nun auf Ergebnisse weitere Wells, bevor man die Well-Completion beginnt. Ich lese aus der News, dass man wohl bei zukünftigen Developement wells Zonen unterschiedlicher Reservoir-Qualitäten erwartet, so dass man dann auch Zonen schlechterer Reservoirqualität ohne volles finazielle Risiko (mit-) testen kann. Eine wichtige Frage hierbei scheint zu sein, welche Zone es wert ist bei HGU1-1 zu fokussieren.
Schade ist halt, dass man nun wohl noch einige Monate auf ein klares Ergebnis bei HGU1-1 warten muss, was leider wenig hilfreich für die erste Bestimmung der möglichen Feldgröße ist.
Anbei, was ich hierzu auf Hotcopper verffentlicht haben (... übrigens beschwert man sich derzeit auch in Australien, dass wir (CBB und ich) zuwenig schreiben 
):
"[...] What I like is: “Interpreted gas pay in Wilcox” – if you decode their language, they used such a term in the past only if the really expect that the well will be a commercial producer. Therefore, I don’t expect that HGU1-1 will be a complete duster.
But obviously they have some uncertainties – It seems that the well is not cased for production test (but a retainer plug has been set). One keeps in mind that the costs for completion and testing a Middle Wilcox well are around $2-3 mln.
They avoid this investment until they gain more certainty about the chance of success for this obviously tighter reservoir zones. Perhaps they expect that they will have some development wells in the future with mixed reservoir qualities where they can test the commercial potential of the zones of poorer quality without a full financial risk. It seems also that a question is not only “if” a zone could be commercial but which one is it worth to focalize.
Unfortunately this also means we won’t have a clear result from HGU1-1 for months ... which is not a big help for assessing the potential field size … that’s a pity
Next week we will have an investors update from Simon Ashton at the Good Oil Conference, lets wait if we get some more comments about the status quo of the Gulf Coast program."
Am Mittwoch präsentiert Simon Ashton auf der "Good Oil Conference" - die Präsentation wird bei der ASX als News veröffentlicht - wir werden also nächste Woche ein Investors Update haben. Hier erwarte ich aktuelle Erläuterungen zum Gulf Coast Programm und darüberhinaus etwas zu Carnarvon-Basin und HybridEnergy - mal abwarten.
Zudem stehen wir kurz vor der Veröffentlichung der GF2 Flowrates -vielleicht gibt es ja nächste Woche den grossen PR-Hammer mit der Präsi: erste Zertifizierung der Feldgröße und Flowrates von GF2 (die ja wohl sehr gut ausfallen werden) ...
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Wertpapier: Strike Energy |
Joint-Venture
Conoco Phillips steigt für Milliarden in Australien ein
von Dirk-Hinrich Heilmann
Das Interesse internationaler Konzerne an den gewaltigen Kohlenflözgas-Reserven Australiens wächst. Der drittgrößte US-Ölkonzern Conoco Phillips will acht Mrd. Dollar in ein Joint-Venture mit dem australischen Gasversorger Origin Energy investieren – eine Investition, die dem britischen Konkurrenten BG Group das Leben erschwert.
http://www.handelsblatt.com/unternehmen/industrie/...lien-ein;2034872
ASX
Announcement ASX Code: STX 10 September 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au RAYBURN (Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation) DRILLING Duncan The Duncan 4 well was spudded on 2 September 2008 (Texas time). This morning (Tuesday, Texas time) the well was drilling ahead at 7,580 feet (2,310 metres). The 13 3/8 inch casing was previously set at 2,680 feet (817 metres). Proposed total depth of the well is 12,200 feet (3,719 metres). The well, which is targeting Wilcox objectives, is located approximately 6,677 feet (2,035 metres) southwest of the initial discovery well, Duncan 1. WELL Gilbert Flow testing of the Gilbert Freeman 3 well which recorded elevated gas readings over several intervals within the Wilcox Formaton has commenced. Test gas and oil condensate is being produced to sales. Oil Limited ABN 59 078 012 745 PRODUCTION Production from the Mesquite field and all the Rayburn producing wells is being maintained at approximately 46.5 million cubic eet of gas per day and 1,175 barrels of oil‐condensate per day. Strike Oil’s share is 10.7 million cubic feet of gas and 270 barrels of oil‐condensate per day. MANAGING Strike Oil's Managing Director, Simon Ashton, commenting on the latest drilling and testing results stated that: "Rapid Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐ Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au
Duncan 4: Well spudded Gilbert Freeman 3: Flow testing and sales commenced Production: Expected levels maintained
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd via RAYBURN Strike Oil is pleased to report on the progress of its activities at the Rayburn Project in the Gulf Coast, Texas.
ASX
Announcement ASX Code: STX 16 September 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au RAYBURN (Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation) DRILLING Duncan The drilling of the Duncan 4 well was suspended on 12 September 2008 (Texas time) in preparation to ride out hurricane Ike. The well was at a depth of 7,810 feet (2,380 metres). Drilling is expected to recommence during the week. Proposed total depth of the well is 12,200 feet (3,719 metres). The well, which is targeting Wilcox objectives, is located approximately 6,677 feet (2,035 metres) southwest of the initial discovery well, Duncan 1. Oil Limited ABN 59 078 012 745 WELL Gilbert Flow testing of the Gilbert Freeman 3 well was suspended prior to hurricane Ike reaching Texas. Testing has recommenced. PRODUCTION Production from both the Mesquite and Rayburn fields was shut in prior to hurricane Ike reaching Texas. The operator has reported that there appears to be no damage to facilities at either field. Production has recommenced and has returned to pre‐shut in rates. MANAGING Strike Oil's Managing Director, Simon Ashton, commenting on the impact of hurricane Ike said; "Fortunately We Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐ Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au
No damage to facilities or harm to personnel Duncan 4: drilling to recommence this week Gilbert Freeman 3: flow testing recommenced Production: returned to pre‐shut in rates
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd via GULF Strike Oil is pleased to report that there has been no damage to its facilities onshore Gulf Coast, Texas as a result of hurricane Ike. All operations were suspended late last week as a precautionary measure.
ASX
Announcement ASX Code: STX 24 September 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au RAYBURN (Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation) DRILLING Duncan The drilling of the Duncan 4 well recommenced on 17 September 2008. At the time of reporting (Tuesday 23 September, Texas time) the well was drilling ahead at a depth of 9,815 feet (2,992 metres). Proposed total depth of the well is 12,200 feet (3,719 metres). The well, which is targeting Wilcox objectives, is located approximately 6,677 feet (2,035 metres) southwest of the initial discovery well, Duncan 1. Oil Limited ABN 59 078 012 745 WELL Gilbert Flow testing of the Gilbert Freeman 3 is continuing as planned. PRODUCTION Production from all the Mesquite and Rayburn producing wells continues at expected levels. Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐ Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au
Drilling: Duncan 4 drilling ahead at 9,815 ft ( 2,992 m) Testing: Gilbert Freeman 3 flow testing continuing Production: continues at expected levels
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd via GULF Strike Oil is pleased to report that all its operations in Gulf Coast, Texas have returned to normal after hurricane Ike.
ASX
Announcement ASX Code: STX 9 October 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths • Producer/Explorer with strong cash flow • Track record of discoveries • Geographically diverse portfolio • Highly experienced team • Strong experienced partners • Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au • Testing:
• Production and Revenue: DRILLING Duncan The well, which is targeting Wilcox objectives, is located 5,146 feet (1,568 metres) east‐northeast of the initial discovery well, Duncan 1 (refer to attached map for location of all wells drilled to date). Proposed total depth of the well is 12,200 feet (3,719 metres). The well is expected to take 30 to 35 days from spud to reach total depth. Strike Oil has a 22.8% Working Interest in the Rayburn project. Oil Limited ABN 59 078 012 745 Forward The current plan is to maintain a continuous drilling programme over the next 12 months. After the drilling of the current Duncan Ansley Gas Unit 1‐1 well in the Rayburn project the rig is scheduled to drill two to three exploration wells over the next few months before retuning to drill further appraisal/development wells on the Rayburn field. The first exploration well is likely to be on the Tumbleweed prospect, adjacent to Strike’s Mesquite project in Jackson County. The prospective resource for this prospect is 40 Bcf (billion cubic feet). Strike Oil has a 30% Working Interest in the prospect. The second exploration well is planned be on the 50 Bcf Flint prospect in Fort Bend County. Strike Oil has a 35% Working Interest in the prospect. More information will be released at the time of spudding the respective wells. WELL Gilbert Multiple zones in the well are planned to be tested. Flow testing of the first zone is continuing as planned with test gas and oil‐condensate being produced to sales. Further zones will be tested over the coming weeks with flow rates likely to be reported in the next 30 to 60 days. PRODUCTION Net production to Strike Oil from all Mesquite and Rayburn wells is according to forecast at around 10mmcfd of gas and 280 bbl f oil‐condensate per day. Revenue from gas and oil‐condensate sales continues to exceed $4 million per month despite lower commodity prices. A reserves and resources statement for the Gulf Coast projects is due for completion in the next 1‐2 weeks. Oil Limited ABN 59 078 012 745 MANAGING Strike Oil's Managing Director, Simon Ashton, commenting on the plans for the rest of 2008 and for 2009 stated that: "The active drilling programme in the Gulf Coast continues and further exploration drilling is due to start next month. This will provide time for further interpretation of the results from the first ten wells on Rayburn prior to designing the fuure appraisal and development programme which may include drilling some additional potential pay zones within the Wilcox Formaton In Despite Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐ Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au HlavinkaGU1-1(Suspended)HlavinkaDuncan 1R(Non Wilcox Producer)1000mGilbert Freeman 1(Producer)Gilbert Freeman 2(Producer)Duncan-1(Producer)Duncan AnsleyGU1-1(New Well Location)Duncan 3 (Producer)Duncan 2ST1 (Producer)Duncan 4 (Suspended, WxP&A’d)Gilbert Freeman 3(Producer)
Strike
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd via GULF Strike Oil is pleased to report on the steady progress of its activities in the Gulf Coast, Texas. • Drilling:
Natural Gas May Get a Boost from ObamaBARACK OBAMA, ENERGY, ALTERNATIVE ENERGY, OIL COMPANIES, OIL, NATURAL GAS, COAL, POLICY, OIL PRICE,Reuters| 05 Nov 2008 | 11:57 AM ET
The election of Democratic Sen. Barack Obama to the U.S. presidency should be a boon to natural gas producers, but the forecast is turning dark for oil and coal industries already coping with falling prices.
The potential regulation of carbon dioxide emissions and the threat of a "windfall profits" tax on oil majors such as Exxon Mobil , Chevron and ConocoPhillips have been two major themes of the Obama campaign.
Both moves could erode the massive profits those companies have posted on the back of high crude oil prices, industry experts said.
High oil prices usually benefit companies such as Exxon, which last week set a U.S. record by posting quarterly operating profit of $13.4 billion, but Obama's proposals have prompted some analysts to warn investors away from the sector.
"We believe that some of the Obama policies, such as a windfall tax on energy and full CO2 auctions, may lead to a negative result for the industry if (he is) elected," analysts at Sanford Bernstein said in a pre-election note to investors.
Obama, who became the president-elect in Tuesday's vote, campaigned on a platform of increasing fuel efficiency in the U.S. auto fleet and reducing crude oil imports that make up about three-quarters of the nation's supply.
The Illinois senator, like his vanquished Republican rival Sen. John McCain, supports a trading system that would set prices for companies to emit carbon dioxide.
That policy would hurt Massey Energy , Peabody Energy , Arch Coal and other producers of coal, long one of the cheapest forms of energy in the United States and the source of half the nation's electricity.
That could be an opening for the natural gas industry to boost its 20 percent share in the nation's power generation portfolio and even move into the automobile markets.
As a result, natural gas producers like Chesapeake Energy had viewed an Obama presidency with optimism.
"This administration will be very favorably inclined to try to do something about introducing natural gas into the transportation network in a more aggressive way than what has happened in the past four to eight years," Chesapeake Chief Executive Aubrey McClendon told analysts last week.
While the major oil companies also produce substantial amounts of natural gas, others, such as Devon Energy , Apache and Canada's EnCana , are more focused on the fuel.
Although substantial hurdles stand in the way of boosting the role of natural gas as an automobile fuel, its emissions are half those of crude oil and coal.
Obama has endorsed cleaner coal technology that would remove pollutants such as carbon dioxide and allow them to be stored, but that technology has not been tested on a commercial scale, and widespread deployment remains years away.
Congress earlier this year canceled a planned test power station because of soaring costs to build it.
LOWER OIL PRICES, NEW ATTITUDE?
Obama, like many other Democrats, initially opposed opening new areas for drilling, but softened his stance to support some moves in that direction as crude oil raced to a record above $147 a barrel and retail gasoline to more than $4 per gallon.
But a sharp pullback that has sliced more than 50 percent from the price of oil since July could move the new president away from that pledge.
"Prices were high, and you had to appear like you had some sort of a plan," said Michael Cuggino, chief executive of Pacific Heights Asset Management in San Francisco, who manages about $3.8 billion. "I don't believe they ever really expected to enact it."
Obama's plan to provide families with a $1,000 tax rebate and pay for incentives for renewable energy sources with a windfall tax on oil company profits could support oil prices if companies are forced to reduce spending to develop new fields, analysts said.
"I think in general an Obama victory and a Democratic legislature will probably be somewhat bullish for energy prices because of some of their apparent effort to favor alternative energy sources," said analyst James Halloran of National City Private Client Group.
Because of the possible increase in taxes, oil companies' stock performance may not capture all of that potential bullishness, he added.
Still, if oil prices stay at current levels of nearly $70 a barrel, producers of the fuel may be better able to steer clear of the negative publicity of recent months and present their case to the new administration and Congress.
"If the economy is healthy and oil prices are low, there's going to be less ill will," said Ken Medlock, a fellow at the Baker Institute at Rice University in Houston. "And they will be free to lobby for more."
ASX
Announcement ASX Code: STX 25 November 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths Producer/Explorer with strong cash flow Track record of discoveries Geographically diverse portfolio Highly experienced team Strong experienced partners Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au Duncan ‐ ‐ ‐ Future ‐ ‐ Daily DRILLING Duncan The appraisal well which is located 5,146 feet (1,568 metres) east‐northeast of the initial discovery well, Duncan 1, has reached its proposed total depth of 12,200 feet (3,719 metres) and wireline logs have been run. Interpretation of the logs indicates there are no commercial pay zones in the primary objective Wilcox Formation and a cement pug will be set in the lower portion of the hole. A zone in a shallower secondary objective section which is interpreted to be gas bearing based on gas shows while drilling and ubsequent wireline log interpretation, will be completed for flow testing after the rig has moved off location. Oil Limited ABN 59 078 012 745 On 24 November 2008 (Texas time) preparations were being made to suspend the well. FORWARD A three well shallow development drilling programme and the recompletion of two wells at Rayburn is planned to commence this moth. The wells are planned to evaluate the shallow pay zones intersected in previous Rayburn wells whilst drilling to the deeper Wilox Formation. These prospective resources have not been included in the announced reserves. Strike Oil has a 22.8% Working Interest in the Rayburn project. In December 2008 the 40 Bcf Tumbleweed Prospect located adjacent to the Mesquite Field is scheduled for drilling after planned outine rig maintenance. Strike Oil has a 30 % Working Interest in the Tumbleweed prospect. PRODUCTION Daily production of gas and oil‐condensate continue at impressive rates of 46 mmcf gas and 1,160 barrels oil‐condensate (10.6 mmcf and 270 barrels net to Strike Oil) underpinning the company’s strong cash flows. MANAGING Strike Oil's Managing Director, Simon Ashton, commenting on the results of Duncan Ansley Gas Unit 1‐1 well stated that: "The Strike The The Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au Ich bin immer noch dabei auch wenn der Aktienkurs keine Freude bereitet. Der Jahresbericht und alle weiteren Informationen können auf der HP von Strike Oil abgerufen werden. Gruß Permanent
Strike
The Company Announcement Officer
Australian Stock Exchange Ltd via GULF Strike Oil reports on the progress of its activities in the Gulf Coast, Texas.
ASX
Announcement ASX Code: STX 3 December 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths Producer/Explorer with strong cash flow Track record of discoveries Geographically diverse portfolio Highly experienced team Strong experienced partners Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au Well Testing and Production Gilbert 3 testing continues - Mesquite and Rayburn production maintained at 5,760 boe - 1,330 boe net to Strike Oil Drilling Gilbert Freeman 4 total depth, 4,825 ft (1,464 m) with no commercial hydrocarbon zones - 40 Bcf Tumbleweed prospect scheduled for drilling in late December WELL Testing continues at the Gilbert Freeman 3 well. A final combined test rate from the multiple zones in this well is expected to be available in January 2009. Daily production of gas and oil‐condensate from Rayburn and Mesquite is being maintained at around 46 mmcf gas and 1,160 barrels of condensate, or 5,760 barrels of oil (value) equivalent (boe); 1,330 boe net to Strike Oil. DRILLING The Gilbert Freeman 4 well was spudded on 25 November and has drilled to its total depth of 4,825 feet (1,464 metres). The well is located adjacent to the Gilbert Freeman 2 well (a Wilcox producer) which was interpreted to have intersected a shallow gas bearing sand. Oil Limited ABN 59 078 012 745 Wireline logs indicate the objective shallow sand in Gilbert Freeman 4 is not as well developed as that encountered in the neary Gilbert Freeman 2 well and is unlikely to flow at commercial rates. The well has been plugged and abandoned. Strike oil has a 22.8% Working Interest in the Rayburn project. FORWARD The timing of further shallow wells and the recompletion of two wells at Rayburn will depend on equipment availability. Successful shallow wells can deliver high value incremental gas to the existing facilities and at a cost between US$80,000 ‐$200,000 (net to Strike Oil) the zones represent worthwhile economic targets. The 40 Bcf Tumbleweed Prospect located adjacent to the Mesquite Field is scheduled for drilling in late December after planned outine rig maintenance. Strike Oil has a 30% Working Interest in the Tumbleweed prospect. Yours faithfully SIMON ASHTON Managing Director Further Simon Ashton ‐Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au
Strike
-
The Company Announcement Officer
Australian Stock Exchange Ltd via GULF Strike Oil reports on the progress of its activities in the Gulf Coast, Texas.
Es war kein erfolgreiches Jahr für das Investment in Strike Oil. Ich bleibe investiert und wünsche allen -wenn noch einige dabei sind- ein schönes Weihnachtsfest und ein erfolgreiches Jahr 2009.
Gruß
Permanent
ASX
Announcement ASX Code: STX 23 December 2008 Strike Oil Limited ABN 59 078 012 745 Our Strengths Producer/Explorer with strong cash flow Track record of discoveries Geographically diverse portfolio Highly experienced team Strong experienced partners Innovative approach to E&P Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au
40 Bcf Tumbleweed prospect well ‐Hart Estate Gas Unit 1‐1 spudded Testing Wilcox Fm ‐Gilbert Freeman 3 successful testing finalised, shallowest zone flowed 1.5 mmcfd, 80 bcpd, two deeper zones to be added in near future Shallow gas zone ‐Duncan Ansley GU 1‐1 preparing to test Production
Mesquite and Rayburn production maintained at 5,660 boe
1,300 boe net to Strike Oil Program Reviewed
Some previously planned Gulf Coast exploration and development activities have been deferred UPDATE Prospect ‐Hart Estate Gas Unit 1‐1
The Hart Estate Gas Unit 1‐1 well on the Tumbleweed prospect in Jackson County, Texas was spudded on 19 Dec 2008 (Texas time). The well is currently at a depth of 1,350 feet (411 metres) where the 13 3/8 inch surface casing has been set as planned.
The well is designed to test a prospective resource of 40 Bcf in the Middle Wilcox Formation, the producing formation in the adjacent Mesquite field.
The well is located approximately 890 metres west of the Shefcik 3 well, one of the four producing wells in the Mesquite field. The presence of nearby infrastructure means a discovery will be able to be flow tested and turned to sales very rapidly. Oil Limited ABN 59 078 012 745
The planned total depth of the well is 12,200 feet (3,719 metres). The well is scheduled to take approximately 30 days to drill.
Strike Oil has a 30% Working Interest in the Tumbleweed prospect and a 26.25% Working Interest in the Mesquite Field. TESTING Wilcox
Testing of the Gilbert Freeman 3 well continues. A total of three zones in the Upper Wilcox Formation were individually tested. The following information for the shallowest zone only has been reported to the Texas Railroad Commission, the state regulatory body.
Gas Rate: 1.511 million cubic feet per day
Oil‐Condensate Rate: 80 barrels per day
Flowing Tube Pressure: 2,195 psia
Choke Size: 13/64 inch
Two deeper Upper Wilcox intervals which flow tested at lower rates than the reported test above have also been individually frature treated and flow tested. Removal of the plugs between the intervals to combine the flow from all three intervals is planned for the near future which sould see sustained field production increase. The combined flow rate will be reported shortly to the Texas Railroad Commission. Gas ‐Duncan Ansley Gas Unit 1‐1 (Rayburn Project)
Shallow
A zone in a secondary objective above the Wilcox Formation in the Duncan Ansley Gas Unit 1‐1 well which is interpreted to be gas bearing based on gas shows while drilling and subsequent wireline log interpretation is nw being prepared for flow testing.
PRODUCTION
Daily production of gas and oil‐condensate from Rayburn and Mesquite is approximately 45 mmcf gas and 1,160 barrels of condensate, or 5,660 barrels of oil (value) equivalent (boe); approximately 1,300 boe net to Strike Oil. This substantial rate is providing monthly revenues to Strike Oil approximately AUD$3 million per month based upon the current oil and gas prices. Oil Limited ABN 59 078 012 745 PROGRAM REVIEW
OPERATIONS
In response to the impact of lower oil and gas prices and uncertain financial market conditions, the Gulf Coast joint venture has reviewed its ongoing exploration and development program.
This review has resulted in the deferral or reduction of some high cost exploration and development activities with a short paue in drilling operations now planned after the drilling of the Tumbleweed Prospect ‐Hart Estate Gas Unit 1‐1 well. At this stage, drilling is scheduled to recommence in April/May 2009.
The revised drilling program will reduce Strike Oil’s planned expenditures over the next six months helping to strengthen the cmpany’s balance sheet. Further information on the revised strategy in the Gulf Coast and in Australia will be released once the revised strategy has een settled which is expected in January.
Managing Director’s Comment
Strike Oil’s Managing Director Simon Ashton commented: and its joint venture partners have moved proactively to prudently manage operations and cashflow during this period of ifficult market conditions. addition to the reduced exploration and development spend in the US, the company has also reduced overheads in Australia. These actions will help maintain and build Strike Oil’s financial strength and provide a solid basis for growth when the marke conditions improve".
Yours faithfully
SIMON ASHTON
Managing Director information: Strike Oil Limited
Simon Ashton ‐Managing Director
T: 08 6464 0400
E: strike@strikeoil.com.au Shefcik 1 (Producer) 1000m N Shefcik 3 (Producer) Webernick 1 (Producer) Webernick 2 (Producer) Hart Estate GU 1-1 (New Well Location) Tumbleweed Prospect Jackson County, Texas
890m
Further
"Strike
In
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Strike
Strike
DRILLING
Tumbleweed
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The Company Announcement Officer
Australian Stock Exchange Ltd electronic lodgement GULF
Strike Oil reports on the progress of its activities in the Gulf Coast, Texas.
via
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Es war kein erfolgreiches Jahr für das Investment in Strike Oil. Ich bleibe investiert und wünsche allen -wenn noch einige dabei sind- ein schönes Weihnachtsfest und ein erfolgreiches Jahr 2009.
Gruß
Permanent
ASX
Drilling
Da steckt doch was dahinter, oder liegt´s nur am steigenden Öl- und Gaspreis?
Was sagst Du dazu, permanent?