Company Reports

Construction of gas and power plant developer Strike Energy's South Erregulla power station is finished, and selection of a preferred development option for West Erregulla is underway. West Erregulla's gas reserve has encouragingly increased by 20% to 251 petajoules, net to Strike.

Strike is a holder of gas resources in Western Australia’s Perth Basin with a net combined 560 petajoules excluding prospective resources. Growth in resource positions via exploration drilling was rapid and is ongoing. The company strategy targets up to four sources of gas production coming online.

The war in the Middle East, which started on Feb. 28, 2026, is a highly dynamic situation. While the US and Israel have achieved clear air superiority, Iran has effectively choked the Strait of Hormuz, threatening shipping deemed allied to the coalition forces.

Strike is a holder of gas resources in Western Australia’s Perth Basin with a net combined 520 petajoules excluding prospective resources. Growth in resource positions via exploration drilling was rapid and is ongoing. The company strategy targets up to four sources of gas production coming online.

Strike is a holder of gas resources in Western Australia’s Perth Basin with a net combined 520 petajoules, or PJ, excluding prospective resources. Growth in resource positions via exploration drilling was rapid and is ongoing. Company strategy targets up to four sources of gas production coming online.

Gas and power plant developer Strike Energy reported first-half fiscal 2026 aftertax loss of AUD 12 million. Underlying EBITDA was AUD 14 million. Construction of the 85-megawatt South Erregulla peaking gas power plant remains on track for an October 2026 start.

Perth Basin gas producer Strike Energy has begun installing generator engines at its South Erregulla peaking gas power project, which remains on track for an October 2026 start. South Erregulla is fully funded following a successful AUD 86 million equity raise to Carnarvon Energy.

Strike is a holder of gas resources in Western Australia’s Perth Basin with a net combined 520 petajoules, or PJ, excluding prospective resources. Growth in resource positions via exploration drilling was rapid and is ongoing. Company strategy targets up to four sources of gas production coming online.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which aligns with our revised, long-term take.

Strike is a holder of gas resources in Western Australia’s Perth Basin with a net combined 520 petajoules, or PJ, excluding prospective resources. Growth in resource positions via exploration drilling was rapid and is ongoing. Company strategy targets up to four sources of gas production coming online.

Perth Basin explorer/producer Strike Energy is raising up to AUD 88 million via a two-tranche equity investment from Carnarvon Energy to fund gas field development. Carnarvon will become Strike’s largest shareholder with 19.9%. There is an associated share purchase plan of AUD 10 million.

Strike is a holder of gas resources in Western Australia’s Perth Basin with a net combined 520 petajoules, or PJ, excluding prospective resources. Growth in resource positions via exploration drilling was rapid and is ongoing. Company strategy targets up to four sources of gas production coming online.

On April 2, 2025, US President Trump unveiled a tariff plan calling for a 10% baseline tariff on all imports, with select countries facing higher tariffs. In addition, OPEC+ will raise crude production by 411,000 barrels per day in May.

Strike is the largest holder of gas resources in Western Australia’s Perth Basin with a net combined 1,022 petajoules, or PJ. Growth in resource positions via exploration drilling has been rapid and is ongoing. In a vertically integrated manufacturing strategy, the firm had aimed to take low-cost natural gas from its fields as feed stock for production of urea using renewable energy. However, this more complex plan has been superseded by a gas acceleration strategy which targets up to four sources of gas production coming online by the end of 2025, to be supplied direct to domestic gas customers. The change of heart was enabled by improved WA gas prices, and due to financing for direct-to-market projects becoming available.

Small hydrocarbon producer/developer Strike Energy reported first-half fiscal 2025 underlying net profit after tax of USD 3.1 million. The result was struck on production of 0.8 million barrels of oil equivalent from the modest Walyering gas field, in line with the immediately preceding half.

Strike is the largest holder of gas resources in Western Australia’s Perth Basin with a net combined 1,022 petajoules, or PJ. Growth in resource positions via exploration drilling has been rapid and is ongoing. In a vertically integrated manufacturing strategy, the firm had aimed to take low-cost natural gas from its fields as feed stock for production of urea using renewable energy. However, this more complex plan has been superseded by a gas acceleration strategy which targets up to four sources of gas production coming online by the end of 2025, to be supplied direct to domestic gas customers. The change of heart was enabled by improved WA gas prices, and due to financing for direct-to-market projects becoming available.

Strike Energy's fiscal second-quarter 2024 gas production fell 11% due to maintenance and delayed approval to Walyering-7 well tie-in. But significant progress at the company’s four gas projects is exemplified by a final investment decision being taken on a South Erregulla power station.

No-moat Strike Energy, a small Perth Basin hydrocarbon producer, has established new discoveries at Walyering-7 and Erregulla Deep-1. In particular, Erregulla Deep is confirmed as one of the best wells ever drilled in the Perth Basin, with very high deliverability and low impurities. It produced at a stabilized 53 million cubic feet per day, one of the highest rates ever recorded. Strike is progressing toward a final investment decision for West Erregulla, although it is already factored into our group production forecasts and fair value. Regardless, it is encouraging to get some positive news following disappointment from South Erregulla earlier in 2024. We make no change to our AUD 0.30 fair value estimate.

Strike is the largest holder of gas resources in Western Australia’s Perth Basin with a net combined 1,022 petajoules, or PJ. Growth in resource positions via exploration drilling has been rapid and is ongoing. In a vertically integrated manufacturing strategy, the firm had aimed to take low-cost natural gas from its fields as feed stock for production of urea using renewable energy. However, this more complex plan has been superseded by a gas acceleration strategy which targets up to four sources of gas production coming online by the end of 2025, to be supplied direct to domestic gas customers. The change of heart was enabled by improved WA gas prices, and due to financing for direct-to-market projects becoming available.

We make no change to our AUD 0.30 fair value estimate for no-moat Strike Energy. That’s despite the small Perth Basin hydrocarbon producer reporting positive developments since the disappointing South Errugulla drilling results in February 2024. We choose to wait for further progress before crediting recent apparent gains. Positives include encouraging Walyering 7 appraisal drilling and reinstatement of some reserves/resources at South Errugulla in support of a gas peaking plant proposal.