STX - Strike Energy

[markor]

Anyone watching Strike Oil? Floated this year in August:
Here's a review: http://www.strikeoil.com.au/news/2004/09sep04/analysis040908.pdf

Markor

[tarnor]

are you still watching stx markor?

Should be some results out very soon, has recovered from a big dive today after some stop losses were hit.

[yogi-in-oz]

:)

WARNING: ..... astrostuff ahead ..... :)

Hi folks,

STX ..... halfway through current well
and share price is set in cement ..... :)

Key dates ahead:

21112005 ..... minor

24-28112005 ..... significant and negative
pullback to test lows???

29112005 ..... significant and positive

19122005 ..... significant and positive news ???

28122005 ..... minor

09012006 ..... minor

19-26012006 ..... significant and positive ???

27012006 ..... 2 cycles - significant and negative.

08-20022006 ..... significant flat(down?) period,
with news expected on 13022006 ...???

24-27022006 ..... minor

02-03032006 ..... sharp positive move???, then flat for
a few days .... 4 cycles intersect here.

13032006 ..... significant and negative ... finances???

27032006 ..... significant and positive

12042006 ..... minor

21042006 ..... significant and positive news

25-26042006 ..... minor

27042006 ..... significant and negative ???

happy days

yogi

:)

[tarnor]

Yogi can't you just plot those dates to aline with drill results.... still a doubter :/

STX just released some great results.. with more to come very soon. should be a lot higher imo, hoping for a bullish candle on close that will trigger the breakout sniffers

[yogi-in-oz]

:)

Hi folks,

STX ..... as per post above on 21112005, positive development news comes in, right on time ..... :)

" 19122005 ..... significant and positive news ???"

happy days

yogi

:)

[tarnor]

hmm not sure about yogi's stuff.. but i'm in at 16.. more news to come should keep the interest in this one specially if we get gas shows in webernick.

always an element of risk, but the first succesful well (still to get flow rates) hasn't been completely factored in, market is finally moving with a very nice looking break out on close yesterday.. feels extremely bullish to me..

lovely charts

[mime]

I've been picking this stock for the asf comp. Now it's finally moving after I didnt enter this month :|

[brerwallabi]

STX is 20% owned by PEM which also has been making good grounds lately. I hold both so if STX does good so does PEM. Lets hope so, STX is very high risk in my book but it is looking good, this could be a real flyer next year. Its certainly worth spending some time researching STX and certainly for traders there is a few bob to be made too.

[doctorj]

In between 12.5 and 13.0 on the gap up and out today at about 18.5 as I didn't feel comfortable holding over the weekend. One of my most profitable trades this year on a $ per day basis.

Now I'm out, watch for it to power to record highs next week!

[tarnor]

Thats a good trade and a safe time to exit i would think..
I suspect everyone is waiting for gas shows from webernick STX will likely lose a few cents if thier is none.. gas shows in webernick will move it nicely though but market was slow to react to the first one.. so probably easy to be out and just jump back in if news is good

short term guesstimates
25/26c on gas shows at webernick
30/35c if weber is reported as a commercial find,,
40/50c on solid flow rates from both wellls..

If all that happens 75c/1$ by april..
__________
IF weber is a duster back down to 16c good flow rates on the first discovery should have it over 20c at the end of jan though.

immediate production planned by march

I hope i'm being pretty conservative as opposed to wishful thinking, we will see :)

[etrader1]

Hi,

STX closed today at 0.225. There were 3 price sensitive company announcement made today. First one advised of gas shows at Webernick No 1 well in Texas. The second announcement was about acquiring new prospects in Colorado. And the last announcement for today was for a TRADING HALT.

A positive announcement later followed by a request for trading halt, must be something big (fingers crossed).

What are your thoughts?

Cheers!

[tarnor]

I think we might see a capital raising..
Company mentioned in an early ann that they were exploring financing options for the commercialisation shefic(spelling?) well..

Noone could get anything out of the company on the phone? One claimed they were told ann would be out tommorow..

Would think it would be to early for flow rates on the first well.. possibly webernick is commercial but they didn't want to risk leaks untill they had got enough information to present to the market..? but i doubt it since they were still drilling through targets.. capital raising most likely.. depending on the price i don't think it will be that bad given that it will take away the funding uncertainty that might have been keeping some out of the stock..

I thought it would have run a bit more on gas shows at weber but there were a few sellers who might have known a placement was coming..

Not sure about the timing think if it is a placement could have been better..

[doctorj]

Oilers don't go broke, they just issue more shares.

What better time to do it than when you're FPO's have just doubled? Surely the long term shareholders would be upset if they didn't take this opportunity to get some more funding to finance more drilling!

[tarnor]

talk of 18c placement..

would have preferred it a little higher
migth flush out a few sellers but should be alright
might put some confidence into it since the financing may of been keeping some out..

[tarnor]

Would be feeling like a bit of a goose if you were in the panic sell on open.. apparently the placement dissapeared very quick with enough wanting in to do another one :/

director buys at 22c today 33 000$ worth..

next week it should all happen with some flow rates and we should also know some more about webernick?

[etrader1]

Would be feeling like a bit of a goose if you were in the panic sell on open.. apparently the placement dissapeared very quick with enough wanting in to do another one :/

director buys at 22c today 33 000$ worth..

next week it should all happen with some flow rates and we should also know some more about webernick?

tarnor,

Still holding on. The placement was gone in a flash. It's a good sign when a director is buying more shares in the company. Hope the lost circulation encountered on the well and mentioned in today's announcement is not significant to affect its prospect.

cheers!

[tarnor]

Hi! i'm not so sure about the lost circulation but did find a few articles that said it was common in the gulf wells..

Still looks and feels very bullish, if it makes it thru the 25/26 mark i expect it to quickly be trading in the high 20's of course we will need good news next week, so thier still an element of risk but feels like very good odds..

was also curious as whether the director buying migth put it up on the inside traders radar since director buys are key part of thier reccomendations...

best of luck cheers!

[brerwallabi]

A few profit takers late this afternoon but still finished up at $0.24cents still holding, share your sentiments of high 20's, what a way to start the year.

[Ann]

How about a chart .....

[saichuen]

an interim report released this afternoon on the update of the production testing on the sheffcik 1 well has driven the sp up as high as $0.28 and an another update is expected to be on the way pretty soon as well.

so, it will be an exciting week ahead for STX indeed. :-)

any comment here?

[tarnor]

I still like it... 2 more wells in the short term... weber looks promising plenty of potential upside .. heaps of drills this year.. placement has held it back for a bit..

[saichuen]

STX has just released another update and it is a positive one indeed. with an increase flow rate at the shefcik 1 well and a confirmed commerciality in the webernick 1 well (along with more drillings at shefcik 3 and webernick 2 wells to come), it is definitely looking all good and ready for some sp action. :)

happy trading!

[tarnor]

Lovely!.. very exciting.. hoping it will push thru 35/36 tommorow and become new support.. I don't think we will see the 20's again

[tarnor]

NON-RENOUNCEABLE ENTITLEMENT ISSUE Strike Oil Limited is pleased to announce a one for five non-renounceable entitlement issue at 28 cents to raise up to $10,391,697. The Board has elected to expand its activities in the Gulf Coast, Texas USA in light of recent successes. The funds from this entitlement will be applied to expand the development of the Mesquite Gas Production Project in the Gulf Coast, Texas and ongoing exploration in the area. We attach an Appendix 3B and further detail of the issues, a disclosure document and timetable will be released within seven days. Yours faithfully SIMON ASHTON Managing Director Strike Oil Limited Further information: Strike Oil Limited T: 08 9225 4446 E: strike@strikeoil.com.au

Wonder what the registry date is i sold some at 37.5 today.

[nizar]

Wonder what the registry date is i sold some at 37.5 today.

hmm i dunno but its normally before announcement is released...

also, what does 1 for 5 non-renounceable offer actually mean?

[tarnor]

I thought it was basically that for every 5 stx shares you have your offered one share at 28c...

Hard to know what its going to do monday, people will be reluctant to sell untill their sure they qualify, others might buy in hoping to sneak over the line.. what ever date they say you need to of been holding three days before it, is that right?, that migth catch some out.. guesses. I think it might drag this back to 32ish in the short term for atop up before pushing on?

[yogi-in-oz]

:)

WARNING: ..... astrostuff ahead .....

Hi folks,

STX ..... halfway through current well
and share price is set in cement .....

Key dates ahead:


27042006 ..... significant and negative ???

happy days

yogi




:)

Hi folks,

STX ... as per post above, on 21 November 2005,
negative cycles come in, right on time ..... :)

"27042006 ..... significant and negative ???"


Looking further ahead, time cycles may reveal:

08052006 ..... significant and negative news???

09052006 ..... positive - finances???

19-31052006 ... trading may be flat-to-down, due
to underlying negative sentiment???

23052006 ..... minor and positive news???

26-29052006 ... positive news may be muted, by underlying
negative sentiment, see above.

02-05062006 ... significant and negative (finances???)

07062006 ..... minor news???

14-15062006 ..... significant and aggressive rally ???

28-29062006 ..... 2 minor and positive cycles - finances ?

happy trading

yogi

:)

[michael_selway]

:)

Hi folks,

STX ... as per post above, on 21 November 2005,
negative cycles come in, right on time ..... :)

"27042006 ..... significant and negative ???"


Looking further ahead, time cycles may reveal:

08052006 ..... significant and negative news???

09052006 ..... positive - finances???

19-31052006 ... trading may be flat-to-down, due
to underlying negative sentiment???

23052006 ..... minor and positive news???

26-29052006 ... positive news may be muted, by underlying
negative sentiment, see above.

02-05062006 ... significant and negative (finances???)

07062006 ..... minor news???

14-15062006 ..... significant and aggressive rally ???

28-29062006 ..... 2 minor and positive cycles - finances ?

happy trading

yogi

:)

Yeah PEM reduced their holding in STX not toolong ago

thx

MS

[tech/a]

STX looks to be awakening from a longish hibernation.

Cant see why?

[GreatPig]

Looks to be forming a saucer pattern.

Cheers,
GP

[Space Cadet]

The 5 and 20 day MA cross over, the stochastic and macd indicators all gave buy signals between 17-19 October.

[michael_selway]

STX looks to be awakening from a longish hibernation.

Cant see why?

do PEM still hold alot of these?

thx

MS

[GreatPig]

Two possible interpretations of this pattern now, depending on where the curve is drawn (yes I know, there are probably hundreds of interpretations :D, but I mean for the pattern as I'm looking at it).

Either it's still holding the sides of the saucer, or it's forming the handle of a cup.

Anyway, bought some today at 28.5 cents. Stop on close below 26 cents.

GP

[tarnor]

Its warming up because it has a large drilling schedule which will run through to some very high risk offshore wells in the middle of next year.. was a steal at low 20c if your into fundamentals and all that stuff..

spp will put the breaks on it i think.. possibly not the best move but rewards long term holders at least.. think tommorow (wednesday) is the last day for buying in if you want 20c entitlement????? so should have a drop after that

a good company have very fond memories of trading this at the start of the year

[afroboy]

I agree... I've been holding this one for over a year.... it's been a slow and disappointing past 6 months and things are just starting to happen again, but I'm disappointed with the spp... management previously announced that they could not foresee any more capital raising being required. Might have to wait a bit longer for that ride up to the 50c mark...

[tarnor]

sorry typo 25c entitlement not 20c

yeah the capital raising was a bit of a surprise, i guess if they do have some more success in the gulf they will be able to bring it into production without having to do a quick capital raising.. Possibly might let it run harder if it does find some good stuff as traders will be confident no raisings required...

[GreatPig]

Down over 13% today on a disappointing announcement :(

There always has to be one...

GP

[sandybeachs]

hi guys

FLINT PROPSECT...200bcf, Strikes interest 25%

worth watching for possible spudding in December.

on trend with prolific Wilcox Trend..(same as Strikes success with Mesquite Prospect)..

Strikes interest 50bcf X US$2.50 = US$125mm

US$125mm = AUS$160mm (Strikes current market cap approx $55mm)

AUD$160 divvy by 223mm shares = approx 71cents per share..(40% risked valued adjustment .28cents per share)

the above is using in-ground value US$2.50 per thousand cubic feet..

USING US$5.00 per thousand cubic feet

Strikes interest 50bcf X US$5.00 = US$250mm

US$250mm = AUS$321mm (Strikes current market cap approx $55mm)

AUD$321 divvy by 223mm shares = approx $1.43cents per share..(40% risked valued adjustment .57cents per share).

as usual DYOR

regards

[itchy]

hey guys how has everybody missed this ann????!!!!!!!!
significant gas shows and still plenty to drill!!!!
up 7.5c!!!!!!!!
those who were patient will be rewarded
dyor

[itchy]

placed in a trading halt at 530pm!! somrthing brewing??!

[MS+Tradesim]

Anyone else still following this? I like it as a long-termer. Rayburn discovery field in Texas, USA likely to add extra value as they bring wells online. STX have working interest of 22%. In today's ann MD claims about Duncan 1 (in Rayburn field):

"We are very encouraged by the gas and condensate oil flow rates recorded to date which are in line with expectations and comparable to well performances in similar reservoirs in on-trend adjacent fields. This reflects the favourable quality of the reservoir. A rate will be reported once it is determined that the rate is representative of the well’s ongoing performance”

Those other wells he's referring to seem to be flowing gas at >10mcfd. The Rayburn field when fully developed over next 12mths is worth anywhere from 26cps to 130cps (See presentation in attached link).

They're also evaluating a project to supply gas to DoD in WA for up to 20yrs. Also, the Futurgas project in SA will stem from a spinoff co. and IPO early next year with in specie distribution to STX shareholders.

http://www.strikeoil.com.au/documents/2007_11_19_Chairmans%20Address%20&%20AGM%20Presentation.pdf

[wipz]

I dont know much about this one, however here is something interesting.

My brother works North West Australia for Chevron on Thevenard Island. He returned back to Perth from his 2 week shift to inform me that alot of the guys on the island are buying this stock. Now I have no idea why as he didn't know either. He has just headed back up there again so I have sent him on a mission to find out why they are buying.

Does anyone know about their interests in/around this area?

Cheers

[MS+Tradesim]

Wipz, check out the presentation I linked to. They run through their various projects. A few in WA but can't remember if any in the area you mentioned.

[MS+Tradesim]

STX powering along nicely, all things considered. Today probably a failed upthrust, but more good results over next few months should keep it going.

Interesting, in a sea of red, I only hold 3 stocks at moment and all up.

[MS+Tradesim]

Another good announcement. 3rd well cased for production testing. 4th well spudded. First well stable flowing at good commercial rates.

"Gas and oil-condensate continue to be produced to sales at substantial commercial rates. The well has tested at rates similar to adjacent fields where individual wells commonly flow in the range of 5 to 15 million cubic feet of gas per day."

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&releasedDuringCode=W&issuerCode=STX

[afroboy]

MS+T, hold onto this one! Things are only beginning for STX. It's been a long wait but this is definitely one to hold for 2008.

[MS+Tradesim]

More good news (maybe) along with complications:

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&releasedDuringCode=W&issuerCode=STX


The Hlavlinka Duncan 1 well has reached a depth of 7,800 feet and has encountered a substantial gas show in the well. A downhole mechanical problem associated with the drilling equipment coupled with this gas occurrence has resulted in the need to activate the BOP’s (blow out prevention equipment). The well is currently shut in and under control at the surface however part of the drilling assembly remains in the hole. Well control experts are now on location to help determine the future plan of operations.

The gas shows are interpreted to be associated with a sandstone interval in the Cook Mountain Formation which is a substantial productive horizon in the area. The significance of these gas shows cannot be determined until the section can be wireline logged and ultimately tested if warranted.

[MS+Tradesim]

Good flow rate on the first tested well in their gas discovery field. Another two yet to be tested and 4th well to be redrilled.


Duncan 1 well, stabilised flow rates of 10.1 million cubic feet of gas per day and 260 barrels of light gravity condensate from the gas.

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&releasedDuringCode=W&issuerCode=STX

[dogwithflees1983]

Strike seems to be getting a fair bit of coverage in the media of late. Another speccy buy recommendation in the West Australian today...Hartley's value the stock at 61c (double what stx is currently trading) with the significance of the Rayburn project yet to be understood by the general market. Also add that recent debt funding of $12.4m will be able to fund further drilling without the need to raise equity...thoughts?

[canal39]

Can anyone give me more information about the latest valuations on Strike Oil. I know Hartley's have priced the stock at double it's current price but I have been told an analyst called Peter Strachan (spelling?) reckons if it doesn't get to $1.30, it will be an automatic takeover target. Is this bloke credible and what is his background please?

[dogwithflees1983]

Just goggled the bloke, and found this! sounds like he is a gun. Lets hope he is right about his predictions for STX !

About Peter Strachan

Peter is a nationally recognised and respected analyst who has held senior positions in a number of prestigious stockbroking firms, ranging from Head of Research for Morgans in Melbourne, Manager Australian Sales at Credit Lyonnaise Securities – London , Corporate Director with Hartley Poynton and Senior Research Analyst for E.L. & C. Baillieu.

Peter holds a science degree majoring in metallurgy from University of Melbourne and is a Senior Fellow of Finsia. He has lived, worked and travelled outside of Australia for a total of 11 years, including nearly four years in London where he worked on the Asian desk of UK-based stockbroking firms.

During the late 1980’s Peter was active with the Securities Institute of Australia as a lecturer and lead lecturer for the Mining Investment unit of the SIA Diploma and is presently lead lecturer in the Industrial Analysis unit of the Finsia Graduate Diploma, based in Perth .

He has been a regular contributor to Western Australian newspaper and contributes a regular column for the Sunday Times and often quoted as an independent analyst in the West Australian Newspaper’s business section.

Peter applies his broad knowledge and experience of financial markets to enrich StockAnalysis and provide subscribers with accurate, timely and insightful analysis of stocks and market situations.

[dogwithflees1983]

Big jump for STX this morning, currently up 13% .....no announcements as yet. Anyone dare to have a guess at why the SP has headed north in such a hurry this morning?
Cheers

[speculator101]

Oil and Gas conference in Sydney today?
Market Re-Rating?
Or just the realisation that STX is making $4 million + a month, and got lots of exploration to go?

IMHO... And happy to be one.

[dogwithflees1983]

Good to see the management of Strike being pro active about their future prospects and annoucing a company update. The market is certaintly taking some interest in the announcement with the SP jumping up 7% on a day when most mining stocks are in the red.
Loved the last slide which illustrated the future upside potential......:D

[doubledark]

Oil and Gas conference in Sydney today?
Market Re-Rating?
Or just the realisation that STX is making $4 million + a month, and got lots of exploration to go?

IMHO... And happy to be one.

with the cost of oil now so low, does anyone know what the break even price of oil is for Strike?


thanks

[Trader Paul]

:)

Hi folks,

STX ... looking for some negative sentiment over the next
couple of months, as several negative time cycles come into
play, especially around:

2601-20022009 ... at least 4 negative time cycles
come into play, during this period.

Happy trading in 2009.

have a great day

paul

:)

=====

[prana]

saw the question above and thought I would leave a reply.

US production costs of operating costs, royalties and taxes amount
to about 30% of revenue leaving a comfortable operating margin of
AUD 4.30 per mcf of gas and AUD 43.00 per barrel of oil.

referring to USD $40 WTI. Released 29th of Jan 2009.

It is now at a major support line. Extremely low volumes. Disclaimer - existing holder.

[Gladman]

Up nearly 20% today. High volume for the last week or two. Lots of buyers, hardly any sellers. Reaks of inside info. They got pulled up by the ASX today and pleaded ignorance. I got in today with a small position. Def worth a watch IMO. Anyone else following?

DYOR, I hold etc.

[prana]

I'm looking at 26cents or so for an exit on this one, probably will see some downside now from intermediate correction after such a rally. Volumes were incredibly depressed before, some only by $2-3k trades per day. Single buyer moved markets by 15-25%, crazy. This volume is more realistic now.

[happytown]

strike oil granted a new petroleum exploration licence over SA sthn cooper project area, targetting csg

in ann md states


“We are delighted at the granting of this new exploration licence in what is undoubtedly Australia’s premier onshore conventional oil and gas region and to be an early coal seam gas player in the area. Strike Oil is uniquely positioned to capitalise on the favourable market outlook for coal seam gas companies with a fast track exploration and development strategy with drilling planned to commence in the September quarter.

“We were particularly attracted to the location, close to major pipeline infrastructure and the encouraging findings of previous drilling and seismic work in the area,”sp up 10% on reasonable volume

cheers :)

[happytown]

ann out this morning outlining strike oil's securing of funding for its southern cooper basin csg exploration


...

secured funding of $2.6 million for the initial phase of exploration of its highly prospective Southern Cooper coal seam gas project through the sale of 5.75 million Comet Ridge Limited shares

...

The PEL 96 Licence covers an area of 4,050 square kilometres in Australia’s premier oil and gas region. Initial assessment work in the licence area estimates 8 ‐ 20 trillion cubic feet of prospective coal seam gas resources.

Strike Oil is hoping to commence drilling as soon as regulatory approvals are secured and a drilling rig contracted.

...just out of pre-open, up slightly on small volume

[gamefisherman]

Congrats on posting the first post on this stock!!! lol

IMO humble opinion the prospects look very good, as soon as a rig is contracted and all the paperwork is done they can start, have over $1mill to fund after the sale of other stock, so I would keep an eye on this as they are targeting apparently coal seam..........

My partner has asked me to do some research on this stock so will have a look around...........

As always though, highly prospective stock, DYOR!!!!!

[kpas]

Surprised no one else following this stock.

Some upcoming events:

1. Drilling oil in US
2. Drilling for coal seam gas in AU

Either or will do considerable things for the value of this company.

One of the latest announcements is their AGM presentation which is a really good read.

[kpas]

Surprised no one else following this stock.

Some upcoming events:

1. Drilling oil in US
2. Drilling for coal seam gas in AU

Either or will do considerable things for the value of this company.

One of the latest announcements is their AGM presentation which is a really good read.

STX announced a new farm out with potential drill results in December - with further results coming in 2010.

This means they will have greater cash flow and can only be a good thing.

Still amazed no one else interested in it.

[McCoy Pauley]

STX announced a new farm out with potential drill results in December - with further results coming in 2010.

This means they will have greater cash flow and can only be a good thing.

Still amazed no one else interested in it.

STX's share price hit a new 52 week high during the day's trading (but closed slightly underneath its 52 week high) so obviously some people are interested in it! ;)

[kpas]

Very nice announcement today - a potential doubling of their gas reserves with a mention of potential further trebling.

This gives them a nice boost to their cash flow and will held them get further projects off the ground (ie, the Coopers CSG project in Australia).

Very positive announcement, IMO.

http://www.strikeenergy.com.au/media/2010_02_18_Strike_Makes_US_Gas_Discovery.pdf

STRIKE MAKES US GAS DISCOVERY
Find could double the Company’s reserves
Strike Energy Limited (ASX: STX) is pleased to announce that it has made, what it believes to be, a significant commercial gas discovery at its Gardner Duncan 1 well in the onshore Gulf Coast of the US.
Gas pay zones have been interpreted based upon the wireline logging and mud logging results in the primary objective. The results are in line with pre drilling expectations and the well is now being prepared for production testing to confirm commerciality.
The forward plan is to run casing, install facilities, negotiate gas sales contract and test the well to sales. We estimate this work to take in the range of 4 to 6 weeks.
The Gardner Duncan 1 well is located on the Louise Prospect. Reserves will be determined from production performance of the Gardner Duncan 1 well and future development wells. Strike has a 30% interest in the prospect which is located in Wharton County, Texas, 9 km northwest of the Company’s existing Rayburn Project.
Strike’s share of the prospect has the potential to double the Company’s current reserve position.
Preparations are underway to start drilling the next exploration well in the Gulf Coast. This target is a 100 Bcf scale prospect in the Wilcox Formation. Success with this well could treble Strike’s reserve inventory.
Strike’s Managing Director, Simon Ashton commented that:
“These results are extremely encouraging and add to the outstanding success we are experiencing in the onshore Gulf Coast. We now look forward to the next exploration well which is on a 100 Bcf prospect due to spud later this quarter”.
Page | 2
Strike Energy Limited ABN 59 078 012 745 19 February 2010
Background on Strike Energy
Strike is an active ASX-listed oil and gas exploration and development company with high-margin production from its proven reserves and substantial growth potential from its highly prospective exploration acreage in Australia and the USA.
In the USA, the Company currently produces approximately 700 barrels of oil equivalent per day from its interest in two fields in Texas and is undertaking an ongoing exploration program to expand this successful position.
In Australia, the Company holds an extensive strategic ground position in the Southern Cooper Basin, for coal seam gas and conventional prospects and in the Carnarvon Basin for shallow water oil and gas prospects.
Yours faithfully
SIMON ASHTON
Managing Director

[kpas]

Anny out today, finalisation of Cadleo with a rejection of offer being the end of it.

Positive that STX management have assessed the opportunity and decided not to go with it.

This should have a positive effect on the share price as it seems the market was not happy with the company having anything to do with the Cadleo project.