By David Press on
3/8/2012 8:04 AM
Some say change is like a holiday, however given my last 18 months or so, I can comfortably say a good long holiday will bring about just as much change. Having spent 6 months backpacking and skiing the alps of Western and Eastern Europe, then settling back into life in London and a job in one of the worlds largest and most infamous investment banks, I'm now back to sunny old Australia and a very different life/career indeed.
Thankfully my passion for investment hasn't changed in any way, meaning it was only a matter of time until I started sharing my views on this site again. An awful lot has happened in the time I was away, with the companies I follow having their up's and down's, as we have come to expect post the GFC. Highlights include some very strong profits on Maverick Drilling (MAD) which we have held for some time now (although we have now exited), strong performance from Hansen Technologies (HSN) and the continued strong operational performance of the Nick Scali Group...
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By David Press on
3/22/2011 4:21 PM
Strike Energy ( STX-ASX) announced late last week that they have increased the company's interest in the Louise gas/condensate field and the Eaglewood JV. Strike have spent US$3.75m on increasing their interest in the Louise fields to 40% (from 30%), increasing net production for Strike to 2MMcfe/day (revenue of approximately $350 000 per month at current prices). The deal also increases the interest in the Eaglewood JV, giving strike a 40% interest in future discoveries.
Having recently sold it's Rayburn and Mesquite assets ( blog here), STX are flush with cash (around $20m before the deal) and are embarking...
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By David Press on
3/3/2011 3:19 PM
 Management of Strike Energy ( STX-ASX) this week announced disappointing results from their promising Steindorf-1 well on the Gulf Coast, USA. As I discussed in a recent blog, having sold the majority of their producing assets in the US, Strike's management and share holders were no doubt excited and hopeful that reserves and cash flow would quickly be replaced by the latest well tested by the joint venture. Unfortunately it is not to be and the disappointment was evident in a sharp drop in the share price back to the high teens. In an attempt to put a positive spin on the disappointing results, management...
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By David Press on
4/20/2010 8:39 PM
Strike Energy (Asx- STX) have certainly not set the world on fire in recent years regarding share price appreciation but management have continued to quietly go about business and the company appears set for a strong period of growth as they increase their drilling commitments in the US and look to drill CSG targets in South Australia. Strike management believe gas reserves could grow by a multiple of up to 10 times current reserves should they be successful in the US and note that their CSG targets could make the company a serious player in Australia's emerging Coal Seam Gas market.
The share price itself looks cheap considering the company is currently valued at anywhere between $80-100m depending on daily share price movements. A market cap in this range is around 4 times operating cash flow of around $20m and a PER of between 20 and 25. It would appear that the market hasn't added any value for Strike's 2010 US drilling campaign, their Carnarvon Basin program...
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