Energy

Strike Energy logs FY24 revenue of $45.6M

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Strike Energy (ASX:STX) has released its FY24 results, showcasing a year marked by substantial project delivery and robust financial performance.

The company reported total sales revenue of $45.6 million and available liquidity of $85.5 million.

Significant operational milestones include the commencement of maiden gas production from the Walyering Project, achieved within 22 months of discovery, producing roughly 7 PJe of gas and condensate.

Additionally, the Walyering gas plant exhibited more than 98% reliability.

The company also secured certified reserve capacity for its proposed South Erregulla peaking gas power station.

Managing Director and CEO, Stuart Nicholls, commented on the achievements, stating, "The past year has been transformative for Strike as we graduated from an explorer to a producer and solidified our position as a major player in the Western Australian energy market."

He added, "We are poised for the commencement of what we see as a growing cashflow over the coming decade."

Exploration and appraisal activities included five wells drilled across the Perth Basin and significant discoveries at Erregulla Deep-1 and Walyering-7.

A 3D seismic survey over Ocean Hill and a 2D seismic survey over the Arrino-Kadathinni complex were also completed.

Other notable corporate developments involved the acquisition of Talon Energy and securing a $153 million financing package from Macquarie Bank for its Perth Basin gas acceleration strategy.

A minimum holding buy-back was also completed, reducing the total number of shareholders by 8%.

At the time of reporting, Strike Energy's share price was $0.22.

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