STX 1.16% 21.8¢ strike energy limited

mir911, page-36

  1. 5,348 Posts.
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    I think they did say it, just not in as much detail.
    re-read the quarterly again. Some snippets below

    "During the period, the performance of Klebb 4 has declined. Whilst gas flaring is regularly noted, water flows are now at the low end of the design envelope for the ESP"
    ...............The well is flowing but the pump is designed for a much bigger flow that would have come from a properly completed frac.

    "Strike has pumped seven fracture stimulation stages in the Patchawarra coals of the Southern Cooper Basin Gas Project, six of which have been successfully pumped to design"..............the 7th well may well have been ok for the purposes of dewatering, and in fact may be bigger than the other well fracs, but it wasn't "pumped to design". They wanted it to be 500,000 lbs

    "some high‐temperature issues have recently been encountered with the ESP, which had been performing with no material issues to that point. We are working closely with the vendor to resolve the issue and have already implemented some solutions, which are having a positive impact"....................This may well be the addition of some water being pumped down the well to increase the volume of water into the pumping envelope of the ESP.

    I agree that is was a very poorly worded quarterly, and by not explaining these issues in more detail, it has created all sorts of investor angst.

    The AGM will be a good opportunity to clear up any other misconceptions.

    IMO
 
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