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Great article You can see why Talon needs to spin off Mongolia....

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19/03/23

22:30

Post #: 66848842
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Originally posted by Robert90 ↑

A big burst of end-of-week buying in Strike Energy has raised eyebrows amid speculation about the next consolidation move in the increasingly popular onshore Perth Basin.
Just over 96.3 million Strike shares, or 3.4 per cent of the company, were traded on Friday, with the late trading sending the stock nearly 7 per cent higher to a close of 39.5¢.
The turnover was 10 times Strike’s average daily volume and follows another surprisingly busy day two weeks earlier on February 27 when 72.4m shares were traded.
The trading spikes suggest someone could be building a position in Strike, which has actively promoted its credentials in the Perth Basin since takeover battles for fellow regional gas plays Warrego Energy and Norwest Energy focused investor interest on the area.
Strike chairman John Poynton said from the US on Friday that the trading bursts were most likely attributable to index rebalancing as institutional investors rejigged their holdings to reflect Strike’s increased value but he added that management was “monitoring the (share) register for unusual activity”.
The company is now capitalised at $930 million, with its shares having jumped 60 per cent since Gina Rinehart’s Hancock Resources kicked off the new round of Perth Basin consolidation with her ultimately successful $430m cash offer for Warrego in November.
Chris Ellison’s Mineral Resources followed suit a month later, with a $460m scrip bid for Norwest that has won 73 per cent of the target and consolidated control of the duo’s Lockyer Deep discovery.
Having failed to win Warrego itself, Strike played a role in the roll-up by selling its 30.4 per cent stake into Hancock’s offer, realising $136m to fund its ambitions in the Perth Basin.
The company remains an equal partner with Warrego, and now Hancock, over the proposed West Erregulla gas project in the Mid West.
The project, which has still to be approved by its board, is one of the four earmarked for development by Strike.
The company has the biggest declared gas position in the Perth Basin, with an estimated 981 petajoules in reserves and resources.
Its small Walyering project with Talon Energy is due to begin production next month, with Strike eyeing a start for its fully owned South Erregulla field in late 2024.
At the same time, the company’s signalling suggests it would be open to the right offer, telling investors in a presentation just last week it was “one of the last and largest Perth Basin entry opportunities for potential acquirers”.

Credit: The West Australian

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Great article

You can see why Talon needs to spin off Mongolia.

It also affects Strikes chance of a takeover

STX Price at posting: 39.5¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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(20min delay)
Last 20.0¢		Change 0.000(0.00%)		Mkt cap ! $572.1M

Open	High	Low	Value	Volume
20.0¢	20.3¢	19.5¢	$1.138M	5.714M

Buyers (Bids)

No.	Vol.	Price($)
37	1354940	19.5¢

Sellers (Offers)

Price($)	Vol.	No.
20.0¢	1925583	11

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No.	Vol.	Price($)
37	1354940	0.195
52	2313872	0.190
24	1074427	0.185
25	1179467	0.180
7	139258	0.175

Price($)	Vol.	No.
0.200	1925583	11
0.205	1086191	8
0.210	3279528	12
0.215	1024883	13
0.220	1286949	18

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