Strike Energy Limited is pleased to announce that its Annual Report for the
financial year ended 30 June 2025 has been released and is available on the Company’s
website at www.strikeenergy.com.au.
Material events include:
• Leadership transition – appointment of Peter Stokes as Managing Director & CEO, and
Tim Cooper as CFO and Company Secretary, bringing renewed focus on disciplined
execution and value creation.
• Strategic Review completed – Strike to focus on its vertically integrated gas and power
strategy, prioritising cash generating and near-term development projects.
• Major project milestones – Final Investment Decision taken and construction
commenced on the fully integrated 85 MW South Erregulla Peaking Gas Power Station,
with completion targeted for 1 October 2026.
• Exploration success – Erregulla Deep-1 confirmed a new high-deliverability, lowimpurity gas discovery adjacent to West Erregulla.
• Stable production at Walyering – delivering ~25 TJ/d of sales gas and material
cashflows throughout the year, with field extension and compression works underway to
help manage decline and support future output.
• West Erregulla approvals – environmental approvals and production licences secured,
with Natta 3D seismic completed and independent resource certification update
underway.
• Ocean Hill – 3D seismic enabled independent certification of resources and identified
multiple attractive appraisal locations for future drilling, with prospectivity at the Ocean
Hill discovery confirmed along with additional significant prospectivity identified at
Ocean Hill South.
• Financial strength – FY25 sales revenue of $72.7 million (FY24: $45.6 million) resulted
in net cash inflows from operating activities of $42.6 million and Underlying EBITDA1
$41.6 million (FY24: $22.3 million). Cash and cash equivalents at 30 June 2025 were $41.1
million and liquidity was enhanced through the execution of a $217 million financing
package with Macquarie Bank during the year2
.
• Walyering impairment - A net loss after tax of $157.3 million included an impairment
expense of $103.3 million related to the downward revision in reserves at Walyering.
• Capital management and strategic investment – Carnarvon Energy invested ~$86
million post reporting period via a two-tranche placement.
Comments from Managing Director & CEO, Peter Stokes:
“FY25 was a pivotal year for Strike. The completion of our Strategic Review has provided a clear
roadmap to unlock value across our unique Perth Basin asset base. With production at
Walyering delivering cashflows, construction underway at South Erregulla, West Erregulla
progressing towards development and significant prospectivity providing a strong potential
growth pipeline, Strike is firmly positioned to play a critical role in Western Australia’s energy
transition.
The strategic investment from Carnarvon Energy is a resounding endorsement of our asset base
and the quality of our future development opportunities. We believe Strike is materially
undervalued relative to the scale of our discovered resources, our integrated gas-to-power
strategy and the optional downstream pathways available to us. As we move into FY26, our focus
is firmly on disciplined execution, growing cashflow and realising the substantial value
embedded in our portfolio.”
This announcement is authorised for release by the Managing Director and Chief Executive
Officer in accordance with the Company’s Continuous Disclosure Policy.