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Asia

Australian Domestic Gas Reservation Scheme 'Not as Bad as It Could Have Been,' RBC Capital Markets Says

The domestic gas reservation scheme announced by the Australian government was "not as bad as it could have been," and it will introduce lower gas volumes into the domestic gas market than expected, RBC Capital Markets said in a Thursday note.The domestic gas reservation obligation requires a liquefied natural gas export license holder to supply a minimum total quantity of natural gas in a domestic gas market, equivalent to 20% of the LNG exported by the license holder from the market during the period. They may also meet the domestic supply obligation by supplying at least 90% of their minimum total quantity for a specific period, subject to certain requirements related to the remaining portion.RBC said it didn't agree with the government's estimate that LNG exporters could provide up to 200 petajoules of additional gas per year, because it assumed any spare volumes of gas in the East Coast LNG projects were exported as spot LNG, and not as domestic gas sales.The domestic gas reservation scheme's 20% requirement is net of existing LNG export license holders' contractual sales, infrastructure limitations, and existing gas reservation. This would be welcome relief for smaller cap Australian domestic gas focused stocks, such as Amplitude Energy (ASX:AEL), Beach Energy (ASX:BPT), Comet Ridge (ASX:COI), Strike Energy (ASX:STX), and Tamboran Resources (ASX:TBN).

ASX 200ASX:AELASX:BPTASX:COIASX:STXASX:TBN
Australia Releases Domestic Gas Reservation Bill; Santos Welcomes Policy With Caveats
US Markets

Australia Releases Domestic Gas Reservation Bill; Santos Welcomes Policy With Caveats

The Australian government has released the Domestic Gas Reservation Bill 2026 for consultation, establishing Australia's first national domestic gas reservation scheme requiring gas exporters to supply a portion of their production to the domestic market.The bill proposes reserving up to 20% of gas exports for domestic use, with exporters able to provide up to 200 additional petajoules of gas per year, which Australian Minister for Climate Change and Energy Chris Bowen said is "more than enough" to avoid the Australian Energy Market Operator's forecast possible shortfalls of up to 140 petajoules.The licence application process will start from Jan. 1, 2027, with the domestic supply obligation starting from Jan. 1, 2028, to align with industry contracting cycles, while the exposure draft establishes a framework for how the reservation scheme will operate, including cost recovery and compliance and enforcement mechanisms.The Department of Industry, Science and Resources said the legislation supports the government's Future Made in Australia agenda, with the bill developed in response to the 2025 Gas Market Review and informed by more than 140 submissions received during earlier consultations.Santos (ASX:STO) Chief Executive Kevin Gallagher said in a Wednesday speech that while the oil and gas firm welcomes the policy, it should not force supply into an oversupplied market, and instead should allow the gas market to invest in bringing new supply online via price signals, recommending that the "must sell" provision be replaced with a "must offer on commercial terms" requirement.Gallagher argued that East Coast gas supply issues were caused by moratoriums and bans in New South Wales and Victoria over 15 years, which led to insufficient investment in new gas supply sources, adding that regulations should improve supply by incentivizing investment in new sources given that new investment is essential from 2030 to offset declining production at the Bass Strait.RBC Capital Markets said in a note that it views the legislation as a welcome relief to smaller cap Australian domestic gas-focused stocks, including Amplitude Energy (ASX:AEL), Beach Energy (ASX:BPT), Comet Ridge (ASX:COI), Strike Energy (ASX:STX), and Tamboran Resources (ASX:TBN).However, RBC said it does not agree with the government's estimate that the scheme would avoid the forecasted shortfalls, as the estimate assumes any spare volumes of gas in east coast liquefied natural gas projects are exported as spot LNG rather than sold domestically.

ASX 200ASX:AELASX:BPTASX:COIASX:STOASX:STXASX:TBN
Asia

Strike Energy's Downstream Processing Agreement with Western Australia Gas Field Joint Venture Partner Significant Milestone, Euroz Hartleys Says

Strike Energy's (ASX:STX) downstream processing agreement with West Erregulla gas field joint venture partner, Hancock Energy, is a significant milestone for Strike, given longstanding uncertainty on a line of sight to revenue for West Erregulla, according to a Monday note by Euroz Hartleys.Strike reached an agreement with Hancock Energy for downstream processing of Strike equity gas through Hancock's proposed 210 terrajoules-per-day Belisama gas plant in the Perth Basin, onshore Western Australia.Strike holds a 50% interest in the field, but has long held a valuation lower than that as the market has apparently discounted the progression of the gas to market. With the AU$46 million cash as of June 30, the firm has the funding runway to progress the gas field pre-final investment decision development activities.The investment firm retained its buy rating on Strike and a AU$0.22 per share price target. The price target was placed under review.

ASX:STX
Asia

Update: Strike Energy Selects Western Australia Facility as Preferred Processing Solution for Joint Venture Gas Share; Stock Climbs 10%

(Updates with the stock movement in the headline and last paragraph.)Strike Energy (ASX:STX) selected Hancock Energy's proposed Belisama gas processing facility in Western Australia as the preferred processing solution for its share of gas from the West Erregulla joint venture, according to a Monday filing with the Australian bourse.The company signed an implementation agreement with Hancock Energy, its joint venture partner, providing a framework for progressing West Erregulla toward a final investment decision (FID) and finalizing terms of gas processing services, the filing said.The company also secured up to AU$30 million in funding support from Hancock Energy through a commercial loan to fund pre-development and pre-FID activities for the West Erregulla joint venture, per the filing.Strike Energy shares advanced nearly 10% in recent Monday trade.

ASX:STX
Asia

Strike Energy Selects Western Australia Facility as Preferred Processing Solution for Joint Venture Gas Share

Strike Energy (ASX:STX) selected Hancock Energy's proposed Belisama gas processing facility in Western Australia as the preferred processing solution for its share of gas from the West Erregulla joint venture, according to a Monday filing with the Australian bourse.The company signed an implementation agreement with Hancock Energy, its joint venture partner, providing a framework for progressing West Erregulla toward a final investment decision (FID) and finalizing terms of gas processing services, the filing said.The company also secured up to AU$30 million in funding support from Hancock Energy through a commercial loan to fund pre-development and pre-FID activities for the West Erregulla joint venture, per the filing.

ASX:STX
Asia

Strike Energy Reports Updated Reserves at Walyering Gas Field in Western Australia

Strike Energy (ASX:STX) said independent petroleum consultants RISC Advisory have reported 6.1 petajoules of 1P sales gas reserves and 16.4 petajoules of 2P sales gas reserves at its producing Walyering gas field in Western Australia, after accounting for fiscal 2026 production of 5.7 petajoules, according to a Monday Australian bourse filing.The company said maiden 2P reserves for the Walyering West C1 Sand discovery have been booked, along with new contingent resources at Walyering West in the Asub1, D1, D2, D3 and D4 sands.

ASX:STX
Asia

Strike Energy Completes Commissioning of Upstream Gas Facilities at Western Australia Power Plant; Shares Gain 5%

Strike Energy (ASX:STX) completed the commissioning of upstream gas facilities and power station package for its South Erregulla power plant in Western Australia, setting it up for a compliance testing process with the Australian Energy Market Operator, according to a Thursday filing with the Australian bourse.Strike and Western Power recently completed a second pre-commissioning site inspection of the downstream switchyards.The company said Western Power is expected to start its commissioning activities on July 21, subject to the completion of remaining construction and readiness activities.Additionally, around 716.3 million Strike Energy ordinary shares will be released from escrow on July 25, per the filing.The company's shares advanced 5% in recent Thursday trade.

ASX:STX
Equities

Strike Energy CFO Steps Down, Commissioning of All 20 Generating Units at South Erregulla Power Project Complete

Strike Energy (ASX:STX) said Chief Financial Officer Tim Cooper will step down from the role on Sept. 29, according to a Monday Australian bourse filing.The company said commissioning of all 20 generating units at its South Erregulla power project was completed on gas, marking a significant milestone in the development of the 85-megawatt power station.Upstream facilities will now be safely shut down and placed into a preservation, care, and maintenance program, while the project progresses through remaining grid connection and network commissioning activities.Network commissioning is set to start on July 8, it added.

ASX:STX
Asia

Strike Energy's C1 Sand Result Points to Potential Low-Cost Development Tie-In, Euroz Hartleys Says

Strike Energy's (ASX:STX) primary C1 Sand result in Western Australia is "encouraging" and points to a potential low-cost development tie-in, Euroz Hartleys said in a Tuesday note.The company recently completed flow testing operations at the Walyering West-1 exploration well in the Perth Basin, confirming a low-impurity gas accumulation within the primary target of the Cattamarra formation.The flow testing was conducted over 12 days, with the well achieving a stabilized flow rate of 11 million standard cubic feet per day from the C1 Sand through a 36/64 choke.The materiality of the result will depend on the forthcoming reserves and resources update, Euroz Hartleys said.Additionally, the decision regarding the integration of the well into the Walyering infrastructure will be made after the reserves assessment and economic review are completed.Euroz Hartleys reaffirmed its buy recommendation on Strike Energy, with its AU$0.22 price target under review pending the Walyering West reserves and resources update.Strike Energy shares fell nearly 5% in midday trade Wednesday.

ASX:STX
Asia

Strike Energy's Flow Testing at Western Australia Exploration Well Confirms Low-Impurity Gas Accumulation

Strike Energy (ASX:STX) completed flow testing operations at the Walyering West-1 exploration well in Western Australia's Perth Basin, confirming a low-impurity gas accumulation within the primary target of the Cattamarra formation, according to a Tuesday filing with the Australian bourse.The flow testing was conducted over 12 days, with the well achieving a stabilized flow rate of 11 million standard cubic feet per day from the C1 Sand through a 36/64 choke, the filing said.The gas streams recovered during testing are consistent with those produced from the existing Walyering field. Additionally, reservoir pressure and productivity show a potential development opportunity through existing Walyering infrastructure, subject to further analysis, per the filing.

ASX:STX
Asia

Strike Energy's Power Station Milestone an 'Important' Derisking Event, Says Euroz Hartleys

Strike Energy's (ASX:STX) mechanical completion of the South Erregulla Peaking Power Station project delivers an "important" de-risking event, according to a Thursday note by Euroz Hartleys.The company on Thursday said its 85-megawatt South Erregulla Peaking Power Station gas-fired project in Western Australia achieved mechanical completion.The research firm said the completion also improves cash flow visibility in the short to medium term, decreasing balance sheet risk.Euroz Hartleys kept a buy rating on Strike Energy with its AU$0.22 price target under review.The company's shares fell almost 3% in recent Thursday trade.

ASX:STX
Asia

Strike Energy's South Erregulla Peaking Power Station Achieves Mechanical Completion

Strike Energy (ASX:STX) said its 85-megawatt South Erregulla Peaking Power Station gas-fired peaking power project in Western Australia achieved mechanical completion, according to a Thursday Australian bourse filing.Mechanical completion confirms that all major plant and equipment have been installed and construction activities have substantially concluded, the filing added.The company said the project has entered the commissioning phase, which includes the introduction of South Erregulla gas into the facility and the start of live commissioning activities to test and verify the integrated operation of the power station's systems and equipment.

ASX:STX
Asia

Strike Energy's Recovery of Hydrocarbons to Surface at Western Australia Well is an Encouraging Indicator, Euroz Hartleys Says

Strike Energy's (ASX:STX) confirmation that hydrocarbons have been flowed to surface at the Walyering West-1 exploration well, onshore Perth Basin in Western Australia, is an "encouraging early indicator" ahead of the final test results, Euroz Hartleys said in a Tuesday note.The firm began flow testing operations at the well, with initial testing of the C1 Sand recovering hydrocarbons to the surface. The start of flow testing marks the next key step in determining the commerciality of the Walyering West discovery.The firm expects the evaluation and results from the testing program by the end of June.The investment firm retained its buy rating on Strike Energy with its AU$0.22 per share price target currently under review.

ASX:STX
Asia

Strike Energy Confirms Hyrdocarbon Recovery During Western Australia Well Flow Testing Operations

Strike Energy (ASX:STX) confirmed that hydrocarbons have been recovered to surface at the Walyering West-1 exploration well, onshore Perth Basin in Western Australia, during flow testing operations, according to a Tuesday Australian bourse filing.The program is designed to evaluate reservoir productivity and gather pressure and flow rate data from the A Sub1, C 1, and D 1- 4 sands within the primary target of the Cattamarra formation. The program and evaluation are expected to be completed by the end of June.Production from the Walyering gas field is undergoing a planned shutdown to facilitate the installation and commissioning of field compression facilities. Facility restart is anticipated on Wednesday.Its shares fell 2% in recent trading on Tuesday.

ASX:STX
Asia

Strike Energy's Downside Appears Limited, While Upside Exposure Remains Significant, Euroz Hartleys Says

Strike Energy's (ASX:STX) downside appears limited at current levels, while upside exposure remains "significant" through stronger domestic gas pricing, asset progression, exploration success, and potential mergers and acquisitions, Euroz Hartleys said in a note on Wednesday.Near-term catalysts include the Walyering West flow test results, binding terms on a downstream commercialization at West Erregulla expected via the nearby producing Waitsia gas plant, and first gas sales from the South Erregulla peaking plant targeted for Oct. 1.At steady state, Strike is forecast to generate around AU$90 million per year in earnings before interest, taxes, depreciation, and amortization (EBITDA) following South Erregulla's start-up, increasing to around AU$150 million per year once West Erregulla is online.The investment firm retained its buy rating on Strike Energy and a price target of AU$0.22 per share.

ASX:STX
Asia

Strike Energy Appoints CEO, Chair

Strike Energy (ASX:STX) appointed Shelley Robertson as new chief executive, effective June 1, according to a Monday Australian bourse filing.Robertson will succeed Peter Stokes as CEO, who has resigned with immediate effect, per the filing.John Poynton will retire as the company's non-executive chair on June 30, and Nev Power, currently deputy chair, will assume the role from July 1, the filing added.

ASX:STX
Asia

Strike Energy's Western Australia Exploration Well 'Appears Commercial', Euroz Hartleys Says

Strike Energy's (ASX:STX) result from the Walyering West-1 exploration well, onshore Perth Basin in Western Australia, "appears commercial," however, likely not at the full pre-drill 2U prospective resource, Euroz Hartleys said in a Friday note.Strike announced a gas discovery at the Walyering West-1. The well delivered a total of 27.5 meters of net pay in a number of reservoir zones in the Jurassic Cattamarra Coal Measures, with an average porosity of 11.4% and peak porosity up to 17.7%. Flow testing should begin in around a month to confirm commerciality.Walyering West-1 was targeting a 2U prospective resource of 46 petajoules, and currently, the analysts assume a risked volume of gas has been discovered.The investment firm maintained its buy recommendation on Strike Energy and raised its price target to AU$0.22 per share from AU$0.21 per share.

ASX:STX
Asia

Strike Energy Confirms Presence of New Conventional Gas Accumulation in Western Australia Prospect, Shares Jump 7%

Strike Energy (ASX:STX) drilled and evaluated the Walyering West-1 well in the Perth Basin in Western Australia to a total depth of 3,650 meters and confirmed the presence of a new conventional gas accumulation in the Walyering West prospect, according to a Friday Australian bourse filing.Mud logs, logging-while-drilling logs, and pressures were used to evaluate the conventional sandstone intervals in the Jurassic Cattamarra Coal Measures targeted by the well.The firm was unable to complete wireline fluid sampling due to wellbore conditions, which will now be conducted during flow testing. The drill rig is currently preparing to run seven-inch casing and cement in place.Its shares jumped 7% in recent trading on Friday.

ASX:STX
Asia

Strike Energy Reports Smooth Progress at Western Australia Well; Shares Fall 4%

Strike Energy (ASX:STX) has safely cased the intermediate section of its Walyering West-1 exploration well at 2,596 meters and is continuing drilling at 2,670 meters within the Cattamarra coal measures, marking steady progress in its fully owned L23 license, according to a Thursday filing with the Australian bourse.The well is planned to be drilled to a total depth of around 3,639 meters to assess the reservoirs in the Cattamarra formation, followed by wireline logging operations, per the filing.Initial results are expected in early May, and if successful, the well will be cased and suspended for further testing, including possible production evaluation, the filing added.The company's shares fell 4% in recent Thursday trade.

ASX:STX
Asia

Strike Energy's Spud of Walyering West-1 in Western Australia Deemed 'Near-Term, High-Impact' Catalyst, Euroz Hartleys Says

Strike Energy's (ASX:STX) spudding of the Walyering West-1 exploration well in Western Australia is deemed a "near-term, high-impact" catalyst for the company with its proximity to infrastructure and potential to extend the life of its producing asset, Euroz Hartleys said in a Thursday note.The company recently started drilling at the well to test a 46-petajoule 2U prospective resource within a proven hydrocarbon system, with total depth planned at about 3,639 meters measured depth rotary table.Drilling will last about 20 days, with initial results expected in early May, the financial services firm said.If successful, the well can be tied back to the existing Walyering processing facility for commercialization, potentially within 12 months.Additionally, the project has the potential to extend the production life of the Walyering gas field by five to seven years.Euroz Hartleys reaffirmed its buy recommendation and AU$0.21 price target on Strike Energy.

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