Strike Energy (STX) H1 2026 earnings summary

Executive summary

• Walyering generated $36 million in revenue from 3.8 PJe production at an average realized gas price of $7.37/GJ, with operating cash flow of $3 million.

• Underlying NPAT loss for 1H FY26 improved to $12.3 million, a 20% year-over-year improvement.

• South Erregulla Power Plant is nearing completion (up to 99% complete in some reports), targeting full operations by 1 October 2026.

• Strategic investments included $86 million from Carnarvon Energy and $1.7 million from a Share Purchase Plan, strengthening liquidity.

• The company is transitioning from exploration to disciplined commercialisation of Perth Basin gas resources.

Financial highlights

• Sales revenue for 1H FY26 was $36 million, nearly flat year-over-year.

• Underlying EBITDA was $14 million, down from $15.6 million in the prior period.

• Net cash inflow from operating activities was $3.4 million, with cash and cash equivalents at period end of $69.5 million.

• Net debt at period end was $39 million, with drawn debt of $108.8 million.

• Total capital expenditure for the period was $99.5 million, up 113% year-over-year, with $87 million for South Erregulla.

Outlook and guidance

• South Erregulla Power Plant is on track for commissioning and commercial operation by 1 October 2026.

• Walyering West-1 drilling scheduled for April 2026, with compressor installation to enhance production.

• West Erregulla reserves and resources certification targeted for end-March 2026, with FID expected in 2026.

• Strategic priorities include delivering South Erregulla on time, optimising Walyering, and defining West Erregulla's development pathway.

• Directors believe sufficient working capital is available, assuming successful financing and project completion.