Strike Energy (STX) Q2 2026 TU earnings summary

Executive summary

• South Erregulla 85 MW Peaking Gas Power Project reached 72% completion as of 31 December 2025, on track for 1 October 2026 completion.

• Walyering produced 1.59 PJ of gas and condensate, generating $16.6 million in gas sales revenue at an average price of $7.36/GJ.

• Key construction milestones achieved at South Erregulla, with mechanical completion and gas introduction forecast in Q2 CY26.

• Production reliability and value optimisation at Walyering, with production reduced to 10 TJ/day and third-party gas purchases supporting firm sale obligations.

• Drilling campaign at Walyering West-1 advanced, with rig secured and spud planned for early Q2 CY26.

Financial highlights

• Q2 FY26 sales revenue was $17.19 million, down 9% quarter-on-quarter; YTD sales revenue was $36.0 million, up 1% year-over-year.

• Cash and cash equivalents at quarter end were $69.48 million, down 34% from previous quarter; total liquidity at $75.73 million.

• Capital expenditure for the quarter was $66.35 million, mainly for South Erregulla ($61 million) and Walyering ($4 million).

• Net cash used in operating activities for the quarter was $(1.7) million; net cash used in investing activities was $(62.2) million.

• Financing activities provided $28.2 million in net cash inflow for the quarter.

Outlook and guidance

• South Erregulla project remains on schedule for October 2026 completion, with gas introduction and mechanical completion expected in Q2 CY26.

• Walyering West-1 drilling to commence in early Q2 CY26, with potential upside to supply and cash flow.

• Market conditions support continued optimisation of production and third-party gas purchases.