Strategic Review Outcomes
Released
Released
Announcement PDF
26th June 2025
ASX: STX The Company Announcement Officer ASX Ltd via electronic lodgement
Strategic Review Outcomes
•
Strike is strongly positioned to support Western Australia’s energy transition and
deliver value for Shareholders
•
Strike’s value is optimised as a vertically integrated energy company leveraging its
leading position and strategically placed assets in the Perth Basin
•
Strike will refocus its asset portfolio to align to WA’s energy transition demands,
exit non-core assets and retain flexibility across gas processing and gas-fired
power development pathways to maximise value
•
Strike’s dispatchable gas-fired generation will play a critical role in supporting the
continued penetration of renewable energy by firming the grid and ensuring
system reliability during periods of low solar and wind generation
•
Strike will focus on delivering critical energy infrastructure in the near term to
support Western Australia’s energy transition, including:
o Deliver the 85MW South Erregulla Peaking Gas Power Station currently
under construction
o Progress the currently proposed 87 TJ/d upstream development of West
Erregulla in conjunction with Hancock Energy
o Progressing Ocean Hill as a low-cost, fast-to-market gas asset with
proximal pipeline access and minimal processing requirements
Strike Energy Limited (Strike - ASX: STX) is pleased to provide an overview of the recently
completed Strategic Review.
In the first quarter of this year, the Board, with the assistance of Oliver Wyman, commenced a
Strategic Review with respect to the Company and its project portfolio with the objective of
maximising value for all Strike shareholders in the near and longer term. This review has now
been completed, delivering a clear, actionable strategy under new leadership and a restructured
team.
Recent policy announcements including the Australian Energy Market Operator (AEMO)
Electricity Statement of Opportunity (ESOO), confirm the critical role of flexible, dispatchable
gas-fired power and domestic gas supply in securing Western Australia’s energy transition. This
demand confirms that Strike’s value is optimised as a vertically integrated energy company.
With proven delivery capability and a portfolio of optimally located projects, Strike will deliver
critical infrastructure aligned with the WA State Government’s recent $7 billion energy transition
investment commitment. This will support long term energy security, decarbonisation and
economic growth in Western Australia.
Strike’s flexible, integrated model allows us to develop vertically integrated gas-fired electricity
generation and domestic gas supply, selecting the development pathway that maximises value
from our gas resource while contributing to WA’s long-term energy transition.
To achieve the full potential of Strike’s assets and as a vertically integrated energy company,
Strike will:
strike@strikeenergy.com.au
ABN 59 078 012 745
www.strikeenergy.com.au
1, 40 Kings Park Rd, West Perth WA 6005
•
Deliver the 85MW South Erregulla Peaking Gas Power Station by 1 October 2026 and
continue work on expansion opportunities
•
Progress the currently proposed 87 TJ/d upstream development of the West Erregulla
resource in conjunction with Hancock Energy and exploit the value accretive
downstream development optionality available to Strike
•
Pursue strategic partnerships or other commercial arrangements to accelerate
exploration programs at Ocean Hill and Arrino-Kadathinni and to reduce risk
•
Maintain stable cashflow generation from Walyering operations and explore
opportunities to unlock additional value through near-field exploration
•
Retain ownership of the Precinct as a strategic asset for future development options for
energy assets including gas processing, power generation and renewables
•
Strengthen the balance sheet via disciplined capital allocation and pursuit of
strategic partnerships and corporate opportunities
As part of the portfolio refocus, Strike has completed its exit from the L7/EP437 Joint Venture
with Triangle Energy Ltd, as well as its Geothermal acreage, following their classification as noncore assets.
Managing Director and Chief Executive Officer, Peter Stokes, says:
“Since joining Strike, I’ve been deeply impressed by the quality of the asset base, the capability
of the team, and the disciplined work that has been done through the Board’s strategic review.
This process has provided a clear, actionable plan that I am fully aligned with and committed to
delivering. Given our portfolio of high-quality gas resources that are located close to major
infrastructure and demand centres, we are uniquely positioned to play a critical role in Western
Australia’s energy transition while delivering long-term value for shareholders. As WA increases
its reliance on renewables, our infrastructure will provide the flexible, fast-responding
generation needed to maintain grid stability and ensure energy is available when it’s needed
most. I look forward to leading the Company through this next phase of disciplined execution
and growth.”
Strike Energy Chair, John Poynton, says:
"The Board’s strategic review, conducted with independent support, has rigorously assessed
Strike’s portfolio and charted a clear path to unlock the full potential of our unique asset base.
With the appointment of our new CEO and a refocused leadership team, Strike is wellpositioned to execute on this strategy, delivering on its role in Western Australia’s energy
transition while maximising value for our shareholders."
The Company will provide an opportunity for market engagement with regards to this
announcement as part of its June Quarterly Report scheduled for release on 23 July 2025.
This announcement is authorised by Peter Stokes, Managing Director & Chief Executive Officer
of Strike in accordance with the Company’s Continuous Disclosure Policy.
Company & Media Contact
Emma Alexander
Investor Relations & Corporate Manager
Strike Energy Ltd
+61 419 877 137
emma.alexander@strikeenergy.com.au
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