Key highlights

  • Strike Energy Ltd (ASX:STX) closed at $0.10 on 20 October 2026, down 4.76%, against a 1.31% fall for the S&P/ASX 200 Energy index.
  • The shares are down approximately 9.09% over the past year.
  • Strike released its FY26 annual report on 23 September 2026, with West Erregulla net 2P reserves up about 20% to 251 PJ.

Shares in Strike Energy Ltd (ASX:STX) closed at $0.10 on 20 October 2026, fell 4.76% on the day, a larger fall than the sector index. The S&P/ASX 200 Energy index (XEJ) closed 1.31% lower at 11,165.60, a fall of 148.40 points, while the broader S&P/ASX 200 (XJO) slipped 0.33% to 8,816.90.

Over the past 12 months the stock lost approximately 9.09%.

Working back from the closing price, a 12-month change of approximately -9.09% implies a share price of about $0.110 a year earlier. On the day, the closing price compares with a previous close of about $0.105, a move of -4.76%, set against a 1.31% fall for the sector index and a 0.33% fall for the broader market.

About Strike Energy

Strike Energy Limited is a Perth-based gas company with assets in Western Australia’s Perth Basin. Its portfolio includes the West Erregulla gas field, the South Erregulla Peaking Power Project and the Walyering gas and condensate field.

Latest development

The share price data above is kept apart from the annual report that follows. On 23 September 2026 Strike released its annual report for the year ended 30 June 2026 with an ASX release headed “Strike Enters a New Phase of Growth”. Sales revenue was $62.8 million, compared with $72.7 million in FY25, and underlying EBITDA was $17.6 million, down from $41.6 million. Net cash inflows from operating activities were $6.4 million, against $42.6 million, and cash was $46.3 million at 30 June 2026, up from $41.1 million.

On projects, construction and commissioning of the 85 MW South Erregulla Peaking Power Project advanced substantially, with commercial operations targeted in the fourth quarter of calendar 2026. A review of reserves and resources raised net 2P reserves at West Erregulla by about 20% to 251 PJ, and after year end Strike selected Hancock Energy’s Belisama Gas Processing Facility as its preferred solution for West Erregulla, with 43.5 TJ per day of processing capacity net to Strike, establishing a path to a final investment decision.

Strike also said $30 million of committed financing capacity from Macquarie Bank became available after year end, and that it agreed in principle with Hancock Energy on up to $30 million of pre-FID funding support by loan for its share of West Erregulla activities. Walyering continued to produce gas and condensate, and its 2P reserves rose after accounting for FY26 production.

Sector context

Western Australian gas has attracted attention because domestic supply and processing capacity are important to local industry. Smaller producers that lack their own plants often use a third party’s processing facility, as Strike has chosen to do for West Erregulla.

Peaking power projects such as South Erregulla add a second revenue stream tied to electricity markets. Producers at this stage commonly fund development through bank facilities and partner loans, as Strike’s committed Macquarie capacity and proposed Hancock funding illustrate.

Risks

Strike’s revenue and EBITDA fell in FY26, and operating cash flow was much lower. The company relies on external financing, including bank capacity and a proposed loan from Hancock, to progress West Erregulla.

A final investment decision on West Erregulla has not yet been taken. Commissioning of the South Erregulla power plant, gas processing arrangements and gas prices all affect the outlook, and the share price fell 4.76% on 20 October 2026.

Share price movements add a separate layer of uncertainty. The stock’s one-day move of -4.76% on 20 October 2026 compares with a 1.31% fall for the sector index, and its 12-month change of approximately -9.09% shows how far the share price can move over a year.

Catalysts to watch

Items to watch include commercial operations at South Erregulla in the fourth quarter of calendar 2026, the final investment decision on West Erregulla, completion of the pre-FID funding from Hancock and Walyering production.