Key highlights

  • Strike Energy Ltd (ASX:STX) shares closed at $0.105, up 5.00%, on 19 October 2026.
  • The 23 September 2026 FY26 announcement reports sales Revenue of $62.8 million and underlying EBITDA of $17.6 million.
  • Net 2P reserves at West Erregulla rose about 20% to 251 PJ, and the 85 MW South Erregulla power project targets commercial operations in Q4 CY26.

Strike Energy Ltd (ASX:STX) is a Perth Basin gas explorer and producer with the Walyering field, the West Erregulla gas development and the South Erregulla peaking power project. On 19 October 2026, the stock finished the session at $0.105, up 5.00%. In an ASX release dated 23 September 2026, the company announced that its Annual Report for the year ended 30 June 2026 had been published, and it summarised key FY26 results and post-year-end developments.

FY26 financial results

Sales revenue was $62.8 million, compared with $72.7 million in FY25. Underlying EBITDA was $17.6 million, down from $41.6 million. Net cash inflows from Operating Activities were $6.4 million, compared with $42.6 million. Cash and cash equivalents were $46.3 million at 30 June 2026, up from $41.1 million. The company notes that Walyering continued to produce gas and condensate, and that the Walyering West-1 drilling and testing program supported an increase in Walyering 2P reserves after FY26 production.

West Erregulla and South Erregulla

Following an independently audited reserves and resources review, net 2P reserves at West Erregulla increased about 20% to 251 PJ. After year end, Strike selected Hancock Energy’s Belisama Gas Processing Facility as its preferred processing solution, targeting 43.5 TJ/d of capacity net to Strike and establishing a pathway to a final Investment decision.

At South Erregulla, construction and commissioning of the 85 MW peaking power project advanced substantially during the year, with commercial operations targeted in the fourth quarter of calendar 2026.

Funding and leadership

After year end, $30 million of committed Macquarie Bank financing capacity became available. Strike and Hancock Energy also agreed in principle up to $30 million of pre-FID funding support by way of a Loan to support Strike’s share of West Erregulla development activities, with terms set out in a 31 August 2026 company update. A new managing director and CEO took up her role on 1 June 2026, and a new chair started on 1 July 2026. A webinar on the results was held on 29 September 2026.

The release is a summary of the full annual report rather than the report itself, and the company points readers to its website for the complete document. The financial highlights compare FY26 with FY25 on four measures: sales revenue fell from $72.7 million to $62.8 million, underlying EBITDA from $41.6 million to $17.6 million, operating cash inflow from $42.6 million to $6.4 million, while cash rose from $41.1 million to $46.3 million.

On leadership, a new managing director and CEO took up her role on 1 June 2026 and a new chair started on 1 July 2026. The company describes Strike as entering a new phase of growth, with Walyering, South Erregulla and, in time, West Erregulla expected to provide multiple sources of revenue. It says it intends to return greater focus to exploration across its Perth Basin portfolio once these priorities are in place.

Sector backdrop

Across the market on the day, the S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Energy rose 2.16%, the largest gain among the labelled segments. The map shows that Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, and that Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

Revenue and underlying EBITDA both fell in FY26, and operating cash inflow dropped to $6.4 million from $42.6 million. West Erregulla still needs a final investment decision, and the pre-FID loan funding is agreed in principle only, with the loan terms detailed elsewhere.

South Erregulla’s timing is a target, and commissioning projects can slip. Development of West Erregulla relies on third-party processing infrastructure from Hancock Energy. Reserves figures are estimates that can be revised, and the company is subject to gas market and regulatory conditions in Western Australia.

What’s next

The company’s stated priorities for FY27 are delivering South Erregulla into commercial operations, progressing West Erregulla toward a final investment decision and maintaining Walyering performance, while returning greater focus to Perth Basin exploration.