Strike Energy Limited

All right. Welcome, everyone. Good morning. Welcome to Strike Energy's first half financial year 26 webinar. We've got Peter Stokes, our managing director and chief executive officer, and Tim Cooper, our chief financial officer, joining us today. I'll hand over to Peter for an introduction and Tim will take us through the financial results before I hand back to Peter for an operations review and then we'll do some Q&A at the end with the time remaining. Peter, over to you.

Thank you, Emma. Good morning, everyone, and thank you for joining the call this morning for the first half results. I'm really happy to have you join us and we're Happy to take questions at the end. There have been a number of questions that have come through the hub and online and via text over the last couple of days. So we'll address as many of those as we can. And those that we're not able to, we'll certainly provide some additional responses to as well. I recognise, and this has come through a couple of the questions that we haven't provided a lot of communications over the last couple of months other than more of the sort of regulatory updates and certainly announcing we're hearing West's SPUD due in early April. Part of the reason and the key part of that is that a number of the discussions we're having, particularly around a couple of our major projects, are commercially sensitive. As soon as we have further information that we can share, and we will certainly do that. Over the next couple of months, we'll also start the drilling at Way West. So there will be a continuous updates coming from that drill as we work through that program. And also as we move through some of the other programs, particularly into commissioning of South Arigala Power Plant, there'll be a number of additional communications and I'll talk through some of that timeline and towards the end also talk through some of the key milestones that we are working towards over the next couple of months. And I'd like to hand back to Finn now to take us through financials before I go through the operational side of the business.

Thanks, Peter. Welcome everyone on the call this morning. Thanks for joining us. I'll start with operations and production at oil-yearing totaling 3.8 petajoules for the half. This is down on the same period from last year as we managed production alongside the purchase of third-party gas. This is the best one-inch commitment We achieved an average realised price of $7.37 a gigajoule, resulting in revenue of $36 million and operating cash flow of $3 million. We closed December with a cash balance of $69.5 million and debt draw on the Macquarie facility of $108.8 million, reflecting a net debt position of $39 million. The debt has been utilised for the project execution of South Yarra Gulla peaking power plant, which is 77% complete and with capital expenditure in the period of $87 million. Total capital expenditure for the period of $99.5 million, which in addition to South Yarra Gulla project included Wallyering Compression, West Yarra Gulla and Wallyering West 1. You will have noticed the material uncertainty included in the audit report, the half-year financial report. And this refers primarily to uncommitted $15 million tranche within the Macquarie financing facility, and the forecast completion of the South Yarra-Gallup peaking power plant. The uncommitted nature of this facility has not changed from previously reported. However, it is subject to Macquarie Credit Committee approval at the time that striking tends to draw down on that balance. We're engaged with Macquarie on a regular basis and do not foresee any concerns with the appropriate approvals being achieved in due course. The South Yarra Gallipower peaking project is a key objective for the company and is envisaged to generate significant cash flows. Therefore, its delivery on schedule and on budget is an important outcome for the business. Further, management continues to manage capital expenditure in a prudent manner and ensure that the best returns are generated for shareholders. Thanks, Peter. Back to you.