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Western Australia's Department of Jobs, Tourism, Science and Innovation has awarded Lead Agency Service to Strike's Gas Acceleration Strategy, supporting the development of the Walyering, Ocean Hill, and South and West Erregulla gas fields.
With the Lead Agency framework, Strike will receive assistance in navigating government approvals processes and ensuring efficient communication among agencies to deliver the domestic gas projects by the end of 2025.
Strike's gas supplies will contribute to economic growth, employment, infrastructure development, and provide competitive, locally produced energy, playing a crucial role in Western Australia's energy transition and reducing carbon emissions.
Strike Energy Limited secured a monetisation route for Walyering liquids production via a condensate processing and sales agreement with Santos Limited, providing additional forecast revenues and operating profit from Walyering gas field.
Construction is ongoing with startup still on track for 1H/23.
About 36.5 PJ of gas is expected to be sold to Santos-WA Limited on a firm basis over a period of 5 years, with the Walyering facility being powered purely by solar and battery storage.
Strike Energy Limited secures a $153 million financing package with Macquarie Bank, including three tranches for debt refinancing, pre-development debt, and a contingent facility for South Erregulla gas development.
Total available funding for Strike reaches $190 million with access to an additional $80 million contingent instrument facility, subject to Macquarie credit approval.
Option package provided to Macquarie is renegotiated, with Strike issuing 62.1 million options at a 40 cents per share strike price, expiring on 22 May 2025.