Finance

Stocks of the Hour: Strike Energy, Imdex, Nearmap

Strike Energy (ASX:STX) today announced that the Walyering gas field has been sanctioned for development by its JV, in which Strike is the operator and owner of a 55 per cent equity interest, with Talon Energy (ASX:TPD). Strike’s Chief Executive Officer and Managing Director Stuart Nicholls said: “With this development decision at Walyering only 9 months since the discovery, Strike will complete its transition into production operations by the end of calendar year 2022.” Shares in Talon Energy (ASX:TPD) are trading 14.3 per cent higher at $0.16. Shares in Strike Energy (ASX:STX) are trading 1.8 per cent higher at $0.29.

Global mining-tech company IMDEX today announced that its breakthrough mining support technology BLAST DOG will be used at Iron Bridge Operations in the Pilbara under a new three-year agreement, executed by IMDEX and Iron Bridge. The agreement is the first commercial application of IMDEX’s BLAST DOG and provides for the staged utilisation of BLAST DOG, which IMDEX estimates will generate revenue of $13m over the initial term. Chief Executive Officer Paul House said the company’s win of the Iron Bridge scope was a defining moment for IMDEX. “This is homegrown technology designed to provide meaningful, quantifiable benefits for the mining industry.” Shares in IMDEX (ASX:IMD) are trading 3.9 per cent lower at $1.95.

Nearmap (ASX:NEA), a leading location intelligence and aerial imagery company, has announced it has received a non-binding indication of interest from Thoma Bravo, a leading US software investment firm, to acquire 100 per cent of the shares in Nearmap for $2.10 cash per share. The takeover offer values Nearmap at about $1.02 billion and represents an 83 per cent premium to its closing price of $1.15 on July 5. Nearmap said its board determined the proposal, which was received on July 6, was “credible and sufficient” enough to grant Thoma Bravo non-exclusive due diligence access. Shares in Nearmap (ASX:NEA) are trading 26.8 per cent higher at $1.92.

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