Strike Energy gains after recouping Walyering spend

The news: Shares in Strike Energy climbed on the ASX in morning trade, after the energy company announced that its Walyering gas field had recouped its total development capital spend on the site after eight months.

The numbers: Strike said that its wholly owned gas field has reached 'payback' of its total spend of around $30 million, plus operating costs, royalties and taxes. Total gross income received to date from the Walyering project was about $47 million.

Strike shares were up 8.5% to $0.22 by 11:40am AEST.

The context: The Perth-based company said the payback profile would be "one of the fastest in recent history" for a greenfield Australian oil and gas project, and that it demonstrated the value of Strike's conventional gas play in the Perth Basin, the company said.