Strike is operator of the project with a 55% interest in the field alongside fellow ASX junior Talon Energy. The venture sanctioned the project, in exploration permit EP447, in August.
Procurement of materials for field development is now 70% complete with all critical items under order and several major overseas components arriving in Western Australia.
Strike said it had submitted its production licence, pipeline license and field management plans to the Department of Mines, Industry, Regulation and Safety.
Once approved, Strike will commission Walyering and bring it into production "in the soonest possible time frame."
All things going to plan, first sales gas will be reached early next year.
Strike inked a pipeline connection agreement with APA Group which will see gas injected into the Parmelia pipeline.
APA has now started detailed engineering for the connection.
Notably, Strike said it had executed a term sheet with its preferred buyer of gas, however, did not disclose a name.
"Subject to the satisfaction of certain operational conditions and condition precedents, this term sheet will then transfer to a full form gas sales agreement with further disclosure around the terms of this agreement disclosed at that time," Strike said.
Given the relatively short time frame from discovery to development, the Walyering gas field was not included in the Australian Energy Market Operator's outlook of gas supply security in WA.
The AEMO Gas Statement of Opportunities found WA would experience a shortfall in domestic supply in between 2025 and 2027 on a base case model.
The shortfall of 84 terajoules per day will be largely offset once Walyering is in production.
Strike expects Walyering to reduce the shortfall by 33Tj per day.
"Walyering has the potential to support the state to avoid a modelled shortage of gas in 2025 and 2027 and reduce the modelled shortage in 2026 by more than one third," it said.
Strike shares were worth 23.5 cents giving the company a market cap of $515 million. Venture partner Talon Energy was trading at 17.5 cents and had a market cap of $77 million.
