The story before 6 Sept 2006
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
shares on issue market cap (log scale)
2006540m shares · A$889m market cap
- 28 Aug
Stuart Petroleum reports Revenue-1 (Beach 33.3%) flowed about 1,100 bopd from the Birkhead Formation, a zone with only weak shows while drilling. The well will be completed as a three-zone producer, with first oil from mid-September. This follows the earlier McKinlay oil find.
well test result
540m shA$889m - 25 Aug
Tennyson-1's second test flowed only about 37,000 cubic feet a day of gas, which was judged uneconomic, so the well is being plugged and abandoned. It is a dry hole for Beach, which was funding it to earn 50%. Great Artesian says Middleton-1 and Udacha-1 tests start later this month; a Cooper Basin oil drilling program from mid-October is also outlined.
drilling result
540m shA$889m - 17 Aug
Independent audit lifts Basker-Manta proved-plus-probable oil reserves 33% to 39.2 million barrels; with gas and condensate contingent resources, total is 118 mmboe, up 240% from 49.3. Capital cost now A$330m; oil production of 25,000 bopd expected mid-October.
resource reserve update
540m shA$888m - 11 Aug
Anzon, Beach's 50% Basker-Manta partner, agrees to earn 15% of New Zealand permit PEP 38259 by funding part of the Cutter-1 well. Beach is listed with 20%, though the announcement does not say when it acquired this. Ocean Patriot will drill around October; subject to documentation.
farm in farm out agreement
540m shA$888m - 2 Aug
Cooper reports Callawonga-1 cased as a future Namur oil producer, with P50 recoverable of 1.6 million barrels (100% basis), range 1.1-2.3. Production expected mid-4Q2006. Snowden-1 and Somerton-1 follow. Beach 75% operator.
resource reserve update
539m shA$888m - 27 July
Beach secures an unsecured A$100 million corporate facility from Commonwealth Bank, against current debt of A$1 million. It can fund Basker-Manta start-up, new opportunities and possible faster gas/condensate development. Beach says the 69-well program is funded from cashflow.
debt financing
536m shA$807m - 26 July
Beach announces a new oil field discovery at Callawonga-1, about 7 km from Christies facilities. The Namur test flowed 2,400 barrels a day with no water. Beach holds 75% and is operator.
drilling result
536m shA$807m - 10 July
Stuart reports Revenue-1 found a new oil pool in the McKinlay Formation, with about 2 m of oil pay on logs. Hole conditions prevent testing, so the well will be cased. Murta and Birkhead shows to be tested later. Beach 33.3%.
drilling result
536m shA$806m - 7 July
Cooper reported that Boomer-1 in PEL 92 reached 1,775 m, was logged and cored, and was being plugged and abandoned, ending the well. The Century 3 rig was to move to Callawonga on 13 July; Beach held 75% and Cooper 25%.
drilling result
532m shA$800m - 29 June
Beach announces a drilling program of 69 exploration and appraisal wells in 2006-07, up from 19, costing over A$100m. It targets production above 5 million boe in 2007-08 versus 1.4 million this year. Basker-Manta full field due October at about 12,500 bopd net.
other
525m shA$731m - 20 June
Cooper reports Sellicks-3 reached 2,215 m with two Patchawarra oil zones, one 8 m deeper than previous oil in the field. The well is being cased for completion; a Sellicks reserves upgrade will follow once Sellicks-2 and -3 results are included. Beach 75%.
drilling result
520m shA$724m - 19 June
Sunshine Gas signs a binding heads of agreement giving Beach an option to earn 50% of ATP 768P in Queensland by funding a well at Champagne Creek. Sunshine stays operator, with drilling targeted for Q3 2006.
farm in farm out agreement
520m shA$724m - 19 June
Anzon reports Basker-4 cleaned up at about 6,120 bopd from its lower section, with upper section gas at 22.6 mmscf/d; rates were limited by rig test facilities. Basker-3 and -5 are next, then the wells are suspended awaiting FPSO Crystal Ocean's return in September.
production update
520m shA$724m - 5 June
Beach buys 29 million shares, a 19.9% stake in Great Artesian Oil and Gas, from its three founding directors at A$0.50 each (A$14.5m, off-market). Three Beach nominees including COO Hector Gordon join the Great Artesian board; Dr Shaw stays as managing director.
asset acquisition disposition
516m shA$719m - 26 May
Beach and Great Artesian amend their farm-in: Beach funds three exploration wells and 142 sq km of 3D seismic, about A$7.5-8m, to earn 50% of a 180 sq km block of PEL 106. Tennyson-1 is due July 2006. Earlier terms gave no block interest.
farm in farm out agreement
515m shA$716m - 24 May
Sellicks-2 test of the Poolowanna flowed oil at a preliminary 2,250-2,700 bopd with about 25% water. This is a new oil pool in the Sellicks field, which has so far produced only from the deeper Patchawarra. Beach 75%.
drilling result
515m shA$715m - 5 May
Great Artesian reports Beach, as operator, estimates Kiana oil field recoverable reserves at 280,000 to 1.17 million barrels, 570,000 barrels at the middle estimate. Free-flow ceased in April with water; a pump is being installed. Beach holds 40%.
resource reserve update
511m shA$709m - 27 Apr
Beach reports Silver Sands-1 DST-1 in the upper Namur flowed 859 bopd with 340 bwpd through a quarter-inch choke. Drilling continues to deeper targets. Beach operates with 75%, Cooper 25%.
well test result
509m shA$609m - 19 Apr
Arrow announces a Heads of Agreement for Australian Pipeline Trust to fund, own and operate Tipton West gas processing facilities (est. A$50m, up to 17 PJ a year). Beach holds 40%. Final documents targeted before June; first gas early 2007.
material agreement
509m shA$608m - 13 Apr
About 57 million of 80 million 60c options were exercised, raising over A$38m for Beach; shares on issue rise to 508.5m. About 23m 60c options remain to 30 June, plus 50m new $1.00 bonus options. Full conversion would add $64m by 30 Sept.
capital raising announcement
509m shA$608m - 3 Apr
Stuart reports Harpoono 2 found a new McKinlay oil pool, flowing 1080 bopd with no water from a test at 1191-1196 m. Beach holds 33.33%. A second test on the Murta zone was about to run.
drilling result
496m shA$592m - 3 Apr
Arrow Energy said 2P reserves at Tipton West rose 50 PJ to 174 PJ, from 124 PJ, and 3P reserves rose 159 PJ to 2265 PJ, as certified by NSAI. Beach holds 40% of the field.
resource reserve update
496m shA$592m - 31 Mar
Anzon reports Basker-5 reached 3640 m with better-than-expected logs: 57.4 m of hydrocarbon pay (18.3 m oil, 33.5 m gas), and the structure top over 20 m higher than expected. Wells are due to be perforated in early May; a reserves review follows drilling.
drilling result
489m shA$584m - 24 Mar
Beach agrees to farm in to acquire a further 32.5% of Otway Basin permit VIC/P46, lifting its stake from 17.5% to 50% and taking over as operator. 3D seismic is planned later in 2006, with one well in 2007; subject to documentation and assignment.
farm in farm out agreement
471m shA$524m - 24 Mar
Essential Petroleum (the permit's current operator) says it accepted Beach's offer to lift Beach's stake in offshore Otway Basin permit VIC/P46 from 17.5% to 50%. Beach becomes operator; Essential keeps 25% and is substantially carried through a 3D seismic and drilling program costing over $20m.
farm in farm out agreement
471m shA$524m - 7 Mar
Middleton-1's second test flowed gas at 11 million cubic feet a day over 2653-2663 m, with about 7 m of net gas pay. The well will be cased and suspended. This resolves the earlier misrun with a strong gas result.
flow test result
459m shA$510m - 7 Mar
Beach confirms Middleton-1 DST 2 flowed gas at 11 mmcf/d at 1170 psi, with about 7 m net pay and a likely 3-9 m more in other sands. The well will be cased and suspended.
well test result
459m shA$510m - 1 Mar
Beach's half-year to 31 Dec 2005: revenue A$78.8m (up 159%) and net profit A$31.3m (up 227%). Cash 'other revenue' of A$34.7m includes the Anzon share sale and revaluation. Interim dividend 0.5 cents.
half year report
458m shA$510m - 23 Feb
Manta-2A tested at a stabilised 6,370 bopd of oil and 4.4 MMscf/d of gas with no water, with 32.9 m of net oil pay. Anzon calls it confirmation of a second oil field. The well stays shut in until Q3 2006; the rig moves on to Basker-3, 4 and 5. Beach holds 50%.
well test result
458m shA$552m - 21 Feb
Beach perforated a second Patchawarra oil sand in Kiana-1, lifting the flow from about 400 to about 750 barrels of oil per day combined. Beach expects 1,000 bopd within weeks; artificial lift is planned. Beach holds 40%.
flow test result
458m shA$552m - 20 Feb
Beach contracted Hunt Energy Rig #2 for up to 12 Queensland wells from April: up to 9 appraisal wells in the 100%-owned Kenmore and Bodalla South fields and up to 3 exploration wells in ATP 269P. Bow Energy may use the rig for up to 7 wells.
contract award
458m shA$552m - 16 Feb
Beach spudded Middleton-1 on 15 February, now at 360 m, planned to 2895 m in about 20 days. It is 6 km southeast of the Udacha-1 gas discovery; Beach funds it and holds 50%, Great Artesian 50%.
drilling spud
458m shA$552m - 13 Feb
Manta-2A, the replacement for the failed Manta-2, reached 3113 m and found 32.6 m of oil sand and 27.4 m of gas sand. That is about 25% more oil sand than Manta-1; the 7-inch liner is set and completion is next. Beach holds 50%.
drilling result
458m shA$552m - 9 Feb
Beach says Udacha-1 shows gas saturation in several sands; the DST-1A sand has about 3 m of net gas pay, with 3-10 m more likely in deeper sands. The well will be cased and suspended, with cased-hole testing expected in 2-3 months, equipment permitting.
drilling result
457m shA$551m - 8 Feb
DST-1A at Udacha-1 flowed gas to surface in 20 minutes, finishing at 0.44 million cubic feet a day with 300 psi pressure and no oil or water. The first flowing test after earlier aborted attempts; casing and cased-hole testing are being considered.
well test result
457m shA$551m - 18 Jan
Anzon says Manta-2 development well spudded 17 January, starting full field development of Basker-Manta (Beach 50%). Once all wells are done, peak output could reach 35,000 bopd. Manta-2 is due to complete mid-February.
drilling spud
457m shA$437m - 12 Jan
Partner Anzon reports first oil cargo (300,000 barrels) shipped from Basker-Manta, in which Beach holds 50%. Basker-2 has averaged 8,000 barrels a day, with four more wells due onstream in the third quarter. Reserves are 30.1 million barrels proved and probable.
production update
457m shA$437m - 12 Jan
Beach announces its first offshore oil sale: over 121,000 barrels worth about A$10 million from Basker-Manta, where it now holds 50% (up from 25%). This more than doubles daily production from about 2,800 bopd onshore. Four more wells are planned.
production update
457m shA$437m - 11 Jan
Beach confirms Udacha-1 spudded 11 January 2006 at 11:30am, with a planned depth of 2775 m and about 19 days to drill. Beach is operator with 15%, subject to discovery. Middleton-1 (Beach 50%) is expected to follow around 5 February.
drilling spud
456m shA$437m