8 Oct 2018investor presentation● Neutral
Asia roadshow presentation for Hong Kong and Singapore investors, repeating known themes: the revised 30-36 MMboe five-year target and the Otway sale. No new announcements evident in the text provided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2018asset acquisition disposition▲ GoodMajor
Beach agreed to sell 40% of its Victorian Otway assets to O.G. Energy for $344m cash, resolving the farm-down process. Beach keeps 60% and operatorship. Effective 1 July 2018, completion needs FIRB approval, expected by end Q3 FY19. Proceeds go to debt reduction and capex.
5 Oct 2018other● NeutralMajor
After the 40% Otway sale, FY19 production guidance falls to 25-27 MMboe (from 26-28) and capex to $440-520m. The FY23 production target drops to 30-36 MMboe (from 34-40). Five-year free cash flow stays above $2.3bn, above $2.6bn with sale proceeds.
27 Sept 2018investor presentation▲ GoodMajor
Investor briefing targets FY23 production of 34-40 MMboe, up from 19.0 MMboe in FY18, and over $2.3bn free cash flow over five years. Beach expects to be close to debt free by end FY20. This is a strategy and growth outlook.
12 Sept 2018investor presentation● Neutral
Good Oil Conference presentation repeating FY18 results: 2P reserves 313 MMboe, production 19.0 MMboe and FY19 capex $460-540m. Shares were $1.83 on 7 September 2018, market capitalisation $4.2bn. No new announcements evident.
5 Sept 2018joint venture update● Neutral
Planet Gas is transferring its Cooper Basin interests to Senex for $400,000 plus a 2% royalty. Separately, Senex and Beach agreed to terminate the unconventional gas joint venture, so Senex retains the area. Beach's earlier free-carry redirect now sits alongside this exit.
22 Aug 2018director officer appointment● Neutral
Director Jim McKerlie, on the board since the 2016 Drillsearch merger, will not seek re-election and will retire at the 23 November 2018 AGM.
20 Aug 2018investor presentation▲ GoodMajor
FY18 results: sales revenue $1.25bn, underlying profit $302m, net gearing 25.9%. FY19 guidance is production of 26.0-28.0 MMboe and capex of $460-540m, the biggest investment year yet. The synergy target was raised from $50m to $60m a year.
20 Aug 2018annual report▲ Good
FY18 full-year report: revenue up 90% to $1,267m, underlying profit up 86% to $302m, statutory profit down 49% to $199m. Final dividend is 1 cent, payable 28 September 2018. Lattice and Toyota Tsusho acquisitions were consolidated.
15 Aug 2018drilling result▲ Good
Senex, operator, made an oil discovery at Breguet-1 in ex-PEL 104 (Beach 40%): up to 5.7 m net pay in an 18.5 m oil column. It is to be cased and put on production in Q2 FY19. First well of the Beach-funded free-carry campaign.
14 Aug 2018other● Neutral
Notice that FY18 results and webcast will be released on 20 August 2018, with a conference call at 11am AEST. No substantive content.
2 July 2018resource reserve update▲ GoodMajor
Beach's 2P reserves rose 320% to 313 MMboe at 30 June 2018 (1P up 405% to 190 MMboe), mainly from the Lattice and Toyota Tsusho acquisitions. 2C contingent resources rose 35% to 207 MMboe. Organic 2P replacement was 368%.
2 July 2018other● Neutral
460,259 shares issued at nil cost on vesting of executives' 2016 short-term incentive rights after a retention condition was met. Issued shares rise to 2,277,030,477. Routine administrative notice.
26 June 2018asset acquisition disposition▲ GoodMajor
Beach completed the Toyota Tsusho purchase announced 21 December 2017: its Otway Gas Project interest rises from 95% to 100% and its BassGas producing assets from 42.5% to 53.75%. Beach operates both. Price not stated in this announcement.
22 June 2018director officer appointment● Neutral
Peter Kupniewski becomes Company Secretary from 22 June 2018, replacing interim Sheree Ford, who stays as interim General Counsel. This follows Cathy Oster's resignation in May.
6 June 2018drilling progress report● Neutral
May report: Ulladulla-1 was dry, so PEL 630 plans are under review. Coalinga-1 DW1 found 6.3 m net gas pay in 100% Beach ex-PEL 106. Watkins-2, -3 and Minos-3 each found oil pay and will feed a development plan.
3 May 2018investor presentation● Neutral
Macquarie conference presentation repeating the March quarter themes: Lattice transformation, record production and ongoing integration. No new figures could be confirmed from the text provided.
3 May 2018other● Neutral
CEO Matt Kay's rights vested into 414,547 new shares under his 2016 employment terms, and some executive incentive rights lapsed. Issued shares rise to 2,276,570,218. Routine administrative notice.
2 May 2018drilling progress report● Neutral
April report: Lady Bay-1 had gas shows but poor reservoir quality and was abandoned; Tigris-1 was also dry. Mountain Goat-1 found gas pay and Marauder-2 DW1 was cased as a future producer. Ulladulla-1 was still drilling.
1 May 2018director officer appointment● Neutral
Company Secretary Cathy Oster resigned after 13 years; Sheree Ford is interim Company Secretary and General Counsel while an executive search runs.
24 Apr 2018quarterly activities report▲ GoodMajor
March quarter was the first with Lattice: record production of 6.6 MMboe, sales revenue $393m and about $133m free cash flow. Net gearing fell to 29%. FY18 pro forma production guidance narrowed to 26.0-27.0 MMboe and capex cut to $370-400m. Otway farm-down is underway.
17 Apr 2018farm in farm out agreement● Neutral
Cue says BP's option over 42.5% of WA-359-P is extended six months to 25 October 2018, and a permit suspension and extension has been sought as the permit expires 25 April. This keeps open the condition on Beach's Ironbark farm-in; 75% of well funding is conditionally secured.
16 Apr 2018joint venture update▲ GoodMajor
Beach and Senex agreed to move the up to $43m free-carry Beach inherited from Lattice from unconventional gas to western flank oil permits (Senex 60% op, Beach 40%). Lattice's earned gas interest reverts to Senex. Work from early FY19: at least three horizontal development and seven exploration wells.
4 Apr 2018drilling progress report● Neutral
Senex, operator, reports Growler-15 drilled to 3,090 m with 578 m net pay and online 17 March. Marauder-2 found only 8.6 m net sand and was plugged; a sidetrack continues. Beach holds 40%. Duplicates Beach's own report.
4 Apr 2018drilling progress report▲ Good
March report: Stunsail-7 horizontal found 509 m net oil pay, completing the Stunsail development; Growler-15 (578 m net pay) is online. Tirrawarra-89 found 43 m net gas pay. A second gas exploration phase began with Lady Bay-1 drilling. Mostly follows earlier results.
29 Mar 2018other● Neutral
Beach amended its Share Trading Policy, effective 26 March 2018, and lodged it as the ASX rules require. It covers insider trading and closed periods around results and quarterly reports. Administrative; no effect on operations or finances.
22 Mar 2018regulatory community update● Neutral
AWE says the Native Title stage of renewing the L1/L2 licences, which hold the Waitsia gas project (AWE 50% operator, Beach 50% via Lattice), has begun. The licences stay valid meanwhile, and AWE expects renewal within about 12 months, with no delay to Waitsia Stage 2.
7 Mar 2018drilling progress report● Neutral
Senex, the operator, reports that Growler-15, a Birkhead horizontal oil well in ex-PEL 104/111, spudded on 18 February and was drilling ahead at 2,056 m. Beach holds 40%. This duplicates what Beach's own drilling report says.
7 Mar 2018drilling progress report▲ Good
February report: Stunsail-6, the first Birkhead horizontal well on the Western Flank, found 203 m of net oil pay and is due online in Q4 FY18. Kalladeina North-1 found 2.5 m of net pay. Cocinero-5 was dry and abandoned; the nine wells had an 89% success rate.
22 Feb 2018director officer appointment▲ Good
Joycelyn Morton, a former Shell finance executive, joins the board as an independent non-executive director from 21 February 2018 and chairs the Audit Committee. She holds no Beach shares. She fills the gap left by Fiona Bennett's retirement and is the first of the planned female director recruits.