Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2019well test result● Neutral
Real Energy (not Beach) reported a 2.5 mmcf/d initial flow from Tamarama 3 and lodged a pipeline application to Santos' Mt Howitt facility. Beach is only a counterparty under the October 2018 Moomba processing and tie-in agreement; no direct impact stated.
15 Jan 2019asset acquisition disposition● Neutral
Red Sky Energy (not Beach) extended to 31 January 2019 the deadline to complete buying Beach subsidiary Acer's Innamincka Dome tenements in the Cooper Basin. Completion still needs royalty and native title conditions met. Beach's exit from these shut-in assets remains pending.
23 Nov 2018agm notice● Neutral
All seven AGM resolutions passed on a poll, including the remuneration report, re-election of Glenn Davis and Ryan Stokes, election of Joycelyn Morton, auditor appointment, employee share plan and reinstated partial takeover provisions. Davis's support was the lowest, at about 91%.
23 Nov 2018other● Neutral
Chairman and CEO addresses and slides for the 23 November 2018 AGM. They repeat known points: debt-free within 12 months, $664m liquidity, and Jim McKerlie's retirement. Routine meeting material.
29 Oct 2018quarterly activities report▲ GoodMajor
September quarter production rose 7% to 7.76 MMboe, revenue hit $514m and free cash flow $152m. Net debt fell to $486m (gearing 20%), with $250m repaid early. FY19 production and EBITDA now expected near the top of guidance; a further Western Flank rig is approved.
26 Oct 2018farm in farm out agreement▲ GoodMajor
Cue, BP, Beach and NZ Oil & Gas signed a conditional agreement to form a joint venture and drill Ironbark-1 in WA-359-P. Beach would hold 21%, BP 42.5% as operator. Title transfer is targeted for Q2 2019. Advances Beach's pending farm-in.
23 Oct 2018other● Neutral
Appendix 4G, the standard checklist pointing to where Beach's corporate governance disclosures are found, lodged with the annual report. Administrative filing with no new substance.
23 Oct 2018other● Neutral
2018 Sustainability Report covering FY18 safety, environment and community performance. The CEO notes a 67% fall in time lost to injuries since FY13 and the lowest crude spillage on record. No financial or operational news.
23 Oct 2018annual report● Neutral
Beach's 2018 Annual Report, covering FY18 results and the Lattice acquisition already reported in August. Notes the AGM on 23 November 2018. Text is largely repeat of known facts.
23 Oct 2018other● Neutral
Corporate Governance Statement for FY18, approved by the board on 21 September 2018. It describes board roles and composition (eight directors) and four strategic pillars. Administrative disclosure with no new substance.
15 Oct 2018material agreement● Neutral
Real Energy (not Beach) announced binding gas processing and tie-in agreements with Santos and Beach, for Moomba processing of its Windorah gas. Beach is a counterparty providing services. Terms are confidential and conditional. Little direct impact on Beach shareholders is stated.
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.
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.
26 July 2018quarterly activities report▲ Good
June quarter production rose 10% to 7.23 MMboe and sales revenue 20% to $471m. Net debt fell to $639m (gearing under 26%) on $149m free cash flow. FY18 capex came in at $288m, below guidance. Otway sell-down is ongoing.
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.
