Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2012drilling result▲ GoodMajor
Beach announces a new oil discovery at Pennington-1 (PEL 91, 40% operator), with multiple oil columns in McKinlay/Namur and mid-Namur sandstones. Pre-drill upside is exceeded, with recoverable oil likely above 2 million barrels gross. Well cased as a future producer; Birkhead shows need further evaluation.
28 Nov 2012drilling result▲ GoodMajor
Senex's Spitfire-2 (PEL 104, Beach 40%) found 6.5m net oil pay in the mid-Birkhead and was cased as a future producer. It follows Spitfire-1, plugged as uncommercial in February 2012, and confirms a new oil field about 2 km west of Growler.
26 Nov 2012drilling spud● Neutral
Drillsearch reports Pennington-1 spudded 23 November in PEL 91 (Beach 40% operator), about 9.3 km east of Bauer. First exploration well on the new Aquillus 3D seismic, targeting up to 1.16 million barrels recoverable (mean 480,000). Ensign 930 then moves to Coorabie-1.
19 Nov 2012drilling result▲ GoodMajor
Bauer-9 (PEL 91, Beach 40% operator) found 10.7m net oil pay and will be cased as a producer, supporting Bauer and Bauer North as one pool. Drillsearch cited a 16 November 2P rise to 8.2 MMbbl gross, with a further upgrade expected around year-end.
12 Nov 2012drilling spud● Neutral
Drillsearch reports Bauer-9 spudded 11 November in PEL 91 (Beach 40% operator), to test the north-western Bauer field and whether Bauer and Bauer North form one pool. Ensign 930 then goes to Pennington-1.
7 Nov 2012drilling progress report● Neutral
Beach's October drilling report: Moonta-1 frac was half done, with Streaky-1 next, and Boston-1 spudded early November. Windmill and Bauer North discoveries, Tinah-1 dry and Mesaha-1X spud are covered. Mostly repeats known results.
7 Nov 2012drilling progress report● Neutral
Senex reports Snatcher-9 (Beach 40%) spudded 2 November to test the field's northern limit, drilling at 1,530m. Extended Mustang-1 testing is expected to start in late November. Snatcher-8 and -10 are to be completed. No new results.
6 Nov 2012drilling result▲ GoodMajor
Bauer North-1 (PEL 91, Beach 40% operator) is a new oil discovery with about 3m net Namur pay, to be cased as a producer. Oil-water contacts suggest it may link to Bauer field. The reserves upgrade is delayed until Bauer-9 results are included.
30 Oct 2012drilling spud● Neutral
Drillsearch reports Bauer North-1 spudded on 29 October in PEL 91 (Beach 40% operator), a step-out testing a separate Namur culmination north of the Bauer field. Ensign 930 then moves to Bauer-9.
29 Oct 2012farm in farm out agreement▲ GoodMajor
Beach farms into the Kaheru prospect off South Taranaki, New Zealand, taking 25% from NZOG (operator, keeps 35%; TAG Oil 40%). Beach pays its share plus the first US$3m of NZOG's well costs. Subject to ministerial consent; new country for Beach.
29 Oct 2012drilling progress report▲ GoodMajor
Beach began a ten-stage fracture stimulation of Moonta-1 (PEL 218, 100%) on 26 October, mainly in the Patchawarra, at about double the previous pumping rate. It is the first of ten wells to be stimulated this year; Streaky-1 then Halifax-1 follow. Flow testing runs several weeks.
24 Oct 2012drilling result▼ Bad
Cooper Energy reports Tinah-1 (PEL 92, Beach 75% operator) was water-bearing and will be plugged and abandoned, ending the four-well campaign. The partners plan up to six more PEL 92 wells in 2013 after seismic interpretation.
24 Oct 2012drilling progress report● Neutral
Senex's fortnightly report: Snatcher-8 (PPL 240, Beach 40%) cased as a producer after 14.1m net oil pay, and Snatcher-6 and -7 completed. Snatcher-9 appraisal is next. Mostly Senex's own gas wells; no new Beach result.
18 Oct 2012drilling result▲ GoodMajor
Beach says Halifax-1 (ATP 855P, Beach 60%) reached 4,267m and appears gas saturated through the Permian, with the thickest REM (~460m) so far. Fracturing is planned for late November; 2C resource guidance is expected in Q1 2013. Preliminary log interpretation.
18 Oct 2012drilling result▲ Good
Icon repeats Beach's Halifax-1 interpretation: the Permian target zone, over 1.3km, looks gas saturated and overpressured. Fracturing is subject to Queensland approval. Icon also cites its 2 Mtpa LNG contract, which needs 2 Tcf of 2P reserves.
16 Oct 2012drilling result● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) reached total depth of 4,267m, deeper than the planned 4,130m, with the Patchawarra expected to be over 450m thick. Log interpretation is pending. Hydraulic stimulation in Q4 2012 depends on Queensland approvals.
10 Oct 2012drilling progress report▲ Good
Senex reports Snatcher-8 (PPL 240, Beach 40%) found about 14m net oil pay and is being cased as a producer. Snatcher-10 is confirmed, and the northern field limit is still open. Further development success in the Snatcher field.
10 Oct 2012drilling result▲ GoodMajor
Beach announces a new field oil discovery at Windmill-1 (PEL 92, Beach 75%): a 6m Namur oil column consistent with the 440,000 bbl recoverable upside estimate, plus Birkhead shows. It follows the Mustang-1 discovery and will be cased as a producer.
9 Oct 2012drilling result▲ Good
Cooper Energy reports Windmill-1 (PEL 92, Beach 75% operator) found oil, with a 6m net column in the Namur and indications in the Birkhead. Further Birkhead testing follows. First sign of the result Beach confirmed next day.
9 Oct 2012drilling progress report● Neutral
Icon says Halifax-1 drilling resumed 9 October after a generator repair, with depth still 4,006m. The REM is 460m thick. No new results.
3 Oct 2012drilling progress report● Neutral
Beach's September drilling report: Marble-1, the fifth PEL 218 well, spudded 30 September. Halifax-1 is at 4,006m, Butlers-5/-6 and Snatcher-10 are confirmed, and Irtalie East-2 was dry. Largely consolidates known results.
2 Oct 2012drilling result▲ Good
Senex says Snatcher-10 (PPL 240, Beach 40%) was cased after about 10m of net oil pay, extending the Snatcher field to the north. Confirms the result already flagged in September; Beach's share of the field grows modestly.
2 Oct 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) is at 4,006m, with the Patchawarra about 100m deeper than prognosed, so total depth will exceed the planned 4,130m. Gas shows are encouraging; no final results yet.
2 Oct 2012drilling spud● Neutral
Cooper Energy says Windmill-1 (PEL 92, Beach 75% operator) spudded 1 October after earlier rig delays, targeting 2,073m in the Namur Sandstone. Tinah-1 follows. Confirms the delayed spud flagged in September.
28 Sept 2012drilling scheduled▲ Good
Austin Exploration says Beach, as operator, is preparing to drill Pirie-1 in PEL 105 (50/50 JV) in the March 2013 quarter, the first drilling since flooding stopped work in 2009. Beach pays the first A$1.75m; P50 recoverable estimate is 2 million barrels.
26 Sept 2012drilling progress report▲ Good
Senex reports Snatcher-10 (PEL 111, Beach 40%) drilled to 1,905m and is being evaluated. Mustang-1 is flowing over 800 bopd in a test, in line with expectations; the earlier ~2,500 bopd figure was a testing rate. Snatcher-4 was completed for production.
26 Sept 2012drilling progress report▼ Bad
Cooper Energy says rig mechanical problems have delayed the Windmill-1 spud in PEL 92 (Beach 75% operator) until mid next week. Windmill-1 targets 2,073m depth; Tinah follows.
25 Sept 2012drilling progress report▲ Good
Icon says Halifax-1 (ATP 855P, Beach 60%) is at 3,885m with a second core cut in the Patchawarra. The REM section is about 460m thick, as prognosed versus 393m at Encounter-1. Fracturing planned Q4 2012; core evaluation will take two months or more.
20 Sept 2012drilling progress report▲ GoodMajor
Beach details a ten-well PEL 92 program (three development, seven exploration wells). Butlers-5 and -6 found 8m and 5m oil columns. PEL 92 produces over 3,500 bopd net, expected to exceed 4,500 bopd once tied into the Lycium-Moomba trunkline before year end.
19 Sept 2012resource reserve update▲ Good
Strike Energy, Beach's partner in PEL 94/95, raised its southern Cooper Basin prospective resource 136% to 14.3 Tcf net to Strike, after the Davenport-1 and Marsden-1 wells Beach operated. Beach is considering fracturing Davenport-1 coals in 2013. Partner estimate, not Beach's.
