Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2017annual report● Neutral
Beach's 2017 annual report, lodged ahead of the 23 November AGM. It describes FY17 as record production (10.6 MMboe) and presents the proposed $1,585m Lattice Energy acquisition as transformational. The text provided is truncated, so no new figures are drawn from it.
20 Oct 2017other● Neutral
Appendix 4G, the standard checklist pointing to Beach's corporate governance statement, lodged with the annual report. Administrative filing with no substantive content.
19 Oct 2017capital raising announcement▲ GoodMajor
Retail entitlement offer closed 16 October raising about $102m at $0.75, taking the total to about $301m for the Lattice purchase. Retail take-up was about 53%; Seven Group takes the ~64m unclaimed shares, lifting its stake to 25.6%.
5 Oct 2017capital raising announcement● Neutral
Beach confirms it has dispatched the retail entitlement offer booklet and the letter to ineligible shareholders. Only eligible Australian and New Zealand retail holders can take part in the $0.75, 3-for-14 offer. Administrative step with no new terms.
4 Oct 2017drilling progress report● Neutral
September report: Louth-1 (ex PEL 92) and Goldsmith-1 (ex PEL 91, Beach 100%) were plugged and abandoned, so future Birkhead drilling will focus nearer Kangaroo. Roti-5/-6 gas wells and Merrimelia oil wells were cased as producers. Lowry-1 was drilling.
2 Oct 2017capital raising announcement● Neutral
Lodgement of the retail entitlement offer booklet: 3 new shares for every 14 held at $0.75, closing 16 October. Unused rights are non-renounceable and lapse without value. Repeats terms already announced.
2 Oct 2017capital raising announcement▲ GoodMajor
Beach's institutional entitlement offer raised about $201m of the $301m, with roughly 98% take-up including Seven Group. The $100m retail offer at $0.75 a share (3 for 14) opens 5 October and closes 16 October.
2 Oct 2017security holder rights change● Neutral
Standard notice to shareholders outside Australia and New Zealand that they are ineligible for the retail entitlement offer at $0.75 (3 for 14). No amount is payable by them and no action is required.
28 Sept 2017admin correction● Neutral
Beach corrects a note in its Lattice investor presentation: undrawn facilities change from $150m to $50m and pro forma cash from $320m to $282m. The pro forma balance sheet itself is unchanged.
28 Sept 2017investor presentation● Neutral
Presentation backing the Lattice deal: $1,585m price, $301m entitlement offer, up to $1,575m debt, $20m run-rate synergies, and a target net gearing under 25% by end FY19. It repeats the acquisition announcement's figures.
28 Sept 2017asset acquisition disposition▲ GoodMajor
Beach agrees to buy Lattice Energy from Origin for $1,585m, funded by a $301m 3-for-14 entitlement offer and up to $1,575m of new debt. It lifts 2P reserves about 200% to 232 MMboe and FY18 production guidance to 25-27 MMboe.
28 Sept 2017asset acquisition disposition● NeutralMajor
Origin announces it will sell Lattice Energy to Beach for $1,585m, effective 1 July 2017, subject to New Zealand approvals. Origin keeps long-term gas supply from Lattice's production. Seller's view of the deal Beach announces separately.
25 Sept 2017drilling result▼ Bad
Louth-1 in PRL 102 (PEL 92 JV, Beach 75% operator) found no significant hydrocarbons at 2,469 m and is being plugged and abandoned. A dry hole for the FY18 gas campaign.
18 Sept 2017drilling spud● Neutral
Cooper Energy reports Louth-1 spudded on 15 September in PRL 102, testing Patchawarra gas/condensate near the Mokami and Udacha fields. Beach operates the PEL 92 JV (Beach 75%, Cooper 25%); target depth 2,671 m.
6 Sept 2017drilling progress report● Neutral
August report: Donington-1 in ex PEL 91 (Beach 100%) was plugged and abandoned after poor reservoir, and Goldsmith-1 was drilling. Martlet North-2 was dry. Zeus-12, Zeus-11, Tennaperra-5 and Jack Lake-6/-7 were cased as future producers.
6 Sept 2017drilling result▼ Bad
Senex's August report says Martlet North-2 in ex-PEL 104/111 (Beach 40%) was plugged and abandoned for lack of commercial pay. Partner report on a dry appraisal well; Beach covers the same result in its own report.
21 Aug 2017annual report▲ GoodMajor
FY17 results: net profit $387.5m, underlying profit $161.7m (up 353%), revenue $662.4m, versus a $588.8m statutory loss in FY16. Final dividend of 1 cent is declared, payable 29 September, and the dividend reinvestment plan is suspended.
21 Aug 2017investor presentation▲ Good
Results presentation repeating FY17 figures: underlying profit up 353% to $162m, operating cash flow $321m, cash flow breakeven US$16/bbl, about $200m net cash and $700m liquidity. It repeats the 78-well FY18 plan; no new information evident.
21 Aug 2017other● Neutral
Administrative notice of the 11.00am AEST webcast for the FY17 results call. No substance beyond logistics.
21 Aug 2017security holder rights change● Neutral
Beach announced that it suspended its Dividend Reinvestment Plan, effective 21 August 2017. The notice gave no reason.
18 Aug 2017resource reserve update▲ GoodMajor
Reserves at 30 June 2017: 2P up 7% to 74.7 MMboe (from 69.8), 1P up 25% to 37.5 MMboe, 3P 138.3 MMboe, a 179% 2P replacement ratio. 2C contingent resources fell 25% to 152.9 MMboe, mainly from removing Nappamerri Trough unconventional gas.
18 Aug 2017financial restatement▲ Good
Beach expects FY17 results to include a $150m pre-tax reversal of earlier Cooper Basin impairments, partly offset by $41m of exploration and other impairments, and a $79m deferred tax asset. Reversal is attributed to cost savings and reserve upgrades.
2 Aug 2017drilling progress report▲ Good
July report: Bauer-26, Beach's first Western Flank horizontal well, hit about 350 m of net McKinlay oil pay. Okotoko North-1 was a gas discovery (Beach 23.2%) and Marauder-1 was cased. Chiton-5 was dry.
27 July 2017other● NeutralMajor
Beach guides FY18 production to 10.0-10.6 MMboe (FY17 guidance was 10.3-10.7) and capex to $220-260m, up from about $155m in FY17. It plans up to 78 wells and targets over 10 MMboe in FY19 and FY20.
27 July 2017farm in farm out agreement● Neutral
Rawson Oil and Gas agrees a staged farm-in with Vintage Energy for PEL 155 in the Otway Basin, near Beach's Katnook plant. Not a Beach transaction; Beach is only named as plant operator.
25 July 2017drilling result▲ Good
Senex announces a Birkhead oil discovery at Marauder-1 in ex PEL 104 (Beach 40%), flowing 655 bopd on test, 2 km from Growler and Spitfire. Expected online in coming months. Partner announcement; Beach reports the same result separately.
25 July 2017drilling result▲ GoodMajor
Beach confirms the Marauder-1 Birkhead oil discovery in ex PEL 104 (Beach 40%): 655 bopd on test, up to 8.6 m net pay in a 17.5 m column. To be cased and brought online in coming months.
5 July 2017drilling progress report▲ Good
June report: the five-well Callawonga campaign (Beach 75%) finished, all cased as producers online Q2 FY18, with expected 2P additions. Chiton-4, Cougar-1 and Immortals-1 were dry; Snefru-1 and Dullingari-42 DW1 were cased as gas producers.
5 July 2017drilling result▼ Bad
Senex's June report: Immortals-1 in PEL 182 (Beach 43%) showed non-commercial Birkhead oil and was plugged and abandoned, completing the three-well campaign with no commercial find. Silver Star-1 (not Beach) was damaged and suspended. Partner report.
3 July 2017director officer appointment● Neutral
Dr Peter Moore, a geologist with over 35 years' experience including executive exploration roles at ExxonMobil and Woodside, joined Beach's board as an independent non-executive director from 1 July 2017. He holds no Beach securities.
