19 Sept 2012drilling result▲ Good
Cooper Energy reports Butlers-6 (PEL 92, Beach 75% operator) found a 5m gross Namur oil column and will be cased as a producer. Windmill-1 exploration is added before Tinah-1.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P) has reached 3,860m and cut a 24m core in the Epsilon Formation, now being evaluated. Drilling continues in the Patchawarra toward 4,130m. No results yet.
12 Sept 2012drilling progress report▲ Good
Senex reports Snatcher-7 (PEL 111, Beach 40%) cased as a future producer with 7.5m net oil pay, and Mustang-1 completed with production testing due. Snatcher-10 is next. Incremental progress on known fields.
11 Sept 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) has reached 3,326m of a planned 4,130m and entered the Roseneath Formation. The first core is to be taken in the Epsilon. No new result.
10 Sept 2012farm in farm out agreement▲ GoodMajor
Beach signed a farm-in on 4 September for 30% of the Est Cobalcescu block, offshore Romania (Black Sea), with Melrose and Petromar. Cost is about US$8.4m in 2012 and an estimated US$24.8m over three years. Subject to Romanian approval; Beach's first Europe entry.
10 Sept 2012drilling result▲ Good
Cooper Energy reports Butlers-5 (PEL 92, Beach 75% operator) found an 8m gross oil column in the Namur Sandstone, higher than expected. It will be cased as a producer; Butlers-6 follows, then Tinah-1.
5 Sept 2012drilling spud▲ Good
Cooper Energy (25% partner) says a three-well campaign in PEL 92 (Beach 75% operator) has started, with Butlers-5 spudded 5 September to a planned 1,356m. Butlers-6 and an exploration well follow; the field is producing about 2,500 bopd.
5 Sept 2012resource reserve update▲ Good
Drillsearch repeats Beach's preliminary estimate of over 10 million barrels recoverable at Bauer (PEL 91, Beach 40%), against the 6.7 million barrels 2P audited by GCA in July. A fresh audit including Bauer-6, -7 and -8 is due by October 2012.
5 Sept 2012drilling progress report▲ GoodMajor
Beach's August drilling report repeats known results (Bauer-6/-7/-8, Tomcat-1 dry, Halifax-1 shale gas test) but adds a preliminary Bauer field estimate of over 10 million barrels recoverable (over 4 million net to Beach). Hoss-1 (WA-208P, Beach 10%) offshore was dry.
4 Sept 2012drilling progress report● Neutral
Icon says Beach-operated Halifax-1 (ATP 855P, Beach 60%) reached 2,878m and a drill stem test of an unexpected shallow Nappamerri sand flowed dry gas at about 0.2 MMscf/d, with no stable rate. The main REM target is still to be drilled to 4,130m.
30 Aug 2012drilling result▲ GoodMajor
Drillsearch reports Bauer-8 (PEL 91, Beach 40% operator) found 10m net Namur oil pay and will be cased as a producer, extending the Bauer field north. Two more appraisal wells are proposed by end 2012, and Drillsearch expects a further reserves increase.
29 Aug 2012drilling result▼ BadMajor
Senex reports Tomcat-1 (PEL 111, Beach 40%) found a sand channel but no hydrocarbons and was plugged and abandoned. Mustang-1 (almost 2,500 bopd in testing) is being completed for production, and Snatcher-7 is now drilling.
23 Aug 2012drilling progress report● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60%) has drilled to 2,611m and is running intermediate casing. It repeats the 300 Tcf gas-in-place hope for PEL 218 and the funding terms (Beach funds first A$16m). No new result.
23 Aug 2012drilling spud● Neutral
Drillsearch reports Bauer-8 (PEL 91, Beach 40% operator) spudded 22 August, 530m north-north-east of Bauer-5. It is the fourth and final well in the current Bauer program and will also test the Birkhead oil found at Bauer-5.
20 Aug 2012drilling result▲ Good
Drillsearch reports Bauer-6 (PEL 91, Beach 40% operator) logged 9m net Namur pay and potentially 4m McKinlay pay, with only minor Birkhead oil shows. It will be cased as a producer and shows the field extends further west. Rig moves to Bauer-8.
14 Aug 2012drilling result▲ Good
Senex cased Snatcher-6 (PEL 111, Beach 40%) after a 10.5m gross Birkhead oil column with 5.2m net pay. It is the first well of the continuing Snatcher appraisal program. The rig now moves to Tomcat-1.
14 Aug 2012drilling progress report● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60%) is drilling at 1,605m after casing set at 847m. Restates the 300 Tcf gas-in-place hope for PEL 218 and the funding terms. No new result.
10 Aug 2012drilling spud▲ Good
Drillsearch reports Bauer-6 (PEL 91, Beach 40% operator) spudded 9 August and will also test the Birkhead. The joint venture added a fourth development well, Bauer-8, 500m north-east of Bauer-5, after the Bauer-5 success.
6 Aug 2012drilling result▲ Good
Drillsearch reports Bauer-7 (PEL 91, Beach 40% operator) logged 9.5m net Namur pay and 4m McKinlay pay, and will be cased as a producer. It supports the field's eastern extension. Rig moves to Bauer-6.
6 Aug 2012drilling spud● NeutralMajor
Partner Icon reports Halifax-1 (ATP 855P, Beach 60% on funding the first A$16m) spudded 4 August to 4,130m, with total depth in about 55 days. This is the first vertical well in Beach's second Nappamerri Trough gas permit.
2 Aug 2012drilling progress report● Neutral
Drillsearch says Bauer-7 (PEL 91, Beach 40% operator) found no reservoir sands or shows in the Birkhead, so the Bauer-5 Birkhead find was not repeated there. It is still expected to be cased as a McKinlay and Namur producer.
1 Aug 2012drilling scheduled● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60% operator) spud slipped one day, to 2 August. It will be cored, fracture-stimulated and flow tested, with a contingent resource expected to be booked. Minor timing change.
1 Aug 2012drilling progress report▲ Good
July report: Encounter-1 flow test finished, with a maximum combined rate over 2 MMscf/d. Streaky-1 reached 3,821m with gas indicated. Bauer-5 and Mustang-1 oil results restated, Bauer-7 spudded, and Halifax-1 spud timing given.
30 July 2012drilling spud● Neutral
Partner Drillsearch reports Bauer-7 (PEL 91, Beach 40% operator) spudded 27 July as an oil development well, also drilled into the Birkhead to follow up Bauer-5. Also notes Santos's Olive Oyl-1 spud in ATP 299, where Beach holds no stated interest.
23 July 2012drilling result▲ GoodMajor
Beach confirms Bauer-5 (PEL 91, Beach 40% operator) hit 6m net Namur oil pay, extending Bauer north-east, and a new Birkhead oil pool flowing 1,160 bopd on test. Likely material to 2P reserves, though the size is unquantified; cased as a producer.
23 July 2012drilling result▲ Good
Partner Drillsearch reports Bauer-5 (PEL 91, Beach 40% operator) made a new Birkhead oil discovery, testing 1,160 bopd from 5m net pay, plus 6m of Namur pay extending the field north-east. Described as likely material to 2P reserves; well to be cased as a producer.
17 July 2012drilling result▲ Good
Senex's release repeats the Mustang-1 discovery in PEL 111 (Beach 40%): a 4.5m gross oil column, 4.0m net pay, flowing at 2,484 bopd on test. Cased as a future producer. Same news as Beach's own announcement.
17 July 2012drilling result▲ GoodMajor
Mustang-1 (PEL 111, Beach 40%) is a new oil field discovery: 4.5m gross oil column, 4m net pay, flowing at 2,484 bopd on test. Cased as a future producer, with Tomcat-1 next. Adds to the Snatcher and Growler successes.
16 July 2012farm in farm out agreement● Neutral
Icon's release repeats Beach's announcement: Halifax-1 in ATP 855P is accelerated to a July 2012 vertical well. Beach funds the first A$16m, less Icon's A$1.75m contribution, to hold 60%. No new information.
16 July 2012farm in farm out agreement▲ GoodMajor
Beach and Icon bring forward ATP 855P unconventional gas with a vertical Halifax-1 well, now starting in July 2012 rather than a horizontal well in September. Beach funds the first A$16m, less Icon's A$1.75m, to hold 60%. This moves up the earlier Q3 timing.