Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2017asset acquisition disposition● Neutral
Key Petroleum says it completed buying ATPs 783, 920 and 924 from Beach subsidiaries, with only standard ministerial approvals outstanding. This completes the small Queensland Cooper Basin disposal announced in February 2017. Partner report.
14 June 2017drilling spud● Neutral
Callawonga-17, the final well of the five-well PEL 92 campaign, spudded 13 June 2017 to appraise the field's western flank, with planned depth of 1,404 m. The four earlier wells were all cased as future oil producers. Partner report.
14 June 2017investor presentation● Neutral
Credit Suisse conference presentation largely repeating known points: $175m net cash, $675m liquidity, FY17 production expected in the upper half of 10.3-10.7 MMboe and capex in the lower half of $160-170m. It flagged FY17 drilling of 55-60 wells, an increased FY18 well count, and a dividend framework under consideration.
13 June 2017drilling result▲ Good
Callawonga-16 is being cased and suspended as a future oil producer, with about 2 m net oil pay in the McKinlay Member. Fourth success from four wells in the PEL 92 campaign. Partner report from Cooper Energy.
7 June 2017drilling progress report● Neutral
May 2017 report: Callawonga-14 and -18 were cased as oil producers, with Callawonga-14 a record 5.1-day Beach drill time. Dullingari-43 DW1 gas side-track was cased as a producer. Harvey's Return-1 in PEL 630 showed no oil and was abandoned; Lepard-3 gas appraisal was cased.
7 June 2017drilling spud● Neutral
Callawonga-16, fourth well of the PEL 92 campaign, spudded 6 June 2017 targeting the field's structural high to 1,425 m. The first three wells were cased as future oil producers. Partner report from Cooper Energy.
6 June 2017drilling result▲ Good
Callawonga-15 was cased and suspended as a future oil producer, with about 5.0 m net oil pay across the McKinlay and Namur sandstones. Third success from three wells in the five-well PEL 92 campaign. Partner report.
1 June 2017drilling spud● Neutral
Callawonga-15, third well of the PEL 92 campaign, spudded 31 May 2017, targeting the field's structural high to 1,438 m. The first two wells were cased as future oil producers. Partner report from Cooper Energy.
30 May 2017drilling result▲ Good
Callawonga-18 is being cased and suspended as a future oil producer, with 2.1 m net oil pay in the McKinlay Member at 1,582 m. Second success in the campaign; Callawonga-15 is next. Partner report.
24 May 2017drilling spud● Neutral
Callawonga-18, second well of the five-well PEL 92 campaign, spudded 23 May 2017 to test the field's westernmost flank, with planned depth of 1,428 m. Partner report from Cooper Energy.
22 May 2017drilling result▲ Good
Callawonga-14, first of the five-well PEL 92 campaign, was cased and suspended as a future oil producer, with 1 m net oil pay in the McKinlay Member. Rig moves to Callawonga-18. Partner report from Cooper Energy.
15 May 2017drilling spud● Neutral
Cooper Energy reports the PEL 92 JV (Beach 75% operator, Cooper 25%) began a five-well Callawonga oil campaign, spudding Callawonga-14 on 14 May 2017. Targets undeveloped McKinlay Member reserves; completion expected mid-July. Partner report.
3 May 2017drilling progress report● Neutral
April 2017 report: Butterfish-1 (PEL 630) was dry and abandoned, and Gallan-1 in Queensland was also plugged. Hector South-1 found 6.7m net gas pay and Inca-1 DW1 was cased as a gas producer. Pennington-6 was cased as an oil producer.
3 May 2017investor presentation● Neutral
Macquarie conference presentation repeating known facts: $175m net cash, $675m liquidity, US$20/bbl breakeven, FY17 production guidance of 10.3-10.7 MMboe, capex $160-170m, and a planned expanded FY18 drilling campaign. No new announcement evident in the text provided.
27 Apr 2017other● Neutral
Beach keeps FY17 production guidance at 10.3-10.7 MMboe but cuts capex guidance again to $160-170m (from $170-185m). It cites faster drilling and lower well costs, reduced non-essential maintenance, and some project completions slipping to Q1 FY18.
5 Apr 2017drilling result▼ Bad
Senex's March report: Hoplite-1 and its side-track in PEL 182 (Beach 43%) found non-commercial oil and were plugged and abandoned. A third PEL 182 well is expected in Q4 FY17. Silver Star-1 (not Beach) spudded. Partner report.
5 Apr 2017drilling result▲ GoodMajor
Beach completed its FY17 operated gas campaign with three liquids-rich discoveries from four wells, including Mokami-1 (8.6 MMscfd on test), adding a preliminary 3.4 MMboe of 2P reserves. Separately, the Hoplite-1 oil well in PEL 182 had oil shows but was plugged and abandoned for insufficient pay.
31 Mar 2017asset acquisition disposition● Neutral
Icon Energy takes 100% of ATP 855 in Queensland's Cooper Basin after Beach withdrew effective 31 March 2017. Beach's shale gas exposure at ATP 855 ends. The text says nothing about any payment or liability.
17 Mar 2017drilling scheduled▲ GoodMajor
Beach plans to drill Haselgrove-3, a conventional gas exploration well in the onshore Otway Basin (PPL 62, 100%), targeting a 34 Bcf prospect at about 32% chance of success. A $6m South Australian PACE grant, subject to documentation, would cover 40-50% of cost. Drilling is expected in Q1 FY18.
15 Mar 2017dividend declaration▲ Good
Details of the 1 cent fully franked interim dividend, paid 31 March 2017 to holders on the 3 March record date. Shares issued under the dividend reinvestment plan are priced at $0.692, including a 2.5% discount. The dividend is not underwritten.
9 Mar 2017investor presentation● Neutral
Presentation to the Goldman Sachs forum in New York, repeating half-year results: $103m profit, $148m net cash, market value about $1.3 billion, cash flow breakeven US$20/bbl and FY17 production guidance of 10.3-10.7 MMboe. No new information evident in the text provided.
1 Mar 2017drilling result● Neutral
Senex's February report: Sparta-1 in PEL 182 (Beach 43%) was plugged and abandoned for insufficient pay. Hoplite-1 found 17 m gross Birkhead pay and was being tested. Partner report, not Beach's own announcement.
1 Mar 2017drilling progress report● Neutral
February report: Kanowana-14 completed a three-well gas campaign, all cased as producers. Crockery-1 confirmed a gas discovery (7.2 m net pay, expected 3-8 MMscfd, online Q1 FY18). Dandy-1 and Sparta-1 were plugged and abandoned. Mokami-1 spudded.
22 Feb 2017asset acquisition disposition● Neutral
Key Petroleum is buying 100% of Cooper Basin permits ATPs 783, 920 and 924 from Beach subsidiaries for $125,000 upfront plus a 1.5% royalty to Beach's Drillsearch unit. A small disposal of Queensland acreage inherited via the Drillsearch merger; needs ministerial approval.
20 Feb 2017half year report▲ GoodMajor
Half-year to 31 December 2016: net profit $103.4m (versus a $600.1m loss a year earlier), underlying profit $88.7m, revenue $345.4m. Cash was $298.2m. A 1 cent fully franked interim dividend is declared, after the 0.5 cent final paid in September 2016.
20 Feb 2017investor presentation▲ Good
Half-year results presentation repeating the reported profit of $103m, record 5.5 MMboe production and $148m net cash. It notes up to 60 wells planned in FY17 and a reinstated dividend. Beach says it is assessing inorganic growth and new ventures. Largely repeats known facts.
6 Feb 2017director officer appointment● Neutral
Beach appointed Richard Richards, Seven Group Holdings' CFO, as a non-executive director. He is Seven's nominee; Seven holds 22.89% of Beach. He was previously an alternate director to Ryan Stokes, and that role has ended. Seven must procure his resignation if its stake falls below 12.5% and Beach requests it.
2 Feb 2017drilling progress report● Neutral
Senex's January report: Spitfire-8 (Beach 40%) found 7.2 m net pay and was cased as an oil producer, due online in Q3 FY17. Worrior-11 was also cased, and Sparta-1 in PEL 182 is due to spud in early February. Partner report; repeats Beach's own report.
1 Feb 2017drilling progress report● Neutral
January report: Kanowana-12 and -13 were cased as gas producers broadly in line with estimates, and Spitfire-8 (Beach 40%) as an oil producer. Crockery-1 in ex PEL 106 found 7.2 m net pay and is testing. Raffle-2 was below pre-drill estimates.
31 Jan 2017other▲ GoodMajor
FY17 production guidance raised to 10.3-10.7 MMboe (from 9.7-10.3). Capex guidance cut to $170-185m (from $180-200m) while the drilling program expands to 16 operated wells (+3) and up to 42 non-operated wells (+5). Kangaroo-1 is on extended production test.
