Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2017farm in farm out agreement● Neutral
Cue says BP's option over 42.5% of WA-359-P is extended to 25 April 2018. This is one of the conditions for Beach's 21% farm-in to the Ironbark prospect, so it keeps that deal alive. Cue plans to seek a permit extension.
8 Dec 2017listing compliance notice▼ Bad
After Fiona Bennett's retirement, Beach's Audit Committee no longer meets ASX Listing Rule 12.7. ASX granted a grace period to 23 February 2018 to fix it; a director recruitment is underway, consistent with the plan to add two female directors.
6 Dec 2017drilling progress report▲ Good
November report: Naiko-1 (Beach 100%) found 2 m of net gas pay and flowed up to 5.8 MMscfd, possibly connected to Middleton and likely to add reserves. McKinlay oil campaign began with early success; Haselgrove-3 ST1 reached total depth. Namur and Odonata wells cased as producers.
5 Dec 2017material agreement● Neutral
Adelaide Brighton confirms it has signed a gas supply agreement with Beach for its South Australian operations, alongside an electricity deal with Infigen. Counterparty's confirmation of the Beach gas sales agreement already announced; no new terms.
5 Dec 2017material agreement▲ Good
Beach signs new gas sales deals with Adelaide Brighton and Alinta for up to 4 PJ over 12 months from 1 January 2018. Naiko-1 is the third discovery from the first four Western Flank wells; the ~$5m Middleton expansion from 25 to 40 MMscf/d targets completion by end FY18.
29 Nov 2017farm in farm out agreement● Neutral
Cue Energy's release on its deal with Beach: Beach to take 21% of WA-359-P (Carnarvon Basin) for $900,000 past costs plus a 4% carry on the Ironbark-1 well, and an option over 7.5% of WA-409-P. Conditional on BP exercising its option and a permit extension.
29 Nov 2017farm in farm out agreement▲ GoodMajor
Beach signs binding deals to farm into the giant Ironbark gas-condensate prospect off WA: 21% of WA-359-P for $900,000 plus 4% of drilling cost, and an option over 7.5% of WA-409-P. Conditional on BP exercising its 42.5% option (by 11 Dec) and a permit extension.
23 Nov 2017investor presentation● Neutral
AGM address: chair notes Fiona Bennett's retirement and plans to appoint two female directors, taking the board to nine. Recaps FY17: underlying profit up 353% to $162m, cash up 75% to $348m. Text is truncated; no new operating news.
23 Nov 2017agm notice● Neutral
All resolutions passed at the 23 November AGM, including the remuneration report (98.79% for), election of Richards and Moore, Beckett's re-election, and financial assistance for the Lattice acquisition (99.15% for). Bennett's resolution was withdrawn.
7 Nov 2017director officer appointment● Neutral
Independent director Fiona Bennett, on the board since 2012 and chair of the Risk and Audit committees, will retire at the 23 November AGM. Her re-election resolution is withdrawn. A successor has not been named in this notice.
6 Nov 2017asset acquisition disposition● Neutral
Key Petroleum says the transfer of Cooper Basin permits ATP 783, 920 and 924 from Beach has been finalised. This completes the sale of these Queensland permits, which Beach had pending.
1 Nov 2017drilling result▲ GoodMajor
Lowry-1 (Beach 100%) is a gas and condensate discovery that flowed 9.4 MMscfd, supporting the Middleton expansion from 25 to 40 MMscfd. Crawford-1 also found gas and extends the Brownlow Field. Haselgrove-3 in the Otway is sidetracking after a stuck tool.
31 Oct 2017quarterly activities report▲ Good
September quarter: production 2.6 MMboe (up 2%), sales revenue $178m, operating cash flow $90m. Lowry-1 and Marauder-1 confirmed as discoveries. Lattice integration planning is advanced, with completion targeted in the next few months, still subject to approvals.
20 Oct 2017other● Neutral
Beach's 2017 corporate governance statement, approved by the board on 22 September 2017. The board states it complied with the ASX governance principles. Routine compliance document with no new corporate events.
20 Oct 2017other● Neutral
Beach's 2017 sustainability report, covering safety, environment and community performance for FY17. It contains no new financial or operating results affecting the Lattice deal or reserves.
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.
