Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 July 2012drilling result▲ Good
Christies-7 (PEL 92, Beach 75% operator) found a 5.5m gross oil column in the mid-Namur and 3m in the Hutton, to 1,734m. It will be cased as a producer. Reported by partner Cooper; extends the Christies success from Christies-6.
4 July 2012drilling result● Neutral
Snatcher-5 (PEL 111, Beach 40%) was cased after a 4m gross oil column (2.4m net pay), marking the western edge of Snatcher. Rig moves to the Mustang-1 exploration well. Cuisinier results relate to Senex's Barta block, not Beach.
4 July 2012drilling progress report● Neutral
June report: Encounter-1 REM fracturing gave 1.0 MMscf/d by month end and rising, though a sixth stage failed on packer integrity. Streaky-1 drilling to 3,900m. Christies-7 found about 5.5m net pay. Snatcher-5 and Charo-16 suspended; North Shadwan well slips to late August.
27 June 2012drilling spud● Neutral
Christies-7 (PEL 92, Beach 75% operator, Cooper 25%) spudded 26 June, targeting the mid-Namur oil reservoir to about 1,700m. It is a development well meant to speed Christies oil output. Reported by partner Cooper.
19 June 2012drilling result▲ Good
Christies-6 (PEL 92, Beach 75% operator, Cooper 25%) reached 1,713m and found a 3.8m gross oil column in the mid-Namur sandstone. It will be cased as a future producer. Reported by partner Cooper; a small development success.
6 June 2012drilling progress report● Neutral
May report: Encounter-1 (PEL 218, Beach 100%) pressure survey done ahead of six REM fracture treatments; Streaky-1 at 2,604m. Southend-1 gas cased; Riley-1 (PEL 92) dry. Cook-22 dry; Snatcher-4 and Cook-23 suspended as producers.
31 May 2012drilling result▲ Good
Snatcher-4 (PEL 111, Beach 40%) found a 10.3m gross oil column in the Birkhead Formation, with at least 6.5m net pay, and was cased as a future producer. Snatcher-5 spuds around 3 June. A modest success for the appraisal.
18 May 2012drilling result▲ GoodMajor
Davenport 1 (PEL 94, Beach 50% operator) reached 2,102m and found over 110m of net coal, including one seam over 45m, well above pre-drill expectations per Strike. A sidetrack for cores follows, then the well is suspended. This builds on Marsden 1.
16 May 2012drilling spud● Neutral
Senex spudded Snatcher-4 (PEL 111, Beach 40%) on 15 May, targeting 1,858m in the Birkhead Formation. It is the first of two approved Snatcher appraisal wells, following the restart of production there.
9 May 2012drilling result▲ GoodMajor
Southend-1 (PEL 107, Beach 40% operator, Drillsearch 60%) is a gas discovery. A brief 3-minute gas flow proved movable gas, though tool problems prevented a full test. It is cased and suspended for extended testing, and may tie into Middleton-Brownlow.
2 May 2012drilling progress report● Neutral
April drilling report: Encounter-1 (PEL 218, Beach 100%) gas flowed up to 750,000 scfd, with up to six weeks of testing. Moonta-1ST1 reached 3,810m and Davenport-1 is drilling. Haslam-1 is suspended and North Shadwan NS 385-1 is due to spud by end June.
27 Apr 2012drilling spud● Neutral
Strike reports Davenport 1 spudded 25 April in PEL 94 (Beach 50% operator, Strike 35%, Senex 15%), planned to 2,192m. It is the second unconventional well in the southern Cooper programme, after Marsden 1, and takes 25-30 days.
27 Apr 2012drilling result▼ Bad
Senex reports Tigercat-2 (PEL 104, Beach 40%) found only 1.6m of net oil pay, tested no oil, and will be plugged and abandoned. It is another dry result after the Growler successes. The rig moves to Snatcher.
24 Apr 2012drilling result▲ GoodMajor
Moonta-1 in PEL 218 (Beach 100%) reached 3,810m and appears gas saturated across a Permian zone over one kilometre thick, per mud logs. Encounter-1 fracture stimulation is done. Streaky-1 is next; this follows the Moonta sidetrack.
18 Apr 2012drilling spud● Neutral
Southend-1 spudded on 17 April in PEL 107 (Beach 40% operator, Drillsearch 60%), the fifth and final well of the western wet gas campaign. It targets the Patchawarra Formation to 2,912m, with a high-case prospective 20.79 BCF.
17 Apr 2012drilling result▲ Good
Strike reports preliminary Marsden 1 results (PEL 95, Beach 50%): 804m of Permian section with 43m net coal, and heavy hydrocarbons in mud logs. The well will be cased and suspended for later testing, and Davenport 1 is next. It is early, operator-reported data.
17 Apr 2012drilling spud● Neutral
Senex spudded the Tigercat-2 oil exploration well on 13 April in PEL 104 (Beach 40%), targeting 1,850m. It is the fourth of six planned oil exploration wells in the expanded 14-well campaign.
11 Apr 2012drilling progress report● Neutral
Strike reports Marsden 1 (PEL 95, Beach 50%) reached total depth at 2,625m. Logging starts shortly and results will follow. Continues the earlier coring preparation update.
11 Apr 2012drilling result▲ Good
Senex, operator with 60%, reports Growler-10 hit a 15.2m gross oil column and was cased as a future producer, its eleventh straight Growler success. Beach holds 40%. The rig moves to Tigercat-2, then Snatcher-4.
10 Apr 2012drilling result▲ GoodMajor
Partner Drillsearch reports Haslam-1 (PEL 106B, Beach 50% operator) is a wet gas discovery. A drill stem test flowed 3.0 MMscfd with liquids, and the well is cased for extended testing. It resolves the earlier 'being evaluated' status and may link to Middleton-Brownlow infrastructure.
5 Apr 2012resource reserve update▲ Good
Beach says that if it endorses the Senex Growler upgrade at year end, its net Growler reserves would rise by 1.3 MMbbl, against 0.9 MMbbl booked so far. It has not yet reviewed the operator's data. An independent review of all its reserves continues.
4 Apr 2012drilling progress report● Neutral
March report: Salwa-1 and Hawalli-1 in Egypt were plugged and abandoned with no significant hydrocarbons, ending the six-well campaign. Haslam-1 reached 2,913m. Encounter-1 fracture stimulation moves to late April. Moonta-1 needed a sidetrack. Bullamakanka-1 was dry.
4 Apr 2012resource reserve update▲ Good
Senex, Beach's 60% partner and operator, reports certified reserves at Growler up 90% (2P) after the drilling success. Senex's net 2P rose 27% to 8.1 MMbbl. This is the operator's figure, not Beach's own booking.
27 Mar 2012drilling result▼ BadMajor
Senex reports Thunderchief-1, the next exploration well after Growler's successes, was plugged and abandoned with minor oil shows and poor reservoir in the target. Beach holds 40% of PEL 104. The rig moves to Growler-10.
21 Mar 2012drilling spud● Neutral
Haslam-1, the fourth well of the PEL 106B wet gas program (Beach 50% operator), spudded 20 March, targeting the Patchawarra to 2,828m. High-case prospective recoverable gas is 19.6 BCF. It follows the Coolawang-1 discovery and will core up to 30m.
7 Mar 2012drilling progress report● Neutral
February report: Encounter-1 fracture stimulation (PEL 218) slips again, to early April. Moonta-1 at 2,924m, waiting on weather. Coolangatta-2 (ATP 633P) was dry. Spitfire-1 plugged as sub-commercial. Growler-8 cased as producer. Salwa-1 and Hawalli-1 reached total depth.
5 Mar 2012drilling progress report▼ Bad
Strike reports Marsden 1 (PEL 95, Beach 50% operator) reached 1,908m of a planned 2,640m before heavy rain closed access roads and suspended drilling. Coring and logging resume once roads reopen. A weather delay to the unconventional program.
29 Feb 2012drilling result▲ Good
Drillsearch (PEL 106B partner, 50%) reports Coolawang-1 as a wet gas discovery. A test flowed 4.5 MMscfd with high-value liquids. The well is cased for extended testing and may be combined with the nearby Canunda field. Rig moves to Haslam-1 next.
29 Feb 2012drilling result▲ GoodMajor
Beach confirms Coolawang-1 (PEL 106B, Beach 50% operator) as a gas and liquids discovery, flowing 4.5 MMscfd from 2,656-2,661m with 50° API liquids. It is 2.3km from Canunda and could be developed with it if commercial. Extended production testing follows.
22 Feb 2012drilling result▲ Good
Growler-8 appraisal well reached 1,843m with at least 18.5m net reservoir in the Birkhead Formation. It will be cased as a producer, online in March 2012. It extends the Growler oil field (Beach 40%), following Growler-7. The rig moves to Thunderchief-1.
