Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2017drilling progress report● Neutral
December report: Butlers-9 was plugged and abandoned for lack of commercial pay. Canunda-3 in 100%-owned ex PEL 106 tested liquids-rich gas at up to 1.9 MMscf/d and was cased as a producer. Allunga-2 and -3 were cased as producers.
12 Dec 2016drilling result▼ Bad
Cooper Energy reports Butlers-9 is being plugged and abandoned at 1,810 m with only minor hydrocarbon shows. This is a dry result for the Butlers north-west appraisal in PPL 245 (Beach 75%, Cooper 25%).
7 Dec 2016drilling progress report● Neutral
November report: the Big Lake campaign finished with all five wells cased as future gas producers, and Galex-5 came in materially below estimates. Osmanli-1 found Birkhead oil on test (about 50-55 bopd per zone) and was cased as a producer. Penneshaw-1 was plugged and abandoned.
7 Dec 2016drilling spud● Neutral
Cooper Energy reports Butlers-9, an oil appraisal well in PPL 245 (Beach operator 75%, Cooper 25%), spudded 6 December. It targets 1,804 m, testing the undrilled north-west of the Butlers field, and is expected to take about 6 days.
6 Dec 2016director officer appointment▼ Bad
Beach announced the unexpected death of non-executive director Doug Schwebel, who joined the board in 2012 and had over 30 years of energy sector experience. The announcement did not mention a replacement.
5 Dec 2016security holder rights change● Neutral
351,878 2013 long-term incentive rights lapsed unexercised. Issued capital stands at 1,865,094,804 ordinary shares, plus unlisted rights. Administrative notice.
5 Dec 2016contract award▲ GoodMajor
Beach signed a 12-month gas sales agreement with Adelaide Brighton Cement for Western Flank gas, starting 1 January 2017 and replacing the existing ex PEL 106 raw gas contract. Its first industrial gas customer; Beach expects a material uplift in net revenue from Western Flank gas.
2 Dec 2016drilling scheduled● Neutral
Senex starts its FY17 Cooper drilling. Spitfire-8 (Beach 40%) is an appraisal well, and Sparta-1 and Hoplite-1 exploration wells in PEL 182 (Beach 40% per this text) follow in early 2017. Partner-operator news; Beach is not the announcer.
23 Nov 2016director officer appointment● NeutralMajor
Mike Dodd becomes Chief Operating Officer from 3 January 2017, ending Kevin Welsh's four-month acting stint. Jeff Schrull (from Cue Energy) joins as Group Executive Exploration and Development, and Kevin Hollingsworth as a new Group Executive Human Resources. Follows the organisational review.
22 Nov 2016drilling spud● Neutral
Cooper Energy reports that Penneshaw-1, an oil exploration well in PRL 87, spudded on 22 November. Beach operates with 75% and Cooper holds 25%. It is to reach 1,862 m in about 12 days, with Butlers-9 next.
10 Nov 2016other● Neutral
AGM chairman's address and presentation, largely repeating known facts: record 9.7 MMboe FY16 production, about $40m pa Drillsearch merger savings, US$26/bbl cash flow breakeven, and two early FY17 exploration discoveries. No new figures in the visible text.
2 Nov 2016drilling progress report● Neutral
October report: Big Lake-137 was cased as a gas producer, slightly below pre-drill estimates, and Big Lake-138 is drilling. Dunadoo East-1 (Beach 23.2%) was plugged and abandoned for lack of commercial pay. It also restates the Kangaroo-1 and September-1 oil discoveries.
1 Nov 2016drilling result▲ GoodMajor
September-1, the second FY17 exploration well, found oil in the Poolowanna Formation of 100%-owned ex PEL 91, flowing 210 bopd on test. Cased as a future producer. Beach has now made two discoveries in two exploration wells. Further testing is planned to size the resource, with appraisal possible in FY18.
19 Oct 2016investor presentation● Neutral
Citi conference presentation repeats known facts: market capitalisation about $1.4bn, liquidity about $0.6bn, FY17 production guidance of 9.7-10.3 MMboe, and 2P reserves of 70 MMboe. It cites 10 exploration wells in FY17 and the nil unconventional resources.
10 Oct 2016drilling result▲ GoodMajor
Kangaroo-1, the first of 10 FY17 exploration wells, found a 20 m gross oil column in the Birkhead Formation, flowing 320 bopd on test in 100%-owned ex PEL 91. Production is possible by Q3 FY17. Two follow-up prospects are identified, and Beach will reassess its FY17 drilling and capital program.
7 Oct 2016other● Neutral
2016 Corporate Governance Statement, approved by the board on 26 September 2016. The board says it complied with the ASX principles and has seven directors. Administrative disclosure with no new business information.
7 Oct 2016other● Neutral
Appendix 4G, the standard key to corporate governance disclosures, lodged with the annual report. Administrative filing with no substantive content.
7 Oct 2016annual report● Neutral
2016 Annual Report, titled 'Positioned for Growth', repeats the previously announced FY16 results. The AGM is set for 10 November 2016 in Adelaide. The visible text adds no new figures.
5 Oct 2016drilling progress report● Neutral
September report: Stunsail-3 cased, completing all three FY17 Western Flank development wells in line with expectations. Big Lake-135 came in at a low-side gas outcome. Kangaroo-1, the first of 10 FY17 exploration wells, spudded 29 September.
21 Sept 2016dividend declaration● Neutral
Details of the previously declared 0.5c fully franked final dividend, paid 30 September 2016. The dividend reinvestment plan issue price is $0.536, after a 2.5% discount. It is not underwritten.
7 Sept 2016drilling progress report▲ Good
August report: Hanson-4 and Callawonga-12 were cased as future oil producers, and Stunsail-3 spudded 29 August. Big Lake-134 (Beach 20.21%) was cased as a gas producer with 143 m net pay. Wells online Q2 FY17 where stated.
29 Aug 2016resource reserve update▼ BadMajor
At 30 June 2016, reserves are 1P 29.9, 2P 69.8 and 3P 132.6 MMboe, down from 2P 74.4. Contingent resources (2C) fall to 205.2 MMboe from 676.6. Unconventional NTNG resources are cut to nil, as the project is unlikely to be commercial in the medium term.
29 Aug 2016investor presentation▲ Good
FY16 results presentation repeats the known result: record 9.7 MMboe production, net debt free, cash flow breakeven US$26/bbl, and a 0.5c dividend. Adds that each US$10/bbl oil rise is worth about $50m NPAT, and 13 operated wells are planned for FY17.
29 Aug 2016annual report▼ BadMajor
FY16 result: statutory net loss $588.8m, underlying profit $35.7m (down 61%), revenue $564.6m (down 23%). A final dividend of 0.5 cents per share is declared, payable 30 September 2016, after no interim dividend. Net asset backing is $0.58 per share.
25 Aug 2016drilling result▲ Good
Cooper Energy reports Callawonga-12 in PPL 220, which Beach operates with 75%, will be cased as an oil producer after about 2 m net oil. A rig returns in October for 1-2 exploration wells in PRLs 85-104.
22 Aug 2016other● Neutral
Notice that FY16 full year results will be released on 29 August 2016, followed by a results call. No substantive content.
17 Aug 2016asset acquisition disposition● NeutralMajor
Beach completes the sale of Beach Egypt, holding the 22% Abu Sennan interest, to Rockhopper, ending its Egypt exposure. Cash is up to US$20.5m, with US$10.8m paid at completion and about US$7.4m deferred over 12 months.
10 Aug 2016security holder rights change● Neutral
Administrative notice: further executive incentive rights lapsed unexercised (189,792 from 2013, 278,316 from 2014, 545,541 from 2015). Issued capital is unchanged at 1,860,782,112 shares.
3 Aug 2016asset acquisition disposition● NeutralMajor
Beach agrees to sell its Kenmore-Bodalla oil permits in Queensland, its only operated Queensland Cooper production (30 kbbl in the June quarter), to Bridgeport, a New Hope subsidiary. Terms are confidential, with modest cash expected. Completion is due by end of Q2 FY17.
3 Aug 2016drilling progress report▲ Good
July report: Tirrawarra-90 (Beach 20.21%) and Coolah-4 (23.2%) were cased as future producers, completing the Coolah campaign with all three wells successful. Tirrawarra-89 is deferred to Q2 FY17. Big Lake-134 spudded 22 July.
