6 Sept 2017drilling result▼ Bad
Senex's August report says Martlet North-2 in ex-PEL 104/111 (Beach 40%) was plugged and abandoned for lack of commercial pay. Partner report on a dry appraisal well; Beach covers the same result in its own report.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2017annual report▲ GoodMajor
FY17 results: net profit $387.5m, underlying profit $161.7m (up 353%), revenue $662.4m, versus a $588.8m statutory loss in FY16. Final dividend of 1 cent is declared, payable 29 September, and the dividend reinvestment plan is suspended.
21 Aug 2017investor presentation▲ Good
Results presentation repeating FY17 figures: underlying profit up 353% to $162m, operating cash flow $321m, cash flow breakeven US$16/bbl, about $200m net cash and $700m liquidity. It repeats the 78-well FY18 plan; no new information evident.
21 Aug 2017other● Neutral
Administrative notice of the 11.00am AEST webcast for the FY17 results call. No substance beyond logistics.
21 Aug 2017security holder rights change● Neutral
Beach announced that it suspended its Dividend Reinvestment Plan, effective 21 August 2017. The notice gave no reason.
18 Aug 2017resource reserve update▲ GoodMajor
Reserves at 30 June 2017: 2P up 7% to 74.7 MMboe (from 69.8), 1P up 25% to 37.5 MMboe, 3P 138.3 MMboe, a 179% 2P replacement ratio. 2C contingent resources fell 25% to 152.9 MMboe, mainly from removing Nappamerri Trough unconventional gas.
18 Aug 2017financial restatement▲ Good
Beach expects FY17 results to include a $150m pre-tax reversal of earlier Cooper Basin impairments, partly offset by $41m of exploration and other impairments, and a $79m deferred tax asset. Reversal is attributed to cost savings and reserve upgrades.
2 Aug 2017drilling progress report▲ Good
July report: Bauer-26, Beach's first Western Flank horizontal well, hit about 350 m of net McKinlay oil pay. Okotoko North-1 was a gas discovery (Beach 23.2%) and Marauder-1 was cased. Chiton-5 was dry.
27 July 2017other● NeutralMajor
Beach guides FY18 production to 10.0-10.6 MMboe (FY17 guidance was 10.3-10.7) and capex to $220-260m, up from about $155m in FY17. It plans up to 78 wells and targets over 10 MMboe in FY19 and FY20.
27 July 2017quarterly activities report▲ Good
June quarter: record full-year production of 10.6 MMboe (up 9%), quarterly 2.5 MMboe. Cash was $348m against $150m drawn debt, with Q4 operating cash flow of $84m. Bauer expansion and Middleton compression are commissioned. FY18 guidance repeated.
27 July 2017farm in farm out agreement● Neutral
Rawson Oil and Gas agrees a staged farm-in with Vintage Energy for PEL 155 in the Otway Basin, near Beach's Katnook plant. Not a Beach transaction; Beach is only named as plant operator.
25 July 2017drilling result▲ Good
Senex announces a Birkhead oil discovery at Marauder-1 in ex PEL 104 (Beach 40%), flowing 655 bopd on test, 2 km from Growler and Spitfire. Expected online in coming months. Partner announcement; Beach reports the same result separately.
25 July 2017drilling result▲ GoodMajor
Beach confirms the Marauder-1 Birkhead oil discovery in ex PEL 104 (Beach 40%): 655 bopd on test, up to 8.6 m net pay in a 17.5 m column. To be cased and brought online in coming months.
5 July 2017drilling progress report▲ Good
June report: the five-well Callawonga campaign (Beach 75%) finished, all cased as producers online Q2 FY18, with expected 2P additions. Chiton-4, Cougar-1 and Immortals-1 were dry; Snefru-1 and Dullingari-42 DW1 were cased as gas producers.
5 July 2017drilling result▼ Bad
Senex's June report: Immortals-1 in PEL 182 (Beach 43%) showed non-commercial Birkhead oil and was plugged and abandoned, completing the three-well campaign with no commercial find. Silver Star-1 (not Beach) was damaged and suspended. Partner report.
3 July 2017director officer appointment● Neutral
Dr Peter Moore, a geologist with over 35 years' experience including executive exploration roles at ExxonMobil and Woodside, joined Beach's board as an independent non-executive director from 1 July 2017. He holds no Beach securities.
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.