Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2012drilling spud● Neutral
Strike says Beach, as operator of PEL 95 (Beach 50%/Strike 50%), will spud the Marsden 1 unconventional coal and shale well on 22 February, to 2,640m. Davenport 1 in PEL 94 follows back-to-back. Continues the Southern Cooper Basin unconventional evaluation.
13 Feb 2012farm in farm out agreement● Neutral
Somerton Energy (Beach ~57%) gets options to take up to 18% of the onshore and 8.25% of the offshore Bonaparte Basin tenements, on the same terms as Beach's TOAG farm-in. Firm spend would be up to $1.5m on 2012 surveys. Beach's own firm commitment is up to $5m.
13 Feb 2012drilling spud● Neutral
Senex spudded Growler-8, the seventh well in the 11-well program, on 11 February (Beach 40%). It is an appraisal well 1,200m west of Growler-1 and will also test a possible lower Birkhead sand. Seven Growler wells are now on production.
9 Feb 2012drilling spud● Neutral
Coolawang-1, the third of four wet gas exploration wells in PEL 106B (Beach 50% operator), spudded 9 February. It targets the Patchawarra Formation to 2,825m, with high-case prospective recoverable gas of up to 19.6 BCF, and will take a 30m coal core.
6 Feb 2012drilling result▼ Bad
Spitfire-1 (PEL 104, Beach 40%) found an oil-water contact and recovered only 2.5 barrels of clean oil in testing. It was classed non-commercial and is being plugged. Senex sees follow-up drilling updip. Rig moves to Growler-8.
1 Feb 2012drilling progress report● Neutral
January report: Admella-1 (PEL 106B) flowed gas at up to 5.5 MMcfd but was sub-economic and is being plugged. Noosa-1 (ATP 633P) was dry. Parsons-4 tested at 7,600 bopd. Moonta-1 spudded 23 January in PEL 218; Encounter-1 fracture stimulation slipped to mid-February.
23 Jan 2012drilling spud● Neutral
Senex spudded Spitfire-1 on 20 January, the sixth well of the 11-well program and second of six exploration wells (Beach 40%). It is 2.5km west of the Growler field, targeting the Birkhead Formation to 1,830m.
18 Jan 2012drilling scheduled● Neutral
Strike outlines two unconventional wells: Marsden 1 in PEL 95 (Strike 50%) spuds in February, then Davenport 1 in PEL 94 (Strike 35%). Both are operated by Beach, with total cost of $5.5m, of which Strike pays about $2.5m. These are the first dedicated unconventional wells in these permits.
17 Jan 2012drilling result▲ Good
Growler-7 found a 20m gross oil column (at least 18.8m net pay), the thickest in the Growler field so far, and was cased as a producer due online early February (Beach 40%). Rig moves to the Spitfire-1 exploration well.
9 Jan 2012drilling spud● Neutral
Senex spudded Growler-7, the fifth well in the 11-well western flank program, on 5 January (Beach 40%). It also reports Growler-9 on production from 6 January, taking seven Growler wells online, with Growler-11 being completed next.
5 Jan 2012drilling spud● Neutral
Admella-1, the second of four wet gas exploration wells in PEL 106B (Beach 50% operator, Drillsearch 50%), spudded 4 January 2012. Targets the Patchawarra Formation, with high-case prospective recoverable raw gas of 19.6 BCF; drilling to 2,951m, 14-18 days.
4 Jan 2012drilling progress report● Neutral
December report: Baird-1 (PEL 106B) and Yaroomba-1 (Beach 46.95%) found no commercial gas or oil, and Jaguar-1 was dry. Growler-11 succeeded. Encounter-1 fracture stimulation due mid-late January; Moonta-1 in PEL 218 to spud mid-January.
4 Jan 2012drilling result▲ Good
Growler-11 found a 10.1m gross oil column and was cased as a producer, confirming the eastern limit of the Growler field (Beach 40%). Online expected January 2012. Rig moves to Growler-7.
3 Jan 2012drilling result▼ Bad
Baird-1 in PEL 106B (Beach 50% operator) missed its conventional wet gas target and a drill stem test recovered no hydrocarbons. The well was cased and suspended for deep coal gas and tight oil evaluation. Rig moves to Admella-1.
23 Dec 2011drilling spud● Neutral
Senex spudded Growler-11, an appraisal well 430m west of Growler-6, on 22 December (Beach 40%). It is the fourth well in the 11-well program, targeting 1,830m.
15 Dec 2011drilling result▼ Bad
Jaguar-1, the first western flank exploration well (Beach 40%), is being plugged and abandoned at 1,850m. The target channel was filled with mudstone and siltstone rather than sand, though gas shows were seen. A setback for the exploration program.
7 Dec 2011drilling spud● Neutral
Baird-1, first of four wet gas exploration wells in PEL 106B (Beach 50% operator, Drillsearch 50%), spudded 7 December, targeting 2,870m. Best-case (P10) prospective resource is 19.6 BCF; drilling should take 14-18 days.
7 Dec 2011drilling progress report● Neutral
November report: Basham-1 found a minor oil column (cased and suspended) and Jaffa-1 in PEL 92 was a dry hole, ending a 25-well Beach-operated western flank program. Growler-6 and -9 cased as producers; Egypt's El Salmiya-1 and Al Jahraa-1 still drilling.
5 Dec 2011drilling spud● Neutral
Senex spudded Jaguar-1 on 2 December, first of six exploration wells in the 11-well western flank program (Beach 40%), targeting a TD of 1,850m. It is 2.3km north of Growler. Growler-6 and -9 appraisal wells were earlier successes.
28 Nov 2011drilling result▲ Good
Operator Senex reports Growler-9 found a 17.5m gross oil column, thicker than expected, extending the Growler field (Beach 40%). Cased as a future producer, due online December 2011. Rig moves to Jaguar-1, the joint venture's first exploration well.
11 Nov 2011drilling spud● Neutral
Senex spudded Growler-9, the second well of the 11-well Western Flank program, targeting 1,850m depth in the Birkhead Formation. It follows Growler-6, cased as a future producer. Beach holds 40%.
7 Nov 2011drilling result▲ GoodMajor
Drillsearch reports Basham-1 (PEL 91, Beach 40% operator) as a new oil discovery, with about 15m gross column and 4-5m net pay. Drillsearch estimates up to 3.5 million barrels oil-in-place (P50); the operator has not yet given a figure. It also hints at upside for Bauer.
7 Nov 2011drilling result▲ Good
Senex reports Growler-6, first of an 11-well program in PRL 15/PEL 104, found a 17m gross oil column with at least 6m net pay and was cased as a future producer. Beach holds 40% of the joint venture.
2 Nov 2011drilling progress report● Neutral
October drilling report: Bauer-2 and -3 cased as future producers, Basham-1 reached 1,979m, Growler-6 drilling, and Egypt's El Salmiya-1 spudded 14 October. Paralana-2 flow test results restated. Mostly repeats known results.
27 Oct 2011drilling spud● Neutral
Drillsearch reports Basham-1, the last exploration well of the 2011 PEL 91 program (Beach 40% operator), spudded 26 October. Targets up to 2.0 million barrels gross (high case); drilling expected to take 10-14 days.
25 Oct 2011drilling result▲ Good
Drillsearch reports Bauer-2 found a 6.5m gross oil column with 3m clean Namur net pay, and it is cased as a future producer. All four Bauer wells are now suspended; a completion rig arrives in November, and a reserves update is expected.
14 Oct 2011drilling spud● Neutral
Amended release corrects the placeholder: Bauer-2 spudded at 7:30pm on 13 October 2011. Otherwise the same as the earlier release; drilling takes 8-10 days.
14 Oct 2011drilling spud● Neutral
Drillsearch announces Bauer-2, the final of three Bauer development wells in PEL 91 (Beach 40% operator), spudded. Drilling is expected to take 8-10 days. The spud time was left as a placeholder; corrected in the amended release.
12 Oct 2011farm in farm out agreement▲ GoodMajor
Beach signed a deal with private Territory Oil and Gas to earn up to 90% of onshore Bonaparte Basin permits and up to 55% offshore. Firm commitment is up to $5m for surveys, up to $36m if drilling options are exercised. First phase is due by end-2012.
10 Oct 2011drilling result▲ Good
Drillsearch reports Bauer-3 (PEL 91, Beach 40% operator) found 10m gross column with 3.5m clean Namur net pay, being cased as a future producer. Follows Bauer-4's success; Bauer-2 spuds within a week, and a reserves update is expected to be positive.
