Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2016investor presentation▲ GoodMajor
FY17 guidance: capex $180-200m, about 55% discretionary, with more going to Western Flank exploration and less to the Delhi JVs. Production is guided at 9.7-10.3 MMboe, above FY16's 9.5-9.8 guidance. FY17 guidance was the open item from July.
20 July 2016director officer appointment● NeutralMajor
Seven Group's CEO Ryan Stokes joins the board as a non-executive director. Seven Group now holds 22.89% of Beach, up from about 13.79% earlier in the context. Long-serving director John Butler, on the board since 1999, resigned.
11 July 2016production update▲ Good
Rawson (10% partner) reports Udacha-1 in PRL 26, operated by Beach, now producing via the Middleton facility. Output is expected at 1.0 MMscfd, rising to 1.6 MMscfd with compression in early 2017. This follows the earlier tie-in assessment.
6 July 2016drilling progress report▲ Good
June report: Tirrawarra-92 and -91 (Beach 20.21%) and Dunadoo-1 and Coolah-3 (Beach 23.2%) were cased as future producers. Al Jahraa SE-1X in Egypt (Beach 22%) hit 16.4 m net pay at 3,361 m and is being production tested.
4 July 2016security holder rights change● Neutral
Administrative notice: executive incentive rights (189,792 from 2013, 256,632 from 2014, 503,037 from 2015) lapsed unexercised. Issued capital stays at 1,860,782,112 ordinary shares, the post-Drillsearch merger count.
9 June 2016director officer appointment● Neutral
Morné Engelbrecht, currently CEO of Carbon Energy, is appointed Chief Financial Officer from 29 August 2016. He replaces Kathryn Presser, who leaves 1 July after 19 years, as previously announced.
6 June 2016investor presentation● Neutral
APPEA conference presentation restating Beach's positioning: Drillsearch merger done, FY16 production guidance 9.5-9.8 MMboe, market cap about $1.3bn, liquidity about $0.5bn. It repeats known facts and shows no new announcements in the visible text.
1 June 2016drilling progress report▲ Good
May report: Tirrawarra-93 (Beach 20.21%) and Durham Downs North-6 were cased as producers, the latter with 30 m net gas pay. Dunadoo-1 and Tirrawarra-92 are drilling. Egypt's Al Jahraa SE-1X (Beach 22%) spudded on 20 May.
4 May 2016drilling progress report● Neutral
April report: Lyra-1 (Beach 40%) found gas and completed the ex PEL 513 campaign. Jute-1 and Willow-1 (Beach 80%) showed no measurable gas rate after stimulation and testing so far. Durham Downs-9 was abandoned; Durham Downs North-5 was a high-side gas outcome.
3 May 2016joint venture update● Neutral
3D Oil says regulators granted a 9-month suspension and extension for T/49P, where Beach holds 30%, allowing a Flanagan well up to Q1 2018. Operator 3D Oil is still seeking a farm-in partner for the prospect, estimated at 1.38 TCF.
27 Apr 2016production update▲ GoodMajor
Beach lifts estimated annual merger savings to $40m, from $28m, with the Sydney office closing by 30 April. FY16 production guidance rises to 9.5-9.8 MMboe from 8.0-8.6, helped by ex PEL 91 and the merger. Capex stays at $180-210m.
18 Apr 2016asset acquisition disposition● NeutralMajor
Revised Egypt sale to Rockhopper is now all cash, up to US$20.5m, replacing the earlier cash-and-shares deal: about US$11.9m at completion and about US$8.6m over the next 12 months. Main conditions are satisfied; completion targeted by end of FY16.
15 Apr 2016asset acquisition disposition● NeutralMajor
Beach will withdraw from the BMG gas fields joint venture, giving its 35% interest to Cooper Energy for nil consideration, effective 27 October 2016 subject to approval. This replaces the earlier plan for Cooper to buy 65% while Beach kept 35%. Beach cites not wanting to fund Manta appraisal.
15 Apr 2016asset acquisition disposition● Neutral
Cooper Energy confirms Beach's 35% BMG interest passes to it for nil consideration, lifting Cooper to 100%. Beach keeps its share of existing abandonment liabilities until October 2021. Effective 27 October 2016, subject to approval.
6 Apr 2016drilling progress report● Neutral
March report: Hanson-3 (Beach 100%) found a 3.7 m net oil column and was cased as an oil producer. Berylium-1 (Beach 40%) found low-side gas pay; Sphalerite-1 was dry. Jute-1 was fracture stimulated.
24 Mar 2016other▲ GoodMajor
Beach identifies $28m a year of merger cost savings, above the earlier $20m estimate, fully realised in FY17. Headcount falls by 56 to 226 by 30 April. US$125m Drillsearch convertible notes will be redeemed around 11 April from cash, saving about $7m a year.
23 Mar 2016asset acquisition disposition▼ Bad
The PEP 52181 (Kaheru) joint venture, in which Beach holds 25%, has applied to surrender the permit. Operator NZOG said economics could not support drilling before the May 2016 commitment date. This replaces the previously pending Kaheru 25% sale.
17 Mar 2016director officer appointment● Neutral
Company secretary Kathryn Presser resigned from that role effective 16 March 2016. Cathy Oster remains as company secretary. No reason is given in the notice.
2 Mar 2016drilling progress report● Neutral
February report, now including ex-Drillsearch interests. Depps-1 (ex PEL 106) was dry and abandoned; Moomba-212 found gas and Jute-1 (Beach 80%) found about 19 m of net conventional pay. Varanus South-2 (Beach 40%) had about 5 m of net pay.
1 Mar 2016business combination● NeutralMajor
Drillsearch confirms the scheme has been implemented and it is now a wholly owned Beach subsidiary. It will apply today to be removed from the ASX official list. Former holders receive Beach shares, trading 2 March.
1 Mar 2016director officer appointment● Neutral
Jim McKerlie and Phillip Bainbridge join Beach's board as non-executive directors, while Belinda Robinson and Robert Cole leave, as announced 3 February. Includes director interest notices; McKerlie's related holder has 2,799,868 shares, Bainbridge's fund 97,250.
1 Mar 2016business combination▲ GoodMajor
The Drillsearch merger is complete: Drillsearch is now a wholly owned Beach subsidiary and new Beach shares are issued today, trading 2 March. It adds 19,000 km2 of gross Cooper Basin acreage; integration targeted by 30 June 2016, with about $20m of synergies.
26 Feb 2016investor presentation● Neutral
Results presentation restates the half-year figures: production 4.5 MMboe, underlying profit $9.4m, impairments $634m, cash $164m, dividend suspended. It says Egyptian asset sale completion is targeted by financial year end. Merger integration begins 1 March.
26 Feb 2016half year report▼ BadMajor
Half-year loss to members was $600.1m (against underlying profit of $9.4m), after $634m of pre-tax impairments. Revenue fell 36% to $274.4m. No interim dividend will be paid. This confirms the impairments flagged in January.
23 Feb 2016other● Neutral
Beach announces its half-year results will be released on 26 February 2016, with a conference call at 11am AEDT. Notice only, with no results content.
23 Feb 2016director officer appointment▲ Good
Matthew Kay will start as Beach CEO on 2 May 2016, earlier than the 17 July date announced in January. Neil Gibbins stays Acting CEO until then. Employment terms are unchanged.
18 Feb 2016other● Neutral
Drillsearch confirms the final court orders were lodged with ASIC, so its shares are suspended from trading. This is procedural, following the court approval announced earlier the same day.
18 Feb 2016business combination▲ Good
Beach confirms the Federal Court approved the Drillsearch scheme. Drillsearch trading is suspended from close today, the record date is 25 February and implementation is expected 1 March 2016, with new Beach shares issued then.
18 Feb 2016business combination▲ GoodMajor
The Federal Court approved the Drillsearch scheme. Drillsearch shares are suspended from close of trading on 18 February, with the record date 25 February and implementation expected 1 March 2016, when Drillsearch becomes a wholly-owned Beach subsidiary.
18 Feb 2016admin correction● Neutral
ASX notice sets the scheme timetable: new Beach shares trade on a deferred settlement basis from 19 February, record date 25 February, issue 1 March, normal trading 2 March 2016. Holders receive 1.25 Beach shares per Drillsearch share. No new terms.
