Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2017other● Neutral
Beach keeps FY17 production guidance at 10.3-10.7 MMboe but cuts capex guidance again to $160-170m (from $170-185m). It cites faster drilling and lower well costs, reduced non-essential maintenance, and some project completions slipping to Q1 FY18.
27 Apr 2017quarterly activities report▲ Good
March 2017 quarter: production 2.5 MMboe (down 5%), revenue $153m, cash up to $325m, liquidity above $675m. FY17 production guidance of 10.3-10.7 MMboe maintained; capex cut to $160-170m. Three gas discoveries from four wells.
5 Apr 2017drilling result▼ Bad
Senex's March report: Hoplite-1 and its side-track in PEL 182 (Beach 43%) found non-commercial oil and were plugged and abandoned. A third PEL 182 well is expected in Q4 FY17. Silver Star-1 (not Beach) spudded. Partner report.
5 Apr 2017drilling result▲ GoodMajor
Beach completed its FY17 operated gas campaign with three liquids-rich discoveries from four wells, including Mokami-1 (8.6 MMscfd on test), adding a preliminary 3.4 MMboe of 2P reserves. Separately, the Hoplite-1 oil well in PEL 182 had oil shows but was plugged and abandoned for insufficient pay.
31 Mar 2017asset acquisition disposition● Neutral
Icon Energy takes 100% of ATP 855 in Queensland's Cooper Basin after Beach withdrew effective 31 March 2017. Beach's shale gas exposure at ATP 855 ends. The text says nothing about any payment or liability.
17 Mar 2017drilling scheduled▲ GoodMajor
Beach plans to drill Haselgrove-3, a conventional gas exploration well in the onshore Otway Basin (PPL 62, 100%), targeting a 34 Bcf prospect at about 32% chance of success. A $6m South Australian PACE grant, subject to documentation, would cover 40-50% of cost. Drilling is expected in Q1 FY18.
15 Mar 2017dividend declaration▲ Good
Details of the 1 cent fully franked interim dividend, paid 31 March 2017 to holders on the 3 March record date. Shares issued under the dividend reinvestment plan are priced at $0.692, including a 2.5% discount. The dividend is not underwritten.
9 Mar 2017investor presentation● Neutral
Presentation to the Goldman Sachs forum in New York, repeating half-year results: $103m profit, $148m net cash, market value about $1.3 billion, cash flow breakeven US$20/bbl and FY17 production guidance of 10.3-10.7 MMboe. No new information evident in the text provided.
1 Mar 2017drilling result● Neutral
Senex's February report: Sparta-1 in PEL 182 (Beach 43%) was plugged and abandoned for insufficient pay. Hoplite-1 found 17 m gross Birkhead pay and was being tested. Partner report, not Beach's own announcement.
1 Mar 2017drilling progress report● Neutral
February report: Kanowana-14 completed a three-well gas campaign, all cased as producers. Crockery-1 confirmed a gas discovery (7.2 m net pay, expected 3-8 MMscfd, online Q1 FY18). Dandy-1 and Sparta-1 were plugged and abandoned. Mokami-1 spudded.
22 Feb 2017asset acquisition disposition● Neutral
Key Petroleum is buying 100% of Cooper Basin permits ATPs 783, 920 and 924 from Beach subsidiaries for $125,000 upfront plus a 1.5% royalty to Beach's Drillsearch unit. A small disposal of Queensland acreage inherited via the Drillsearch merger; needs ministerial approval.
20 Feb 2017half year report▲ GoodMajor
Half-year to 31 December 2016: net profit $103.4m (versus a $600.1m loss a year earlier), underlying profit $88.7m, revenue $345.4m. Cash was $298.2m. A 1 cent fully franked interim dividend is declared, after the 0.5 cent final paid in September 2016.
20 Feb 2017investor presentation▲ Good
Half-year results presentation repeating the reported profit of $103m, record 5.5 MMboe production and $148m net cash. It notes up to 60 wells planned in FY17 and a reinstated dividend. Beach says it is assessing inorganic growth and new ventures. Largely repeats known facts.
6 Feb 2017director officer appointment● Neutral
Beach appointed Richard Richards, Seven Group Holdings' CFO, as a non-executive director. He is Seven's nominee; Seven holds 22.89% of Beach. He was previously an alternate director to Ryan Stokes, and that role has ended. Seven must procure his resignation if its stake falls below 12.5% and Beach requests it.
2 Feb 2017drilling progress report● Neutral
Senex's January report: Spitfire-8 (Beach 40%) found 7.2 m net pay and was cased as an oil producer, due online in Q3 FY17. Worrior-11 was also cased, and Sparta-1 in PEL 182 is due to spud in early February. Partner report; repeats Beach's own report.
1 Feb 2017drilling progress report● Neutral
January report: Kanowana-12 and -13 were cased as gas producers broadly in line with estimates, and Spitfire-8 (Beach 40%) as an oil producer. Crockery-1 in ex PEL 106 found 7.2 m net pay and is testing. Raffle-2 was below pre-drill estimates.
31 Jan 2017quarterly activities report▲ Good
December quarter: record half-year production of 5.5 MMboe, with quarterly production down 9% to 2.6 MMboe. Revenue was $176m, cash rose $55m to $298m against $150m debt, and liquidity is about $650m. Repeats the raised production and lowered capex guidance.
31 Jan 2017other▲ GoodMajor
FY17 production guidance raised to 10.3-10.7 MMboe (from 9.7-10.3). Capex guidance cut to $170-185m (from $180-200m) while the drilling program expands to 16 operated wells (+3) and up to 42 non-operated wells (+5). Kangaroo-1 is on extended production test.
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.
10 Nov 2016agm notice● Neutral
All nine AGM resolutions passed on a poll, including the remuneration report (98.99% for) and the election of Bainbridge, McKerlie and Stokes. Davis was re-elected with 88.82% in favour, the lowest support of the nine.
