Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2011drilling progress report▲ Good
September report: Butlers-4 and Bauer-4 (17m column, 14m net pay) were suspended as producers, and Bauer-3 is next. Three Santos gas wells were cased. Paralana 2 is being flow tested. Egypt's Al Ahmadi-1 is a second discovery; ZZ-4 testing is complete, with results awaited.
4 Oct 2011drilling spud● Neutral
Drillsearch reports Bauer-3, the second of three Bauer development wells in PEL 91 (Beach 40% operator), spudded 3 October. Drilling is expected to take 8-10 days.
30 Sept 2011drilling result▲ Good
Drillsearch reports Bauer-4 found a 17m gross column with 14m clean net pay, well above pre-drill estimates. It is cased as a future producer. Drillsearch expects a positive effect on recoverable oil once the remaining wells are evaluated. Bauer-3 is next.
26 Sept 2011drilling spud● Neutral
Drillsearch reports Bauer-4, the first of three Bauer development wells in PEL 91 (Beach 40% operator), spudded 23 September. Drilling is expected to take 8-10 days. Bauer gross mean reserves are put at 3.5 MMbbl.
21 Sept 2011resource reserve update▲ GoodMajor
Drillsearch (PEL 91 partner, 60%) reports 2P reserves of 4.2 MMbbl gross for the new PEL 91 oil discoveries (including its own Arno), with Beach's operator estimates behind the Bauer, Hanson and Snellings figures. The JV approves an accelerated multi-field development. Bauer drilling ends by December quarter.
21 Sept 2011drilling scheduled▲ GoodMajor
Beach says mapping suggests Bauer field mean recoverable reserves of about 3.5 MMbbl gross, up from 2.0. A three-well appraisal program starts, with production expected in H1 2012. Butlers-4 should be online before end-2011, with a reserves upgrade expected.
19 Sept 2011drilling result▲ Good
Cooper Energy reports Butlers-4 (PEL 92, TD 1,393m) hit a 7.5m oil column, in line with pre-drill expectations. It is suspended for tie-in. This ends the 15-well 2011 campaign, with three new discoveries and a 37% exploration success rate.
7 Sept 2011drilling progress report● Neutral
August report: PEL 92 Elliston-1 found 3m of oil and was suspended as a producer; Perlubie-2 was uncommercial; Germein-1 was suspended. Searcy-1, the last PEL 91 well, had only poor shows and was abandoned. Egypt's first two Abu Sennan wells (22%) report hydrocarbon shows.
6 Sept 2011drilling result▲ Good
Cooper Energy reports Germein-1 in PEL 92 found a 2.5m net oil column in the Namur. It is suspended as a future producer; recoverable volumes are not yet estimated. Adds to the 2011 PEL 92 run of small finds (Beach 75%).
30 Aug 2011drilling scheduled● Neutral
Icon says Beach has secured Ensign#65 for the ATP 855P farm-in well, a horizontal pilot well due by June 2012. Beach funds Icon's share (about $16m gross) except $1.75m from Icon. Repeats the rig news in Beach's 29 August release.
29 Aug 2011drilling progress report● Neutral
Drillsearch says seismic surveys have begun in PEL 91, where Beach holds 40% and operates: a 478 sq km 3D survey and a 252 line-km 2D survey. They cover 31 prospects with up to 93 MMbbl unrisked gross potential, due to finish in the December quarter.
24 Aug 2011drilling result▲ GoodMajor
Beach announces oil and gas shows at its first two Abu Sennan wells in Egypt, GPZZ-4 and Al Ahmadi-1, with flow testing continuing. Both wells lie within 10 km of pipeline infrastructure. Beach holds 22%; Kuwait Energy operates with 50%. Volumes not yet known.
19 Aug 2011drilling result● Neutral
Drillsearch reports Searcy-1, the last of the five PEL 91 wells, found only oil shows in the Birkhead and will be abandoned as non-commercial. The program finishes with four discoveries from five wells. An expanded program follows, starting with Knights-1 in the December quarter.
15 Aug 2011drilling result▲ Good
Cooper Energy reports Elliston-1 in PEL 92 found a 3m net oil column in the Namur, about 0.11 million barrels recoverable (P50). It will be tied in as a production well. Beach operates with 75%; the rig moves to Perlubie-2.
11 Aug 2011drilling spud● Neutral
Drillsearch reports Searcy-1, the fifth and final PEL 91 well (Beach 40% operator), spudded 10 August. Mean prospective resource is 1.1 million bbl in the Birkhead, high side 2.2 million bbl. Drilling expected to take 10-14 days.
10 Aug 2011resource reserve update▲ GoodMajor
Beach booked an initial 2 Tcf gross contingent shale gas resource in PEL 218 (Beach 90%), over 330 MMboe or about five times its June 2010 reserves. It rests on 100 sq km around each of Holdfast-1 and Encounter-1. Independent review to follow.
10 Aug 2011resource reserve update▲ Good
Media release repeating the 2 Tcf PEL 218 shale gas booking (1 Tcf per well, 100 sq km each), with comparisons to Cooper Basin history of about 6 Tcf produced. Two horizontal pilot wells planned for 2012. No new figures.
10 Aug 2011resource reserve update▲ Good
Adelaide Energy (10% of PEL 218) says its share of Beach's booking is 200 Bcf, about 33 MMboe. Third-party restatement of Beach's 2 Tcf booking.
3 Aug 2011drilling progress report● Neutral
July report: Wheatons-1 in PEL 92 was dry, Rincon-1 and Bauer-1 succeeded, and Arno-1 was judged sub-commercial and not cased, so the earlier Arno hopes did not pan out. Holdfast-1 flowed 1.8 MMscf/d and will be shut in for pressure build-up. Al Ahmadi-1 in Egypt is drilling.
1 Aug 2011drilling result▲ Good
Drillsearch (60% of PEL 91) restates the Bauer-1 discovery: 15m oil column, up to 2 million bbl gross recoverable, calling it the largest McKinlay-Namur find in the permit. Production expected December quarter 2011; Searcy-1 is next.
1 Aug 2011drilling result▲ Good
Cooper Energy (25% of PEL 92) confirms the Rincon-1 discovery, a 5m gross oil column in the Namur, versus a pre-drill estimate of 0.551 million bbl P50. It will be a production well tied into the PEL 92 system. Elliston-1 is next.
1 Aug 2011drilling result▲ GoodMajor
Beach announced two oil discoveries: Bauer-1 in PEL 91 (15m column, up to ~2 million bbl gross, online Q4 2011) and Rincon-1 in PEL 92 (5m column, up to 500,000 bbl gross). Bauer is the third PEL 91 well to succeed, after Hanson-1 and Snellings-1.
25 July 2011drilling spud● Neutral
Drillsearch reports Bauer-1, fourth of five PEL 91 wells (Beach 40% operator), spudded 24 July. Mean prospective resource is 840,000 bbl in the Namur, high side 1.36 million bbl. Drilling expected to take 10-14 days.
15 July 2011farm in farm out agreement▲ GoodMajor
Beach and Icon settled the ATP 855P dispute, dropping the Federal Court case. Icon transfers 40% to Beach (subject to Ministerial approval); Beach funds Icon's share of a ~A$16m gross horizontal pilot well bar Icon's A$1.75m. Icon gets 33.333% of PEL 218 Post Permian.
15 July 2011farm in farm out agreement▲ Good
Beach's own release confirms the ATP 855P settlement: court case discontinued, 40% transferred from Icon (subject to approval), Beach to drill a horizontal shale pilot well. Resolves the dispute set for trial 18 July. Repeats Icon's release.
6 July 2011drilling progress report● Neutral
June report: Turton-1 and Westall-1 in PEL 92 were dry; Parsons-5 succeeded. Snellings-1 was cased as a discovery and Arno-1 is drilling. Holdfast-1 clean-up began. Wandilo South-1 was dry; ZZ-4 in Egypt was cased and suspended for later flow testing.
6 July 2011drilling scheduled▲ GoodMajor
The PEL 92 joint venture approved a 12-month program to June 2012 of nine exploration wells plus 3D and 2D seismic, costing over A$24 million. It targets a risked mean gross reserve addition of about 1.8 million bbl. Beach holds 75%.
1 July 2011drilling spud● Neutral
Arno-1, the third of five PEL 91 wells (Beach 40% operator, Drillsearch 60%), spudded 30 June. Mean prospective resource is 790,000 bbl in the Namur and 280,000 bbl in the Birkhead, high side up to 1.3 million bbl and 530,000 bbl. Drilling takes 10-14 days.
30 June 2011drilling result▲ GoodMajor
Parsons-5 in PEL 92 (Beach 75%) found a six-metre oil column, the program's fifth success. Beach's preliminary work points to a Parsons Field reserve increase of more than 800,000 barrels. Tie-in is expected in the second half; Wheatons-1 is next.
30 June 2011drilling result▲ Good
Cooper Energy (25% of PEL 92) reports Parsons-5 reached 1,384m and found about 6m of oil in good Namur sandstone. It will be cased and suspended. Confirms Beach's release; Cooper gives no reserve figure.
