Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2016drilling progress report▲ Good
Drillsearch's January report says Middleton East-1 (Beach 50% operator) was cased and suspended, with an extension of the Middleton field and a new pay zone. Its own Jute-1 well spudded on 24 January. Beach's results for Middleton East-1 were already reported.
3 Feb 2016drilling progress report▲ Good
January report: the six-well Moomba North campaign (Beach 20.21%) completed with all wells cased as future producers. Middleton East-1 (Beach 50% operator) was cased and suspended with 9.3 m net gas pay. Bauer-25 was cased with a 2 m net oil column.
3 Feb 2016director officer appointment● Neutral
Directors Belinda Robinson and Robert Cole will resign from Beach's board once the Drillsearch scheme is implemented. Drillsearch's Jim McKerlie and Phillip Bainbridge will join, as previously announced in the merger terms.
27 Jan 2016flow test result▲ Good
Rawson reports Udacha-1 (PRL 26; Beach 15% operator, DLS 75%, Rawson 10%) flowed at a stabilised 1.7 million cubic feet a day after fracture stimulation. The joint venture is assessing a tie-in to the Middleton facility, following the earlier workover plan.
27 Jan 2016business combination▲ Good
Beach confirms Drillsearch holders approved the merger scheme with about 99% support. The 18 February court hearing is next, with new shares expected in early March 2016. This repeats the Drillsearch announcement from Beach's side.
27 Jan 2016business combination▲ GoodMajor
Drillsearch shareholders approved the Beach merger scheme, with 98.88% of votes cast in favour. The second court hearing is set for 18 February 2016, and implementation is expected in early March.
22 Jan 2016other▼ BadMajor
Beach narrowed FY16 production guidance to 8.0-8.6 MMboe and cut capex guidance to $180-210m (from $240-270m). Cash was $164m at 31 December. It expects H1 impairments of $450-650m pre-tax, citing lower oil price forecasts.
13 Jan 2016drilling result▲ Good
Drillsearch reports Bauer-24 and Bauer-25 (Beach 40%, operator) cased as future oil producers, Bauer-25 with a 2 m net oil column. Willow-1 (DLS 80%) found about 8 m net conventional gas pay, with a production test planned for June 2016 quarter.
12 Jan 2016director officer appointment▲ GoodMajor
Beach appointed Matthew Kay, currently at Oil Search and formerly Woodside and Santos, as CEO from 17 July 2016 or earlier, on $900,000 fixed pay. He replaces Acting CEO Neil Gibbins, ending the CEO search that had been open.
6 Jan 2016drilling progress report● Neutral
December report: Whanto West-1 was the fifth Windorah discovery from five wells (Beach 23.2%). Bauer-24 was cased with a 3 m net oil column, and Bauer-25 spudded. Moomba South campaign completed. In Egypt, ZZ-5X (Beach 22%) found only trace hydrocarbons in testing and was suspended.
17 Dec 2015business combination● Neutral
Beach confirms the Drillsearch scheme booklet is registered and the 27 January 2016 scheme meeting is set. The second court hearing is expected 18 February 2016, with new Beach shares issued at the start of March 2016, slightly later than the earlier 'late February' implementation estimate.
16 Dec 2015business combination● Neutral
ASIC registered the Drillsearch scheme booklet for the Beach merger, with the independent expert's report attached. The booklet goes to Drillsearch holders around 18 December ahead of the 27 January 2016 vote. Terms are unchanged at 1.25 Beach shares per share.
15 Dec 2015business combination▲ GoodMajor
The Federal Court ordered a Drillsearch scheme meeting for 27 January 2016. The independent expert (Ernst & Young) concluded the Beach merger is fair and reasonable and in holders' best interests. The Drillsearch board unanimously recommends a vote in favour.
7 Dec 2015debt financing▲ GoodMajor
Beach signed a $530m senior secured syndicated debt facility to replace its existing lending, initially drawn to $170m to refinance borrowings and letters of credit. It has five tranches including a $100m acquisition facility, with improved pricing and terms, subject to conditions precedent.
2 Dec 2015drilling result▲ Good
Senex reports Martlet-2 (Beach 40%) found 4.5 m of net oil pay and was cased as a future producer, due online in early 2016. It follows Martlet North-1 and Spitfire-7 in the same joint venture's recent run of development wells.
2 Dec 2015drilling progress report▲ Good
November drilling update: Martlet-2 (40%) cased as a producer. Thylungra-2 (Beach 80.4%) was cased as a future gas producer after about 17 m of net gas pay. Whanto East-1 was the fourth Windorah discovery. Gooranie-7 completed the six-well campaign; Moomba-204 and 205 were cased.
2 Dec 2015security holder rights change● Neutral
Beach issued 2,787,763 unlisted 2015 long-term incentive rights, testable from December 2018, and some older incentive rights lapsed. Ordinary shares on issue remain 1,302,877,977. Routine executive incentive administration.
25 Nov 2015investor presentation● Neutral
AGM presentation says oil has fallen 60% since the start of FY15, while Beach reports over 12 months lost-time-injury free and liquidity of $320m. It restates the four-pillar strategy and the Drillsearch merger, with no new figures in the extracted text.
12 Nov 2015other● Neutral
Drillsearch's shareholder newsletter explains the merger terms (1.25 Beach shares per share, 30% premium to 3-month VWAP) and next steps, and notes the ASX waiver. Newsletter restates known terms, with no new figures.
11 Nov 2015regulatory community update● Neutral
Drillsearch repeats that ASX granted Beach an in-principle Listing Rule 10.1 waiver, so no Beach shareholder meeting is needed. Merger timetable is unchanged, and Drillsearch holders need take no action now. Duplicate of Beach's own release.
11 Nov 2015regulatory community update▲ Good
ASX granted Beach an in-principle waiver of Listing Rule 10.1, so Beach shareholders need not vote on buying Seven Group's Drillsearch shares. This resolves the open waiver question on the Drillsearch merger; completion timing is unchanged, with the Drillsearch scheme meeting in late January 2016.
6 Nov 2015drilling result● Neutral
Drillsearch's monthly report confirms Maroochydore-1 (ATP 924, Beach earning 45%) reached 2,874 m with water-saturated Hutton Sandstone and was plugged and abandoned. Beach carried Drillsearch's costs. Washington-1 (no Beach interest) was stimulated and is in a 28-day test.
5 Nov 2015investor presentation● Neutral
Investor morning presentation restates the four-pillar strategy, the 2P reserves of 74 MMboe and the proposed Drillsearch merger. Notes 1,302.9m shares on issue. No new announcements in the extracted text.
4 Nov 2015drilling progress report▲ Good
Senex reports Spitfire-7 (Beach 40%) was connected and began producing in late October, performing in line with expectations. This follows the November online timing expected earlier. Efficient-1 is Senex and Origin's well, in which Beach has no interest.
4 Nov 2015drilling result▼ BadMajor
Maroochydore-1, spudded 6 October with Beach earning 45%, found oil shows but a water-saturated Hutton Sandstone and was plugged and abandoned, a dry hole. Cougar East-1 (Beach 23.2%) found gas above estimates, the third Windorah discovery. Tirrawarra-87 also exceeded pre-drill estimates.
23 Oct 2015annual report● Neutral
Beach's 2015 Annual Report covers FY15 operations and finances, already reported in August. AGM is set for 25 November 2015. No new figures in the extracted text.
23 Oct 2015investor presentation● Neutral
Presentation on the Drillsearch merger repeats the terms: 1.25 shares per share, $0.83 value, combined market cap ~$1,169m and FY16 production guidance of 10.6-11.8 MMboe. Adds that two Beach directors will step down and the new CEO will lead the combined group.
23 Oct 2015other● Neutral
Appendix 4G, the administrative form lodged alongside the annual report, points to the 2015 Corporate Governance Statement. No new business information.
23 Oct 2015other● Neutral
Corporate governance statement as at 30 June 2015 says Beach complied with all ASX third-edition governance principles. It has seven directors. Administrative disclosure with no new business information.
23 Oct 2015business combination▲ GoodMajor
Beach agreed a scheme to acquire Drillsearch it does not already own (~4.56%), paying 1.25 Beach shares per share, valuing Drillsearch at $0.83 (27% premium). Drillsearch holders would own ~30% of the combined group; ~$20m a year synergies targeted. Drillsearch vote expected late January 2016.
