Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2016drilling progress report● Neutral
October report: Big Lake-137 was cased as a gas producer, slightly below pre-drill estimates, and Big Lake-138 is drilling. Dunadoo East-1 (Beach 23.2%) was plugged and abandoned for lack of commercial pay. It also restates the Kangaroo-1 and September-1 oil discoveries.
1 Nov 2016drilling result▲ GoodMajor
September-1, the second FY17 exploration well, found oil in the Poolowanna Formation of 100%-owned ex PEL 91, flowing 210 bopd on test. Cased as a future producer. Beach has now made two discoveries in two exploration wells. Further testing is planned to size the resource, with appraisal possible in FY18.
27 Oct 2016quarterly activities report▲ Good
September quarter: record production of 2.9 MMboe (+6%), revenue $169m, capex $30m. Cash rose to $243m with debt of $150m. Nine wells were completed with a 100% success rate, including the Kangaroo-1 discovery. The Egypt and Queensland oil permit sales are reported completed.
19 Oct 2016investor presentation● Neutral
Citi conference presentation repeats known facts: market capitalisation about $1.4bn, liquidity about $0.6bn, FY17 production guidance of 9.7-10.3 MMboe, and 2P reserves of 70 MMboe. It cites 10 exploration wells in FY17 and the nil unconventional resources.
10 Oct 2016drilling result▲ GoodMajor
Kangaroo-1, the first of 10 FY17 exploration wells, found a 20 m gross oil column in the Birkhead Formation, flowing 320 bopd on test in 100%-owned ex PEL 91. Production is possible by Q3 FY17. Two follow-up prospects are identified, and Beach will reassess its FY17 drilling and capital program.
7 Oct 2016other● Neutral
2016 Corporate Governance Statement, approved by the board on 26 September 2016. The board says it complied with the ASX principles and has seven directors. Administrative disclosure with no new business information.
7 Oct 2016other● Neutral
Appendix 4G, the standard key to corporate governance disclosures, lodged with the annual report. Administrative filing with no substantive content.
7 Oct 2016annual report● Neutral
2016 Annual Report, titled 'Positioned for Growth', repeats the previously announced FY16 results. The AGM is set for 10 November 2016 in Adelaide. The visible text adds no new figures.
5 Oct 2016drilling progress report● Neutral
September report: Stunsail-3 cased, completing all three FY17 Western Flank development wells in line with expectations. Big Lake-135 came in at a low-side gas outcome. Kangaroo-1, the first of 10 FY17 exploration wells, spudded 29 September.
21 Sept 2016dividend declaration● Neutral
Details of the previously declared 0.5c fully franked final dividend, paid 30 September 2016. The dividend reinvestment plan issue price is $0.536, after a 2.5% discount. It is not underwritten.
7 Sept 2016drilling progress report▲ Good
August report: Hanson-4 and Callawonga-12 were cased as future oil producers, and Stunsail-3 spudded 29 August. Big Lake-134 (Beach 20.21%) was cased as a gas producer with 143 m net pay. Wells online Q2 FY17 where stated.
29 Aug 2016resource reserve update▼ BadMajor
At 30 June 2016, reserves are 1P 29.9, 2P 69.8 and 3P 132.6 MMboe, down from 2P 74.4. Contingent resources (2C) fall to 205.2 MMboe from 676.6. Unconventional NTNG resources are cut to nil, as the project is unlikely to be commercial in the medium term.
29 Aug 2016investor presentation▲ Good
FY16 results presentation repeats the known result: record 9.7 MMboe production, net debt free, cash flow breakeven US$26/bbl, and a 0.5c dividend. Adds that each US$10/bbl oil rise is worth about $50m NPAT, and 13 operated wells are planned for FY17.
29 Aug 2016annual report▼ BadMajor
FY16 result: statutory net loss $588.8m, underlying profit $35.7m (down 61%), revenue $564.6m (down 23%). A final dividend of 0.5 cents per share is declared, payable 30 September 2016, after no interim dividend. Net asset backing is $0.58 per share.
25 Aug 2016drilling result▲ Good
Cooper Energy reports Callawonga-12 in PPL 220, which Beach operates with 75%, will be cased as an oil producer after about 2 m net oil. A rig returns in October for 1-2 exploration wells in PRLs 85-104.
22 Aug 2016other● Neutral
Notice that FY16 full year results will be released on 29 August 2016, followed by a results call. No substantive content.
17 Aug 2016asset acquisition disposition● NeutralMajor
Beach completes the sale of Beach Egypt, holding the 22% Abu Sennan interest, to Rockhopper, ending its Egypt exposure. Cash is up to US$20.5m, with US$10.8m paid at completion and about US$7.4m deferred over 12 months.
10 Aug 2016security holder rights change● Neutral
Administrative notice: further executive incentive rights lapsed unexercised (189,792 from 2013, 278,316 from 2014, 545,541 from 2015). Issued capital is unchanged at 1,860,782,112 shares.
3 Aug 2016asset acquisition disposition● NeutralMajor
Beach agrees to sell its Kenmore-Bodalla oil permits in Queensland, its only operated Queensland Cooper production (30 kbbl in the June quarter), to Bridgeport, a New Hope subsidiary. Terms are confidential, with modest cash expected. Completion is due by end of Q2 FY17.
3 Aug 2016drilling progress report▲ Good
July report: Tirrawarra-90 (Beach 20.21%) and Coolah-4 (23.2%) were cased as future producers, completing the Coolah campaign with all three wells successful. Tirrawarra-89 is deferred to Q2 FY17. Big Lake-134 spudded 22 July.
28 July 2016quarterly activities report▲ Good
June quarter: record production of 2.7 MMboe (+13%) and revenue $167m (+39%), capex $24m. Cash was $199m with drawn debt $150m after the remaining Drillsearch notes were redeemed. Drillsearch integration is complete, with $40m of pre-tax synergies due in FY17. FY16 production was 9.66 MMboe.
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.
