Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2011drilling result▲ GoodMajor
Holdfast-1 fracture stimulation was completed in seven stages and the shales fractured vertically, which favours horizontal production wells. Flow testing starts early July for about three months, with a resource booking in early August. Encounter-1 stimulation slips to the December quarter.
21 June 2011drilling result▲ GoodMajor
Snellings-1 in PEL 91 is a second new oil field discovery in the five-well campaign (Beach 40% operator, Drillsearch 60%). A 2-hour test recovered 31.5 bbl of oil; extent of the oil column is uncertain, so side-wall cores are being taken. Online expected Q4 2011. Ensign #18 moves to Arno-1.
14 June 2011drilling progress report● Neutral
Stimulation of Holdfast-1 in PEL 218 began over the weekend, the first shale-targeted flow stimulation at depth in the Cooper Basin. Expected to finish within two weeks, with flow testing from early July. Repeats the timetable already given.
8 June 2011drilling progress report● Neutral
Beach is rigged up and ready to stimulate the Holdfast-1 shale gas well in eight stages over about two weeks, first flow results early July. Encounter-1 is delayed by a stuck work string, but the early 2012 pilot program is unaffected. Resource addition still expected July/August.
6 June 2011drilling spud● Neutral
Snellings-1 spudded 6 June, the second of five PEL 91 wells (Beach 40% operator, Drillsearch 60%). Gross prospective resource is 430,000 bbl mean, up to 1.0 million bbl high side. Drilling expected to take 10-14 days.
3 June 2011drilling result● Neutral
Drillsearch reports Hanson-1 cased and suspended as a future Namur oil producer, up to 1 million bbl gross recoverable. The Birkhead test recovered only trace oil. Ensign #18 moves to Snellings-1. Confirms earlier results.
1 June 2011drilling progress report● Neutral
May report: Parham-1 and Stenhouse-1 in PEL 92 were dry and abandoned, ending the run of Western Flank successes; Turton-1 is drilling. Hanson-1 discovery made, Birkhead test recovered only trace oil. ZZ-4 hit stuck tools. PEL 218 completions installed.
30 May 2011drilling result▲ GoodMajor
Hanson-1 is a new-field oil discovery with a 7m oil column (5m net pay), up to 1 million bbl gross recoverable. First success of the five-well PEL 91 campaign; online expected Q3 2011, by truck. Beach has 40%.
30 May 2011drilling result▲ Good
Drillsearch (60% of PEL 91) re-reports Beach's Hanson-1 discovery: 7m oil column, up to 1 million bbl gross recoverable, online in Q3 2011. Adds Birkhead oil shows over 24m under evaluation. No new facts versus Beach's release.
23 May 2011drilling spud● Neutral
Hanson-1 spudded 21 May, the first of five PEL 91 wells (Beach 40% operator, Drillsearch 60%). It ends the Ensign #18 repair delay. Mean prospective resource is 820,000 bbl, up to 2.0 million bbl high side; drilling takes 10-14 days.
19 May 2011drilling scheduled● NeutralMajor
Beach will start fracture stimulation of Holdfast-1 in early June, then Encounter-1, with up to two weeks each. A resource booking is now targeted for July/August 2011. Pilot production wells slip to early 2012, driven by equipment availability.
4 May 2011drilling progress report● Neutral
April drilling report: Butlers-2 and Butlers-3 cased as oil producers, rig moved to Parham-1. Canunda-1 is shut in for pressure build-up after 100 MMscf gas and 15 kbbl condensate. PEL 218 completions started. ZZ-4 in Egypt is at 4,661m. Paralana stimulation delayed again.
27 Apr 2011drilling result▲ Good
Butlers-3 in PEL 92 hit a 3m oil column, the fourth well of the 2011 campaign and a further success at Butlers. Cased and suspended for later tie-in; Cooper Energy says production and reserve impact is still to be assessed. Beach holds 75%.
19 Apr 2011farm in farm out completion▲ GoodMajor
Beach's 22% interest in the Abu Sennan concession in Egypt is now finalised, with the Minister of Petroleum signing the Deed of Assignment. Kuwait Energy holds 50% as operator and Dover 28%. The first of six planned wells is drilling at 4,055m.
13 Apr 2011drilling result▲ GoodMajor
Butlers-2 found a 5m oil column, the third success from three wells in the 16-well Western Flank program. It should lift recoverable Butlers oil by about 1.5 million barrels gross, subject to remapping. Online around mid-July.
12 Apr 2011drilling scheduled● Neutral
Drillsearch says Ensign #18 is on location at Hanson-1 and spudding is expected in the third week of April. The five PEL 91 wells (Beach 40% operator) target a combined mean of 3.5 million barrels gross unrisked, up to 7.5 million on the high side.
12 Apr 2011drilling progress report● Neutral
Final Holdfast-1 report: 7-inch production casing was landed at 3,483.2m and the rig was released on 8 April 2011. No further drilling; fracture stimulation planned next.
6 Apr 2011drilling progress report▲ Good
March drilling report: Parsons-3 flowed over 5,000 bbl/d. Parsons-4 found 5.5m of oil pay. Holdfast-1 reached 3,487m with 382m of core in the month. The Canunda test restarted and ZZ-4 in Egypt was at 3,598m. Paralana is delayed by rain.
6 Apr 2011drilling result▲ GoodMajor
Holdfast-1 is finished, with 353m of shale target intersected, in line with pre-drill estimates. Encounter-1 and Holdfast-1 are to be fracture stimulated and flow tested from mid May, with a resource addition likely after. The release says 'Q3 2010', likely a typo for 2011 (inference).
5 Apr 2011drilling progress report▲ Good
Holdfast-1 reached total depth of 3,487m, shallower than the 3,625m prognosis. The shale target section is 353m thick, versus 393m at Encounter-1. ADE says it supports the potential for very large gas resources in the Nappamerri Trough.
4 Apr 2011drilling result▲ GoodMajor
Parsons-4 found a 5.5m oil column, a second success after Parsons-3 (9m), which flowed over 5,000 bbl/d with no water. PEL 92 output should reach about 6,000 bbl/d gross. Beach expects to book additional Parsons reserves; the amount is being assessed.
1 Apr 2011drilling scheduled● Neutral
Drillsearch says Ensign #18 is moving to the Hanson-1 site in PEL 91 (Beach 40% operator, Drillsearch 60%). Drilling is expected to start in the second week of April, after 7-10 days of inspection and repairs. This is the first of five wells.
29 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 98m coring to 3,374m, now in the Murteree. Coring in the hard Epsilon section was slow, with core jamming. The well is heading to its 3,625m target depth.
25 Mar 2011drilling scheduled▲ GoodMajor
A 840 sq km 3D seismic survey has started in the Durresi Block, offshore Albania, ahead of drilling in 2012. Beach pays 50% of costs for 25% interest, in exchange for an option to take 50% after reviewing the data.
22 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 85m coring/drilling to 3,276m after the rig resumed on 16 March following the fuel delay. Coring continues through the shale sequence toward the 3,625m target; logging planned by early April.
15 Mar 2011drilling progress report▼ Bad
Holdfast-1 weekly report: only 31m drilled to 3,181m, as the rig shut down waiting on fuel and weather closed access roads. Coring is to resume later after drilling ahead in the Epsilon. Target depth remains 3,625m.
8 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 91m cored in the week, all in the Roseneath shale, reaching 3,150m, with core recoveries of 88-100%. Coring continues through the target interval, which is planned over most of it.
7 Mar 2011drilling result▲ GoodMajor
Parsons-3 found a 9m oil column in the Namur sandstone, the first well of the Western Flank program. Parsons-4 is next. The two Parsons wells should lift PEL 92 output from 4,700 to about 6,000 bbl/d. The program could add up to 6 MMbbl, about 9% of reserves.
2 Mar 2011drilling progress report▲ Good
February drilling report: Parsons-3, the first Western Flank well, found a 9m oil column. Cook field's five-well program all succeeded. Holdfast-1 is coring, and early Encounter-1 core results show organic content comparing well with US shale plays.
1 Mar 2011resource reserve update▲ GoodMajor
Senex lifted gross 2P reserves at the Growler and Snatcher fields to 7.9 MMbbl, 3.1 MMbbl net to Impress (now Beach). Ten wells are planned there. Beach has not yet assessed the figures independently and will do so at financial year end.
