Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2011drilling progress report▲ Good
Holdfast-1 weekly report: drilled to 3,059m, 454m in the week, and cut the first core in the target Roseneath shale, whose top came in 36m high. Gas shows are similar to Encounter-1. Coring continues through the target interval.
22 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: drilled 101m to 2,605m, the intermediate hole depth, and is running 9 5/8" casing and testing blowout preventers. Coring of the target shale zone is planned next, with the top of the target expected near 3,060m.
17 Feb 2011drilling scheduled● Neutral
Drillsearch (60% partner) says Beach's five-well PEL 91 exploration program starts early March with Ensign #18, targeting 3.5 MMbbl mean recoverable. Canunda testing restarts after about 10 days of workover. A four-well PEL 106B program is being considered.
16 Feb 2011drilling scheduled▲ Good
Beach's minimum 16-well Western Flank program starts this week, with Ensign #30 95% moved in and Ensign #18 due early March. Two Parsons wells are forecast to add 1,000 bbl/d. ZZ-4 in Egypt is drilling again at 2,772 m.
16 Feb 2011drilling scheduled● Neutral
Partner Cooper Energy (25% of PEL 92) says Ensign #30 is nearly in place and drilling starts within a week. The program opens with two Parsons wells forecast to add 1,000 bbl/d to PEL 92's roughly 5,000 bbl/d.
15 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: drilled to 2,504 m, 409 m in the week, in the Nappamerri formation. Intermediate hole TD is expected around 2,550 m, then casing is cemented. No weather delays are expected.
9 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: good progress, drilling the intermediate hole at 2,095 m, 1,340 m drilled in the week. The well is on track toward the 3,625 m target.
9 Feb 2011resource reserve update▲ GoodMajor
Santos lifted Cooper Basin 2P reserves by 39 MMboe. Beach assumes about 60 MMboe for the SACB JV, implying roughly 12 MMboe net to Beach, about 18% of its 66 MMboe 2P. Beach has not yet independently assessed this.
2 Feb 2011drilling progress report● Neutral
January drilling report: Western Flank program starts mid-late February with back-to-back Parsons wells. Canunda-1 testing slips to mid-February after rain. Holdfast-1 target zone expected mid-late February. Egypt's ZZ-4 operations are temporarily suspended due to communications problems from events in Egypt.
1 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: surface hole finished at 955 m and 13 3/8 inch casing run. Beach is installing blowout preventers before drilling the intermediate section. Light rain hindered operations.
25 Jan 2011drilling progress report● Neutral
Holdfast-1 spudded 21 January and has drilled to 776 m of the 3,625 m target. Adelaide Energy says Encounter-1 core analysis results are due over coming weeks and it expects no cost to itself.
21 Jan 2011drilling spud▲ GoodMajor
Beach expects to spud Holdfast-1, its second Cooper Basin shale gas well, 24 km northeast of Encounter-1, targeting 3,625 m in about 60 days. Henderson Federal 4-26H in North Dakota (Beach ~18.4% working interest) hit 1,900 bopd during clean-up.
11 Jan 2011drilling progress report● Neutral
Adelaide Energy's weekly report: the rig has moved to Holdfast-1 (PEL 218, Beach 90%) and awaits better weather to spud. No metres drilled yet.
5 Jan 2011drilling progress report● Neutral
December monthly drilling report. Canunda-1 testing restarts around 1 Feb. Egypt's ZZ-4 well began 27 Dec. Wombat-2 flowed about 0.8 mmscfd for twelve days. Paralana injection test done, and Encounter-1 fracturing is planned early Q2 2011.
4 Jan 2011drilling scheduled● Neutral
Adelaide Energy says the rig has moved to Holdfast-1, the second PEL 218 shale gas well (Beach 90%). Drilling is expected to reach the target in about 40 days, with completion in about 60 days.
24 Dec 2010drilling scheduled▲ GoodMajor
Beach contracted the second rig, Ensign #30, for an expanded 16-well Western Flank program from February 2011, with JV approval received. The Cooper Creek bridge and road upgrades are finished. Beach says success could materially lift reserves and FY11 production.
23 Dec 2010drilling result▲ GoodMajor
Encounter-1 is drilled, cased and suspended with 393 m of target shale, thicker than predicted, and appears fully gas saturated with no water. Five cores taken. Holdfast-1 is next, with multi-stage fracture stimulation of both wells expected from April.
23 Dec 2010drilling result▲ Good
Partner Adelaide Energy's final report: Encounter-1 reached 3,612 m TD, with 393 m of target shale. Cased and suspended. It expects initial independently certified contingent resource and reserve figures by mid 2011.
23 Dec 2010farm in farm out agreement▲ GoodMajor
Cooper Energy farms out 35% of Otway Basin permit PEL495 to Beach for A$220,000 cash, 35% of back costs (A$220,000) and 70% of the first well. Beach will operate after that well. Subject to South Australian approval.
20 Dec 2010farm in farm out agreement● Neutral
Somerton (Beach 57% owned) will farm into PEL 495 in the Otway Basin for 15%, costing about A$1.1m with a Sawpit-2 well in Q2 2011. Beach is shown as taking 35% in the permit. Somerton also sells its PRL 13 stake for A$110,000.
16 Dec 2010drilling scheduled▲ Good
A four-well program at Abu Sennan, Egypt (Beach 22%, pending approval) starts mid-to-late December with a GPZZ appraisal well. Tanzania Lake Tanganyika South (100%) gravity and magnetic surveys are complete, with 2D seismic planned for mid 2011.
14 Dec 2010drilling progress report▲ Good
Partner Adelaide Energy's weekly report: Encounter-1 at 3,586 m, with preliminary Roseneath 194 m and total target section about 388 m. It cites high mud weights and gas shows as signs of significant gas. Repeats Beach's thickness news.
10 Dec 2010drilling progress report▲ GoodMajor
Beach says the Roseneath shale in Encounter-1 (PEL 218, Beach 90%) looks about 200 m thick versus the 60 m expected, implying much more gas in place. The well is being deepened with extra coring; good gas shows continue.
9 Dec 2010drilling scheduled▲ Good
Drillsearch (60% PEL 91, Beach 40% operator) confirms five exploration wells from late Jan-early Feb 2011 near Chiton. Mean prospective recoverable resource is 3.5 MMbbl, up to 7.3 MMbbl on the high side, unrisked. Partner's detail on Beach's announced program.
9 Dec 2010drilling scheduled▲ GoodMajor
Beach plans a minimum 15-well Western Flank program from Jan/Feb 2011 using two rigs: Ensign #18 contracted and Ensign #30 under option to 21 Dec. Five wells in PEL 91, seven in PEL 92, three appraisal. Prospects range 0.5-5.5 MMbbl. Follows earlier delays to Western Flank drilling.
7 Dec 2010drilling progress report● Neutral
Weekly report: Encounter-1 (PEL 218, Beach 90%) drilled to 3,462 m, with the Epsilon core cut from 3,380-3,406 m. Logs show the Roseneath section is much thicker than expected (190-200 m). Murteree core is next, toward 3,625 m total depth.
1 Dec 2010drilling progress report● Neutral
November drilling report: Encounter-1 has two of three cores recovered, with a Murteree core to come before the rig moves to Holdfast-1. Canunda-1 testing slips to early 2011; Coonatie-14 and Tirrawarra-79 were cased and suspended as future gas producers; Paralana work is delayed.
30 Nov 2010drilling progress report● Neutral
Weekly report: Encounter-1 drilled 89 m to 3,346 m, and the 27 m Epsilon core was cut and recovered. The rig was shut down three days for repairs; the Murteree core comes next.
23 Nov 2010drilling progress report● Neutral
Weekly report: Encounter-1 drilled 110 m to 3,257 m, with slow progress in the Epsilon sandstone. The Epsilon core is next, then the Murteree shale; target depth is 3,625 m.
16 Nov 2010drilling progress report● Neutral
Weekly report: Encounter-1 drilled 285 m to 3,147 m, including the 19.3 m recovered core from 3,102 m. Progress through the Roseneath shale was slow. The next core is planned in the Epsilon.
