Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2015agm notice● Neutral
All seven resolutions at the 25 November AGM passed on a poll, including the remuneration report (98.79% for). Colin Beckett and Rob Cole were elected, and Fiona Bennett and Doug Schwebel re-elected. Partial takeover provisions were reinstated.
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.
27 Oct 2015quarterly activities report● Neutral
September quarter production was 2.3 MMboe, flat on the prior quarter, while revenue fell 15% to $145m as the realised oil price dropped to $68/bbl. Cash was $174m against $150m drawn debt. Capex was $44m, consistent with the curtailed FY16 program.
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.
22 Oct 2015resource reserve update▲ Good
Operator 3D Oil estimates T/49P in the Otway Basin holds a best-estimate 1.38 TCF recoverable gas at the Flanagan prospect and 6.82 TCF across the permit. Beach holds 30%; 3D Oil is seeking a farm-in partner to drill. These are unrisked prospective resources, not reserves.
21 Oct 2015joint venture update● Neutral
Rawson reports a workover of the Udacha-1 well in PRL 26, with fracture stimulation and a flow test planned and production expected in early 2016. Beach holds 15% and is operator, alongside Drillsearch 75% and Rawson 10%.
7 Oct 2015drilling result▲ Good
Senex reports Spitfire-7 (Beach 40%) found 6.6m net oil pay and was cased as a future producer, due online in November. Martlet North-1 began production at the end of September.
7 Oct 2015drilling progress report● Neutral
September report: Tirrawarra-86 cased as a gas producer, and Jena-23 and Calamia East-1 found modest oil pay, which ends the Limestone Creek campaign. Spitfire-7 found 6.6m net oil pay. Whanto South West-1 is a new gas discovery. Beach skipped some wells.
6 Oct 2015drilling spud● NeutralMajor
Beach began its FY16 operated drilling program by spudding the Maroochydore-1 oil exploration well in ATP 924, where it is farming in to 45%. Up to 16 operated wells are planned in FY16, with Thylungra-2 next.
