Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2010drilling result▲ Good
Encounter-1 reached the top of the shale target at 3,078 m on 12 November, with gas shows higher than nearby wells. A 19.3 m core was cut from the Roseneath Shale. About three more weeks of work remain before Holdfast-1.
9 Nov 2010drilling progress report● Neutral
Weekly report: Encounter-1 drilled 266 m to 2,862 m after the intermediate casing was run and cemented, with some lost time. Drilling continues in the 8½ inch hole toward the coring point near 3,200 m.
3 Nov 2010drilling result▲ Good
Acrasia 5 (Beach 25%) reached 2,300 m and logs show 31.6 m of net oil pay across all four targets. It will be completed as an oil producer and brought online before 31 December 2010. Field impact on production and reserves is still being assessed.
3 Nov 2010drilling progress report▲ Good
October drilling report: Irtalie East-1 (Beach 38.5%) found 6 m of net oil pay and Strzelecki Northeast-1 found gas, both suspended as future producers. Encounter-1 is at 2,569 m, with first coring expected mid-November. Canunda-1 testing restarts next week.
2 Nov 2010drilling progress report● Neutral
Weekly report: Encounter-1 reached 2,596 m, the intermediate casing point, after 151 m in the week. Running the 9 5/8 inch casing lost some time because of damaged joints. Production hole drilling follows.
27 Oct 2010drilling progress report▲ Good
Stuart Petroleum's Acrasia 5 oil well (Beach holds 25% via Mawson) flowed about 900 barrels a day from the Poolowanna Formation, on top of about 450 from the Birkhead. Hutton and Tinchoo targets are still to be logged.
26 Oct 2010drilling progress report● Neutral
Weekly report: Encounter-1 (Beach 90%) drilled 372 m to 2,445 m, still in the 12¼ inch hole, heading to intermediate casing at 2,600 m. Target depth remains 3,625 m. No shale results yet.
19 Oct 2010drilling progress report● Neutral
Weekly report: Encounter-1 (Beach 90%) is at 2,073 m, with 1,039 m drilled in the week. 13 3/8 inch surface casing is set at 1,030.8 m and the 12¼ inch hole is being drilled. Target depth is 3,625 m. No shale results yet.
7 Oct 2010farm in farm out agreement● Neutral
Somerton Energy, in which Beach is the largest shareholder (stated as 57%), will earn up to 5% of PRL2 by funding a third of the Wombat-2 and Boundary Creek-2 testing, up to $3.33m. Beach operates; Wombat-4 stimulation is expected in Q1 2011. This extends the Lakes Oil Gippsland farm-in.
6 Oct 2010drilling progress report● Neutral
September drilling report: Encounter-1 began 3 October and is at 952 m. Canunda-1 testing resumes next week after fishing wireline out. Coonatie-20 is cased and suspended as a future gas producer. Henderson 4-26/35H is drilling its lateral, targeting 600,000 bbl recoverable (90,000 net).
5 Oct 2010drilling spud▲ GoodMajor
Adelaide Energy reports Encounter-1, the first PEL 218 shale gas well (Beach 90% operator), began drilling on 3 October after slipping from earlier dates. It is a vertical test to about 3,700 m, taking around 50 days, with Holdfast-1 next.
6 Sept 2010resource reserve update▲ GoodMajor
Drillsearch says Beach, as operator, considers the Brownlow, Canunda, Middleton and Udacha wet gas discoveries commercial. Beach puts their 2P reserves at 5.6 MMboe gross, converting contingent resources; Gaffney Cline's review of this is still in progress. It resolves the earlier testing-only position.
1 Sept 2010drilling progress report● Neutral
August drilling report: Canunda-1 testing is still suspended by rain. Encounter-1 (Beach 90%) is now scheduled for mid September, with the rig mostly on site. Coonatie-19 is cased and suspended, Coonatie-20 is at 2,779 m, and Henderson 4-26/35H spuds this week.
25 Aug 2010drilling progress report● Neutral
Encounter-1, first Nappamerri Trough shale gas well (PEL 218, Beach 90%), is now expected to spud early to mid September after the rig moved in; this slips from late August. Henderson 4-26/35H rig is moving in. Henderson 4-25H is producing about 500 bopd.
25 Aug 2010drilling scheduled● Neutral
Adelaide Energy (10% of PEL 218) confirms Beach as operator expects Encounter-1 to spud early to mid September 2010. Adelaide Energy is carried through the first $25m gross of spending. It repeats Beach's own update.
10 Aug 2010farm in farm out agreement▲ GoodMajor
Beach signed an unconditional farm-in with Lakes Oil, firming the 14 April conditional deal. It can earn up to 50% of onshore Gippsland PRL2 (Wombat tight gas) by spending $50m: 15% for $10m in stage one, then up to 50%. Needs Victorian government approval.
4 Aug 2010drilling progress report▲ Good
Henderson 4-25H was fracture stimulated and flowed about 1,000 bbl/d of oil and fluids on test. Watson West-1 (Beach 38%) is suspended as an oil producer; Encounter-1 shale gas well, delayed earlier, is due to start late August; heavy rain halted Canunda and Coonatie work.
15 July 2010drilling scheduled▲ GoodMajor
Drillsearch says the PEL 91 joint venture (Beach operator 40%, Drillsearch 60%) plans up to five Western Flank oil wells, targeting 3.5 million barrels mean unrisked recoverable. Drilling needs a rig and should start by Dec 2010/Jan 2011; Chiton returns to production in early August.
13 July 2010drilling result▲ GoodMajor
Watson West-1 (Naccowlah Block, Beach 38.5% per Drillsearch) found 6-8 feet of oil pay and will be completed as a Basal Birkhead oil producer. Initial oil in place is estimated at 300,000-400,000 barrels, a small near-field discovery.
7 July 2010drilling progress report▲ Good
First monthly drilling report: Canunda-1 (Beach 50%) flowed 10.5 MMscf/d with high condensate, now choked back by trucking limits. Inca-1 (30%) is suspended as a future oil producer, and Henderson 4-25H reached 4,865 m TD, with fracture stimulation due end July.
23 June 2010drilling scheduled▼ Bad
The two-well PEL 218 shale gas program is delayed to mid-late August, starting with Encounter-1, because rig parts were held up by weather in Thailand. Holdfast-1 now follows. Beach will also move to monthly routine drilling reports.
16 June 2010drilling progress report● Neutral
Weekly report: Genoa North-2 is cased and suspended as a future oil producer and the rig moves to the Inca-1 exploration well. Henderson 4-25H is at 3,166 m, starting its horizontal section.
9 June 2010drilling progress report● Neutral
Weekly report: Genoa North-2 (Beach 30%) spudded 3 June and is drilling at 1,811 m. Henderson 4-25H in North Dakota's Bakken play (Beach 23.15%, with Sundance) is at 1,932 m.
2 June 2010drilling progress report● Neutral
Weekly report: Genoa-3 (Beach 30%) is cased and suspended as a future oil producer. The rig is moving to drill Genoa North-2, about 3 km to the north.
26 May 2010drilling progress report▲ Good
Weekly report: Genoa-3 (Beach 30%) reached 1,786 m total depth and is being cased and suspended as a future Hutton Sandstone oil producer.
19 May 2010drilling spud▲ Good
Santos-operated Genoa-3 (Beach 30%) spudded on 18 May, the first Cooper Basin drilling since the floods. Beach expects all three Santos rigs back at work before the end of June.
10 Mar 2010drilling progress report▼ Bad
Beach's weekly report said Cooper/Eromanga drilling remained suspended after the heavy rainfall and was not expected to resume until mid-April to mid-May. The Coonatie-16 gas development well (Beach 17.14%) stayed suspended at 1,132 m, with no restart before 1 May.
3 Mar 2010drilling progress report▲ Good
Weekly report: the NS377-5 rig is released after the pump was commissioned and the well cleaned up at about 2,500 bfpd. Beach says this supports a combined rate above 3,000 bopd with NS377-3. Paralana-2 hit 176°C; Cooper drilling remains suspended.
24 Feb 2010drilling progress report● Neutral
Weekly report: NS377-5 (Beach 20%) has been perforated and a pump is being installed. Cooper Basin drilling stays suspended because of flooding, with no restart date given.
22 Feb 2010resource reserve update▼ BadMajor
Independent reviewer RISC puts BMG's gross remaining 2P at 3.1 MMbbl at 31 December 2009, within ROC's earlier 3-5 MMbbl indication and down from about 18. Beach has not received the review; it will set its position and any impairment at FY10 results.
