Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2015investor presentation● NeutralMajor
Half-year results presentation repeats the figures: underlying profit $72m, cash $249m, guidance unchanged. New detail: a divestment process for Egyptian interests has started, with a data room opened. Capex cut is about 20% in the second half.
23 Feb 2015drilling result● NeutralMajor
Beach completes Stage 1 of its Nappamerri Trough gas program: 18 wells, 16 fracture stimulated. Boston-2 in PRLs 33-49 had down-hole mechanical issues, minimal gas flowed, and it will be plugged and suspended. Chevron has up to 60 days from 13 Feb to decide on Stage 2.
18 Feb 2015other● Neutral
Administrative notice: Beach will release its FY15 half-year results on 23 February 2015, with a results call at 11.00am AEST. No substance beyond timing.
13 Feb 2015other▼ BadMajor
Beach expects half-year non-cash impairments of $166m after tax ($224m before tax) on Cooper Basin interests ($136m) and Romania ($30m). Romanian interests are written to nil, with no further exploration scheduled. Beach attributes it to lower oil prices (US$55/bbl Brent assumed for 2015).
10 Feb 2015drilling progress report● Neutral
Drillsearch's January report: Sandhurst-1 (PEL 91) plugged and abandoned. Ralgnal-1 in PRL 130 (Beach 50% operator) flowed gas at 5.88 mmscf/d on test and will be cased as a new discovery. Largely repeats Beach's own reporting.
4 Feb 2015drilling progress report● Neutral
January report: Hanson-2 cased with six metres of net oil pay, Sandhurst-1 plugged and abandoned, and Ralgnal-1 and Martlet North-1 still drilling. Rain delayed some activity, with no material annual production impact. Santos-operated Cooper gas wells continue; Big Lake infill campaign finished.
4 Feb 2015drilling spud● Neutral
Senex reports Martlet North-1 spudded on 27 January 2015 in PRL 148 (Senex 60% operator, Beach 40%), 1.1 km from the Martlet-1 discovery. It targets the Namur Sandstone with total depth about 2,028m expected in early February. Result is pending.
3 Feb 2015flow test result● Neutral
Icon says Geoffrey-1 in ATP 855 has been shut in for extended pressure build-up after peaking at 1.1 MMscfd. It says the joint venture has all the data it needs from the well and stayed within its exploration budget.
2 Feb 2015other● NeutralMajor
Seven Group Holdings says it has a relevant interest of 13.79% in Beach, held in its investment portfolio. Its CEO calls Beach well managed with strong assets. The text states no takeover intention; a large new holder is now on the register.
29 Jan 2015other▼ BadMajor
Beach narrows FY15 production guidance to 8.9-9.4 MMboe (from 8.6-9.4) and cuts FY15 capex guidance to $430-470m from $450-500m, citing lower oil prices. Initial H2 cuts are up to $55m, with further cuts possible once Santos gives Cooper JV spending plans. Cash was $249m at 31 December, with an undrawn $300m facility.
20 Jan 2015flow test result● Neutral
Beach says Stage 1 of its Nappamerri Trough gas program is near complete: 18 wells, 15 fracture stimulated. Etty-1 peaked at 0.9 MMscfd then was shut in; Geoffrey-1 peaked at 1.1 MMscfd and is flowing again. Redland-1 had mechanical issues and was shut in. Boston-2 fracture stimulation is due to begin soon. Stage 2 design is underway.
20 Jan 2015well test result● Neutral
Icon, Beach's partner in ATP 855, repeats the flow results: Geoffrey-1 peaked at 1.1 MMscfd, Etty-1 flowed 0.7-0.9 MMscfd over 77 days, and Redland-1 was shut in due to a mechanical issue. Consistent with Beach's own update.
8 Jan 2015drilling progress report● Neutral
Drillsearch's December report repeats Beach-operated results: Bauer-18 and Hanson-2 cased as future producers, and Antechamber-1 and Danville-1 in PEL 106 plugged and abandoned. It also reports non-Beach wells such as the Yarowinnie South-1 discovery.
8 Jan 2015security holder rights change● Neutral
Administrative notice: some 2012 and 2013 executive incentive rights lapsed unexercised. No cash raised. Shares on issue remain 1,297,496,886.
7 Jan 2015drilling progress report● Neutral
December report: ten wells drilled at 80% success. The six-well Bauer campaign is complete (Bauer-18 had 6.6m net oil pay), with 2P increases expected and wells online in Q3 FY15. Antechamber-1 and Danville-1 in PEL 106 were plugged and abandoned as dry.
23 Dec 2014resource reserve update▲ GoodMajor
Beach books a first 2P reserve for the Martlet oil field in PEL 104/111: 589 kbbl gross (1P 214, 3P 1,634), of which Beach holds 40%. Facilities have cost about $4.1m and are complete. It was not in FY15 production guidance.
23 Dec 2014resource reserve update▲ GoodMajor
Beach books a first 2P reserve for the Balgowan oil field in PEL 91: 344 kbbl gross (1P 86, 3P 1,530), with Beach holding 40%. Development is estimated at about $1.3m, pending joint venture approval, with tie-in to the Stunsail facility before FY15 end. Not in FY15 guidance.
12 Dec 2014well test result▲ Good
Etty-1 in ATP 855 holds steady at 0.83 MMscfd, with at least 93% from the Daralingie Formation, which Beach wants as a Stage 2 priority. Geoffrey-1 is at 0.7 MMscfd and rising. Stage 1 fracturing is complete, except Boston-2 in early January.
12 Dec 2014well test result▲ Good
Icon repeats the ATP 855 results: Etty-1 stable at 830,000 cubic feet a day, over 90% from the Daralingie Formation, and Geoffrey-1 at 700,000 and rising. Redland-1 is still cleaning up. Consistent with Beach's own update.
10 Dec 2014material agreement▲ GoodMajor
Beach signs a transitional gas sales agreement with Origin to separately sell its own SACB and SWQ gas from 1 January 2015, about 2.3 PJ to 30 June 2015. Terms match the original Origin deal. Marks Beach's first separately marketed Cooper Basin gas.
5 Dec 2014drilling progress report● Neutral
Drillsearch's November report confirms Bauer-15, -16, -17 and -19 cased as future producers in PEL 91 (Beach 40% operator). It also reports Maupertuis-1 cased as a discovery in PEL 106, sole-risked by Drillsearch. Largely repeats Beach's own drilling report.
3 Dec 2014drilling progress report▲ Good
November report: 13 wells drilled at 85% success. Bauer-16, -17 and -19 cased as oil producers (net Namur pay 3.5m, 5.4m, 8.7m), with Bauer-18 near total depth; Beach expects 2P reserve increases at Bauer. Maupertuis-1 in PEL 106 was cased with Beach electing not to participate.
3 Dec 2014security holder rights change● Neutral
Administrative notice: 2011 long-term incentive rights lapsed, and new executive rights were issued, including 211,559 short-term rights to the Managing Director and 1,667,671 2014 rights. No cash raised. Shares on issue remain 1,297,496,886.
27 Nov 2014director officer appointment● NeutralMajor
Beach appoints Robert Cole, until recently a Woodside executive director, as Managing Director from 1 June 2015 or earlier. Fixed pay is $1.2m a year. He succeeds retiring MD Reg Nelson, resolving the open successor search.
27 Nov 2014auditor change● Neutral
KPMG was appointed Beach's auditor at the AGM, following the resignation of Grant Thornton. The notice gives no reason for the resignation.
25 Nov 2014investor presentation● Neutral
Investor morning presentation repeats known themes: FY15 production guidance of 8.6-9.4 MMboe, cash of $343m at 30 September, undrawn $300m facility, and NTNG moving toward Stage 2. Market cap is ~$1.4bn at 18 Nov, down from ~$1.7bn in October. No new results in the readable text.
25 Nov 2014drilling result▲ GoodMajor
Bauer-19 in PEL 91 (Beach 40% operator) found 8.7m net Namur oil pay against 4.0m predicted, and with Bauer-15 may lift Bauer's recoverable oil. Stunsail-1 flow tested at 7,920 bopd combined. Gives reserves upside beyond current guidance; no reserve figure yet.
25 Nov 2014well test result▲ Good
Etty-1 in ATP 855 (Beach 46.9% operator) flowed 0.87 MMscfd on a restricted choke, mostly from one Daralingie Formation stage. Hervey-1 is flowing weaker at 0.2 MMscfd. Beach says rates are not whole-of-well and Stage 1 is on track; Daralingie may be a Stage 2 target.
24 Nov 2014farm in farm out agreement▲ GoodMajor
Beach agrees to fund more of the expanded 974 sq km Flanagan 3D seismic survey in offshore Otway permit T/49P, lifting its interest from 20% to 30% (3D Oil 70% operator). Final cash cost depends on survey cost. Builds on its 20% acquisition earlier this year.
19 Nov 2014director officer appointment▲ Good
Beach appoints Colin Beckett, a former Chevron executive who ran Gorgon LNG development, as independent non-executive director from 2 April 2015. Fills the board seat vacant since Franco Moretti retired in July 2014.
