Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2015investor presentation● Neutral
Morgan Stanley conference presentation restates known facts: FY15 results, FY16 production guidance of 7.8-8.6 MMboe, capex of $240-270m and the strategy. It cites a market value of about $700m. No new announcements.
28 Sept 2015asset acquisition disposition● NeutralMajor
The Egypt sale to Rockhopper will not proceed because a joint venture partner exercised pre-emption rights over Abu Sennan. The pre-empting party or parties, confirmed after 16 October, will pay US$20.4m cash, subject to Egyptian approvals. This is close to the US$22m headline price, but all cash.
24 Sept 2015director officer appointment● Neutral
Rob Cole will stay on the board as a non-executive director after leaving his executive role on 14 October 2015, and will stand for re-election at the 2015 AGM. The chairman praised his experience.
16 Sept 2015dividend declaration● Neutral
Final FY15 dividend of 0.5 cents per share, fully franked, is payable 25 September 2015 to holders on record at 4 September. The dividend reinvestment plan price is $0.556, including a 2.5% discount. It is not underwritten.
16 Sept 2015director officer appointment▼ BadMajor
Managing Director Rob Cole resigned on 16 September, staying until 14 October, because family matters in Perth rule out a full-time role in Adelaide. This resolves his leave. Neil Gibbins stays Acting CEO while the board begins a search for a replacement.
15 Sept 2015asset acquisition disposition▼ BadMajor
Existing ATP 1056 partners exercised pre-emptive rights over AGL's 40% interest. If their conditions are met, Beach's $1.15m agreement to buy it will be terminated, so the deal and Beach's operatorship look likely to fall away.
2 Sept 2015drilling progress report● Neutral
August report: Tirrawarra-88 cased, Hobbes-3 found 6.0m oil pay, and Beanbush-2 and Whanto-4 both showed high-side (P10) gas pay. Bolah-2 was in line with estimates. Fulcrum-1 was plugged and abandoned. Mostly incremental results across non-operated wells.
2 Sept 2015drilling result● Neutral
Senex's report shows Fulcrum-1 (Beach 40%) hit poor reservoir with oil shows and was plugged and abandoned. Growler-14 began producing at 350 bopd, and Spitfire-7 was spudded. Beach is the non-operating partner in these wells.
24 Aug 2015annual report▼ BadMajor
FY15 statutory loss of $514.1m (FY14 profit $101.8m) on revenue of $735.5m, down 30%; underlying NPAT was $90.7m. Final dividend is 0.5 cents (1.5 cents for the year, vs 4.0), paid 25 September 2015.
24 Aug 2015investor presentation● Neutral
Results presentation repeats the FY15 figures: sales revenue $728m, underlying NPAT $91m, operating cash flow $229m, cash $170m (net cash $20m) and a 1.5 cent dividend. It restates the strategy and the impairments, adding little new.
21 Aug 2015other▼ BadMajor
Beach expects $449m after-tax non-cash impairments in H2 FY15 ($614m for the full year), mainly Delhi after the reserve cuts, the NTNG project after Chevron's exit, and Egypt to reflect the sale proceeds. No cash impact, per management.
21 Aug 2015resource reserve update▼ BadMajor
At 30 June 2015 Beach's 2P reserves fell to 74.4 MMboe from 85.6 (1P 32.4, 3P 144.8); 2C contingent resources are 676.6 MMboe. A 7.9 MMboe Delhi downgrade outweighed a Bauer field increase (Bauer net 2P 3.9 MMbbl).
19 Aug 2015director officer appointment▼ BadMajor
Chief Operating Officer Neil Gibbins becomes Acting CEO while Managing Director Rob Cole takes personal leave for family matters. Cole only became MD in March 2015; no return date is given.
17 Aug 2015other● Neutral
Beach will release FY15 full year results on 24 August 2015, with a call at 11am AEST. Scheduling notice only.
12 Aug 2015investor presentation▲ GoodMajor
Beach's strategy review sets a goal of becoming Australia's premier multi-basin upstream oil and gas company, focused on the Cooper Basin, east coast gas and growth beyond it. It cites about 15% corporate cost savings for FY16 and confirms exits from Romania and Egypt and a Tanzania farm-down.
11 Aug 2015asset acquisition disposition▲ GoodMajor
Beach agreed to buy AGL's 40% operating interest in oil-producing ATP 1056, on the Cooper Basin's south-eastern flank, for $1.15m. This is 20% registered plus a right to earn another 20%. Completion needs conditions including Queensland government approval.
10 Aug 2015asset acquisition disposition● NeutralMajor
Beach agreed to sell its Egyptian subsidiary, holding the 22% Abu Sennan interest, to Rockhopper for up to US$22m: US$11.5m cash plus Rockhopper shares. Completion is expected late 2015 or early 2016 and an impairment will be booked in FY15 results.
7 Aug 2015investor presentation● Neutral
Beach announced its strategy review is complete and will be presented by webcast on 12 August. Notice only; the content comes in the presentation itself.
5 Aug 2015drilling progress report● Neutral
July report: Tirrawarra-85, Whanto-3 and Mt Howitt-3 DW1 (low-side gas pay) cased; the joint venture dropped Mt Howitt-4. Cocinero-3 (Beach 20%) found 7.4m net Hutton oil pay and was cased as a producer. Whanto-4, Beanbush-2 and Bolah-2 drilling.
29 July 2015quarterly activities report● Neutral
June quarter: production 2.3 MMboe (up 8%), revenue $170m (up 30%), oil price $83.5/bbl. FY15 production was 9.2 MMboe and cash $170m. Romania exit, Woodside's Tanzania exit and Origin gas deal noted; strategy review stage completed.
29 July 2015other▼ BadMajor
FY16 guidance: production 7.8-8.6 MMboe, below FY15's 9.2, and capex $240-270m versus $416m in FY15. This is the major cut flagged in April. Cash was $170m at 30 June with $150m drawn and $150m undrawn debt.
16 July 2015joint venture update▲ Good
Cooper Energy's business case prefers a subsea Manta gas development: 23 PJ a year, about $560m capital cost, first gas around May 2021. It is subject to partner (Beach 35%) review, and a Manta-3 appraisal well is being planned.
16 July 2015resource reserve update▲ Good
Cooper Energy, operator of the BMG fields where Beach is to hold 35%, lifted its net Manta 2C contingent resource 22% to 13.9 MMboe. The Cooper Energy figures are for its 65% share, not Beach's.
2 July 2015other● Neutral
Executive incentive rights lapsed unexercised (869,781 from 2012 and 972,292 from 2013). Issued capital is 1,300,591,448 ordinary shares. Administrative notice.
1 July 2015material agreement▲ GoodMajor
Gas deliveries began on 1 July 2015 under the long-term Origin gas sales agreement, up to 139 PJ over eight years with oil-linked pricing. Volumes are expected to ramp up during FY16 while legacy contracts continue; this starts the deal announced in 2013.
1 July 2015drilling progress report● Neutral
June report on non-operated Cooper Basin wells: Swan Lake-15 and Tirrawarra-84 cased as future gas producers; Swan Lake-14 had low-side gas pay with unclear logs. Whanto-3 reached total depth, Mt Howitt-3 was sidetracked after hole instability.
17 June 2015asset acquisition disposition● NeutralMajor
Beach transferred its 30% interest in Romania's Block 28 Est Cobalcescu to operator Petroceltic for nominal consideration, with Romanian regulatory approval. Beach has no further commitments in Romania, completing its exit.
5 June 2015other▼ Bad
S&P Dow Jones Indices will remove Beach from the S&P/ASX 100 after the close on 19 June 2015. Beach stays in the ASX 200 index. This is an index notice, not a company announcement.
3 June 2015drilling progress report● Neutral
May report: eight wells drilled, 88% success. Sensation-1 and Callawonga-11 (2.5m net Namur oil, cased as producer) confirmed; Swan Lake, Whanto-2 and Toby-2 gas wells cased. Barrolka campaign done; ASA-3 ST1 in Egypt now producing about 550 bopd. Beach skips Swan Lake-12.
27 May 2015farm in farm out agreement▼ BadMajor
Woodside will not enter the next exploration period of the Lake Tanganyika South block in Tanzania, so the pending farm-in to take 70% falls away. Beach keeps 100% and operatorship and is assessing its options.
