17 Feb 2010drilling progress report● Neutral
Weekly report: NS377-5 (Beach 20%) is at total depth of 2,909 m and being cased for completion as a Kareem oil producer. Cooper Basin drilling is suspended because of floods, to resume when roads reopen.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Feb 2010drilling result▲ GoodMajor
NS377-5 (Beach 20%) reached 2,909 m after a 107 m gross oil column in the Kareem sandstone, less than NS377-3's 144 m but with better reservoir quality. Initial output is expected at 1,500-2,000 bopd, with full field production above 3,000 bopd in Q3 2010.
10 Feb 2010drilling progress report▲ Good
Weekly report: Egypt's NS377-5 (Beach 20%) is at 2,849 m and has hit the top of the Kareem oil column 110 m above the field's oil-water contact. Drilling continues to target depth. Coonatie-16 is waiting on weather after heavy rain.
3 Feb 2010resource reserve update▼ BadMajor
Operator ROC expects BMG gross 2P reserves at 31 December 2009 to fall from about 18 MMbbl to 3-5 MMbbl, a preliminary estimate pending independent review. BMG (Beach 30%) is producing about 6,000 BOPD, expected to average 5,000 BOPD in 2010.
3 Feb 2010drilling progress report● Neutral
Weekly report: Egypt's NS 377-5 (Beach 20%) is at 2,209 m with 9 5/8-inch casing set. Coonatie-17 reached 3,104 m TD and is to be cased as a Permian gas producer, Chi-1 was plugged and abandoned, and Coonatie-16 is at 1,132 m.
3 Feb 2010resource reserve update▼ BadMajor
Beach says ROC's preliminary BMG revision implies a 70-80% cut in gross 2P. That puts Beach's net reserve about 1 MMbbl below the 2.4 MMbbl booked, about 2% of its total. FY10 production guidance falls to 8.0 MMboe from about 9.0; any impairment is to be set at full-year results.
27 Jan 2010drilling progress report● Neutral
Weekly report: Egypt's NS 377-5 (Beach 20%) is drilling ahead at 2,011 m. Cooper wells Coonatie-17 and Chi-1 are progressing, with a drill stem test being prepared at Chi-1. No new results.
20 Jan 2010drilling progress report▲ Good
Weekly report: Egypt's NS 377-5 (Beach 20%) is at 920 m with 13 3/8-inch casing run. Narcoonowie-10 was cased as a future Namur and Birkhead oil producer with a new-pool mid-Namur oil discovery, and Tickalara-24 as a McKinlay oil producer. Chi-1 and Coonatie-17 are drilling.
13 Jan 2010drilling spud▼ Bad
Weekly report: Egypt's NS 377-5 oil development well (Beach 20%) spudded on 12 January, targeting Kareem oil. The NS 377-4 (Teen) oil exploration well (Beach 20%) was plugged and abandoned.
6 Jan 2010drilling progress report● Neutral
Weekly report: the rig has moved to Egypt's NS 377-5 development well (Beach 20%), which targets Kareem oil updip of the successful NS 377-3 and is due to spud next week. Several Cooper development wells were cased and suspended.
23 Dec 2009drilling result▲ Good
Cooper Basin oil development wells Narcoonowie-8 (Beach 20.21%) and Tickalara-21 (Beach 30%) were cased and suspended as oil producers. A Narcoonowie-8 test recovered 50.4 barrels of clean oil in 4 hours. Burke-11 was also cased as a gas producer.
16 Dec 2009drilling progress report● Neutral
Weekly report: Paralana-2 is cased to 3,725 m and the rig released; evaluation continues in 2010. Burke-11 is drilling at 2,504 m, Narcoonowie-8 at 942 m, and Tickalara-21 at 1,417 m. No new results.
14 Dec 2009drilling result▲ Good
Petratherm says Paralana-2 was cased and cemented to 3,725 m and the rig released 12 December. Temperature measurements are due mid to late January 2010. Mini-fracture stimulation is planned for Q1 2010 and multi-zone stimulation for Q2. Paralana-3 depends on those results.
9 Dec 2009drilling progress report● Neutral
Weekly report: Paralana-2 (Beach earning 21%) is running 7-inch casing at 4,012 m TD, with completion expected mid to late December. Burke-11 is at 804 m running surface casing. No new results.
9 Dec 2009drilling progress report● Neutral
Petratherm says Paralana-2 operations resumed 3 December after road closures. Cement plugs were set and logging-while-drilling below 3,740 m failed. 7-inch casing to 3,725 m is under way, with completion expected mid to late December.
18 Nov 2009drilling progress report● Neutral
Petratherm says Paralana-2 evaluation has begun with wireline and logging-while-drilling tools. 7-inch casing will follow, with temperature measurements about four weeks after casing. No new results.
11 Nov 2009drilling progress report▼ Bad
Weekly report: Egypt's NS394-3 Burtocal North reached 3,659 m and is being plugged and abandoned, having found no significant hydrocarbons. NS377-3 is cased with a 145 m oil column being perforated. Paralana-2 is at 4,012 m TD.
11 Nov 2009drilling result● NeutralMajor
Egypt's NS377-3 (Beach 20%) hit a 144 m gross oil column and is expected to produce 1,500-2,000 barrels a day from Q2 2010. The nearby NS394-3 Burtocal North exploration well found no significant hydrocarbons and is being abandoned. Teen-1 is next.
9 Nov 2009drilling result▲ Good
Paralana-2 geothermal well reached 4,012 m total depth. Petratherm says brine and porosity at the bottom are encouraging for target flow rates; logging comes next and the well is to be cased.
4 Nov 2009drilling progress report● Neutral
Petratherm says Paralana-2 hit permeable zones with geothermal fluids flowing in between 3,690 m and 3,864 m, controlled with heavier mud. Significance is unclear until logging; the well is at 3,864 m, with 4,000 m planned.
4 Nov 2009drilling progress report▲ Good
Weekly report: Egypt's NS377-3 (Beach 20%) found a 140 m gross oil column, 20 m more than expected, and is being cased as the field's first producer, with output expected early 2010. NS394-3 is at 3,593 m.
28 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 is at 3,224 m on a bit change, and NS377-3 is at 2,292 m with casing set. Paralana-2 is at 3,822 m. Kercummurra-2 reached 1,535 m TD and Daralingie-27 reached TD to be cased as a gas producer. No new results.
26 Oct 2009drilling progress report● Neutral
Petratherm reports the Paralana-2 geothermal well (Beach earning 21%) passed its 3,600 m minimum target depth and is at 3,759 m, with 4,000 m the planned maximum. Logging, then casing and fracture stimulation selection follow; finish expected early November.
26 Oct 2009farm in farm out agreement● Neutral
Icon's shorter media statement repeats the ATP 855P farm-in letter agreement: Beach can earn up to 40% for up to A$8.5m and will subscribe A$3.5m of Icon securities. Duplicate of Icon's other release; no new terms.
26 Oct 2009farm in farm out agreement● Neutral
Icon's own announcement of the ATP 855P letter agreement: Beach can earn up to 40% for up to A$8.5m of work, targeting deep shale gas, and will subscribe A$3.5m of Icon securities, subject to documents, approvals and Icon shareholder approval. Matches Beach's terms.
23 Oct 2009farm in farm out agreement● Neutral
Beach's media release on the ATP 855P deal with Icon: it earns 25% by funding 80% of 400 km seismic reprocessing and 300 km of new 2D seismic, with an option for 15% more via a well (capped A$7m). It will also subscribe A$3.5m for Icon shares. Repeats the 23 Oct terms.
23 Oct 2009farm in farm out agreement▲ GoodMajor
Beach agrees terms to earn up to 40% of Icon's ATP 855P, a gas-prospective Cooper Basin permit: 25% for seismic work, then 15% more by funding a well (capped A$7m). It becomes operator and will also subscribe A$3.5m for Icon shares, subject to documents.
21 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 is at 2,998 m with rig repairs under way, and NS377-3 is drilling at 1,601 m. Paralana-2 is at 3,551 m. A new Cooper Basin appraisal well is drilling at Kercummurra-2. No results.
14 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 is at 2,923 m and NS377-3 is preparing to drill ahead. Two Santos-operated Cooper gas wells were cased as future producers; Wareena-5 was cased and Moomba-183 was plugged and abandoned. Paralana-2 is at 3,190 m.
7 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 (Beach 20%) is drilling at 2,725 m toward the Nubia target, and the NS377-3 extended-reach well is at 1,198 m. Paralana-2 is at 3,029 m. No new results.