Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2019farm in farm out agreement● NeutralMajor
Beach agreed with OMV to acquire 30% of offshore New Zealand permit PEP50119, which holds the undrilled Tawhaki prospect (closure up to 470 km2). It funds 30% of Tawhaki-1, about $25m, drilling early 2020; subject to NZ approval.
5 Dec 2019drilling spud● Neutral
Cooper Energy (not Beach) reported a four-well Butlers appraisal in PEL 92 (Beach operator 75%) began on 3 December 2019 with Butlers-10. It follows Callawonga and aims to test field limits; Rincon is next.
3 Dec 2019drilling result● Neutral
Cooper Energy (not Beach) reported the four-well Callawonga appraisal in PEL 92 (Beach operator) finished. Three wells had oil shows and came in high to prognosis, which may increase field size; Callawonga-22 was dry. Butlers appraisal follows.
6 Nov 2019drilling spud● Neutral
Cooper Energy (not Beach) reported a 10-well appraisal program in PEL 92 (Beach operator 75%, Cooper 25%) began with Callawonga-22 on 5 November 2019. Four Callawonga wells come first, then Butlers and Rincon, following the Parsons campaign.
5 Nov 2019drilling progress report● Neutral
Cooper Energy (not Beach) reported the rig released from Dombey-1DW1 in PEL 494 (Beach operator 70%) after drilling to 3,384 m. The Pretty Hill gas find is cased and suspended, with a well test planned for December to confirm deliverability and gas volumes.
28 Oct 2019drilling result▲ GoodMajor
Beach announced a gas discovery at Beharra Springs Deep-1 in the Perth Basin (Beach 50% and operator, Mitsui 50%, pending the 17% sell-down). It found an estimated 36 m net pay in the Kingia Sandstone, comparable to Waitsia-4. Recoverable volumes are still to be assessed.
15 Oct 2019drilling result▲ GoodMajor
Cooper Energy (not Beach) reported a gas discovery at Dombey-1DW1 in PEL 494 (Beach 70% operator). It found a 44.5 m gross gas column with about 25 m net pay in the Pretty Hill Formation. Commerciality is not yet established; testing is required.
11 Sept 2019drilling spud● Neutral
Cooper Energy (not Beach) reported Dombey-1 spudded on 10 September 2019 in PEL 494 (Beach operator 70%, Cooper 30%). The conventional gas well targets Pretty Hill and Sawpit sandstones to about 3,226 m, with a $6.9m SA Government grant. This is the Dombey-1 well planned after Haselgrove-4.
22 Aug 2019drilling result● Neutral
Cooper Energy (not Beach) reported the three-well Parsons appraisal in PEL 92 (Beach operator, 75%) finished. Parsons-6 found a 2 m net oil column and is suspended as a future producer; Parsons-7 and -8 found no oil but extended field size. Development drilling is likely.
30 July 2019drilling spud● Neutral
Cooper Energy (not Beach) reported the Parsons-6 spud, the first of three oil appraisal wells in PEL 92, operated by Beach (75%, Cooper 25%). The wells test the field's extent, and successful wells could produce in Q4 2019.
7 June 2019farm in farm out completion▲ GoodMajor
Cue (not Beach) announced completion of the Ironbark agreements. Beach now holds 21% of WA-359-P alongside BP (42.5%, operator), Cue (21.5%) and NZOG (15%). The Ironbark-1 well is scheduled for late 2020. This completes the thread open since October 2018.
26 Oct 2018farm in farm out agreement▲ GoodMajor
Cue, BP, Beach and NZ Oil & Gas signed a conditional agreement to form a joint venture and drill Ironbark-1 in WA-359-P. Beach would hold 21%, BP 42.5% as operator. Title transfer is targeted for Q2 2019. Advances Beach's pending farm-in.
15 Aug 2018drilling result▲ Good
Senex, operator, made an oil discovery at Breguet-1 in ex-PEL 104 (Beach 40%): up to 5.7 m net pay in an 18.5 m oil column. It is to be cased and put on production in Q2 FY19. First well of the Beach-funded free-carry campaign.
2 July 2018resource reserve update▲ GoodMajor
Beach's 2P reserves rose 320% to 313 MMboe at 30 June 2018 (1P up 405% to 190 MMboe), mainly from the Lattice and Toyota Tsusho acquisitions. 2C contingent resources rose 35% to 207 MMboe. Organic 2P replacement was 368%.
6 June 2018drilling progress report● Neutral
May report: Ulladulla-1 was dry, so PEL 630 plans are under review. Coalinga-1 DW1 found 6.3 m net gas pay in 100% Beach ex-PEL 106. Watkins-2, -3 and Minos-3 each found oil pay and will feed a development plan.
2 May 2018drilling progress report● Neutral
April report: Lady Bay-1 had gas shows but poor reservoir quality and was abandoned; Tigris-1 was also dry. Mountain Goat-1 found gas pay and Marauder-2 DW1 was cased as a future producer. Ulladulla-1 was still drilling.
17 Apr 2018farm in farm out agreement● Neutral
Cue says BP's option over 42.5% of WA-359-P is extended six months to 25 October 2018, and a permit suspension and extension has been sought as the permit expires 25 April. This keeps open the condition on Beach's Ironbark farm-in; 75% of well funding is conditionally secured.
4 Apr 2018drilling progress report● Neutral
Senex, operator, reports Growler-15 drilled to 3,090 m with 578 m net pay and online 17 March. Marauder-2 found only 8.6 m net sand and was plugged; a sidetrack continues. Beach holds 40%. Duplicates Beach's own report.
4 Apr 2018drilling progress report▲ Good
March report: Stunsail-7 horizontal found 509 m net oil pay, completing the Stunsail development; Growler-15 (578 m net pay) is online. Tirrawarra-89 found 43 m net gas pay. A second gas exploration phase began with Lady Bay-1 drilling. Mostly follows earlier results.
7 Mar 2018drilling progress report● Neutral
Senex, the operator, reports that Growler-15, a Birkhead horizontal oil well in ex-PEL 104/111, spudded on 18 February and was drilling ahead at 2,056 m. Beach holds 40%. This duplicates what Beach's own drilling report says.
7 Mar 2018drilling progress report▲ Good
February report: Stunsail-6, the first Birkhead horizontal well on the Western Flank, found 203 m of net oil pay and is due online in Q4 FY18. Kalladeina North-1 found 2.5 m of net pay. Cocinero-5 was dry and abandoned; the nine wells had an 89% success rate.
7 Feb 2018drilling progress report▲ Good
January report: Stunsail-4 and -5 found oil in the Western Flank development, Kalladeina-3 found 2.5 m of net pay, and Gooranie and Casimir-1 results were positive. Lattice-era Queensland and Cooper interests now appear. The Tintaburra appraisal is complete and the Haselgrove-3 ST1 gas discovery is restated.
10 Jan 2018drilling progress report▲ Good
December report: Largs-1 DW1 is a new gas discovery, completing the first phase of Western Flank gas drilling with four successes from six wells; Squeaky-1 was plugged and abandoned. McKinlay oil campaign finished 6 for 6. Haselgrove-3 ST1 is being prepared for flow testing.
19 Dec 2017drilling scheduled▲ Good
Beach is awarded a $6.89m South Australian PACE grant, about half the cost, to drill Dombey-1 in PEL 494 (Beach 70%, Cooper Energy 30%), targeting a 35 Bcf prospect with ~20% chance of success. Drilling is expected in FY19; the grant still needs formal documentation.
13 Dec 2017farm in farm out agreement● Neutral
Cue says BP's option over 42.5% of WA-359-P is extended to 25 April 2018. This is one of the conditions for Beach's 21% farm-in to the Ironbark prospect, so it keeps that deal alive. Cue plans to seek a permit extension.
6 Dec 2017drilling progress report▲ Good
November report: Naiko-1 (Beach 100%) found 2 m of net gas pay and flowed up to 5.8 MMscfd, possibly connected to Middleton and likely to add reserves. McKinlay oil campaign began with early success; Haselgrove-3 ST1 reached total depth. Namur and Odonata wells cased as producers.
29 Nov 2017farm in farm out agreement● Neutral
Cue Energy's release on its deal with Beach: Beach to take 21% of WA-359-P (Carnarvon Basin) for $900,000 past costs plus a 4% carry on the Ironbark-1 well, and an option over 7.5% of WA-409-P. Conditional on BP exercising its option and a permit extension.
29 Nov 2017farm in farm out agreement▲ GoodMajor
Beach signs binding deals to farm into the giant Ironbark gas-condensate prospect off WA: 21% of WA-359-P for $900,000 plus 4% of drilling cost, and an option over 7.5% of WA-409-P. Conditional on BP exercising its 42.5% option (by 11 Dec) and a permit extension.
1 Nov 2017drilling result▲ GoodMajor
Lowry-1 (Beach 100%) is a gas and condensate discovery that flowed 9.4 MMscfd, supporting the Middleton expansion from 25 to 40 MMscfd. Crawford-1 also found gas and extends the Brownlow Field. Haselgrove-3 in the Otway is sidetracking after a stuck tool.
4 Oct 2017drilling progress report● Neutral
September report: Louth-1 (ex PEL 92) and Goldsmith-1 (ex PEL 91, Beach 100%) were plugged and abandoned, so future Birkhead drilling will focus nearer Kangaroo. Roti-5/-6 gas wells and Merrimelia oil wells were cased as producers. Lowry-1 was drilling.
