25 May 2015drilling result▼ Bad
Sensation-1, an exploration well in PRL 98 (Beach operator, Cooper 25%), had no oil shows and is being plugged and abandoned. It ends the three-well campaign with a dry hole after two Callawonga successes.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2015drilling result▲ Good
Callawonga-11, a step-out well (Beach operator, Cooper 25%), found a 4.3m gross oil column and will be cased and suspended. Cooper expects it to lead to more development well locations; Sensation-1 follows.
8 May 2015drilling progress report● Neutral
Drillsearch's April report repeats that Pennington-4 (Beach 40% operator) was cased as a future producer, completing the FY15 Western Flank oil campaign of 19 wells with 79% success. Other content covers Drillsearch's own wet gas wells with Santos.
6 May 2015investor presentation● Neutral
Beach's Macquarie conference deck repeats known facts: FY15 production guidance 8.9-9.2 MMboe, capex $430-470m with major FY16 cuts, 2P reserves 86 MMboe, and an organisational review. No new information.
6 May 2015drilling progress report▲ Good
Beach's April report: seven wells drilled, 86% success. Callawonga-10 and Pennington-4 (2.5m Namur oil) cased as producers; Perlubie-3 sub-commercial. In Egypt, ASH-1X ST1 tested 3,900 bopd and 3.1 MMscfd gas, with the development lease since granted.
1 May 2015drilling result▲ Good
Callawonga-10 (Beach operator, Cooper 25%) found a 4.8m gross oil column and will be cased as a producer. Pre-drill modelling suggested up to 200 kbbl, of which about 85 kbbl could be new 2P reserves, still to be confirmed.
28 Apr 2015quarterly activities report▼ Bad
March quarter: production 2.1 MMboe, down 11%; revenue $131m, down 33% on lower sales and oil price of $71/bbl. Cash $165m with $150m undrawn debt. FY15 production guidance narrowed to 8.9-9.2 MMboe. Major FY16 capex cut expected, and an organisational review has begun.
27 Apr 2015drilling spud● Neutral
Cooper Energy says a three-well campaign on Beach-operated acreage has started with Callawonga-10 spudding 25 April. Further wells are Callawonga-11 and exploration well Sensation-1 in PRL 98. Cooper holds 25%, Beach the rest, with completion expected by end May.
8 Apr 2015drilling progress report● Neutral
Drillsearch's March report repeats Beach-operated results: Bauer-20 to -23 cased and suspended, Stanleys-1 success earlier. New: Longbottoms-1 plugged and abandoned with 1m net pay, sub-commercial. Mostly covers Drillsearch's own wet gas wells with Santos.
8 Apr 2015drilling result▼ Bad
Perlubie-3 (Beach operator, Cooper 25%) found only a sub-commercial 1.1m oil column in the Namur and was plugged and abandoned. It resolves the appraisal well spudded 30 March as a disappointment.
8 Apr 2015investor presentation● Neutral
Beach's April roadshow deck repeats known facts: FY15 production guidance 8.9-9.4 MMboe, capex $430-470m, Egypt divestment under way, and 2P reserves of 86 MMboe. No new information.
1 Apr 2015drilling progress report● Neutral
Beach's March report: 13 wells drilled, 92% success. Second Bauer pad finished, Bauer-23 with 6.8m net oil pay. Stanleys-1 results repeated (280 bopd test). Longbottoms-1 found about 1m net pay in the Namur. Mostly repeats known results.
30 Mar 2015drilling spud● Neutral
Cooper Energy says Perlubie-3, an oil appraisal well in PPL 247 operated by Beach (Cooper 25%), spudded 30 March, targeting the Namur Sandstone to about 1,415m. Perlubie field has produced about 131,000 barrels since 2009.
27 Mar 2015resource reserve update▲ GoodMajor
An independent review by DeGolyer and MacNaughton lifts ATP 855 gross 2C gas contingent resources by 943 Bcf, from 629 to 1,572 Bcf (1C 343, 3C 5,841). Based on the 2014 Nappamerri Trough flow tests. Commercial development still needs longer-term deliverability and gas sales agreements.
27 Mar 2015resource reserve update▲ Good
Icon, Beach's ATP 855 partner, repeats the DeGolyer and MacNaughton booking: gross 2C of 1,572 Bcf, up 943 Bcf. Icon's 35.1% share is stated. The report notes recent flow rates were lower than Halifax-1, which it attributes to fewer stimulations and conservative choking.
27 Mar 2015farm in farm out completion● NeutralMajor
Beach confirms Chevron will not join Stage 2 of the Nappamerri Trough gas project, returning its interests for nil payment. Beach goes to 100% of PRLs 33-49 and 64.9% of ATP 855. Beach's 2C resources rise 807 Bcf to 2,766 Bcf. Spend is minimal while Beach seeks new partners.
27 Mar 2015farm in farm out completion▼ BadMajor
Icon said Chevron will not join Stage 2 in ATP 855 because the project does not fit its global portfolio. Beach's interest rises to 64.9% as operator, with Icon unchanged at 35.1%.
18 Mar 2015dividend declaration● Neutral
Details of the 1.00 cent fully franked interim dividend: record date 6 March, paid 27 March 2015. The dividend reinvestment plan issue price is $0.965 after a 2.5% discount. Not underwritten.
10 Mar 2015drilling result▲ GoodMajor
Stanleys-1 (PRL 171, Beach 40% operator) is a new Birkhead oil discovery: 7m gross interval, test rate calculated at 280 bopd. Bauer-23 hit the Namur about 3m high with a preliminary 6m of net oil pay. Both to be cased as future producers.
10 Mar 2015debt financing● Neutral
Formal notice that Beach will redeem all of the $150m convertible notes on 10 April 2015 at principal plus accrued interest, since over 90% have already been redeemed. Follows the 6 March announcement.
10 Mar 2015drilling progress report▲ Good
Drillsearch's February report repeats Beach-operated results: Stanleys-1 cased as the 16th oil discovery in the former PEL 91, and the second Bauer pad campaign under way. Also covers Drillsearch's own wells. Largely duplicates Beach's announcement.
6 Mar 2015debt financing● NeutralMajor
Holders have put more than 90% of the $150m 3.95% convertible notes for redemption on 3 April, so Beach will redeem all of them using its bank facility, which it says costs materially less. Pro forma: $150m drawn, $150m undrawn, plus cash.
4 Mar 2015drilling progress report▲ Good
Senex's February report repeats Martlet North-1 (3.2m net pay, cased and suspended). New: Growler-14 (Beach 40%) found about 6m of net porous sand above the oil-water contact and was cased as a future Birkhead producer, with testing to follow.
4 Mar 2015drilling progress report▲ Good
Beach's February report: 12 wells drilled, 100% success. Covers Ralgnal-1 cased as a gas producer, Martlet North-1 and Growler-14 cased, and a new four-well Bauer pad started. Stanleys-1 spudded 25 Feb. Mostly repeats known results.
2 Mar 2015director officer appointment● NeutralMajor
Robert Cole starts as Managing Director on 10 March 2015, earlier than the planned 1 June. Reg Nelson, who led Beach for 23 years, leaves as MD and director the same day.
24 Feb 2015drilling result▲ GoodMajor
Senex reports Martlet North-1 (Beach 40%) is a Namur oil discovery with 3.2 metres of net pay, 1.1km from the Martlet-1 producer. Cased and suspended as a future producer; tie-in timing depends on field development planning. Resolves the pending result.
23 Feb 2015half year report▼ BadMajor
Half-year to 31 Dec 2014: revenue $431m (down 23%), statutory loss $79.1m after $223.8m pre-tax impairments, underlying profit $72.4m (down 54%). Interim dividend 1.0 cent, down from 2.0 cents. Confirms the impairments flagged on 13 Feb.
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.