Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2009drilling progress report● Neutral
Weekly report: Wakefield-1 (Beach 23.33%) is cased and suspended for further evaluation, and the rig was released 26 September, ending a nine-well Eromanga exploration campaign. Egypt's NS394-3 is at 2,117 m; Paralana-2 is at 2,851 m.
29 Sept 2009drilling result● NeutralMajor
Wakefield-1 (Beach 23.33%, operator) hit oil and gas shows at many levels but wireline logs were inconclusive over the key zones. It was cased and suspended at 2,297 m; the joint venture will consider cased-hole testing. Not yet a discovery.
23 Sept 2009drilling progress report● Neutral
Weekly report: Wakefield-1 (Beach 23.33%) reached total depth of 2,298 m with fair oil shows in several formations and is about to run wireline logs. Egypt's NS394-3 is at 1,315 m; NS377-3 development well due to spud.
17 Sept 2009drilling progress report▲ Good
Bounty reports Wakefield-1 at 1,873 m in the Namur Sandstone with oil shows in several intervals, though their significance awaits logging and testing. Birkhead and Hutton objectives not yet reached. Beach operates with 23.33%.
16 Sept 2009drilling progress report● Neutral
Weekly report: Spikey Beach-1 reached 2,100 m with no significant shows and is being abandoned; Egypt NS394-3 drilling at 672 m; Wakefield-1 (Beach 23.33%, free carried) at 1,467 m; NS377-3 development well to spud 19 September.
14 Sept 2009drilling result▼ Bad
Beach confirms Spikey Beach-1 reached 2,100 m with no hydrocarbon shows and will be plugged and abandoned, repeating the partner's earlier release. Dry hole for the T/38P target.
14 Sept 2009drilling result▼ BadMajor
Spikey Beach-1 in the Bass Basin reached 2,100 m with no hydrocarbon shows and is being plugged and abandoned. The well had targeted a mean 16 mmbbl. A dry hole for Beach (80%), Cue's Galveston (10%) and Exoil (10%).
10 Sept 2009drilling progress report● Neutral
Cue repeats Beach's update that Spikey Beach-1 spudded 5 September and is at 816 m. Top of the primary target is expected at 1,461 m within the week; planned total depth 2,062 m. No result yet.
9 Sept 2009drilling progress report● Neutral
Weekly report: Spikey Beach-1 (Beach earning 80%) spudded 5 September and is at 816 m running casing; Wakefield-1 to spud 10 September; Egypt's NS394-3 rig is jacking up with drilling due to start. Paralana-2 is at 2,253 m.
3 Sept 2009drilling progress report● Neutral
Weekly report: Marino-1 plugged and abandoned; Basker-7 cased as a Latrobe oil producer; Spikey Beach-1 (Beach 80%) rig released with spud expected early next week; Egypt's NS394-3 (Beach 20%) due to spud; Wakefield-1 spud mid next week.
3 Sept 2009drilling scheduled● Neutral
Cue Energy repeats Beach's update that Spikey Beach-1 in T/38P is expected to spud early next week, targeting mean 16 mmbbl and high 41 mmbbl. Beach 80%, Cue's Galveston 10%, Exoil 10%. Nothing new.
2 Sept 2009drilling scheduled● Neutral
Adelaide Energy says Wakefield-1 in PEL 218 is due to spud next week, planned to 2,380 m, with Adelaide free carried. After the well, Beach's post-Permian interest will be 23.33%. Unrisked potential over 11 million barrels.
31 Aug 2009drilling result▼ BadMajor
Drillsearch says Marino-1 in PEL 91 will be plugged and abandoned as a sub-commercial oil discovery: the Birkhead zone tested (about 3.5 barrels, 48.2 API) is too tight to flow commercially. Resolves the pending suspend-or-abandon decision. Beach holds 40%, Drillsearch 60%.
28 Aug 2009drilling progress report● Neutral
Marino-1 found oil shows in the Birkhead Formation (up to 70% fluorescence over 12 m) at 1,842 m, after no shows in the Namur. Significance awaits logs and possible testing. Beach 40%.
27 Aug 2009drilling result▼ Bad
Marino-1 penetrated the primary Namur Sandstone with no hydrocarbon shows, a miss on the main target, unlike Chiton-1 nearby. Drilling continues at 1,489 m to test the secondary Birkhead objective. Beach 40%.
27 Aug 2009drilling scheduled● Neutral
Cue Energy repeats Beach's statement that Spikey Beach-1 in T/38P (Bass Basin) is expected to get its rig around 30 August. Targets mean 16 mmbbl, high 41 mmbbl. Participants: Beach 80%, Cue subsidiary 10%, Exoil 10%.
26 Aug 2009drilling progress report● Neutral
Weekly report: Marino-1 at 1,003 m nearing the Namur target. Basker-7 cased and suspended; Ocean Patriot rig expected to drill Spikey Beach-1 (T/38P, Beach 80%, mean 16 mmbbl, high 41 mmbbl) around 30 August. Comet rig assigned to Egypt's NS394-3 (Beach 20%).
26 Aug 2009drilling progress report● Neutral
Drillsearch update: Marino-1 at 1,003 m drilling in the Toolebuc Formation, with the primary Namur Sandstone expected within 24 hours. No result yet. Beach 40%.
25 Aug 2009drilling progress report● Neutral
Drillsearch update: Marino-1 at 672 m, running in hole to drill out of surface casing. No result yet. Beach operates with 40%.
24 Aug 2009drilling spud● Neutral
Marino-1 in PEL 91 spudded 22 August, second well after the Chiton-1 oil discovery. At 672 m, running surface casing; target depth 1,948 m in about 12 days. Beach operates with 40%, Drillsearch 60%.
21 Aug 2009drilling scheduled● Neutral
Drillsearch's amended notice says Marino-1 in PEL 91 will spud Saturday 22 August, correcting the earlier 8 August date. It targets mean 2.0 mmbbl, high 4.4 mmbbl, 31% chance of success. Beach operates with 40%.
21 Aug 2009drilling scheduled● Neutral
Drillsearch says Marino-1 in PEL 91 is about to spud, planned TD 1,948 m over about 12 days. It targets mean 2.0 mmbbl, high 4.4 mmbbl, 31% chance of success. The release gives a spud date of 8 August, apparently an error for 22 August. Beach 40%.
19 Aug 2009drilling progress report● Neutral
Weekly report: Chiton-1 cased and suspended as a future oil producer; Marino-1 (mean 2.0 mmbbl) to spud about 22 August. Burnside-1ST1 plugged and abandoned. Basker-7 cased and being completed as a Latrobe oil producer.
19 Aug 2009drilling scheduled● Neutral
Drillsearch says Chiton-1 is cased and suspended as a future oil producer and the rig is moving to Marino-1, spudding about 22 August. Marino-1 targets mean 2.0 mmbbl, high 4.4 mmbbl. Beach 40%.
17 Aug 2009drilling result▲ GoodMajor
Drillsearch reports Chiton-1 (PEL 91) is an oil discovery with a 5.5 m oil zone in the Namur Sandstone. Estimated recoverable oil is 0.04-0.39 mmbbl, P50 0.12, well below the 0.7 mmbbl pre-drill mean. Beach holds 40%.
17 Aug 2009drilling result▲ GoodMajor
Beach confirms Chiton-1 in PEL 91 as an oil discovery: 5.5 m oil zone in the Namur Sandstone, recoverable oil 0.04-0.39 mmbbl with P50 0.12 mmbbl. TD 2,010 m; to be cased for production. Beach 40%. First oil in PEL 91.
14 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 at 1,237 m, expected to enter the Namur Sandstone overnight. No result yet; Beach 40%.
14 Aug 2009drilling progress report● Neutral
Beach reports Chiton-1 at 1,237 m, with the Namur Sandstone expected overnight. Beach 40%, Drillsearch 60%. No result yet.
13 Aug 2009farm in farm out agreement● Neutral
Icon says Wakefield-1 in PEL 218 should spud about 6-7 September with Beach as operator, targeting up to 11 mmbbl across eight reservoirs. Drilling lifts Icon's Mesozoic interest from 10% to 33.3%. Icon's value claims are its own; follows Beach's July farm-in.
13 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 at 1,136 m in the Wallumbilla Formation, expected to reach the Namur Sandstone on Friday. No result yet; Beach 40%.
