20 Aug 2014other● Neutral
Beach announces FY14 preliminary final results will be released 25 August 2014, with a webcast at 11am AEST. Administrative notice with no new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Aug 2014drilling result▲ Good
Drillsearch confirms the Balgowan-1 discovery with a 9m gross oil column, the 14th discovery in PEL 91. It is cased as a future producer; size update to come and Burners-1 next.
13 Aug 2014drilling result▲ GoodMajor
Beach discovers oil at Balgowan-1 in PEL 91 (Beach 40% operator, Drillsearch 60%), with about 9m gross oil, extending the oil fairway northeast of Stunsail. Burners-1 is next; Beach also plans Eastern Flank wells in H1 2015.
8 Aug 2014drilling progress report● Neutral
Drillsearch's July report notes Balgowan-1 in PEL 91 (Beach 40% operator) spudded 4 August targeting the Namur Sandstone and McKinlay Member. Also covers Drillsearch's own non-Beach wells.
6 Aug 2014drilling progress report● Neutral
July drilling report: Elliston-2, Shelly-1 and Sabre-1 plugged and abandoned; Cullen-1 drilling ahead at 3,191m; several SACB gas wells cased and suspended. No new significant results beyond known dry holes.
6 Aug 2014drilling result▼ Bad
Senex reports Sabre-1 in PEL 111 (Senex 60% operator, Beach 40%) was plugged and abandoned at 1,900m with poorly developed reservoir and oil shows only. Warthog-1 is next, another dry hole in the Senex JV.
30 July 2014drilling result▼ BadMajor
Elliston-2 in PPL 249 (Beach 75% operator, Cooper 25%) was plugged and abandoned at 1,660m with only 1m of oil pay, non-commercial. Seismic reprocessing follows; the development well did not accelerate production.
30 July 2014drilling scheduled● Neutral
Icon says the ATP 855 JV (Beach 46.9% operator) agreed the fracture stimulation and flow testing program with Condor, starting early September 2014 across Geoffrey-1, Redland-1, Hervey-1 and Etty-1. Confirms the previously expected timing and will take months.
29 July 2014other● NeutralMajor
Beach guides FY15 production of 8.6-9.4 MMboe, below FY14's 9.6 MMboe, with capex of $450-500m. It says cash of $411m and the $300m facility fully fund the program.
28 July 2014farm in farm out agreement▲ Good
Drillsearch confirms the ATP 924P farm-in: Beach can earn 45% by funding seismic, two wells and 45% of past costs. First target is the Hurron oil prospect, with P50 unrisked prospective resource of 18.7 MMbbl.
28 July 2014farm in farm out agreement▲ GoodMajor
Beach agrees to farm into Drillsearch's ATP 924 in the Queensland Cooper Basin, funding about 150 km of 3D seismic and an exploration well, then a second well and past costs to earn 45%. Drillsearch stays permit operator.
23 July 2014drilling spud● Neutral
Cooper Energy reports the Elliston-2 oil development well in PPL 249 (Beach 75% operator, Cooper 25%) spudded 22 July, targeting the Namur Sandstone to about 1,655m. Intended to accelerate production and improve recovery; about a week to drill.
21 July 2014joint venture update▼ Bad
Petratherm, Beach's partner in the Paralana geothermal project (Beach 21%), failed to raise the A$5m equity needed, so ARENA's $13m and $24.5m grants lapse. This ends the ARENA extension thread; no funds were paid.
16 July 2014drilling result▼ BadMajor
Shelly-1, final well of the PEL 92 campaign (Beach 75% operator, Cooper 25%), was plugged and abandoned at 1,942m with non-commercial hydrocarbons. All three campaign wells failed to find commercial oil. Rig moves to Elliston-2 development well.
14 July 2014farm in farm out agreement▲ Good
Woodside announces it has agreed to acquire a 70% interest in Beach's Lake Tanganyika South Block in Tanzania, subject to government approvals. Work program includes seismic, with options for drilling and operatorship.
14 July 2014farm in farm out agreement▲ GoodMajor
Beach farms out 70% of its 100% Lake Tanganyika South Block to Woodside, ending the farm-out talks. Woodside reimburses back costs, funds seismic over 12 months and contributes to a capped first well. Beach stays operator; Tanzanian consents required.
11 July 2014asset acquisition disposition● Neutral
Bass Strait Oil sells its Otway permits PEP167 and 175 to Lakes Oil for A$300,000 and comments on Bungaloo-1 results. Beach is not a party; no direct effect on Beach.
8 July 2014drilling spud● Neutral
Cooper Energy reports Shelly-1, final well of the PEL 92 campaign (Beach 75% operator), spudded 7 July targeting the Namur Sandstone to about 1,938m. Expected to take about a week.
2 July 2014drilling result▼ Bad
Senex reports Tornado-1 in PEL 111 (Senex 60% operator, Beach 40%) was plugged and abandoned at 2,170m, finding good sands but no hydrocarbons. Sabre-1 is next in July. Another dry hole in the Senex JV.
2 July 2014drilling progress report● Neutral
June report: Al Jahraa-2 ST1 and El Salmiya-4 ST2 in Egypt completed as Abu Roash C producers. Bungaloo-1 cased and suspended, Morgan-1 and Fishery-1 dry, Tornado-1 dry, and further SACB gas wells cased.
30 June 2014director officer appointment● Neutral
Lead Independent Non-Executive Director Franco Moretti, on the board since 2005, retires effective 1 July 2014. A search for a replacement director is underway.
30 June 2014drilling result▼ Bad
Fishery-1 in PEL 92 (Beach 75% operator) was plugged and abandoned at 2,022m after hydrocarbons in the primary target were judged non-commercial. Second consecutive miss in the three-well campaign; Shelly-1 is next.
23 June 2014investor presentation● Neutral
Roadshow presentation repeating known facts: market cap about A$2.2bn, cash $428m, undrawn $300m facility, FY14 production at upper end of 9.2-9.6 MMboe, 2P 93 MMboe, and revenue on track for $1bn. Nothing materially new.
23 June 2014drilling spud● Neutral
Cooper Energy reports Fishery-1, second of three PEL 92 wells (Beach 75% operator), spudded 21 June targeting the Namur Sandstone to about 1,958m. Expected to take about a week.
20 June 2014regulatory community update▲ GoodMajor
Beach confirms the 28.49 Tcf (P50) ATP 855 prospective resource and says four-well fracture stimulation, starting with Geoffrey-1, is expected Q1 FY15. PRLs 33-49 over old PEL 218 granted for up to 15 years. Nepean-1 flowing 0.7 MMscfd, Marble-1 0.3.
19 June 2014resource reserve update▲ GoodMajor
Icon reports a DeGolyer & MacNaughton best estimate of 28 Tcf gross unconventional prospective gas resource in ATP 855 (Beach 46.9% operator), Icon's share 10 Tcf. It is prospective, not contingent; stimulation of four wells is needed first.
17 June 2014drilling result▲ GoodMajor
Bungaloo-1 in PRL 32 (Beach 70% operator) was cased and suspended at 3,713m with encouraging gas shows. Core results support unconventional potential, and good Sawpit Sandstone reservoir quality in Jolly-1 shifts focus to conventional gas in the Penola Trough. No flow test yet.
17 June 2014drilling result▲ Good
Cooper Energy confirms Bungaloo-1 cased and suspended at 3,713m, with 103m of core and elevated gas readings. The joint venture (Beach 70%, Cooper 30%) will analyse data from both wells before deciding next steps. Repeats Beach's own announcement.
17 June 2014drilling result▼ Bad
Cooper Energy reports Morgan-1, first of three PEL 92 exploration wells (Beach 75% operator, Cooper 25%), was plugged and abandoned at 2,070m with no significant hydrocarbon shows. A dry hole; rig moves to Fishery-1.
17 June 2014investor presentation● Neutral
UBS conference presentation restating Beach's strategy: growing Cooper Basin gas, oil-linked gas pricing, Western Flank oil, Otway and Bonaparte exploration. Notes retention licences granted and Cullen-1 coring in the Bonaparte. Largely repeats known facts.