13 Aug 2009drilling progress report● Neutral
Beach reports Chiton-1 at 1,136 m drilling in the Wallumbilla Formation, with the Namur primary target expected Friday. Beach 40%, Drillsearch 60%. No result yet.
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13 Aug 2009drilling result▲ GoodMajor
Santos says Burnside-1ST1 in WA-281-P found a 65 m gross gas column in the Brewster Sandstone, low-permeability. Commercial significance is yet to be determined. Beach holds 7.3394%; this resolves the earlier evaluation of the well as a gas discovery, size unknown.
12 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 at 887 m, directionally drilling ahead. The Namur target is still expected 5 to 7 days after spud. No result yet; Beach holds 40%.
12 Aug 2009drilling progress report● Neutral
Weekly report: Chiton-1 at 887 m, Namur expected within 24-48 hours. Burnside-1ST1 (Beach 7.34%) found low-permeability, gas-saturated sandstone in its main target and is being plugged, implications under assessment. Basker-7 reached TD 3,921 m.
11 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 (PEL 91) at 656 m, preparing to drill ahead after surface casing. Planned depth 1,956 m, with the Namur target expected in 5 to 7 days. Beach holds 40% and operates; Drillsearch 60%. No result yet.
11 Aug 2009drilling progress report● Neutral
Beach reports Chiton-1 at 656 m with surface casing installed and preparing to drill ahead. Beach 40%, Drillsearch 60%. Repeats the Drillsearch update; no new result.
10 Aug 2009drilling spud● Neutral
Chiton-1 in PEL 91 (Drillsearch 60%, Beach 40% operator) spudded 8 August and was at 656 m, planned to 1,956 m. Mean 0.7 mmbbl, high 1.5 mmbbl, with a 38% chance of success (Drillsearch figure); Marino-1 follows.
10 Aug 2009drilling progress report● Neutral
Chiton-1 in PEL 91 spudded 8 August and was at 656 m, running surface casing. Beach holds 40%, Drillsearch 60%. No result yet.
7 Aug 2009drilling scheduled● Neutral
Beach says Chiton-1 in PEL 91 will spud 8 August, targeting the Namur Sandstone with mean recoverable oil of 0.7 mmb and 1.5 mmb high. Namur expected about 13 August. Beach holds 40%, Drillsearch 60%.
6 Aug 2009drilling scheduled● Neutral
Drillsearch says the two-well PEL 91 campaign is about to begin, with Chiton-1 spudding 8 August and Marino-1 to follow. Together they target 3.5 mmbbl mean unrisked, 7.8 high. Drillsearch (60%) and Beach (40%, operator) are cooperating despite the takeover bid.
5 Aug 2009drilling progress report● Neutral
Weekly update: Murninnie-1 plugged and abandoned at 2,051 m and the rig moves to Chiton-1 (PEL 91, Beach 40%) to spud around 8 August. Burnside-1ST1 reached 4,182 m total depth; Basker-7 at 3,920 m; Charo-4 plugged and abandoned; Wackett-15 cased as a gas producer.
3 Aug 2009drilling result▼ BadMajor
Murninnie-1, the final PEL 92 well, was plugged and abandoned with no hydrocarbons in the secondary targets, the program's fourth dry hole alongside the Perlubie South and Butlers oil discoveries. The joint venture (Beach 75%) is considering new 3D seismic for follow-up wells.
29 July 2009drilling progress report● Neutral
Weekly update: Murninnie-1 (Beach 75%) spudded 24 July and is at 1,399 m; Paralana-2 at 1,069 m; Burnside-1ST1 at 3,849 m; Basker-7 at 2,512 m. Charo-4 is drilling. No results yet.
23 July 2009drilling progress report● Neutral
Petratherm reports Paralana-2 drilling ahead at 796 m in the Pantapinna Sandstone, and an expansion of the seismic monitoring array. Beach is earning 21%. No new result.
23 July 2009farm in farm out completion▲ GoodMajor
Adelaide Energy confirms Beach has completed acquiring 90% of the Permian and post-Permian in PEL 218 (Cooper Basin) for A$5.14m cash, carrying A$25m of exploration spend. Beach becomes operator and took 8m Adelaide Energy shares at A$0.12 (A$960,000). Completes the May farm-in.
22 July 2009drilling result▼ BadMajor
Willunga-1 in PEL 92 (Beach 75%) was plugged and abandoned with no commercial hydrocarbons, the program's third dry hole. The rig moved to Murninnie-1 (0.8 mmb mean), and the Basker-3 workover was completed with the rig heading to Basker-7.
15 July 2009drilling progress report● Neutral
Weekly update: Willunga-1 drilling at 920 m, Paralana-2 at 709 m, Burnside-1ST1 at 2,780 m. Santos-operated Cowralli-11 is being cased as a gas producer. No new results.
13 July 2009drilling spud● Neutral
Willunga-1, the fifth PEL 92 well, spudded 12 July and was at 608 m. It targets 1.2 mmb P50 in the Namur, to 1,638 m at A$1.588m. Beach holds 75%. Murninnie-1 is the last well in the program.
8 July 2009drilling result▼ BadMajor
Cheetima-1 in PEL 92 (Beach 75%) was plugged and abandoned with no commercial hydrocarbons, a dry hole against a 1.2 mmb mean target. The rig moves to Willunga-1. Burnside-1 was sidetracked after mechanical issues, now Burnside-1ST1 at 2,320 m.
1 July 2009drilling progress report▲ Good
Cheetima-1 spudded 1 July. Brownlow-1 flowed at over 12 mmscfd and Canunda-1 at about 9 mmscfd in clean-up tests, so Beach has met its PEL 106 farm-in and will hold 50%. Perlubie South-1 flowed 740 bopd. Burnside-1 has casing issues.
30 June 2009drilling spud● Neutral
Petratherm reports drilling has begun on Paralana-2, a 4 km deep geothermal injection well, with about 60 days planned. Beach operates the drilling and is earning 21%. Follows the spud expected earlier this month.
30 June 2009drilling spud● Neutral
Petratherm's media release marks the Paralana-2 spud, aiming for commercial geothermal supply by early 2011. Beach is contributing A$10m toward the first two wells. Repeats the ASX release with promotional detail.
29 June 2009drilling scheduled● Neutral
Cooper Energy says the rig has moved to Cheetima-1, fourth PEL 92 well, spud expected next day. Target is 840,000 barrels P50 in the Namur, to 1,814 m at A$1.61m. Beach holds 75%. Willunga-1 and Murninnie-1 follow.
25 June 2009resource reserve update● NeutralMajor
Target Drillsearch, which Beach is bidding for, reports 2P reserves of 1.54 mmboe and 2C contingent resources of 7.81 mmboe, reviewed by Gaffney Cline. It says Beach held PEL 91 prospect data not in its bidder's statement. This is the target's argument against Beach's offer.
24 June 2009drilling result▲ GoodMajor
Butlers-1 intersected a 4.5 m oil column in high-quality Namur reservoir and will be cased and suspended. It is the second straight oil discovery in the six-well PEL 92 program (Beach 75%). Rig moves to Cheetima-1, mean 1.2 mmb.
23 June 2009drilling progress report▲ Good
Cooper Energy reports Butlers-1, third PEL 92 well (Beach 75%), has oil shows in the Namur Sandstone primary target. Drilling continues to depth, with wireline logs due later this week. Not yet a confirmed result.
17 June 2009drilling result▲ GoodMajor
Perlubie South-1 intersected a 3 m oil column in the Namur and is cased and suspended as a future oil producer. Rig moves to Butlers-1. Burnside-1 (Beach 7.34%) spudded 15 June in the Browse Basin; Paralana-2 spud expected next week.
15 June 2009drilling scheduled● Neutral
Cooper Energy says the rig has moved to Butlers-1, third PEL 92 well, expected to spud around 19 June. Target is 1.37 mmbbl P50 recoverable oil in the Namur, to 1,770 m at A$1.64m (100% JV). Beach holds 75%.
10 June 2009drilling progress report● Neutral
Weekly report: Perlubie South-1, second of six PEL 92 wells (Beach 75%), spudded 8 June and is at 622 m fitting blowout preventers. Gas development wells Cowralli-13 and Tindilpie-9 continue drilling. No new results.
9 June 2009drilling scheduled● Neutral
Cooper Energy, Beach's 25% partner, says Perlubie South-1, second of six PEL 92 wells, is due to spud 9 June. Target is 520,000 barrels P50 recoverable oil in the Namur Sandstone, to 1,780 m at A$1.8m (100% JV).