Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 June 2014asset acquisition disposition▲ GoodMajor
Beach agrees to buy 20% of the offshore Otway permit T/49P from 3D Oil for $3m cash, with 3D Oil operating. It extends Beach's onshore Otway position offshore, near the Thylacine and Geographe gas fields. Subject to regulatory approvals.
16 June 2014asset acquisition disposition▲ GoodMajor
3D Oil announces Beach will pay $3m for a 20% interest in the T/49P offshore Otway permit, with 3D Oil keeping 80% and operatorship. This is the counterparty's side of the Flanagan deal; a 755 km2 seismic survey is planned for late 2014.
10 June 2014drilling spud● Neutral
Cooper Energy reports Morgan-1 spudded 6 June, starting a three-well exploration campaign in PEL 92 (Beach 75% operator, Cooper 25%) along Western Flank oil migration paths. Fishery-1 and Shelly-1 follow, with completion expected by early July.
4 June 2014drilling progress report▲ Good
Senex's May report: Mustang-2 (PPL 243, Beach 40%) cased as a future oil producer after 6.4m net pay. Tornado-1 (PEL 104, Beach 40%) is drilling toward 2,200m. Senex completed its FY14 program of 30 oil wells.
4 June 2014drilling progress report● Neutral
Beach's May report: Pennington North-1 cased as a future Birkhead producer (~125 bopd test) and Mustang-2 as a producer. Tornado-1 is drilling at 2,147m. Cullen-1 (Bonaparte, Beach 75%) spudded 23 May. Bungaloo-1 and Cooper gas wells also reported.
4 June 2014admin correction● Neutral
Senex relodges its May drilling report to correct a typo: the FY15 oil drilling program will be announced in July 2014, not July 2015. No other change.
2 June 2014resource reserve update▲ GoodMajor
Beach books preliminary Stunsail-1 gross 2P reserves of 1.6 MMbbl (1P 1.0, 3P 2.5), Beach 40% share. This upgrades the March discovery, which Drillsearch had put at 0.67 MMbbl 2P. A ~$4m standalone development is targeted for June quarter 2015, pending JV approval.
2 June 2014resource reserve update▲ GoodMajor
Pennington field gross 2P oil reserves rise from 1.7 to 2.7 MMbbl after Pennington-2 and Pennington North-1 (Beach 40% operator). A ~$6m tie-back to the Bauer facility is targeted for June quarter 2015, pending JV approval.
2 June 2014resource reserve update● Neutral
Drillsearch forwarded Beach's announcements, which put Stunsail-1 gross reserves at 1.6 MMbbl 2P (1.0 1P, 2.5 3P) and a standalone development at about $4m in the June quarter 2015. Drillsearch said its audited 30 June 2014 reserves update would reflect the results.
30 May 2014drilling progress report▲ Good
Drillsearch's May report: Pennington North-1 (PEL 91, Beach 40% operator) tested about 120 bopd from the lower Birkhead and was suspended as a new oil discovery. Charal-1 (ATP 940P) shows elevated gas, with stimulation planned for the September quarter. Small discovery.
26 May 2014security holder rights change● Neutral
Beach amended its dividend reinvestment plan rules to match new ASX listing rule timing, which requires the last election date to fall at least one business day after the record date. Administrative; no change to shareholder economics stated.
26 May 2014material agreement● Neutral
Geodynamics grants Beach an exclusive right, for up to 18 months, to negotiate a farm-in to its Innamincka geothermal licences. Beach contributes $200,000 to a research program, refundable if no farm-in is agreed. Early-stage option linked to its Nappamerri gas work.
7 May 2014drilling progress report● Neutral
April report: Hardwicke-1 in PEL 91 was dry (water-bearing Namur) and abandoned, while Pennington-2 is being cased as a producer. Spitfire-3 and -6 cased as producers, Mustang-3 was dry, and Bungaloo-1 was at 2,409m.
7 May 2014investor presentation● Neutral
Macquarie conference presentation repeating known facts: market cap about A$2.2bn, cash $428m, undrawn $300m facility, FY14 production at the upper end of guidance and 2P 93 MMboe. Notes Pennington-2 appraisal success. Nothing materially new.
7 May 2014drilling progress report● Neutral
Drillsearch's April report repeats the PEL 91 results: Hardwicke-1 plugged and abandoned, and Pennington-2 cased as a future oil producer with Pennington North-1 next. Remainder covers Drillsearch's own unconventional wells.
22 Apr 2014drilling spud● Neutral
Cooper Energy reports Bungaloo-1 spudded 19 April in PEL 494, second Otway shale and tight gas well after Jolly-1. Planned depth is 3,677m with over 100m of core. Beach operates with 70%. It ends the current Otway program.
3 Apr 2014drilling progress report● Neutral
Drillsearch's March drilling report repeats Stunsail-1 as a cased and suspended future producer in PEL 91. The rest covers Drillsearch's own wells. No new Beach information.
2 Apr 2014drilling result● Neutral
Icon repeats that Etty-1 in ATP 855 reached 3,807m with gas-saturated target interval and will be cased and suspended. It expects stimulation of Hervey-1, Geoffrey-1, Redland-1 and Etty-1 in Q3 2014, subject to joint venture approval. No new information.
2 Apr 2014resource reserve update▲ Good
Drillsearch gives detail on Stunsail-1: second test recovered only water, well cased as a future producer. Preliminary gross 2P reserves are 0.67 MMbbl (1P 0.23, 3P 2.06), with the Birkhead classed as contingent resource. Standalone development estimated at about $3.5m.
2 Apr 2014drilling progress report▲ Good
March report: Stunsail-1 oil discovery confirmed, with the second Birkhead test recovering only water. Etty-1 completes the six-well ATP 855 campaign. Spitfire-5 cased as a producer, and Big Lake and Gooranie gas wells succeeded. Jolly-1 ST1 reached 4,026m.
31 Mar 2014asset acquisition disposition● NeutralMajor
Cooper Energy agreed to buy a 65% interest in the offshore Gippsland BMG gas and liquids project, 50% from ROC Oil and 15% from Beach, and to become operator. Beach will keep 35% after the deal, which needs regulatory approval.
28 Mar 2014drilling result▲ Good
Drillsearch, Beach's 60% partner in PEL 91, republishes Beach's Stunsail-1 announcement, calling it the twelfth discovery in the permit. It adds that a further update with volumes will follow the second drill stem test. No new Beach information.
28 Mar 2014drilling result▲ GoodMajor
Stunsail-1, a new oil discovery in PEL 91 (Beach 40% operator, Drillsearch 60%), found a 10m oil column in the McKinlay/Namur, 4m in the Mid-Namur, and oil at over 250 bopd from the Birkhead. Beach's most northerly PEL 91 find; volumes still being assessed.
25 Mar 2014drilling result▲ Good
Etty-1, the sixth ATP 855 well, reached 3,807m on 23 March with gas shows throughout the Permian section. It will be cased and suspended, with stimulation and flow testing expected in the third quarter of 2014. Beach operates with 46.9%.
25 Mar 2014joint venture update● Neutral
Strike Energy's announcement is mainly about its own PEL 96 gas sales deal with Orica. It notes the PEL 94 joint venture, where Beach holds 50% and operates, has committed to fracture stimulation of Davenport-1, starting in May with initial flow results expected in July 2014.
25 Mar 2014drilling result● Neutral
Cooper Energy says Jolly-1 in PEL 495 reached 4,026m, cut cores in the Casterton Formation and Lower Sawpit Shale, and is being plugged and abandoned. Gas shows over 340m suggest a possible deep gas play. Bungaloo-1 in PRL 32 is next. Beach operates with 70%.
18 Mar 2014dividend declaration● Neutral
Details of the 2.0c dividend (1.0c interim plus 1.0c special, fully franked), paid 28 March 2014. The dividend reinvestment plan price is $1.628, with a 2.5% discount. Administrative follow-up to the half-year result.
17 Mar 2014asset acquisition disposition● Neutral
Beach agrees to buy Geodynamics' Habanero operating base near Innamincka for $1.5m, to support its Nappamerri shale and tight gas work. Conditional on Geodynamics finishing well abandonment and Beach getting a facilities licence. Small purchase.
14 Mar 2014regulatory community update● NeutralMajor
South Australia has offered Petroleum Retention Licences over all of PEL 218, securing tenure for up to 15 years. But stimulation of Boston-1 and Boston-3 hit mechanical problems, and Holdfast-2 flowed only 0.25 MMscfd. Mixed result for the unconventional program.
6 Mar 2014drilling progress report● Neutral
Drillsearch's February report repeats Beach's PEL 91 results: Bauer-12 and Bauer-13 both cased as future oil producers. The rest covers Drillsearch's own wells. No new Beach information.
