Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2009drilling result▼ BadMajor
Tumby-1, the first of six PEL 92 wells (Beach 75%), found no hydrocarbons on wireline logs and is being plugged and abandoned at 1,845 m. The rig moves to Perlubie South-1, targeting a 400 kbbl mean recoverable oil volume.
27 May 2009drilling progress report● Neutral
Weekly report: Tumby-1, first of six PEL 92 wells (Beach 75%), spudded 26 May and is drilling at 172 m. Cowralli-10 and Tindilpie-8 are cased and suspended as future gas producers. No new results.
25 May 2009drilling scheduled● Neutral
Cooper Energy says Tumby-1 in PEL 92 spuds 26 May, starting the six-well program. It targets 5.5 mmbbl (P50, 100% joint venture) in the Namur Sandstone, at 1,827 m and A$1.8m. Five further wells are named to follow.
22 May 2009farm in farm out agreement▲ GoodMajor
Adelaide Energy signs binding agreements for Beach to take 90% of PEL 218's Permian and shallower strata for A$5.14m cash plus carrying A$25m of gross spend. Beach also subscribes 8m shares at 12c. Resolves the April term sheet; needs ministerial approval.
22 May 2009farm in farm out agreement▲ GoodMajor
Beach confirms its PEL 218 farm-in with Adelaide Energy for 90%: A$5.14m cash plus a further A$2.5m toward Adelaide's exploration share, and 8m Adelaide shares at 12c. Beach will operate and expects to drill at least one gas well in 2009/10. Subject to regulatory approval.
20 May 2009drilling progress report● Neutral
Weekly report: the Ensign 30 rig is moving to Tumby-1 in PEL 92 (Beach 75%), with spud expected 26 May. Cowralli-10 reached 3,237 m and Tindilpie-8 is coring. No new results.
13 May 2009farm in farm out agreement● Neutral
Adelaide Energy has agreed, at Beach's request, to extend the deadline for binding PEL 218 documents to 21 May 2009. This follows the 14 April term sheet for Beach to take 90% of ADE's Permian and deeper interest. Deal still not binding.
13 May 2009drilling scheduled● Neutral
Weekly report: Tumby-1, the first of up to six PEL 92 wells (Beach 75%), is due to spud around 25 May targeting 2.4 mmbbl. Two PEL 91 wells follow, and Paralana-2 starts late June. Gas wells Cowralli-10 and Tindilpie-8 are drilling.
7 May 2009drilling scheduled▲ Good
Drillsearch says two exploration wells in PEL 91 (Drillsearch 60%, Beach 40% and operator) will be drilled in September–October 2009, after the PEL 92 program. They target mean 3.5 mmbbl of oil, with upside to 7.8 mmbbl.
6 May 2009drilling progress report▲ Good
Weekly report: Cowralli-12 is cased and suspended as a future gas producer at 3,239 m. Tindilpie-10 reached 3,214 m and is being cased and suspended as a gas producer (Beach 20.21% in both).
29 Apr 2009drilling progress report● Neutral
Weekly report: Cowralli-12 (Beach 20.21%) reached 3,239 m and is preparing wireline logs. Tindilpie-10 is drilling ahead at 2,320 m. No results announced.
22 Apr 2009drilling progress report● Neutral
Weekly report: Nephrite-2 (Beach 20.21%) reached 3,258 m and is cased and suspended as a future gas producer. Cowralli-12 is drilling at 2,106 m, and Tindilpie-10 has started drilling.
15 Apr 2009drilling progress report● Neutral
Weekly report: South July-1 sidetrack plugged and abandoned, rig released 13 April. Cooper Basin gas wells Nephrite-2 and Cowralli-12 (Beach 20.21%) continue drilling.
14 Apr 2009farm in farm out agreement▲ GoodMajor
Adelaide Energy signs a non-binding term sheet letting Beach acquire 90% of its Permian and deeper interest in PEL 218 in the Cooper Basin, plus a further investment in ADE. Binding documents are due within 30 days, subject to due diligence.
8 Apr 2009drilling result▼ BadMajor
South July-1 sidetrack in Egypt (Beach 33.33%) reached 3,473 m; the targeted Yusr sands were water-saturated with no shows, so the well is being plugged and abandoned. A dry hole for the roughly 100 mmbbl prospect.
1 Apr 2009drilling progress report● Neutral
Weekly report: South July-1 sidetrack (Beach 33.33%) is at 3,386 m, running in hole with a new assembly. Nephrite South-5 is cased and suspended as a future gas producer.
31 Mar 2009drilling scheduled▲ Good
Beach plans a six-well exploration program in PEL 92 (Beach 75%) from May, testing prospects with 7.0 million barrels of unrisked mean recoverable oil. Prior record is 12 wells at 50% success, finding over 8 million barrels.
25 Mar 2009drilling progress report● Neutral
Weekly report: South July-1 sidetrack (Beach 33.33%) is drilling ahead at 3,058 m targeting oil in the Yusr sands. Tindilpie-7 and Nephrite South-5 gas wells in the Cooper Basin (Beach 20.21%) also progress.
18 Mar 2009drilling progress report● Neutral
South July-1 in Egypt reached 3,927 m, with hydrocarbon shows at the top of the Yusr sandstone. A sidetrack is now drilling updip. Beach's sidetrack share is 33.33% (Santos not participating), up from 20% in the original well.
11 Mar 2009drilling progress report● Neutral
Weekly report: South July-1 in Egypt (Beach 20%) is drilling ahead at 3,898 m after the stuck pipe was cleared. Fly Lake-26 (Beach 20.21%) reached 2,952 m and is preparing to log.
10 Mar 2009resource reserve update▲ GoodMajor
Beach clarifies its Cooper Basin contingent resource: best estimate 262 mmboe net (low 132, high 492), split into conventional 83 and unconventional 179. Converting all of it to reserves would more than double its 63 mmboe Cooper reserves. These are not booked reserves.
26 Feb 2009drilling progress report▲ Good
Drillsearch says Chilla-3A (Beach 38.5%) found oil shows in the Murta Formation, was cased and suspended as a potential producer, and completes the Naccowlah drilling program. Planet Downs-1 spudded, with no Beach interest.
25 Feb 2009drilling progress report● Neutral
Weekly report: Muteroo-6 (Beach 20.21%) was plugged and abandoned, while Chilla-3A (Beach 38.5%) is being cased as a future oil producer. South July-1 in Egypt is at 3,757 m, completing wireline logging.
19 Feb 2009drilling progress report● Neutral
Drillsearch reports Chilla-3 (Beach 38.5%) was abandoned at 230 m after a failed casing pressure test; Chilla-3A was spudded nearby targeting the Murta Formation. Planet Downs-1 does not involve Beach.
18 Feb 2009drilling progress report▲ Good
Perlubie-1 (Beach 75%) is cased and suspended as a future oil producer, tied in via Parsons, with production scheduled from end of June. South July-1 in Egypt is at 3,647 m, preparing to log before intermediate casing.
11 Feb 2009drilling progress report● Neutral
Weekly report: logging tools are still being recovered at Perlubie-1 (Beach 75%) before it is cased as an oil producer. Jackson East-2 (Beach 38.5%) was cased as an oil producer. South July-1 in Egypt (Beach 20%) is drilling at 3,324 m.
6 Feb 2009resource reserve update▲ GoodMajor
Independent assessment lifts Beach's Tipton West coal seam gas reserves at 31 December 2008: 3P up 34% to more than 1,115 PJ (192 mmboe), 2P 467 PJ (80 mmboe), 1P 111 PJ (19 mmboe). This updates the 2P of 443 PJ previously noted.
6 Feb 2009resource reserve update▲ Good
Media version of the Tipton West upgrade: Beach's 3P rose 34% to over 1,115 PJ (192 mmboe). Converting the new possible reserves to 2P could lift reserves about 77%. Converting the 262 million boe Cooper contingent resource could add more; both are potential, not booked.
5 Feb 2009drilling progress report● Neutral
Drillsearch says Jackson East 2 (Beach 38.5%) spudded 30 January, is at 1,616 m with oil shows in three formations, and is heading for logging. Planet Downs-1 remains weather-delayed and does not involve Beach.
4 Feb 2009drilling progress report▲ Good
Weekly report repeats the Perlubie-1 discovery, calling it the sixth oil field found in PEL 92. South July-1 is at 2,905 m, Jackson East-2 (Beach 38.5%) is in progress, and Bindah-3 is to be cased as a Patchawarra producer.
