3 Feb 2009drilling result▲ GoodMajor
Perlubie-1 (PEL 92, Beach 75%) found a 5 m gross oil column at the top of the Namur Sandstone, 2.5 km south of the Parsons field. It will be cased for completion as an oil well, completing the four-well program.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2009drilling result▲ Good
Partner Cooper Energy (25%) confirms the Perlubie-1 oil discovery: a 5 m oil column in the Namur Sandstone. It will be cased as a producer and tied in through the Parsons field facilities.
29 Jan 2009drilling progress report● Neutral
Drillsearch says Jackson 58 (Beach 38.5%) was cased and suspended as a potential oil producer, with the rig moving to Jackson East 2 on rain delays. Planet Downs-1 is halted, possibly until the end of February.
29 Jan 2009resource reserve update▲ GoodMajor
Following Santos's year-end booking of 863 million boe of Cooper Basin contingent resource, Beach estimates its share at about 262 million boe. It has not yet seen the audit report; clarification is expected in late February. It is a contingent resource, not a reserve.
28 Jan 2009drilling progress report● Neutral
Perlubie-1 is at 1,393 m. Jackson-58 (Beach 38.5%) was successful and South July-1 is running casing at 2,741 m. Bindah-3 is in progress, and Tirrawarra-77 was plugged and abandoned with no commercial hydrocarbons.
23 Jan 2009drilling progress report▲ Good
Drillsearch says Jackson 58 (Beach 38.5%) found oil shows in three reservoir sections and is being cased and suspended as a potential producer. Planet Downs-1, not a Beach well, is delayed by rain.
21 Jan 2009drilling result▼ Bad
Gunyah-1 in PEL 92 was plugged and abandoned with no hydrocarbons; Perlubie-1, the fourth well, spudded 21 January targeting 520 kbbl. Fermat-1 rig released; the jack-up rig was judged unsuitable for Spikey Beach-1, so alternatives are being assessed. South July-1 is at 2,670 m with about six weeks to go.
15 Jan 2009drilling progress report● Neutral
Drillsearch reports Jackson 58 in the Naccowlah block (Beach 38.5%, Santos operator) is due to spud 16 January. Its own seismic and Planet Downs-1 plans do not involve Beach.
14 Jan 2009drilling result▼ BadMajor
Fermat-1 (VIC/P46, Beach 50%) reached 3,585 m and is being plugged and abandoned, finding no significant hydrocarbons. It resolves the ~1 TCF Otway target as a dry hole; Essential remains in default on cash calls. Spencer West-3 and Tennaperra-2 succeeded.
8 Jan 2009drilling progress report● Neutral
Essential says Fermat-1 reached 3,585 m and is conditioning the hole for logging. It still has not met its December cash call, with 44 days left to remedy. Repeats Beach's report.
7 Jan 2009drilling progress report● Neutral
Callawonga-6 was cased as an oil producer; the rig moves to Gunyah-1. Fermat-1 reached 3,585 m and is preparing to log. Beach notes partner Essential is in default on the December cash call. South July-1 is at 1,114 m.
5 Jan 2009drilling result▲ Good
Callawonga-6 (PEL 92, Beach 75%) intersected 9.5 m of net oil pay, the second well of the current campaign. Next is Gunyah-1. Beach aims to lift pipeline capacity above the current 5,700 bbl/d, trucking if needed.
31 Dec 2008drilling progress report● Neutral
Essential reports Fermat-1 at 2,807 m with intermediate casing run, preparing to drill ahead to 3,640 m. Its funding is still dependent on a farm-out. Repeats Beach's weekly report.
31 Dec 2008drilling progress report● Neutral
Callawonga-6 spudded 27 December and is at 935 m. Minos-1 (Beach 30%) was successful. Fermat-1 is at 2,807 m after running casing. South July-1 (Beach 20%) is at 612 m.
24 Dec 2008drilling progress report● Neutral
Essential reports Fermat-1 drilling ahead at 2,162 m toward 3,640 m. Its 25% share still depends on completing a farm-out, which the board has not yet achieved. Repeats Beach's depth.
24 Dec 2008drilling progress report● Neutral
Callawonga-5 was cased as a Namur oil producer with 4 m net pay. Gidgealpa-61 (Beach 20.21%) was unsuccessful. Fermat-1 is at 2,162 m. South July-1 in Egypt (Beach 20%, targeting about 100 million barrels) is about to spud.
17 Dec 2008drilling progress report● Neutral
Callawonga-5 spudded 13 December and is at 736 m. Fermat-1 is at 999 m, targeting about 1 TCF. Zeus-1 is being cased; Gidgealpa-61 is drilling.
15 Dec 2008drilling spud● NeutralMajor
Fermat-1 (VIC/P46, Beach 50% operator) spudded 14 December, planned to 3,640 m, targeting a mean 1,153 BCF gas prospect (Essential's estimate). Essential's 25% share depends on a farm-out and fundraising.
11 Dec 2008drilling result▲ Good
Drillsearch says Watkins-1 (Beach 38.5%) found pay in the Westbourne, Hutton and Basal Jurassic, adding reserves. The rig was released 8 December; 2008 Naccowlah drilling is finished. Beach's 50% in the PEL 106 farmin is expected to be earned in early 2009.
11 Dec 2008drilling progress report● Neutral
Cue Energy repeats Beach's news that the rig could not jack up at Spikey Beach-1 (T/38P, Beach 80%). The joint venture is considering a return after Fermat-1. No new information.
10 Dec 2008drilling scheduled● Neutral
Partner Essential Petroleum says the West Triton rig, unable to jack up at Spikey Beach-1, moves to Fermat-1 in VIC/P46 (Beach operator, 50%). Mean prospective gas resource is put at 1,153 BCF. Repeats Beach's rig-move news.
10 Dec 2008drilling progress report● Neutral
Beach reports Gidgealpa-60 and Watkins-1 successful. West Triton could not jack up at Spikey Beach-1, so it moves to Fermat-1 (VIC/P46). Burtocal-2B in Egypt hit at least 31 m of oil column and is suspended as a possible future producer.
4 Dec 2008drilling progress report● Neutral
Drillsearch update: Canunda-1 (PEL 106, Beach 50% operator) is a gas/condensate discovery, running casing to be suspended as a potential gas producer. Watkins-1 (Beach 38.5%) was drilling at 1,289 m after a three-day weather delay. Repeats known results.
3 Dec 2008drilling result▼ BadMajor
PeeJay-1 (T/39P, Beach 50%) was plugged and abandoned at 2,183 m after finding no significant hydrocarbons, a dry hole against its 27 mmbbl mean pre-drill estimate. The rig moves to Spikey Beach-1. Canunda-1 will be cased; Callawonga-5 is delayed by wet weather.
27 Nov 2008drilling progress report● Neutral
Drillsearch weekly update: Canunda-1 hit 2,799 m total depth on 25 November and is being logged. Watson-4 cased and suspended as a future oil producer. Watkins-1 (Beach 38.5%) spudded 25 November. Repeats Beach's weekly report.
27 Nov 2008drilling result▲ GoodMajor
Beach announces a gas discovery at Canunda-1 (three Patchawarra gas sands, TD 2,799 m), to be cased and suspended; it follows Brownlow-1. PEL 92 oil exports reached over 5,000 bbl/d, and a new Parsons-Callawonga pipeline is commissioned. Output could reach up to 6,000 bbl/d.
27 Nov 2008drilling result▲ Good
Drillsearch confirms Canunda-1 found gas in three Patchawarra sands (16 m, 4 m and 12 m), to be cased and suspended. It follows Brownlow-1 as the second well to earn Beach 50%. No flow rates yet; testing awaits a rig.
26 Nov 2008drilling progress report● Neutral
Weekly report: Canunda-1 reached 2,799 m total depth and is being logged. Watson-4 was successful and Gidgealpa-59 (Beach 20.21%) was unsuccessful. PeeJay-1 is at 1,915 m. The first Burtocal sidetrack is being evaluated, with a second planned.
20 Nov 2008drilling progress report● Neutral
Drillsearch update: Canunda-1 at 1,080 m, drilling ahead, with the Patchawarra target expected early next week. Watson-3 cased and suspended as a future oil producer; Watson-4 reached 1,691 m. Nothing new beyond Beach's own report.
19 Nov 2008drilling progress report● Neutral
Weekly report: Watson-3 (Beach 38.5%) successful. Canunda-1 is testing blowout preventers. PeeJay-1 spudded 15 November, drilling at 697 m. Egypt's North Shadwan 20% purchase is now complete, with Burtocal-2A appraisal running in hole with a new bit.