Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2013other● Neutral
Chairman's AGM address restates FY13 record results, the Chevron farm-in and Origin gas deal, and says FY14 is expected to be another good year. Plans pilot production in the Nappamerri Trough in 2015. Largely repeats known facts.
25 Nov 2013investor presentation● Neutral
Investor morning presentation repeats known themes: record Q1 revenue of $270m, $402m cash, FY14 guidance and the east coast gas strategy. Targets well cost cuts to $8-10m for vertical wells. No new results.
19 Nov 2013farm in farm out agreement● NeutralMajor
Beach and Cooper Energy swapped equity in the Otway Basin. Cooper gets 30% of PEL 494 and PRL 32 and falls from 65% to 30% in PEL 495. Beach operates all three; Jolly-1 (4,070m planned) and Bungaloo-1 are due from December 2013.
6 Nov 2013drilling progress report● Neutral
October report: all four PEL 92 oil wells cased as producers. Boston-3 landed at 3,188m TVD, Geoffrey-1 at 2,612m. ASB-1X in Egypt found no significant hydrocarbons, and Bolah-1 was a Queensland gas discovery. Cobalcescu South drilling at 2,914m.
1 Nov 2013drilling result▲ Good
Callawonga-9 in PEL 92 (Beach 75% operator) found at least 4m of net oil pay and was cased as a producer at 1,703.5m. This completes the four-well campaign with four successes, following Windmill-2, Butlers-7 and Butlers-8.
29 Oct 2013investor presentation● Neutral
Citi conference presentation repeats known points: Q1 FY14 record revenue $270m, cash $402m, undrawn $320m facility, FY14 capex $420-480m and production guidance of 8.7-9.3 MMboe. No new results.
29 Oct 2013drilling progress report● Neutral
Icon update: Geoffrey-1 in ATP 855 (Beach 46.9% operator) is drilling ahead at 2,338m in the Hutton Sandstone, towards a planned 4,266m. No new result.
25 Oct 2013annual report● Neutral
Beach's 2013 Annual Report restates known FY13 results: record underlying profit of $141m, 8.0 MMboe production and $348m cash. The AGM is set for 29 November 2013. Largely repeats earlier announcements.
22 Oct 2013drilling result▲ Good
Butlers-8 in PEL 92 found 6m of net oil pay in the Namur sandstone at 1,650m and will be cased as a producer. It is the third success in the four-well program.
16 Oct 2013drilling spud● Neutral
Butlers-8, the third well of the PEL 92 development campaign (Beach 75% operator), spudded on 15 October targeting about 1,650m, with Callawonga-9 to follow.
16 Oct 2013drilling spud● Neutral
Geoffrey-1 spudded in ATP 855 (Beach 46.9% operator), targeting 4,266m, the fourth well in the permit. Hydraulic stimulation is now proposed from Q1 2014 starting with Hervey-1, later than the December 2013 expected earlier.
9 Oct 2013drilling result▲ Good
Butlers-7 in PEL 92 found 5m of net oil pay in the Namur sandstone at 1,445m and was cased as a producer. Cooper calls the oil column thicker than expected; it is the second success of the four-well program.
4 Oct 2013drilling spud● Neutral
Cooper Energy says Butlers-7, the second well of the PEL 92 development campaign (Beach 75% operator), spudded on 3 October targeting about 1,440m.
3 Oct 2013drilling progress report● Neutral
Drillsearch, Beach's 60% partner in PEL 91, reports September: Neaves-1 found water-bearing sands and was abandoned, finishing the three-well Birkhead campaign with no hydrocarbons. Mostly Drillsearch's own activity.
2 Oct 2013drilling progress report● Neutral
September report: Rapid-1 reached 4,208m and was suspended, with the rig moving to Geoffrey-1. Neaves-1 was dry, ending the three-well Birkhead campaign with no oil. Windmill-2 was cased as a producer, and Boston-3 horizontal started drilling.
30 Sept 2013drilling result▲ Good
Windmill-2 in PEL 92 found 4m of net oil in the Namur sandstone and was cased as a producer at 1,743m. It is a good start to the four-well program, after Hooper-1 was the fourth dry exploration hole in a row in the permit.
23 Sept 2013drilling spud▲ Good
Cooper Energy reports a four-well oil development campaign has begun in PEL 92 (Beach 75% operator), starting with Windmill-2. It aims to speed up oil from existing fields, with the program due to finish by end of October 2013.
19 Sept 2013dividend declaration● Neutral
Details of the 2.00 cent fully franked final dividend, paid 27 September 2013. The reinvestment plan issue price is $1.326 at a 2.5% discount, and the convertible note conversion price is adjusted to $1.93.
16 Sept 2013other● Neutral
New Zealand Oil & Gas markets its 2014 permit portfolio to farm-in partners. It does not mention Beach, so it carries no stated implication for Beach's pending NZ interests.
9 Sept 2013director officer appointment● NeutralMajor
Managing Director Reg Nelson extended his contract from 30 June 2014 to 1 July 2015. The board will start a search for his successor now to allow a smooth handover.
6 Sept 2013security holder rights change● Neutral
Conversion price of the A$150m 3.95% convertible notes due 2017 adjusted from A$1.97 to A$1.93 from 3 September 2013, following the final dividend. A mechanical adjustment.
6 Sept 2013drilling progress report● Neutral
Drillsearch (Beach's 60% partner in PEL 91) reports August activity: Chiton-2 cased as a Namur oil producer, Guichen-1 and Pondalowie-1 plugged and abandoned. Repeats Beach's own drilling report; no new Beach-specific information.
4 Sept 2013drilling progress report● Neutral
August report: Keppel-1 safely suspended after gas influx and the rig moved to PEL 218. Chiton-2 found a 5.5m oil column; Guichen-1 and Pondalowie-1 had no hydrocarbons. El Salmiya-2 Kharita test of 3,530 bopd confirmed; North Shadwan NS 394-4 was dry.
4 Sept 2013investor presentation● Neutral
September investor briefing repeating known FY13 results, FY14 guidance (8.7-9.3 MMboe, capex $420-480m), reserves and east coast gas strategy. No new information.
3 Sept 2013drilling spud● NeutralMajor
The Cobalcescu South well spudded offshore Romania (Beach 30%), targeting 3,100m. The operator's gross P50 prospective resource is 262 Bcf in the upper Pontian and 142 Bcf in the lower Pontian. Two more wells are planned for 2014.
3 Sept 2013regulatory community update▲ GoodMajor
Cooper Energy says Victoria granted Otway Basin permits PEP 150 and PEP 171, with Beach/Mawson holding 50% and 75% respectively and operating both. Seismic is planned for 2014, followed by drilling.
30 Aug 2013other● Neutral
Routine Appendix 3B: 121,935 shares issued to employees at $1.3644 under the incentive plan, and some 2011 rights lapsed. Issued capital is now 1,269,521,118 shares.
27 Aug 2013annual report▲ GoodMajor
FY13: revenue $700.5m (up 13%), NPAT $153.7m (down 6%), underlying NPAT a record $140.8m. Final dividend 2 cents, full year 2.75 cents. Net asset backing is $1.41.
27 Aug 2013investor presentation● Neutral
FY13 results presentation: record underlying NPAT of $141m, cash $348m, and the $320m facility. It notes the sale of North Dakota interests for US$14.5m and a Tanzanian farm-out planned for FY14. Largely repeats known facts.
26 Aug 2013resource reserve update● NeutralMajor
At 30 June 2013, 2P reserves are 92.7 MMboe (100% replacement) and 2C resources 448.9 MMboe, down 4%. This is lower than the 466 MMboe earlier, owing to the Chevron farm-out and revised booking rules. A material unconventional upgrade is expected at FY14 end.
