17 Nov 2008drilling spud● Neutral
Canunda-1 spudded 14 November in PEL 106, 11 km north of Brownlow-1; Beach's second well to earn 50%. Beach estimates mean 7.4 BCF, P10 13.5 BCF, reaching the target in 8-10 days.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2008drilling progress report● Neutral
Drillsearch update: Canunda-1 expected to spud 14 November, second well for Beach to earn 50% of the PEL 106 block. Watson-3 (Beach 38.5%) found oil shows and is preparing to run logs.
12 Nov 2008drilling progress report▲ Good
Weekly report: West Triton repairs are complete and the rig is back at PeeJay-1, jacking up. Canunda-1 (Beach earning 50%) is due to spud around 14 November. Watson-3 (38.5%) in progress.
7 Nov 2008resource reserve update● Neutral
Drillsearch addendum to its quarterly report adds omitted reserves for Kiana, Middleton and Udacha, based on Beach reports. A minor correction for Drillsearch, with no change to Beach's own figures.
6 Nov 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 cased and suspended; Jackson South-16 (Beach 38.5%) found oil pay and was suspended as a future producer. Watson-3 spudded 6 November. Nothing new for Beach.
5 Nov 2008drilling progress report▲ Good
Weekly report: Brownlow-1 cased and suspended as a future gas/condensate producer; Ensign 30 moves to Canunda-1. Tickalara-20 and Jackson South-16 successful. West Triton repairs are progressing, with PeeJay-1 expected to resume by mid November.
5 Nov 2008drilling result● Neutral
Drillsearch: Brownlow-1 will be cased and suspended as a future gas producer. The deeper sand tested tight with no flow (8.4 bbl of gas-cut water). The 7 m gas pay is not tested yet; it awaits a later cased-hole test.
3 Nov 2008drilling result▲ Good
Media release on the Brownlow-1 discovery: Beach estimates 7 to 14 BCF, consistent with pre-drill estimates. Management sees potential for fields up to 100 BCF in similar subtle traps on the Cooper's western flank.
3 Nov 2008drilling result▲ GoodMajor
Beach reports a gas discovery at Brownlow-1 (PEL 106, Beach 50% operator): a 7 m gas sand at 2,583-2,590 m, with up to 30 m gas column. It resolves the pending well, which is 2 km north of Middleton-1.
3 Nov 2008drilling progress report▲ Good
Drillsearch update: Brownlow-1 reached 2,785 m on 1 November. Logs confirmed gas pay in a 7 m Patchawarra sand; a drillstem test of a deeper sand was planned for 4 November.
30 Oct 2008resource reserve update▲ GoodMajor
Media release on record A$182.8m quarterly revenue. Tipton West 2P gas reserves at 30 June 2008 rose 382% to 1,107 PJ; Beach's 40% share is 443 PJ (76 mmboe) after an independent recertification by Netherland Sewell.
29 Oct 2008drilling progress report● Neutral
Weekly report: Brownlow-1 (Beach 50%) drilling ahead at 2,520 m in the Patchawarra Formation. PeeJay-1 rig repairs continue, with drilling expected to resume mid November. Tickalara-20 and Jackson South-16 (38.5%) in progress.
29 Oct 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 at 2,514 m drilling ahead. Jackson South-14 (Beach 38.5%) was plugged and abandoned on 22 October; Jackson South-16 spudded 24 October. Little new for Beach.
22 Oct 2008drilling progress report● Neutral
Weekly report: Tickalara-19 (30%) cased as a future oil producer; Jackson South-14 to be plugged and abandoned. Brownlow-1 running surface casing; West Triton moved to shallower water for repairs at PeeJay-1.
22 Oct 2008drilling progress report▼ Bad
Drillsearch update: Brownlow-1 at 924 m running surface casing. Jackson South 14 (Beach 38.5%) reached 1,591 m and is being plugged and abandoned, a dry hole.
20 Oct 2008drilling spud● Neutral
Brownlow-1 spudded 19 October in PEL 106 (Beach operator, to earn 50% by funding two wells). It targets Patchawarra gas/condensate with a mean estimate of 6.9 BCF; Canunda-1 follows immediately.
17 Oct 2008drilling progress report▼ BadMajor
The West Triton rig was damaged on 16 October during pre-load at PeeJay-1; damage is to leg bracing, with no injuries. Work on PeeJay-1 is halted and the drilling schedule awaits repair timing, a setback to the three-well offshore program.
16 Oct 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 expected to spud 16-17 October; Jackson South 14 (Beach 38.5%) spudded 11 October and drilling at 978 m. Nothing new for Beach.
15 Oct 2008drilling scheduled▲ GoodMajor
Beach launches its offshore campaign: three back-to-back wells with the West Triton rig, PeeJay-1 and Spikey Beach-1 (Bass Basin) then Fermat-1 (Otway, gas potential over 1 TCF), running to end of January. Also mentions joining a Burtocal appraisal well in Egypt.
15 Oct 2008drilling progress report● Neutral
Weekly report: Jackson South-15 and Iliad-6 successful; Brownlow-1 (50%) rigging up to spud. West Triton rig arrived at PeeJay-1 and is pre-loading. Jackson South-14 and Tickalara-19 drilling.
9 Oct 2008drilling progress report● Neutral
Drillsearch update: Ensign-30 moving to Brownlow-1 in PEL 106, first of two wells for Beach to earn 50%. Jackson South 15 (Beach 38.5%) to be cased and suspended after a test recovered 20.8 bbl oil. Little new.
8 Oct 2008drilling progress report● Neutral
Weekly report: Ensign-30 rig moving to Brownlow-1 (Beach 50%), first of at least five Beach-operated Cooper wells. West Triton rig due next week for PeeJay-1 (target mean 27 mmbbl). Jackson South-15 and Iliad-6 in progress.
2 Oct 2008drilling progress report● Neutral
Drillsearch update: Jackson South 15 (Beach 38.5%) drilling ahead with oil shows at 1,208 m. Nothing new for Beach.
1 Oct 2008drilling progress report● Neutral
Weekly report: Iliad-5 (Beach 30%) cased as a future oil producer; Jackson South-15 (38.5%), Big Lake-90 and Munkah-12 drilling. Tipton-137 coal seam gas well completed as a producer.
26 Sept 2008drilling progress report● Neutral
Drillsearch (2% holder) update: Jackson 57 (Beach 38.5%) cased and suspended as a future Hutton oil producer; rig moves to Jackson South 15. Nothing new for Beach.
24 Sept 2008drilling progress report● Neutral
Weekly report: Galex-2 (gas, 23.2%) and Jackson-57 (oil, 38.5%) cased as future producers; Big Lake-90 (20.21%) drilling. Tipton CSG drilling continues.
18 Sept 2008drilling progress report● Neutral
Drillsearch update: Jackson 57 (Beach 38.5%) spudded 15 September and was drilling at 597 m. Nothing new for Beach.
17 Sept 2008drilling progress report● Neutral
Weekly report: Big Lake-89 (gas, 20.21%) and Iliad-4 (oil, 30%) cased as future producers; Galex-2 and Jackson-57 drilling. Tipton CSG wells completed.
11 Sept 2008drilling progress report● Neutral
Drillsearch update: Naccowlah West 22 cased as a producer; Jackson 57 (Beach 38.5%) due to spud 13 September. Nothing new for Beach.
10 Sept 2008farm in farm out agreement▲ Good
Beach agreed with Drillsearch (which absorbed Great Artesian) to drill two PEL 106 gas/condensate wells, Brownlow-1 and Canunda-1, from October 2008, earning 50% of the Beach Farmin Block. Beach hands gas marketing to Drillsearch.