Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
5 Mar 2014drilling progress report● Neutral
Icon reports Etty-1 in ATP 855 has reached 2,665m and is running intermediate casing, with a planned total depth of 3,800m. It will be cased and suspended for fracture stimulation. Beach operates with 46.9%. No new result.
5 Mar 2014drilling progress report● Neutral
February report: Bauer-13 found 8m of net oil pay and, with Bauer-12, is cased as a future producer. Snatcher-11 found only poor-quality oil shows in depleted sands, and Beach did not participate. Barrolka-11/12/13 gas wells all succeeded. El Salmiya-4 spudded in Egypt.
5 Mar 2014asset acquisition disposition● Neutral
Rawson Resources agrees to buy 100% of Petroleum Retention Licence 13, including the Killanoola oil field in the Otway Basin, from Beach's subsidiary Adelaide Energy for $600,000, subject to regulatory approval. Small sale of a minor non-core asset.
5 Mar 2014security holder rights change● Neutral
Following the dividend, the conversion price of Beach's A$150m 3.95% convertible notes due 2017 is adjusted from A$1.930 to A$1.910, effective 3 March 2014. A mechanical adjustment.
3 Mar 2014investor presentation● Neutral
Non-deal roadshow presentation repeating known facts: market cap about A$2.0bn, cash $404m, undrawn $300m facility, FY14 production guidance and 2P 93 MMboe. No new announcements.
24 Feb 2014investor presentation▲ Good
Half-year results presentation: record sales revenue $557m, underlying NPAT $158m, cash $404m, 2.0c dividends. Says capex is expected to be fully funded, with Chevron Stage 2 funds assumed received, and flow testing of five PEL 218 wells and Lake Tanganyika farm-out expected in second half. Largely repeats known figures.
24 Feb 2014half year report▲ GoodMajor
Half-year to 31 Dec 2013: revenue up 62% to $559.5m, NPAT up 267% to $160.5m (underlying $158.1m). Dividends total 2.0c (1.0c interim plus 1.0c special), record date 7 March 2014. Confirms the strong oil-driven quarter already reported.
19 Feb 2014other● Neutral
Notice that half-year results will be released on 24 February 2014, with a results call at 11.00am AEST. No substance beyond timing.
14 Feb 2014resource reserve update▲ GoodMajor
Bauer-12 in PEL 91 found a nine-metre oil column, adding a preliminary 2.5 million barrels to Bauer 2P reserves. Bauer is producing over 13,000 bbl/d gross, above its flowline capacity, so trucks fill the gap. Beach holds 40%.
14 Feb 2014resource reserve update▲ Good
Drillsearch relays Beach's Bauer-12 announcement: a nine-metre oil column adds a preliminary 2.5 million barrels to Bauer 2P reserves, and the well will be cased as a future producer. Repeats the 14 Feb Beach release; Beach holds 40%.
11 Feb 2014drilling spud● Neutral
Icon reports Etty-1, the sixth well in ATP 855, spudded 9 February 2014 targeting about 3,800m in the Nappamerri Trough. Beach operates with 46.9%. Stimulation and flow testing are still planned from Q3 2014.
6 Feb 2014drilling progress report● Neutral
Drillsearch's January report repeats the PEL 91 results: Chiton-3 cased as a producer and Bales-1 plugged as dry. Bauer-12 is next. Mostly Drillsearch's own activity, with no new Beach information.
5 Feb 2014drilling progress report● Neutral
January report: Redland-1 cased at 3,804m; Chiton-3 oil pay confirmed; Spitfire-4 found 12m net pay; Bales-1 in PEL 91 was dry. Jolly-1 hit mechanical problems at 2,406m and was side-tracked. Barrolka and Big Lake gas wells progressing.
5 Feb 2014asset acquisition disposition▼ Bad
Tellus says ATP 904P, which it bought from Beach in 2013, was relinquished on 24 January 2014 after the Queensland regulator signalled it would not approve the transfer. Tellus and Beach are discussing the impact. Beach's sale did not complete.
3 Feb 2014drilling result▲ Good
Icon says a petroleum discovery notice has been lodged for Redland-1 in ATP 855. Wireline logs show the target interval gas saturated, with mud gas readings up to 800 units. Stimulation is planned from Q3 2014.
31 Jan 2014asset acquisition disposition● Neutral
Blue Energy says it has secured full ownership of Maryborough Basin permits ATP674P and ATP733P and agreed in principle to buy Beach's ATP613P interest. Total price is $2.5m over twelve months, ending Beach's role in the earn-in. Small, peripheral sale.
30 Jan 2014quarterly activities report▲ Good
December quarter production 2.5 MMboe (up 1%) on record oil, record revenue $287m, cash $404m. Half-year production 4.9 MMboe, up 25%. Cooper Energy stake is now 18.4%. Repeats the guidance upgrade already announced.
30 Jan 2014other▲ GoodMajor
Beach lifted FY14 production guidance to 9.2-9.6 MMboe (from 8.7-9.3) on strong Western Flank oil, and capex to $450-500m (from $420-480m). It still expects to fund capex in full, with $404m cash and a $300m facility.
24 Jan 2014drilling result● Neutral
Redland-1 in ATP 855 reached 3,804m with significant gas shows in the Toolachee and Daralingie formations. Etty-1 is next, and stimulation is now pushed to Q3 2014 from the earlier Q1/Q2 plan.
21 Jan 2014joint venture update▲ Good
Drillsearch (Beach's 60% PEL 91 partner) reports Chiton-3 found oil and will be completed as a producer, the first of five wells in the new campaign. Mostly Drillsearch's own news; Beach holds 40% and operates.
20 Jan 2014drilling progress report● Neutral
Icon reports Redland-1 at 3,700m, with Etty-1 to follow. A four-well stimulation campaign (Geoffrey-1, Redland-1, Etty-1, Hervey-1) is now slated for Q2 2014. Routine update.
20 Jan 2014drilling progress report● Neutral
Update on Cooper Basin unconventional work. Moomba-194 initial 3.1 MMscfd declined to ~1.4 MMscfd before shut-in. Gaschnitz-1ST1 fell from ~1.5 to ~0.7 MMscfd. Van der Waals-1 delayed by operational issues. Boston-1/-3 stimulation planned February, Holdfast-2 needs a stuck tool recovered.
13 Jan 2014drilling spud● Neutral
Cooper Energy reports Jolly-1 spudded 11 January 2014 in PEL 495, targeting Casterton Formation shales to about 4,000m. Beach operates with 70%, Cooper 30%. This is the first Otway well after the November equity swap; Bungaloo-1 follows.
10 Jan 2014drilling progress report● Neutral
Icon, Beach's ATP 855 partner, reports Redland-1 at 2,883m with intermediate casing cemented. Drilling continues toward 3,800m. Routine progress update with no new result.
8 Jan 2014drilling progress report● Neutral
December report: Geoffrey-1 reached 4,124m with high gas levels, Redland-1 is running casing. Growler-13 found oil-saturated Birkhead. Peregian-1 and Tangalooma-1 (ATP 732 farm-in, Beach 50%) were dry. Marama West-1 was a gas discovery, completing three-for-three in the gas program.
19 Dec 2013well test result▲ Good
Moomba-194 in the SACB JV (Beach 20.21%) flowed gas at about 3.1 MMscf/d after stimulation across five Permian zones. Santos calls it a potentially material extension of Moomba North and a step towards Nappamerri Trough commercialisation.
