Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2008drilling scheduled▲ Good
Beach contracted the Ensign 30 rig for at least five Cooper wells from 8 October: Brownlow-1, Canunda-1, then Gunyah-1 and Perlubie-1 near Parsons (PEL 92). Beach will also operate Paralana Deep geothermal well, spud February 2009, to earn 21%.
4 Sept 2008drilling progress report● Neutral
Drillsearch (2% holder) update repeating that Naccowlah West 22, in which Beach holds 38.5%, will be cased as an oil producer. Nothing new for Beach.
3 Sept 2008drilling scheduled▲ GoodMajor
Naccowlah West-22 (Beach 38.5%) succeeded with an oil show on test. Beach will start a three-well offshore program from late September/early October: PeeJay-1 (T/39P, 50%), Spikey Beach-1 (T/38P, 80%) and Fermat-1 (VIC/P46, 50%), about 3.5 months.
28 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 was cased and suspended as a Birkhead/Hutton producer, and Naccowlah West-22 is drilling with shows. Repeats Beach's well information.
27 Aug 2008drilling result▼ Bad
Weekly report: James-2 (Beach 17.14%) was plugged and abandoned, a dry hole. Naccowlah West-22 (38.5%) is drilling and Big Lake-89 continues.
21 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 reached 1,902 m and is being cased as a Basal Birkhead/Hutton oil producer. Beach, per its own report, chose not to participate in this casing.
20 Aug 2008drilling progress report● Neutral
Weekly report: Beach elected not to participate in casing Naccowlah South-18 (38.5%). James-2 is logging and Marabooka-14 was cased as a gas producer.
19 Aug 2008resource reserve update● NeutralMajor
Operator Anzon lifted BMG (Beach 30%) 2P reserves to 74.2 mmboe remaining, though original 2P is about 20% below the earlier 104 mmboe after Basker 6 appraisal. Larger FPSO due Q2 2010 to double oil to about 20,000 bopd.
15 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 (Beach 38.5%) reached 1,929 m with oil shows and is preparing to run wireline logs. Also notes the Drillsearch/Great Artesian merger was implemented on 12 August 2008.
13 Aug 2008drilling progress report● Neutral
Weekly report: Marabooka-13 was cased and suspended as a future gas producer. James-2 and Naccowlah South-18 continue drilling in the Hutton Sandstone. No new significant results.
8 Aug 2008drilling progress report● Neutral
Drillsearch's weekly update, covering its 2% in Naccowlah. Naccowlah South-17 was plugged and abandoned after poor upper Hutton quality and swept lower Hutton oil. Naccowlah South-18 is drilling. Repeats Beach's report.
6 Aug 2008resource reserve update▲ GoodMajor
Beach's net Surat Basin coal seam gas 2P reserves rose more than sixfold, from 69 PJ (12 mmboe) in June 2007 to 443 PJ (76 mmboe) at 30 June 2008, per independent certification. Beach holds 40% of the Tipton West JV, operated by Arrow. This confirms the upgrade flagged in June.
6 Aug 2008resource reserve update▲ Good
Media version of the Surat upgrade: 2P up 282% to 443 PJ from 116 PJ seven months ago. Beach's total reserves are about 148 mmboe at 30 June 2008. Tipton West is producing 24 mmscfd.
6 Aug 2008drilling progress report▼ Bad
Weekly report: Naccowlah South-17 (Beach 38.5%) was plugged and abandoned, unsuccessful. James-2 and Naccowlah South-18 are in progress. Other Cooper gas wells and Tipton CSG wells continue.
4 Aug 2008farm in farm out agreement● Neutral
Petratherm (not Beach) announced TRUenergy can earn up to 30% of the Paralana geothermal project for A$57m in stages. Beach, a partner that can earn up to 36%, is negotiating the drilling contract. Conditions must be met within three months.
30 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Naccowlah South-17 (Beach 38.5%) and James-2 (Beach 17.14%) are drilling, along with Kirralee-2 and Mudera-16. No new results; Tipton CSG drilling continues.
23 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Mudera-15 and Mudera-14 RE1 (Beach 20.21%) were cased and suspended as future Coorikiana gas producers. Kirralee-2 is cementing surface casing, and Tipton CSG drilling continues.
16 July 2008drilling result● Neutral
Weekly report: Big Lake-88 (Beach 20.21%) was plugged and abandoned, a dry hole. Deparanie-2 was cased and suspended pending evaluation. Tipton CSG drilling continues.
9 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Narcoonowie-7 (Beach 20.21%) reached 1,678 m and will be cased as a future oil producer. Deparanie-2 is logging and Big Lake-88 is drilling.
3 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Granchio-3 (Beach 20.21%) was cased and suspended as a future McKinlay oil producer. Big Lake-88 and Deparanie-2 are drilling, and Tipton CSG wells continue.
25 June 2008drilling progress report● Neutral
Weekly report: Santos-operated Big Lake-87 (Beach 20.21%) was cased and suspended as a future Hutton oil producer. Granchio-3 is drilling, and rain slowed operations early in the week.
18 June 2008drilling progress report▲ Good
Parsons-1 (Beach 75%) began free-flow production on 16 June at a stabilised 2,640 bopd, in line with the expected start-up. Santos-operated Mama-1 was a successful well and is being cased; Big Lake-87 is drilling.
11 June 2008drilling progress report● Neutral
Weekly report: Santos-operated Mama-1 (Beach 20.21%) is drilling out cement at 542 m. Cowralli-9 was cased and suspended as a future gas producer, and Tipton CSG drilling continues.
4 June 2008drilling progress report● Neutral
Weekly report: Mitchie-2 (Santos-operated, Beach 20.21%) was cased and suspended for completion as a Tirrawarra oil and Patchawarra/Toolachee gas well. Mia-1 is preparing to plug and abandon. Tipton CSG work was on wet weather standby.
28 May 2008drilling result▼ Bad
Weekly report: Glenaire-1 ST1 (PEP 160, Beach 50% operator) was plugged and abandoned with subcommercial oil. Mitchie-2 and Cowralli-9 (Santos-operated, Beach 20.21%) continue.
22 May 2008drilling result▲ Good
Bodalla South-19 and -20 (Beach 100%) succeeded, and Bodalla South-20 was cased as a future oil producer. Tipton West CSG produces about 20 TJ/day (Beach 40%). The report also restates the Tanzania and Basker-6 news.
22 May 2008farm in farm out agreement▲ GoodMajor
Beach agreed with Santos Egypt to farm in for 20% of the South East July concession (Gulf of Suez), with a July South-1 well in Q4 2008. It will also buy Santos's 25% of onshore North Qarun. Both need Egyptian approvals; Beach's first Egypt entry.
14 May 2008drilling progress report● Neutral
Weekly report: Bodalla South-20 (Beach 100%) is drilling ahead at 1,284 m. Santos-operated Cook-14 and Bindah-2 are being cased and suspended as future oil producers.
7 May 2008drilling result▲ Good
Bodalla South-19 (Beach 100%) is being cased as a future oil producer. Basker-6 ST1 flowed 3,980-4,800 bopd per zone, with production expected in the third quarter of 2008.
2 May 2008drilling progress report▲ Good
Anzon reports the Basker 6 ST1 completion and subsea tree are installed and tested. Cleanup flow tests on each zone are due over the weekend, then the well is suspended awaiting tie-back to the Crystal Ocean FPSO.
