23 May 2013drilling result▲ Good
Cooper Energy reports Callawonga-8 in PEL 92 (Beach 75% operator) found 7m of gross oil and will be cased as a producer. The rig returns to drill two more exploration wells in the permit before the end of June.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2013asset acquisition disposition● Neutral
NZ Oil & Gas has acquired 50% of Canterbury Basin permit PEP 52717 (Clipper) from a Beach subsidiary and will operate it. Partners commit to at least 600 km2 of 3D seismic by October 2014. Subject to regulatory approval.
13 May 2013drilling result▲ Good
Cooper Energy reports Callawonga-7 in PEL 92 (Beach 75% operator) reached 1,705m and will be cased as an oil producer. It is the first of two development wells meant to speed up Callawonga field production.
13 May 2013farm in farm out completion▲ GoodMajor
Chevron's first-stage farm-in is settled: 30% of PEL 218 and 18% of ATP 855, with cash paid. Beach now has about A$400m cash. Formal state approvals are still pending. This completes the deal signed 25 February.
8 May 2013drilling progress report● Neutral
Beach's April report: Kalladeina-2 tested 986 bopd and is cased as a producer, Rincon North-1 found a 7m oil column, and Smoky-1 was dry. Callawonga-7 is drilling; Dashwood-1 reached 4,021m. Confirms the earlier results.
2 May 2013drilling result▲ GoodMajor
Drillsearch reports Kalladeina-2 in PEL 91 (Beach 40% operator) is a new oil discovery, with 5m net pay confirmed and about 400,000 bbl gross 2P estimated. Smoky-1 spudded 28 April. The Bauer pipeline is operating.
2 May 2013drilling result▼ Bad
Cooper Energy reports Wyomi-1 in PEL 92 (Beach 75% operator) was plugged and abandoned at 1,816m with no significant shows. Second dry well after Sharples-1; the rig now moves to Callawonga-7 and -8 development wells.
1 May 2013drilling progress report● Neutral
Senex's April report covers its own wells. For Beach's 40% Growler/Snatcher JV: Growler-5 is back on production after a workover, and Snatcher-9 completion has begun, with production expected at the start of the September quarter.
1 May 2013production update▲ Good
Drillsearch says the Bauer-to-Lycium oil pipeline was commissioned on 29 April and is now in commercial operation. PEL 91 (Beach 40% operator) output is expected to rise to 10,000 bopd gross. This delivers the pipeline flagged earlier.
24 Apr 2013production update▲ Good
Drillsearch says Hanson oil field in PEL 91 (Beach 40% operator) began production at about 700 bopd from the McKinlay Formation. Oil is trucked to Bauer until the pipeline starts. The discovery well was completed in January 2012.
22 Apr 2013drilling result▲ GoodMajor
Cooper Energy reports Rincon North-1 is an oil discovery in PEL 92 (Beach 75% operator), with a gross oil column of up to 7m. Sharples-1 reached 1,961m with no significant shows and will be plugged and abandoned. Wyomi-1 is next.
19 Apr 2013production update▲ GoodMajor
Drillsearch (60% partner) says commissioning of the Bauer-to-Lycium oil pipeline starts the week of 22 April. The pipeline has 10,000 bopd capacity; PEL 91 output is expected to reach about 10,000 bopd gross by early May, up from trucking limits. This delivers the Bauer pipeline.
17 Apr 2013drilling progress report● NeutralMajor
Beach updates its unconventional program: Moonta-1 is down to 0.7 MMscfd after four months, Halifax-1 is at 1.7 MMscfd, and the second batch frac is delayed to May. PEL 218 and ATP 855 are described as pending Chevron farm-in; pilot production is now toward end of 2014.
17 Apr 2013drilling result▲ Good
Rincon North-1 in PEL 92 will be cased for future oil production after a drill stem test confirmed further McKinlay pay (10.5 barrels recovered, no flow to surface). Beach is 75% operator.
17 Apr 2013flow test result● Neutral
Icon, Beach's 40% partner in ATP 855P, says Halifax-1's 4.2 MMscfd peak overheated the wellhead because of a faulty gauge. It now flows 1.7 MMscfd unconstrained. Icon calls it proof of concept; Hervey-1 is planned for early May.
15 Apr 2013drilling result▲ Good
Cooper Energy reports Rincon North-1 (PEL 92, Beach 75% operator) reached 1,899m with up to 2m of oil pay on logs, and the McKinlay will be production tested. Sharples-1 spudded 13 April.
10 Apr 2013material agreement▲ GoodMajor
Beach signs its first separately marketed Cooper Basin gas contract: up to about 139 PJ to Origin over eight years, extendable two years to about 173 PJ. Supply starts July 2014 to June 2015, with oil-linked pricing. Implementation is conditional on operator acceptance.
10 Apr 2013material agreement▲ Good
Origin confirms its conditional agreement to buy up to 139 PJ of Beach's Cooper Basin gas, up to 17 PJ a year for eight years from FY2015, with a two-year extension option. Same deal as Beach's release.
8 Apr 2013drilling spud● Neutral
Cooper Energy reports Rincon North-1 in PEL 92 (Beach 75% operator) spudded 6 April, targeting the Namur Sandstone near the 2011 Rincon-1 oil discovery. It is the first well of the six-well campaign.
5 Apr 2013drilling progress report▲ Good
Drillsearch's March report: Kalladeina-2 (Beach 40%) has good oil shows in mud logs in the primary target. Bauer-to-Lycium pipeline commissioning planned early May. Wet gas production resumed 17 March; Canunda tie-in due June quarter. Mostly repeats known operator information.
4 Apr 2013drilling scheduled● Neutral
Drillsearch (60% partner) announces a four-well PEL 91 oil exploration program, operated by Beach (40%), targeting 4-9 million barrels combined unrisked recoverable. Kalladeina-2 spudded 1 April; later wells depend on its result. Resumes Western Flank oil exploration.
3 Apr 2013drilling progress report● Neutral
Beach's March report: Halifax-1 peaked at 4.2 MMscfd but is now flowing 1.8 MMscfd unconstrained. Holdfast-2 horizontal cased with about 600m of horizontal section. Sawpit-2 in PEL 495 plugged and abandoned with minor shows; Achilles-1 (30%) dry. Kalladeina-2 spudded.
27 Mar 2013drilling scheduled● Neutral
Cooper Energy, 25% partner in Beach-operated PEL 92, says a six-well campaign is about to start: four exploration/appraisal wells, starting with Rincon North-1, and two Callawonga development wells. It continues the program flagged in January; completion is targeted by end of June.
20 Mar 2013dividend declaration▲ Good
Beach details its 2013 interim dividend of 0.75 cents per share, fully franked, paid 5 April. The dividend reinvestment plan price is $1.34 at a 5% discount. The convertible note conversion price is not adjusted.
19 Mar 2013material agreement▲ GoodMajor
Beach confirms the new PEL 106B raw gas sales agreement with the SACB JV: 10 Bcf firm over three years, up to 35 MMscfd, with condensate and LPG linked to international prices. It follows the gas sales talks and the shut-in since 1 October.
19 Mar 2013material agreement▲ GoodMajor
Drillsearch, Beach's 50% partner in PEL 106B, announces the new gas sales agreement with the SACB JV: 10 Bcf firm over three years, up to 35 MMscfd. Wet gas production restarted 17 March after the shut-in since 1 October; Canunda tie-in due June quarter.
18 Mar 2013production update▼ Bad
Cooper Energy says PEL 92 (Beach 75% operator) production was disrupted when the Callawonga-Lycium flow line was shut for repairs at a crossing with the new Bauer-Lycium line. Flow resumed 15 March at 5,200 bopd. About 12,000 barrels net to Cooper are deferred.
18 Mar 2013drilling result▼ BadMajor
Sawpit-2 (PEL 495, Otway Basin) reached 2,585m and found no pay in the Sawpit Sandstone target, so it will be plugged and abandoned. Gas shows in the Casterton Shale keep the unconventional idea alive. Beach, paying 70% to earn 35%, operated the well.
6 Mar 2013drilling progress report● Neutral
Drillsearch's February report: Bauer-to-Lycium pipeline built, with tie-ins due April, and Hanson facility commissioning under way. Tibor-1 (Drillsearch only) was dry. Euler-1 in PEL 106B (Beach 50%) is still scheduled for June. No new Beach result.
6 Mar 2013drilling progress report● Neutral
Cooper Energy reports Sawpit-2 (PEL 495, Beach operating drilling, paying 70% to earn 35%) at 2,142m. The Sawpit Sandstone showed only minor shows. Cores are planned over the shales to test unconventional potential.