Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2013drilling progress report● Neutral
Beach's February report: Halifax-1 peaked at 4.2 MMscfd. Nepean-1 is cased pending April stimulation, and Holdfast-2, the first horizontal well, is drilling. Sawpit-2 spudded, Rheims-2 (Beach 30%) was dry and Al Ahmadi-2 finished drilling in Egypt. Mostly known results.
6 Mar 2013flow test result▲ Good
Icon reports Halifax-1 (Beach 60% operator) now flowing 3.9 MMscfd, up from the initial 2.23 MMscfd, with a peak of 4.2 MMscfd in early March. Still flowing back stimulation fluid. Continues the positive flow-test run.
4 Mar 2013investor presentation● Neutral
March roadshow presentation repeating known facts: cash $343m, FY13 production guidance 8.1-8.5 MMboe, capex $400-450m, and the Chevron farm-out. Notes a ~240 PJ Horizon gas contract is under negotiation. Mostly repeats the results presentation.
1 Mar 2013security holder rights change● Neutral
Beach issued 1,211,825 shares at $1.36 to employees under its incentive plan, and some 2011 employee rights lapsed. Issued capital is now 1,264,889,397 ordinary shares. Administrative.
28 Feb 2013flow test result▲ Good
Icon, Beach's 40% partner in ATP 855P, repeats that Halifax-1 is flowing 3.2 MMscfd, up from 2.23 MMscfd, held back by a choke to keep well head temperature under 120°C. Same result as Beach's release; no new information.
28 Feb 2013flow test result▲ Good
Halifax-1 (ATP 855P, Beach 60% operator) is now flowing gas at 3.2 MMscfd, up from 2.2 MMscfd, still held back by a choke because of surface equipment temperature limits. Beach expects to open the choke further. Not yet a stabilised rate.
26 Feb 2013half year report● Neutral
Half-year to 31 Dec 2012: revenue up 17% to $344.7m, underlying profit up 17% to $60.9m, reported profit down 22% to $43.7m. Interim dividend 0.75c. Confirms the earlier profit guidance; cash $343m, and the Chevron farm-out is noted as a subsequent event.
26 Feb 2013investor presentation● Neutral
Results presentation repeats the half-year figures: underlying profit $61m, cash $343m. Details the Chevron farm-out (up to US$349m over two stages, with Chevron able to withdraw after each). Notes Glenn Davis became Chairman as Bob Kennedy stepped down. Little new.
25 Feb 2013farm in farm out agreement▲ Good
Icon welcomes Chevron into ATP 855 and confirms Beach finished its 2011 farm-in commitments. Halifax-1 flowed gas at a constrained 2.23 MMscfd. Icon keeps 40% and holds the US$18m put option over 4.9%, exercisable to 30 June 2013.
25 Feb 2013farm in farm out agreement▲ GoodMajor
Beach farms out up to 60% of PEL 218 and ATP 855 to Chevron for potentially US$349m over two stages, via cash, carries and a US$35m bonus. Chevron can withdraw after each stage. Beach also grants Icon a put option for 4.9% of ATP 855 at US$18m.
19 Feb 2013drilling spud● Neutral
Cooper Energy reports Sawpit-2 spudded 18 February 2013 in PEL 495, Otway Basin, targeting the Crayfish group to 2,558m over about 30 days. Beach is paying 70% to earn 35% and operates the drilling. Hector Gordon now works at Cooper Energy.
14 Feb 2013flow test result▲ Good
Icon, Beach's 40% partner in ATP 855P, repeats that Halifax-1 is flowing 2.23 MMscfd through a small choke, with stimulation fluid still returning at 2,000 barrels a day. Icon expects rates to rise; same result as Beach's release.
14 Feb 2013flow test result▲ GoodMajor
Halifax-1 (ATP 855P, Beach 60% operator) began flowback on 11 February and was flowing 2.2 MMscfd, held back by a choke due to equipment temperature limits. Beach calls it the fourth vertical well in the program to flow gas; early rate, not stabilised.
13 Feb 2013other▲ Good
Beach expects first-half FY13 underlying profit up about 17% on the prior period, driven by record revenue at about A$110/bbl and production up 15%. Reportable profit is expected down 22% due to a A$20m pre-tax convertible note revaluation. Results due 26 February.
7 Feb 2013drilling progress report● Neutral
Icon says Halifax-1 is cleaned out and flowback should start within days, with stabilised rates expected later in Q1 2013. Repeats operator information already known; no new result.
6 Feb 2013drilling progress report● Neutral
Drillsearch's January report: Bauer McKinley sands tested oil with no water; Bauer-Lycium pipeline has 9km left to lay. In PEL 106B, Rosetta-1 and Destress-1 were plugged and abandoned; Euler-1 due in June. Triclops-1 (Drillsearch only) was dry.
6 Feb 2013drilling progress report● Neutral
Senex's January report: Snatcher-6 and -7 now producing; Snatcher-9 completion moves to the June quarter. Spitfire-2 (Beach 40%) is in initial production testing and Mustang-1 continues at over 800 bopd. No new Beach result.
6 Feb 2013drilling progress report▼ Bad
Beach's January report: Moonta-1 now at 1.2 MMscfd; Streaky-1 flow test slips to early April after equipment stuck in hole. Rosetta-1 and Destrees-1 in PEL 106B plugged and abandoned, leaving Euler-1 in June. Cudgel-1 dry, closing the T66 oil program.
21 Jan 2013investor presentation● Neutral
Icon (40% partner in ATP 855P) reports all 14 Halifax-1 frac stages placed, with flow testing expected late January and stabilised rates later in Q1 2013. Mostly Icon's investor presentation repeating known facts; no new Beach information.
18 Jan 2013flow test result▲ GoodMajor
Moonta-1 (PEL 218, 100%) reached a maximum controlled 2.6 MMscfd, its best rate yet, versus about 2.1 MMscfd at Encounter-1 and Holdfast-1, and is now at 1.6 MMscfd. Beach says this confirms the basin centred gas play exists. Nepean-1 spudded; Halifax-1 fracs completed.
10 Jan 2013regulatory community update▲ Good
Blue Energy, farming into the Maryborough Basin permits with partner Beach, announces grant of ATP674P and ATP733P (2,584 km2), taking the joint venture to 2,984km2 with ATP613P. Blue can earn 75% after completing the work program; Beach's resulting share is not stated.
3 Jan 2013drilling progress report● Neutral
December report: Moonta-1 gas flow rose to 2.1 MMscfd. Coorabie-1 (PEL 106B, 50%) failed to flow gas and was cased and suspended, contradicting the earlier wet gas hopes. Holdfast-2 reached 2,961m; Halifax-1 half-stimulated, Streaky-1 flow test now early February. Zeus-7 cased; Paspa-1 plugged and abandoned.
3 Jan 2013joint venture update▲ Good
Cooper Energy (25% partner in Beach-operated PEL 92) says its PEL 92 oil output was 1,328 bopd at end-December after the Lycium-Moomba pipeline started. A four exploration and two development well program in PEL 92 starts from March. Sawpit-2 in PEL 495 spuds mid-February, 70% funded by Beach.
3 Jan 2013drilling result▼ Bad
Drillsearch (50% partner) reports Coorabie-1 in PEL 106B, Beach operator with 50%, cased and suspended after a drill stem test recovered only a small amount of liquid-rich gas from tight sands. Rig moves to Rosetta-1, the second of four wells.
21 Dec 2012flow test result▲ Good
Moonta-1 (PEL 218, 100%) is flowing back gas at a rising 1.1 MMscfd with stimulation fluid, after delays from minor mechanical issues. Streaky-1 frac is finished and Boston-1 reached 3,755m. This is early flow-back, not a stabilised rate.
19 Dec 2012drilling progress report● Neutral
Senex's fortnightly report: Paning-2 spudded 15 December in PEL 90 (Senex 100%), starting its 12-well unconventional program. Snatcher-6 production starts and Growler-5 was re-completed with a pump. Beach (40%) has no new result; this is mostly Senex's own program.
13 Dec 2012drilling spud▲ GoodMajor
Beach spudded Holdfast-2 on 10 December in PEL 218 (100%), the first horizontal unconventional well in the Cooper Basin. It will drill about 1.6 km laterally through the Murteree Shale and be fracced in about April 2013. Beach targets a pilot production program by second half 2013.
13 Dec 2012drilling spud● Neutral
Drillsearch reports Coorabie-1 spudded 13 December, first of a four-well wet gas campaign in PEL 106B (Beach 50% operator). Targets the Patchawarra, with high-side prospective resource of up to 31.57 BCF. Drilling expected to take 14-18 days.
12 Dec 2012production update▲ GoodMajor
Oil is now flowing to Moomba through the new Western Flank flowlines, with output scaling up over December. Lycium-Moomba has 16,000 bopd design capacity; Bauer-Lycium pipeline is due for first production in early Q2 2013. This delivers the infrastructure underpinning FY13 production guidance.
7 Dec 2012security holder rights change● Neutral
Administrative notice: certain 2011 employee rights and 2006 Tranche C options lapsed unexercised. Issued capital stays at 1,263,677,572 ordinary shares, with a list of remaining unlisted options and rights.
