Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2013drilling progress report● Neutral
August report: Keppel-1 safely suspended after gas influx and the rig moved to PEL 218. Chiton-2 found a 5.5m oil column; Guichen-1 and Pondalowie-1 had no hydrocarbons. El Salmiya-2 Kharita test of 3,530 bopd confirmed; North Shadwan NS 394-4 was dry.
4 Sept 2013investor presentation● Neutral
September investor briefing repeating known FY13 results, FY14 guidance (8.7-9.3 MMboe, capex $420-480m), reserves and east coast gas strategy. No new information.
3 Sept 2013drilling spud● NeutralMajor
The Cobalcescu South well spudded offshore Romania (Beach 30%), targeting 3,100m. The operator's gross P50 prospective resource is 262 Bcf in the upper Pontian and 142 Bcf in the lower Pontian. Two more wells are planned for 2014.
3 Sept 2013regulatory community update▲ GoodMajor
Cooper Energy says Victoria granted Otway Basin permits PEP 150 and PEP 171, with Beach/Mawson holding 50% and 75% respectively and operating both. Seismic is planned for 2014, followed by drilling.
30 Aug 2013other● Neutral
Routine Appendix 3B: 121,935 shares issued to employees at $1.3644 under the incentive plan, and some 2011 rights lapsed. Issued capital is now 1,269,521,118 shares.
27 Aug 2013annual report▲ GoodMajor
FY13: revenue $700.5m (up 13%), NPAT $153.7m (down 6%), underlying NPAT a record $140.8m. Final dividend 2 cents, full year 2.75 cents. Net asset backing is $1.41.
27 Aug 2013investor presentation● Neutral
FY13 results presentation: record underlying NPAT of $141m, cash $348m, and the $320m facility. It notes the sale of North Dakota interests for US$14.5m and a Tanzanian farm-out planned for FY14. Largely repeats known facts.
26 Aug 2013resource reserve update● NeutralMajor
At 30 June 2013, 2P reserves are 92.7 MMboe (100% replacement) and 2C resources 448.9 MMboe, down 4%. This is lower than the 466 MMboe earlier, owing to the Chevron farm-out and revised booking rules. A material unconventional upgrade is expected at FY14 end.
26 Aug 2013flow test result▲ GoodMajor
El Salmiya-2 in Egypt (Beach 22%) flowed 3,530 bopd and 4.7 MMscfd from the Kharita Formation, a new oil zone in the concession. The operator estimates gross 2P of 18.5 MMbbl oil and 142 Bcf gas. This follows the shows reported in July.
23 Aug 2013other● Neutral
Notice that Beach will release FY13 results on 27 August, with a webcast at 11am AEST. No substantive content.
21 Aug 2013drilling progress report● Neutral
Icon update on ATP 855 (Beach 46.9% operator): Halifax-1 is flowing 0.7 MMscfd after six months. Hervey-1 stimulation is expected December 2013. Keppel-1 had strong gas influx and is suspended. Geoffrey-1 is due to spud late September or early October.
12 Aug 2013material agreement termination▼ Bad
Lakes Oil says Beach and Somerton (now Cooper Energy) formally withdrew from the PRL2 Gippsland farm-in, with interests reassigned to Lakes. This ends a thread on the earlier PRL2 farm-in.
7 Aug 2013drilling progress report● Neutral
July report: Hervey-1 cased and suspended after 800m+ of Patchawarra, and Keppel-1 suspended at about 3,900m on high pressure gas. Hooper-1 plugged and abandoned. Bauer-11 cased as a future producer. Rapid-1 started in PEL 218, and El Salmiya-2 is testing.
31 July 2013debt financing▲ GoodMajor
Beach refinanced its $150m facility, due to expire in 2014, with a new secured $320m facility: $150m three-year, $150m five-year and $20m letter of credit. It was arranged by ANZ and CBA, with HSBC and NAB joining. Beach says terms are more competitive.
30 July 2013other▲ GoodMajor
Guidance for FY14: production 8.7-9.3 MMboe (FY13 was 8.0) and capex $420-480m, including $90-100m on unconventional exploration. Beach expects to fund it in full from cash ($348m), the facility and operating cash flow. Same-day amended release corrects the title.
30 July 2013admin correction● Neutral
Re-release of the FY14 guidance with the title corrected from 'FY13' to 'FY14'. Figures are unchanged: production 8.7-9.3 MMboe, capex $420-480m.
30 July 2013quarterly activities report● Neutral
June quarter production was 2.2 MMboe (up 23%), with FY13 production at 8.0 MMboe and record revenue of $698m. Cash is $348m. Keppel-1 drilling was suspended after high pressure gas influx, and the fracture stimulation timing has changed.
19 July 2013well test result▲ Good
Beach reports hydrocarbon shows in four zones of El Salmiya-2 in Egypt's Abu Sennan (Beach 22%), with testing due within a week. It appraises the El Salmiya-1 discovery, which flowed 2,900 bopd and 16 MMscfd. Flow rates not yet known.
16 July 2013drilling result● Neutral
Icon reports Hervey-1 in ATP 855 (Beach 46.9% operator) reached total depth of 4,269m, and Keppel-1 is at 3,897m, both with gas shows. Geoffrey-1 is next, subject to approvals. No flow rates yet.
11 July 2013drilling result▼ Bad
Hooper-1 in PEL 92 (Beach 75% operator) was dry at 1,809m, the fourth dry exploration well in a row there. Cooper says central permit prospectivity is unaffected, with more exploration planned early 2014 and development drilling later this year.
8 July 2013drilling spud● Neutral
Cooper Energy reports Hooper-1 spudded 6 July in north-west PEL 92 (Beach 75% operator), targeting the Namur Sandstone to 1,820m, 9 km from the Rincon field and testing oil migration from Rincon North-1.
5 July 2013drilling progress report● Neutral
Icon says Hervey-1 is at 4,020m and Keppel-1 has cut its first core, both with gas shows, in ATP 855 (Beach 46.9% operator). Geoffrey-1 is planned for mid-July. No flow results yet.
3 July 2013drilling progress report● Neutral
Beach's June report: Hervey-1 at 3,969m and Keppel-1 coring at 3,535m in ATP 855 (Beach now 46.9%). Congony-1 cased as an oil producer (239 bopd). Mills-1 and Euler-1 dry; Van der Waals-1 reached 3,726m and was suspended.
3 July 2013drilling progress report▲ Good
Drillsearch's June report says PEL 91 (Beach 40% operator) hit a new record of 12,620 bopd gross, above the 10,000 bopd pipeline capacity with extra trucked. Congony-1 found 4m net oil; Euler-1 dry; Moruya-1 (not Beach) a wet gas discovery.
27 June 2013production update▲ Good
Drillsearch says PEL 91 (Beach 40% operator) production reached a record ~10,000 bopd gross, with the week of 17 June averaging 10,300 bopd. The Bauer-to-Lycium pipeline is at nameplate capacity. Confirms Beach's own 14 June update.
26 June 2013asset acquisition disposition● Neutral
Icon confirms it transferred 4.9% of ATP 855 to Beach on 25 June for US$18m. Beach now holds 46.9% (operator), Icon 35.1%, Chevron 18%. Completes the put option from the Chevron farm-in package; interests subject to regulatory approval.
20 June 2013joint venture update● Neutral
Petratherm media release repeating the A$13m ARENA grant for the Paralana geothermal project (Beach 21%): A$26m next stage budget, with Paralana 3 to be drilled later this year. No new information.
20 June 2013joint venture update● Neutral
Paralana geothermal project (Beach 21%) won a A$13m ARENA grant for Paralana 3, conditional on Beach funding its 21% share and Petratherm raising A$5m within six months. Older grants were cut: the 30 MW demonstration grant is now A$24.5m for 7 MW.
17 June 2013asset acquisition disposition● NeutralMajor
Icon exercised its put option, obliging Beach to buy a further 4.9% of ATP 855 for US$18m. Beach rises from 42% to 46.9% on completion scheduled 25 June. This follows the Chevron farm-in deal of February.
14 June 2013drilling result▲ GoodMajor
Beach reports four Western Flank oil discoveries (Kalladeina-2, Sceale-1, Congony-1 in PEL 91; Rincon North-1 in PEL 92) potentially adding up to 1 million bbl gross. Net production hit a record above 10,000 bopd, meeting its June quarter target.
