Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Dec 2012drilling progress report▲ Good
Icon (40% partner in ATP 855P) says the 15-stage Halifax-1 frac starts mid-December, with Queensland approvals in place. Flow testing runs several weeks, then again in early 2013. Icon expects a significant 2C booking in Q1 2013 if tests succeed, which would be Icon's guidance, not Beach's.
5 Dec 2012investor presentation● Neutral
Beach's investor morning presentation covers strategy, operations, finance and the Western Flank. It cites 2P 93 MMboe, 2C 448 MMboe, FY13 production guidance of 8.5-9.0 MMboe, and staff growing to 180. Largely repeats known facts; no new announcements visible in the text.
5 Dec 2012drilling progress report● Neutral
Beach's November drilling report: Moonta-1 frac completed with flow testing due early December; Streaky-1 fracs under way; Marble-1 reached 3,962m. Also covers Bauer-9, the Pennington oil discovery and Snatcher-9 and Spitfire-2 oil pay. Mostly repeats known results.
5 Dec 2012drilling progress report● Neutral
Senex's fortnightly report: Mustang-1 (Beach 40%) began extended testing on 30 November after flowing over 2,400 bopd, later constrained to about 800 bopd. Spitfire-2 cased; Snatcher-8 completed; Snatcher-9 and -10 completions follow after Christmas. Mostly Senex's gas program; no new Beach result.
3 Dec 2012drilling result▲ Good
Drillsearch (60% partner) confirms Pennington-1 as a Namur oil discovery, likely over 2 million barrels gross recoverable, supporting a further rise on its 11.3 MMbbl 2P reserves. Birkhead open-hole test was skipped due to hole conditions; cased-hole tests follow in coming months.
3 Dec 2012drilling result▲ GoodMajor
Beach announces a new oil discovery at Pennington-1 (PEL 91, 40% operator), with multiple oil columns in McKinlay/Namur and mid-Namur sandstones. Pre-drill upside is exceeded, with recoverable oil likely above 2 million barrels gross. Well cased as a future producer; Birkhead shows need further evaluation.
28 Nov 2012drilling result▲ GoodMajor
Senex's Spitfire-2 (PEL 104, Beach 40%) found 6.5m net oil pay in the mid-Birkhead and was cased as a future producer. It follows Spitfire-1, plugged as uncommercial in February 2012, and confirms a new oil field about 2 km west of Growler.
26 Nov 2012drilling spud● Neutral
Drillsearch reports Pennington-1 spudded 23 November in PEL 91 (Beach 40% operator), about 9.3 km east of Bauer. First exploration well on the new Aquillus 3D seismic, targeting up to 1.16 million barrels recoverable (mean 480,000). Ensign 930 then moves to Coorabie-1.
19 Nov 2012drilling result▲ GoodMajor
Bauer-9 (PEL 91, Beach 40% operator) found 10.7m net oil pay and will be cased as a producer, supporting Bauer and Bauer North as one pool. Drillsearch cited a 16 November 2P rise to 8.2 MMbbl gross, with a further upgrade expected around year-end.
12 Nov 2012drilling spud● Neutral
Drillsearch reports Bauer-9 spudded 11 November in PEL 91 (Beach 40% operator), to test the north-western Bauer field and whether Bauer and Bauer North form one pool. Ensign 930 then goes to Pennington-1.
9 Nov 2012investor presentation● Neutral
Beach's Wilson HTM presentation repeats known facts: 2P 93 MMboe, 2C 466 MMboe, A$352m cash, FY13 capex A$350-450m and about 1,263m shares. No new announcements.
7 Nov 2012drilling progress report● Neutral
Beach's October drilling report: Moonta-1 frac was half done, with Streaky-1 next, and Boston-1 spudded early November. Windmill and Bauer North discoveries, Tinah-1 dry and Mesaha-1X spud are covered. Mostly repeats known results.
7 Nov 2012drilling progress report● Neutral
Senex reports Snatcher-9 (Beach 40%) spudded 2 November to test the field's northern limit, drilling at 1,530m. Extended Mustang-1 testing is expected to start in late November. Snatcher-8 and -10 are to be completed. No new results.
6 Nov 2012drilling result▲ GoodMajor
Bauer North-1 (PEL 91, Beach 40% operator) is a new oil discovery with about 3m net Namur pay, to be cased as a producer. Oil-water contacts suggest it may link to Bauer field. The reserves upgrade is delayed until Bauer-9 results are included.
30 Oct 2012drilling spud● Neutral
Drillsearch reports Bauer North-1 spudded on 29 October in PEL 91 (Beach 40% operator), a step-out testing a separate Namur culmination north of the Bauer field. Ensign 930 then moves to Bauer-9.
29 Oct 2012farm in farm out agreement▲ GoodMajor
Beach farms into the Kaheru prospect off South Taranaki, New Zealand, taking 25% from NZOG (operator, keeps 35%; TAG Oil 40%). Beach pays its share plus the first US$3m of NZOG's well costs. Subject to ministerial consent; new country for Beach.
29 Oct 2012drilling progress report▲ GoodMajor
Beach began a ten-stage fracture stimulation of Moonta-1 (PEL 218, 100%) on 26 October, mainly in the Patchawarra, at about double the previous pumping rate. It is the first of ten wells to be stimulated this year; Streaky-1 then Halifax-1 follow. Flow testing runs several weeks.
24 Oct 2012drilling result▼ Bad
Cooper Energy reports Tinah-1 (PEL 92, Beach 75% operator) was water-bearing and will be plugged and abandoned, ending the four-well campaign. The partners plan up to six more PEL 92 wells in 2013 after seismic interpretation.
24 Oct 2012drilling progress report● Neutral
Senex's fortnightly report: Snatcher-8 (PPL 240, Beach 40%) cased as a producer after 14.1m net oil pay, and Snatcher-6 and -7 completed. Snatcher-9 appraisal is next. Mostly Senex's own gas wells; no new Beach result.
23 Oct 2012investor presentation● Neutral
Beach presents at Citi's investor conference, repeating known facts. Cash was A$352m at 30 September, with no debt apart from the A$150m converts. FY13 capex is A$350-450m, and about 1,263m shares are on issue.
22 Oct 2012annual report● Neutral
Beach's 2012 Annual Report restates FY12 results already reported: 7.5 MMboe produced, revenue A$619m, 2P reserves 93 MMboe and 2C resources 466 MMboe. FY13 production is forecast at 8.5-9.0 MMboe. AGM set for 23 November.
19 Oct 2012director officer appointment● NeutralMajor
Beach nominates Fiona Bennett and Dr Douglas Schwebel for election at the 23 November AGM, replacing Chairman Bob Kennedy and Dr Neville Alley, who are not standing. Dr Schwebel is an ex-ExxonMobil exploration director. No new chairman is named in this notice.
18 Oct 2012drilling result▲ GoodMajor
Beach says Halifax-1 (ATP 855P, Beach 60%) reached 4,267m and appears gas saturated through the Permian, with the thickest REM (~460m) so far. Fracturing is planned for late November; 2C resource guidance is expected in Q1 2013. Preliminary log interpretation.
18 Oct 2012flow test result▲ GoodMajor
Senex says Mustang-1 (PEL 111, Beach 40%) free-flowed 6,700 bopd during clean-up and held about 800 bopd over a 10-day test with minimal pressure loss. An extended test targeting 2,000 bopd is planned. This resolves the earlier flow-rate question.
18 Oct 2012drilling result▲ Good
Icon repeats Beach's Halifax-1 interpretation: the Permian target zone, over 1.3km, looks gas saturated and overpressured. Fracturing is subject to Queensland approval. Icon also cites its 2 Mtpa LNG contract, which needs 2 Tcf of 2P reserves.
16 Oct 2012drilling result● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) reached total depth of 4,267m, deeper than the planned 4,130m, with the Patchawarra expected to be over 450m thick. Log interpretation is pending. Hydraulic stimulation in Q4 2012 depends on Queensland approvals.
15 Oct 2012well test result▲ Good
Cooper Energy says Windmill-1 (PEL 92) will be cased as a producer. A Birkhead test recovered 25 barrels of oil, but the other test recovered no fluid. The Namur oil column was at the upper end of expectations. The rig moves to Tinah-1.
10 Oct 2012drilling progress report▲ Good
Senex reports Snatcher-8 (PPL 240, Beach 40%) found about 14m net oil pay and is being cased as a producer. Snatcher-10 is confirmed, and the northern field limit is still open. Further development success in the Snatcher field.
10 Oct 2012drilling result▲ GoodMajor
Beach announces a new field oil discovery at Windmill-1 (PEL 92, Beach 75%): a 6m Namur oil column consistent with the 440,000 bbl recoverable upside estimate, plus Birkhead shows. It follows the Mustang-1 discovery and will be cased as a producer.
9 Oct 2012drilling result▲ Good
Cooper Energy reports Windmill-1 (PEL 92, Beach 75% operator) found oil, with a 6m net column in the Namur and indications in the Birkhead. Further Birkhead testing follows. First sign of the result Beach confirmed next day.
