28 Nov 2007drilling progress report● Neutral
Weekly report: Merrimelia-60 and Jackson-48 cased as producers. Beach chose not to take part in casing Jena-25. Parsons-1 is being cased as a Namur producer, and Ikarumba-1 is drilling.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2007drilling result▲ GoodMajor
Beach announces a new oil field at Parsons-1 (PEL 92, Beach 75%), with a 12 m gross oil column in the Namur Sandstone. Preliminary estimate is over 1 million barrels recoverable, near Callawonga and potentially tied into its pipeline.
27 Nov 2007drilling result▲ Good
Media release on the Parsons-1 discovery, the fourth in a year on the West Patchawarra flank. Over 1 million barrels recoverable is expected. Managing director Nelson calls the region a significant oil sub-province; Callawonga pipeline is due to finish early next year.
23 Nov 2007drilling progress report▲ Good
Drillsearch update: Jackson-49 (Beach 38.5%) found oil pay and was cased as a future producer. Jackson-48, the fourth of nine Westbourne development wells, has spudded.
21 Nov 2007drilling progress report▼ Bad
Weekly report: Jackson-49 cased as a producer, Jena-21 plugged and abandoned. Warragon-1 (ATP 269P) flowed only 140 bbl/day of oil and water at 87% water cut, so Beach calls it sub-economic, with retesting in six months.
14 Nov 2007drilling result● Neutral
Weekly report: Sheringa-1 (Beach 75%) plugged and abandoned, a dry exploration hole. Merrimelia-59 and Jackson-50 cased as producers, and Montegue-1 gas was cased. Testing of Warragon-1 (ATP 269P) has finally begun.
9 Nov 2007drilling scheduled● Neutral
Partner Great Artesian says two PEL 91 wells, Ballaparudda-1 and Murrippi-1 (Beach operator 40%, GOG 60%), will test an 'oil fairway'. Drilling starts in December and early 2008. PEL 106 farm-in wells are expected from late Q1 2008.
8 Nov 2007drilling progress report● Neutral
Drillsearch update: Jackson-51 (Beach 38.5%) found oil pay and was cased as a future producer. Jackson-50, described as the second of nine Westbourne development wells, has spudded. That is up from the five wells previously noted.
7 Nov 2007drilling progress report● Neutral
Weekly report: Jackson-51 cased as a future producer and Bugito-2 plugged and abandoned. Sheringa-1 (Beach 75%) is drilling ahead with no significant shows so far. Merrimelia-59 and Jackson-50 are in progress.
6 Nov 2007farm in farm out agreement▲ GoodMajor
Beach farms into four onshore Ebro Basin tenements in Spain, taking 25% (Serica 75%) by funding part of a 330 km 2D seismic program. It is Beach's first European entry. Beach estimates more than 250 BCF net potential, with drilling possible in 2008/9.
6 Nov 2007farm in farm out agreement▲ Good
Media release on the Spain entry: about A$3m seismic cost buys 25% of four gas tenements. Beach says the largest target could hold 0.5 to 1 tcf, and expects more international deals soon. Drilling depends on seismic results.
2 Nov 2007drilling progress report● Neutral
Drillsearch update: Tostada-2 cased as a future oil producer after finding oil pay. Jackson-51, the first of five Jackson oil development wells (Beach 38.5%), spudded on 29 October.
31 Oct 2007drilling progress report● Neutral
Weekly report: Tostada-2 and Ulandi-16 cased as future oil producers, Merrimelia-58 plugged and abandoned. Callawonga-4 (Beach 75%) cased as an oil producer. Sheringa-1, an exploration well 11 km south of Callawonga, spudded 30 October.
25 Oct 2007drilling progress report● Neutral
Drillsearch update: rig PDI-721 is drilling Tostada-2 (Beach 38.5%), a Hutton oil appraisal well spudded 21 October, at 1,161 m. No results yet.
24 Oct 2007drilling progress report▲ Good
Beach weekly report: Callawonga-4 (Beach 75%) found a 2 m oil column at the top of the Namur and will be completed as a producer. Moomba-181 shows 15.5 m net gas pay (operator's interpretation). Merrimelia-58, Tostada-2 and Ulandi-16 in progress.
19 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson-46 (Beach 38.5%) recovered 12.5 bbls oil on test and was cased as a future producer, completing the current Naccowlah round. Five Jackson infill wells follow shortly.
17 Oct 2007drilling progress report● Neutral
Beach weekly report confirms Kopuwai-1 as a sub-commercial oil discovery being plugged and abandoned. Ragno-1 and Jackson-46 cased as future oil producers. Callawonga-4 is expected to reach the Namur target next day.
16 Oct 2007drilling result▼ BadMajor
Kopuwai-1 (Beach 20%, AWE operator) reached 4,052 m and found an oil column in apparently poor-quality reservoir, likely non-commercial. It will be plugged and abandoned, a disappointing result for the new New Zealand exploration farm-in.
11 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson-47 (Beach 38.5%) cased as a future oil producer. Jackson-46 reached total depth with logs indicating pay in the Westbourne and lower Birkhead/Hutton, and is preparing a test.
11 Oct 2007drilling progress report● Neutral
Operator AWE says Kopuwai-1 (Beach 20%) is at 3,876 m with oil shows in the Kapuni F Sand, but drilling logs suggest poor-quality or thinly bedded sandstone. Wireline logs at about 4,050 m will assess economic significance.
10 Oct 2007drilling progress report● Neutral
Beach weekly report: Moomba-182 and Jackson-47 cased as future oil producers. Kopuwai-1 (Beach 20%) drilling ahead toward its first target. The rig is moving from Callawonga-3 to Callawonga-4.
5 Oct 2007farm in farm out completion▲ Good
The BMG joint venture confirms completion of ITOCHU's farm-in for 20% (A$123m paid to each of Beach and Anzon, implying A$1.23bn gross project value). Beach and Anzon each hold 40%.
4 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson South-12A (Beach 38.5%) recovered no oil on test and was abandoned. Chilla-2 found Murta oil and was cased as a future producer. Jackson-47 spudded 30 September.
27 Sept 2007drilling progress report● Neutral
Drillsearch update: Jackson South-12A found oil shows and is running a drill stem test. Pitchery-3 (Beach 38.5%) found oil in the Murta and was cased as a future producer; Chilla-2 spudded 23 September.
26 Sept 2007drilling progress report● Neutral
Beach weekly report: Big Lake-86 and Pitchery-3 cased as future oil producers, Bronzewing-1 plugged and abandoned. Callawonga-3 (Beach 75%) has good oil shows over about 8 m at the top of the Namur, drilling to total depth on 27 September.
26 Sept 2007drilling progress report▲ Good
Partner Cooper Energy (25%) reports oil shows in the Namur at Callawonga-3, the second of three Beach-operated wells. It will drill to 1,943 m and log, without production testing, since Callawonga-1 and -2 flowed 2,400 and 4,992 bopd.
21 Sept 2007drilling progress report● Neutral
Drillsearch update: Jackson South-13 (Beach 38.5%) cased and suspended as a future oil producer. Jackson South-12 and Pitchery-3 spudded 15 September; Pitchery-3 is waiting on a pump repair.
19 Sept 2007drilling progress report● Neutral
Beach weekly report: Jackson South-13 cased as a potential oil producer and Piniata-1 plugged and abandoned. Callawonga-3, the second appraisal well, spudded 18 September; four other wells are in progress.
14 Sept 2007drilling progress report● Neutral
Drillsearch update: Piniata-1 (Beach 38.5%) found trace oil shows but no pay on logs, and is being abandoned. Jackson South-13 has oil shows in several formations and awaits logging.
12 Sept 2007drilling progress report▲ Good
Beach weekly report: Callawonga-2 found an 8 m oil column and is expected to start at about 1,500 bopd in October. Tindilpie-6 and Moomba 179 cased as potential gas producers; Hawkins-1 plugged and abandoned.