9 Oct 2012drilling progress report● Neutral
Icon says Halifax-1 drilling resumed 9 October after a generator repair, with depth still 4,006m. The REM is 460m thick. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Oct 2012drilling progress report● Neutral
Beach's September drilling report: Marble-1, the fifth PEL 218 well, spudded 30 September. Halifax-1 is at 4,006m, Butlers-5/-6 and Snatcher-10 are confirmed, and Irtalie East-2 was dry. Largely consolidates known results.
2 Oct 2012admin correction● Neutral
Beach notes certain 2011 employee rights lapsed unexercised. Issued capital is now 1,262,940,447 shares plus unlisted options and rights. Administrative notice only.
2 Oct 2012drilling result▲ Good
Senex says Snatcher-10 (PPL 240, Beach 40%) was cased after about 10m of net oil pay, extending the Snatcher field to the north. Confirms the result already flagged in September; Beach's share of the field grows modestly.
2 Oct 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) is at 4,006m, with the Patchawarra about 100m deeper than prognosed, so total depth will exceed the planned 4,130m. Gas shows are encouraging; no final results yet.
2 Oct 2012drilling spud● Neutral
Cooper Energy says Windmill-1 (PEL 92, Beach 75% operator) spudded 1 October after earlier rig delays, targeting 2,073m in the Namur Sandstone. Tinah-1 follows. Confirms the delayed spud flagged in September.
28 Sept 2012drilling scheduled▲ Good
Austin Exploration says Beach, as operator, is preparing to drill Pirie-1 in PEL 105 (50/50 JV) in the March 2013 quarter, the first drilling since flooding stopped work in 2009. Beach pays the first A$1.75m; P50 recoverable estimate is 2 million barrels.
26 Sept 2012drilling progress report▲ Good
Senex reports Snatcher-10 (PEL 111, Beach 40%) drilled to 1,905m and is being evaluated. Mustang-1 is flowing over 800 bopd in a test, in line with expectations; the earlier ~2,500 bopd figure was a testing rate. Snatcher-4 was completed for production.
26 Sept 2012drilling progress report▼ Bad
Cooper Energy says rig mechanical problems have delayed the Windmill-1 spud in PEL 92 (Beach 75% operator) until mid next week. Windmill-1 targets 2,073m depth; Tinah follows.
25 Sept 2012drilling progress report▲ Good
Icon says Halifax-1 (ATP 855P, Beach 60%) is at 3,885m with a second core cut in the Patchawarra. The REM section is about 460m thick, as prognosed versus 393m at Encounter-1. Fracturing planned Q4 2012; core evaluation will take two months or more.
24 Sept 2012security holder rights change● Neutral
Convertible note conversion price adjusted from A$2.00 to A$1.97, effective 3 September, because of the dividend. Applies to Beach's A$150m 3.95% notes due 2017; a small anti-dilution adjustment.
20 Sept 2012drilling progress report▲ GoodMajor
Beach details a ten-well PEL 92 program (three development, seven exploration wells). Butlers-5 and -6 found 8m and 5m oil columns. PEL 92 produces over 3,500 bopd net, expected to exceed 4,500 bopd once tied into the Lycium-Moomba trunkline before year end.
19 Sept 2012resource reserve update▲ Good
Strike Energy, Beach's partner in PEL 94/95, raised its southern Cooper Basin prospective resource 136% to 14.3 Tcf net to Strike, after the Davenport-1 and Marsden-1 wells Beach operated. Beach is considering fracturing Davenport-1 coals in 2013. Partner estimate, not Beach's.
19 Sept 2012dividend declaration● Neutral
Details of the 1.5c fully franked final dividend, paid 28 September. The dividend reinvestment plan price is A$1.26 after a 5% discount; the dividend is not underwritten. Confirms the dividend announced with FY12 results.
19 Sept 2012drilling result▲ Good
Cooper Energy reports Butlers-6 (PEL 92, Beach 75% operator) found a 5m gross Namur oil column and will be cased as a producer. Windmill-1 exploration is added before Tinah-1.
18 Sept 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P) has reached 3,860m and cut a 24m core in the Epsilon Formation, now being evaluated. Drilling continues in the Patchawarra toward 4,130m. No results yet.
12 Sept 2012drilling progress report▲ Good
Senex reports Snatcher-7 (PEL 111, Beach 40%) cased as a future producer with 7.5m net oil pay, and Mustang-1 completed with production testing due. Snatcher-10 is next. Incremental progress on known fields.
11 Sept 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) has reached 3,326m of a planned 4,130m and entered the Roseneath Formation. The first core is to be taken in the Epsilon. No new result.
10 Sept 2012farm in farm out agreement▲ GoodMajor
Beach signed a farm-in on 4 September for 30% of the Est Cobalcescu block, offshore Romania (Black Sea), with Melrose and Petromar. Cost is about US$8.4m in 2012 and an estimated US$24.8m over three years. Subject to Romanian approval; Beach's first Europe entry.
10 Sept 2012drilling result▲ Good
Cooper Energy reports Butlers-5 (PEL 92, Beach 75% operator) found an 8m gross oil column in the Namur Sandstone, higher than expected. It will be cased as a producer; Butlers-6 follows, then Tinah-1.
5 Sept 2012drilling spud▲ Good
Cooper Energy (25% partner) says a three-well campaign in PEL 92 (Beach 75% operator) has started, with Butlers-5 spudded 5 September to a planned 1,356m. Butlers-6 and an exploration well follow; the field is producing about 2,500 bopd.
5 Sept 2012resource reserve update▲ Good
Drillsearch repeats Beach's preliminary estimate of over 10 million barrels recoverable at Bauer (PEL 91, Beach 40%), against the 6.7 million barrels 2P audited by GCA in July. A fresh audit including Bauer-6, -7 and -8 is due by October 2012.
5 Sept 2012joint venture update● Neutral
Petratherm, operator of the Paralana geothermal JV (Beach 21%), has been invited to apply for about A$13m of ARENA grant money towards a nominal A$26m, two-year next stage including drilling Paralana 3. Application is due late September 2012; Petratherm is still seeking its own share of funding.
5 Sept 2012drilling progress report▲ GoodMajor
Beach's August drilling report repeats known results (Bauer-6/-7/-8, Tomcat-1 dry, Halifax-1 shale gas test) but adds a preliminary Bauer field estimate of over 10 million barrels recoverable (over 4 million net to Beach). Hoss-1 (WA-208P, Beach 10%) offshore was dry.
4 Sept 2012drilling progress report● Neutral
Icon says Beach-operated Halifax-1 (ATP 855P, Beach 60%) reached 2,878m and a drill stem test of an unexpected shallow Nappamerri sand flowed dry gas at about 0.2 MMscf/d, with no stable rate. The main REM target is still to be drilled to 4,130m.
30 Aug 2012drilling result▲ GoodMajor
Drillsearch reports Bauer-8 (PEL 91, Beach 40% operator) found 10m net Namur oil pay and will be cased as a producer, extending the Bauer field north. Two more appraisal wells are proposed by end 2012, and Drillsearch expects a further reserves increase.
30 Aug 2012investor presentation● Neutral
September investor presentation repeating FY12 results and FY13 guidance. Shows 2P reserves of 93 MMboe and 2C contingent resources of 466 MMboe, using a new unconventional booking method. Nil debt apart from the A$150m converts.
29 Aug 2012drilling result▼ BadMajor
Senex reports Tomcat-1 (PEL 111, Beach 40%) found a sand channel but no hydrocarbons and was plugged and abandoned. Mustang-1 (almost 2,500 bopd in testing) is being completed for production, and Snatcher-7 is now drilling.
28 Aug 2012other▲ Good
Media release summarising the FY12 results: record revenue A$619m and underlying profit A$122m. Management expects Western Flank oil to reach about 10,000 barrels a day by end of FY13. Repeats figures from the full-year report.
28 Aug 2012production update▲ GoodMajor
FY13 guidance: production of 8.5 to 9.0 MMboe (versus 7.5 in FY12) and capital spending of A$350-450m, including A$120-150m on unconventional exploration. Beach expects to fund this in full from cash flow, A$379m cash and its A$150m facility.