Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2013drilling scheduled● Neutral
Drillsearch (60% partner) announces a four-well PEL 91 oil exploration program, operated by Beach (40%), targeting 4-9 million barrels combined unrisked recoverable. Kalladeina-2 spudded 1 April; later wells depend on its result. Resumes Western Flank oil exploration.
3 Apr 2013drilling progress report● Neutral
Beach's March report: Halifax-1 peaked at 4.2 MMscfd but is now flowing 1.8 MMscfd unconstrained. Holdfast-2 horizontal cased with about 600m of horizontal section. Sawpit-2 in PEL 495 plugged and abandoned with minor shows; Achilles-1 (30%) dry. Kalladeina-2 spudded.
27 Mar 2013drilling scheduled● Neutral
Cooper Energy, 25% partner in Beach-operated PEL 92, says a six-well campaign is about to start: four exploration/appraisal wells, starting with Rincon North-1, and two Callawonga development wells. It continues the program flagged in January; completion is targeted by end of June.
20 Mar 2013dividend declaration▲ Good
Beach details its 2013 interim dividend of 0.75 cents per share, fully franked, paid 5 April. The dividend reinvestment plan price is $1.34 at a 5% discount. The convertible note conversion price is not adjusted.
19 Mar 2013material agreement▲ GoodMajor
Beach confirms the new PEL 106B raw gas sales agreement with the SACB JV: 10 Bcf firm over three years, up to 35 MMscfd, with condensate and LPG linked to international prices. It follows the gas sales talks and the shut-in since 1 October.
19 Mar 2013material agreement▲ GoodMajor
Drillsearch, Beach's 50% partner in PEL 106B, announces the new gas sales agreement with the SACB JV: 10 Bcf firm over three years, up to 35 MMscfd. Wet gas production restarted 17 March after the shut-in since 1 October; Canunda tie-in due June quarter.
18 Mar 2013production update▼ Bad
Cooper Energy says PEL 92 (Beach 75% operator) production was disrupted when the Callawonga-Lycium flow line was shut for repairs at a crossing with the new Bauer-Lycium line. Flow resumed 15 March at 5,200 bopd. About 12,000 barrels net to Cooper are deferred.
18 Mar 2013drilling result▼ BadMajor
Sawpit-2 (PEL 495, Otway Basin) reached 2,585m and found no pay in the Sawpit Sandstone target, so it will be plugged and abandoned. Gas shows in the Casterton Shale keep the unconventional idea alive. Beach, paying 70% to earn 35%, operated the well.
6 Mar 2013drilling progress report● Neutral
Drillsearch's February report: Bauer-to-Lycium pipeline built, with tie-ins due April, and Hanson facility commissioning under way. Tibor-1 (Drillsearch only) was dry. Euler-1 in PEL 106B (Beach 50%) is still scheduled for June. No new Beach result.
6 Mar 2013drilling progress report● Neutral
Cooper Energy reports Sawpit-2 (PEL 495, Beach operating drilling, paying 70% to earn 35%) at 2,142m. The Sawpit Sandstone showed only minor shows. Cores are planned over the shales to test unconventional potential.
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.
29 Jan 2013quarterly activities report● Neutral
December quarter: production 1.85 MMboe (down 12%, mainly PEL 106B shut-in), revenue A$173m, cash A$342.6m. FY13 guidance of 8.5-9.0 MMboe unchanged, with stronger second half expected. Records Cooper Basin oil record and Moonta-1 gas flow of up to 2.6 MMscfd.
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.
