6 Sept 2007drilling progress report● Neutral
Drillsearch weekly update: Muchacho-1 (Beach 38.5%) had oil shows but recovered no oil on test and was abandoned. Piniata-1 spudded. Mulberry 34 is a Santos-operated well, not Beach's.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Sept 2007drilling progress report● Neutral
Beach weekly report: Granchio-1 cased as an oil producer (oil in two zones), Muchacho-1 plugged and abandoned. Callawonga-2 (Beach 75%) has oil shows in the Namur and is drilling ahead; Hawkins-1 in progress.
29 Aug 2007drilling progress report▲ Good
Beach weekly report: McKinlay-6 (Beach 20.21%) cased as an oil producer with a 15 m oil column (9 m net pay). Callawonga-2 (Beach 75%), first of three appraisal wells, spudded 25 August. Scratchy-1 plugged and abandoned.
24 Aug 2007drilling progress report● Neutral
Drillsearch's weekly update confirms Naccowlah-3 (Beach 38.5%) reached 1470 m and the test recovered water only, so it will be plugged and abandoned. Mulberry 31 is a Santos-operated Tintaburra well, not Beach's.
22 Aug 2007drilling progress report● Neutral
Beach weekly report: McKinlay-5 is a successful oil well, with about 14 m of oil interpreted. Naccowlah-3 plugged and abandoned after testing water, and Tindilpie-5 plugged and abandoned. Rig moves to Callawonga for three appraisal wells, Callawonga-2 to spud 24 August.
21 Aug 2007farm in farm out agreement▲ GoodMajor
Beach announces three offshore farm-ins: 20% of NZ's PEP 38482 (Kopuwai-1, Sept/Oct 2007), 80% of part of T/38P and 50% of T/39P in the Bass Basin (wells second half 2008). It says each could yield over 20 mmb net, with Beach operating the Bass Basin wells.
21 Aug 2007farm in farm out agreement● Neutral
Cue Energy confirms Beach will earn 80% of a defined part of Bass Basin permit T/38P by paying for the Spikey Beach-1 well, to be operated by Beach in the second half of 2008. Subject to formal documentation and regulatory approval.
21 Aug 2007farm in farm out agreement▲ GoodMajor
AWE confirms Beach will earn 20% of New Zealand permit PEP 38482 by funding part of the Kopuwai-1 well, expected September-October 2007. The prospect is said to hold potential for over 100 million barrels of recoverable oil. Subject to government approval.
16 Aug 2007drilling progress report▼ Bad
Drillsearch confirms Carney South 1 (Beach 38.5%) found no oil pay and was plugged and abandoned. Naccowlah 3 spudded 13 August. Mulberry 32 cased as a future oil producer; not a Beach block.
15 Aug 2007drilling progress report● Neutral
Beach weekly report: McKinlay-5 logs indicate oil at two levels, Carney South-1 plugged and abandoned. Bodalla South-18 (Beach 100%) is cased as a Hutton producer after a DST recovered 9 barrels of oil and 9 of water.
10 Aug 2007farm in farm out agreement● Neutral
Re-release of the joint Anzon/Beach notice that ITOCHU becomes a 20% participant in Basker-Manta-Gummy for A$123m paid to each of Anzon and Beach. Same content as the earlier announcement; no new information.
10 Aug 2007farm in farm out agreement▲ GoodMajor
Beach sells 10% of the Basker-Manta-Gummy project to Japan's ITOCHU for A$123m cash, valuing it at A$1.23bn. Beach drops from 50% to 40%, with Anzon also 40% and ITOCHU 20%. Subject to Designated Authority approval; effective 1 June 2007.
9 Aug 2007drilling progress report● Neutral
Drillsearch weekly update: Carney South 1 (Beach 38.5%) has only trace Hutton oil shows and is drilling to total depth. Takyah 5 cased as an oil producer and Mulberry 32 spudded, neither a Beach block.
8 Aug 2007drilling progress report● Neutral
Beach weekly report: Jena-28 cased as a Murta oil producer, Tonno-1 plugged and abandoned, Carney South-1 drilling. Bodalla South-18 (Beach 100%) spudded 5 August, target expected this week.
2 Aug 2007drilling progress report▲ Good
Drillsearch reports Naccowlah West 21 (Beach 38.5%) found about 5.5 m net oil pay in the Hutton and is cased as a future producer. Carney South 1 spudded 30 July. Takyah 5 and Talgeberry 20 are not Beach blocks.
1 Aug 2007drilling progress report● Neutral
Beach weekly report: Naccowlah West-21 (38.5%) cased as a potential oil producer, and Big Lake 17DW1 found 22 m of gas pay. The rig moves from Warragon-1 to Bodalla South-18. Beach skipped completing Comic-1.
26 July 2007drilling progress report● Neutral
Drillsearch reports Naccowlah West 20 (Beach 38.5%) cased and suspended for future testing after Hutton oil shows, and Naccowlah West 21 spudded with Murta oil shows. Talgeberry 20 is in the Tintaburra block, not a Beach block.
25 July 2007drilling result▼ BadMajor
Beach confirms Hurricane-2 (10%) found about 9 m net oil pay, an 18 m gross column, too small to develop now, and will be plugged and abandoned. Warragon-1's Toolachee test misran and it will be cased for testing. Beach declined to join Naccowlah West-20.
23 July 2007drilling result● NeutralMajor
Hurricane-2 (Beach 10%) found about 20 m gross oil column (about 10 m net pay, 30 API) and is classed a new field discovery. Mosaic's MD says it is unlikely to be commercial stand-alone now. Falls well short of the 16-40 MMB hoped for.
19 July 2007drilling progress report● Neutral
Mosaic reports Hurricane-2 (Beach 10%) reached total depth of 3,253 m. Hydrocarbon shows in the main reservoir are being evaluated by wireline logging; no result yet.
18 July 2007drilling progress report▲ Good
Beach weekly report: Warragon-1 (46.95%) reached 1,996 m with Toolachee hydrocarbon shows and is under drill stem test. Hurricane-2 also shows hydrocarbons in its primary target. Mudlalee-4 is cased for completion.
17 July 2007drilling progress report▲ Good
Mosaic reports Hurricane-2 (Beach 10%) hit the Eliassen reservoir near prognosis at 3,206 m, with elevated gas readings and up to 80% hydrocarbon fluorescence. Significance awaits logging; planned depth is about 3,280 m.
12 July 2007drilling progress report● Neutral
Mosaic reports Hurricane-2 (Beach 10%) is cementing casing at 2,169 m and about to reach its Eliassen target. Hurricane is described as having 40-50 million barrels of recoverable oil potential. No new result yet.
11 July 2007drilling progress report▲ Good
Beach reports three successful Cooper Oil Project wells: Naccowlah South-15, Gambero-1 (12 m oil column) and Mudlalee-4 (15 m column). Program total is 38 wells at 76% success, with wells due online in August. Warragon-1 is drilling; Hurricane-2 nears its 3,280 m target.
6 July 2007drilling spud● Neutral
Entek reports Warragon-1 (ATP 269P, Beach 46.95% operator) spudded 5 July, the third and final well of the program. Planned depth is 1,992 m, with a mean 1.33 MMB Basal Jurassic oil target, after the Marcoola-1 discovery.
4 July 2007drilling progress report● Neutral
Beach weekly report: Marcoola 1 (46.95%) is cased and suspended as a potential oil producer at 1,349 m after two test recoveries (6 bbl and 2 bbl oil). Big Lake 84 and Hurricane 2 continue drilling.
2 July 2007drilling result▲ Good
Entek reports Marcoola-1 (Beach 46.95% operator) recovered oil on a second test in the Murta (about 2.4 bbl), after the Hutton misrun. The well is cased and suspended pending a completion plan. Warragon-1 is next, with a 1.33 MMB mean target.
28 June 2007drilling result▲ Good
Drillsearch reports Naccowlah South 16 (Beach 38.5%) found Hutton oil pay and was cased and suspended as a future oil producer, a Cooper Oil Program success. Talgeberry 19 in Tintaburra is not a Beach block.
27 June 2007drilling progress report● Neutral
Beach weekly report: Marcoola 1 is pulling test tools after the misrun Hutton test (6 bbl oil, no water). Naccowlah South 16 is being cased as an oil producer. Hurricane 2 has stuck pipe at 153 m, and Tipton-128 is on weather standby.
27 June 2007drilling result▲ GoodMajor
Beach announces Marcoola-1 (ATP 269P, Beach 46.95% operator) as a new field oil discovery. A Hutton test recovered 6 barrels of oil with no water before the packers failed. It is a first success after the dry Nudgee-1, but flow rates are not yet known.