25 Sept 2017drilling result▼ Bad
Louth-1 in PRL 102 (PEL 92 JV, Beach 75% operator) found no significant hydrocarbons at 2,469 m and is being plugged and abandoned. A dry hole for the FY18 gas campaign.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2017drilling spud● Neutral
Cooper Energy reports Louth-1 spudded on 15 September in PRL 102, testing Patchawarra gas/condensate near the Mokami and Udacha fields. Beach operates the PEL 92 JV (Beach 75%, Cooper 25%); target depth 2,671 m.
6 Sept 2017drilling progress report● Neutral
August report: Donington-1 in ex PEL 91 (Beach 100%) was plugged and abandoned after poor reservoir, and Goldsmith-1 was drilling. Martlet North-2 was dry. Zeus-12, Zeus-11, Tennaperra-5 and Jack Lake-6/-7 were cased as future producers.
6 Sept 2017drilling result▼ Bad
Senex's August report says Martlet North-2 in ex-PEL 104/111 (Beach 40%) was plugged and abandoned for lack of commercial pay. Partner report on a dry appraisal well; Beach covers the same result in its own report.
18 Aug 2017resource reserve update▲ GoodMajor
Reserves at 30 June 2017: 2P up 7% to 74.7 MMboe (from 69.8), 1P up 25% to 37.5 MMboe, 3P 138.3 MMboe, a 179% 2P replacement ratio. 2C contingent resources fell 25% to 152.9 MMboe, mainly from removing Nappamerri Trough unconventional gas.
2 Aug 2017drilling progress report▲ Good
July report: Bauer-26, Beach's first Western Flank horizontal well, hit about 350 m of net McKinlay oil pay. Okotoko North-1 was a gas discovery (Beach 23.2%) and Marauder-1 was cased. Chiton-5 was dry.
27 July 2017farm in farm out agreement● Neutral
Rawson Oil and Gas agrees a staged farm-in with Vintage Energy for PEL 155 in the Otway Basin, near Beach's Katnook plant. Not a Beach transaction; Beach is only named as plant operator.
25 July 2017drilling result▲ Good
Senex announces a Birkhead oil discovery at Marauder-1 in ex PEL 104 (Beach 40%), flowing 655 bopd on test, 2 km from Growler and Spitfire. Expected online in coming months. Partner announcement; Beach reports the same result separately.
25 July 2017drilling result▲ GoodMajor
Beach confirms the Marauder-1 Birkhead oil discovery in ex PEL 104 (Beach 40%): 655 bopd on test, up to 8.6 m net pay in a 17.5 m column. To be cased and brought online in coming months.
5 July 2017drilling progress report▲ Good
June report: the five-well Callawonga campaign (Beach 75%) finished, all cased as producers online Q2 FY18, with expected 2P additions. Chiton-4, Cougar-1 and Immortals-1 were dry; Snefru-1 and Dullingari-42 DW1 were cased as gas producers.
5 July 2017drilling result▼ Bad
Senex's June report: Immortals-1 in PEL 182 (Beach 43%) showed non-commercial Birkhead oil and was plugged and abandoned, completing the three-well campaign with no commercial find. Silver Star-1 (not Beach) was damaged and suspended. Partner report.
14 June 2017drilling spud● Neutral
Callawonga-17, the final well of the five-well PEL 92 campaign, spudded 13 June 2017 to appraise the field's western flank, with planned depth of 1,404 m. The four earlier wells were all cased as future oil producers. Partner report.
13 June 2017drilling result▲ Good
Callawonga-16 is being cased and suspended as a future oil producer, with about 2 m net oil pay in the McKinlay Member. Fourth success from four wells in the PEL 92 campaign. Partner report from Cooper Energy.
7 June 2017drilling progress report● Neutral
May 2017 report: Callawonga-14 and -18 were cased as oil producers, with Callawonga-14 a record 5.1-day Beach drill time. Dullingari-43 DW1 gas side-track was cased as a producer. Harvey's Return-1 in PEL 630 showed no oil and was abandoned; Lepard-3 gas appraisal was cased.
7 June 2017drilling spud● Neutral
Callawonga-16, fourth well of the PEL 92 campaign, spudded 6 June 2017 targeting the field's structural high to 1,425 m. The first three wells were cased as future oil producers. Partner report from Cooper Energy.
6 June 2017drilling result▲ Good
Callawonga-15 was cased and suspended as a future oil producer, with about 5.0 m net oil pay across the McKinlay and Namur sandstones. Third success from three wells in the five-well PEL 92 campaign. Partner report.
1 June 2017drilling spud● Neutral
Callawonga-15, third well of the PEL 92 campaign, spudded 31 May 2017, targeting the field's structural high to 1,438 m. The first two wells were cased as future oil producers. Partner report from Cooper Energy.
30 May 2017drilling result▲ Good
Callawonga-18 is being cased and suspended as a future oil producer, with 2.1 m net oil pay in the McKinlay Member at 1,582 m. Second success in the campaign; Callawonga-15 is next. Partner report.
24 May 2017drilling spud● Neutral
Callawonga-18, second well of the five-well PEL 92 campaign, spudded 23 May 2017 to test the field's westernmost flank, with planned depth of 1,428 m. Partner report from Cooper Energy.
22 May 2017drilling result▲ Good
Callawonga-14, first of the five-well PEL 92 campaign, was cased and suspended as a future oil producer, with 1 m net oil pay in the McKinlay Member. Rig moves to Callawonga-18. Partner report from Cooper Energy.
15 May 2017drilling spud● Neutral
Cooper Energy reports the PEL 92 JV (Beach 75% operator, Cooper 25%) began a five-well Callawonga oil campaign, spudding Callawonga-14 on 14 May 2017. Targets undeveloped McKinlay Member reserves; completion expected mid-July. Partner report.
3 May 2017drilling progress report● Neutral
April 2017 report: Butterfish-1 (PEL 630) was dry and abandoned, and Gallan-1 in Queensland was also plugged. Hector South-1 found 6.7m net gas pay and Inca-1 DW1 was cased as a gas producer. Pennington-6 was cased as an oil producer.
5 Apr 2017drilling result▼ Bad
Senex's March report: Hoplite-1 and its side-track in PEL 182 (Beach 43%) found non-commercial oil and were plugged and abandoned. A third PEL 182 well is expected in Q4 FY17. Silver Star-1 (not Beach) spudded. Partner report.
5 Apr 2017drilling result▲ GoodMajor
Beach completed its FY17 operated gas campaign with three liquids-rich discoveries from four wells, including Mokami-1 (8.6 MMscfd on test), adding a preliminary 3.4 MMboe of 2P reserves. Separately, the Hoplite-1 oil well in PEL 182 had oil shows but was plugged and abandoned for insufficient pay.
17 Mar 2017drilling scheduled▲ GoodMajor
Beach plans to drill Haselgrove-3, a conventional gas exploration well in the onshore Otway Basin (PPL 62, 100%), targeting a 34 Bcf prospect at about 32% chance of success. A $6m South Australian PACE grant, subject to documentation, would cover 40-50% of cost. Drilling is expected in Q1 FY18.
1 Mar 2017drilling result● Neutral
Senex's February report: Sparta-1 in PEL 182 (Beach 43%) was plugged and abandoned for insufficient pay. Hoplite-1 found 17 m gross Birkhead pay and was being tested. Partner report, not Beach's own announcement.
1 Mar 2017drilling progress report● Neutral
February report: Kanowana-14 completed a three-well gas campaign, all cased as producers. Crockery-1 confirmed a gas discovery (7.2 m net pay, expected 3-8 MMscfd, online Q1 FY18). Dandy-1 and Sparta-1 were plugged and abandoned. Mokami-1 spudded.
2 Feb 2017drilling progress report● Neutral
Senex's January report: Spitfire-8 (Beach 40%) found 7.2 m net pay and was cased as an oil producer, due online in Q3 FY17. Worrior-11 was also cased, and Sparta-1 in PEL 182 is due to spud in early February. Partner report; repeats Beach's own report.
1 Feb 2017drilling progress report● Neutral
January report: Kanowana-12 and -13 were cased as gas producers broadly in line with estimates, and Spitfire-8 (Beach 40%) as an oil producer. Crockery-1 in ex PEL 106 found 7.2 m net pay and is testing. Raffle-2 was below pre-drill estimates.
11 Jan 2017drilling progress report● Neutral
December report: Butlers-9 was plugged and abandoned for lack of commercial pay. Canunda-3 in 100%-owned ex PEL 106 tested liquids-rich gas at up to 1.9 MMscf/d and was cased as a producer. Allunga-2 and -3 were cased as producers.