Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2012investor presentation▲ Good
FY12 results presentation repeating known figures: revenue A$619m, profit A$164m, production 7.5 MMboe. Shows 2P reserves of 93 MMboe, up 20% (earlier estimate was about 95). Largely a re-statement of the results release.
28 Aug 2012annual report▲ GoodMajor
FY12 full-year report: revenue A$619m, profit after tax A$164m (versus a A$97.5m loss in FY11), record underlying profit A$122m. Final dividend 1.5c, making 2.25c for the year. Cash A$379m; production 7.5 MMboe.
28 Aug 2012regulatory community update▼ Bad
Lakes Oil's chairman says Victoria has put a moratorium on fracture stimulation, which would hit Beach's planned fracs on Wombat-4 and Boundary Creek 2 in the PRL2 Gippsland earn-in before Christmas. Beach has begun seeking approvals; the impact on Beach is not quantified.
23 Aug 2012drilling progress report● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60%) has drilled to 2,611m and is running intermediate casing. It repeats the 300 Tcf gas-in-place hope for PEL 218 and the funding terms (Beach funds first A$16m). No new result.
23 Aug 2012drilling spud● Neutral
Drillsearch reports Bauer-8 (PEL 91, Beach 40% operator) spudded 22 August, 530m north-north-east of Bauer-5. It is the fourth and final well in the current Bauer program and will also test the Birkhead oil found at Bauer-5.
20 Aug 2012material agreement● Neutral
Advent Energy (unlisted, via MEC Resources) signed a land access and data sharing agreement with Beach over a Beach airborne gravity and magnetic survey planned for later in 2012 in the onshore Bonaparte Basin. It builds on Beach's Territory Oil and Gas farm-in.
20 Aug 2012drilling result▲ Good
Drillsearch reports Bauer-6 (PEL 91, Beach 40% operator) logged 9m net Namur pay and potentially 4m McKinlay pay, with only minor Birkhead oil shows. It will be cased as a producer and shows the field extends further west. Rig moves to Bauer-8.
17 Aug 2012flow test result▲ GoodMajor
Santos, operator of the Cooper Basin JV (Beach 20.21%), says the Moomba-191 vertical shale well stabilised at 2.6 MMscfd, peaking at 3.0. Beach says this supports its unconventional program, including a planned first horizontal well later in 2012.
14 Aug 2012drilling result▲ Good
Senex cased Snatcher-6 (PEL 111, Beach 40%) after a 10.5m gross Birkhead oil column with 5.2m net pay. It is the first well of the continuing Snatcher appraisal program. The rig now moves to Tomcat-1.
14 Aug 2012drilling progress report● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60%) is drilling at 1,605m after casing set at 847m. Restates the 300 Tcf gas-in-place hope for PEL 218 and the funding terms. No new result.
10 Aug 2012drilling spud▲ Good
Drillsearch reports Bauer-6 (PEL 91, Beach 40% operator) spudded 9 August and will also test the Birkhead. The joint venture added a fourth development well, Bauer-8, 500m north-east of Bauer-5, after the Bauer-5 success.
9 Aug 2012flow test result▲ Good
Drillsearch reports extended production testing began at Coolawang-1, a wet gas discovery in PEL 106B (Beach 50% operator), for up to 20 days. Early clean-up flows of gas and condensate are called encouraging. No rates given.
6 Aug 2012drilling result▲ Good
Drillsearch reports Bauer-7 (PEL 91, Beach 40% operator) logged 9.5m net Namur pay and 4m McKinlay pay, and will be cased as a producer. It supports the field's eastern extension. Rig moves to Bauer-6.
6 Aug 2012drilling spud● NeutralMajor
Partner Icon reports Halifax-1 (ATP 855P, Beach 60% on funding the first A$16m) spudded 4 August to 4,130m, with total depth in about 55 days. This is the first vertical well in Beach's second Nappamerri Trough gas permit.
3 Aug 2012production update▲ Good
Extended production tests began on four Abu Sennan wells in Egypt (Beach 22%), with combined flow up to 2,524 bopd. Tests run six months to estimate volumes in place. ASA-1X, the first of three more approved wells, spudded 1 August.
2 Aug 2012drilling progress report● Neutral
Drillsearch says Bauer-7 (PEL 91, Beach 40% operator) found no reservoir sands or shows in the Birkhead, so the Bauer-5 Birkhead find was not repeated there. It is still expected to be cased as a McKinlay and Namur producer.
1 Aug 2012admin correction● Neutral
Amended July drilling report, changing only the Halifax-1 line from already spudded on 1 August to expected to spud on 2 August. Otherwise identical to the original.
1 Aug 2012drilling scheduled● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60% operator) spud slipped one day, to 2 August. It will be cored, fracture-stimulated and flow tested, with a contingent resource expected to be booked. Minor timing change.
1 Aug 2012drilling progress report▲ Good
July report: Encounter-1 flow test finished, with a maximum combined rate over 2 MMscf/d. Streaky-1 reached 3,821m with gas indicated. Bauer-5 and Mustang-1 oil results restated, Bauer-7 spudded, and Halifax-1 spud timing given.
1 Aug 2012director officer appointment● Neutral
Media release repeating Chairman Bob Kennedy's decision not to stand again at the 23 November 2012 AGM. He has chaired since 1995 and cited tenure guidelines. Adds his quotes only.
1 Aug 2012director officer appointment● NeutralMajor
Chairman Bob Kennedy, a director since 1991, will not seek re-election at the AGM expected 23 November 2012, citing governance guidelines on director tenure. Beach will run a formal process to find a permanent replacement.
30 July 2012other▲ Good
Media release repeating the quarterly results: FY12 production up 15% to 7.5 MMboe, revenue up 25% to A$618m. The MD expects a material rise in FY13 cash flow and profit. No new information.
30 July 2012drilling spud● Neutral
Partner Drillsearch reports Bauer-7 (PEL 91, Beach 40% operator) spudded 27 July as an oil development well, also drilled into the Birkhead to follow up Bauer-5. Also notes Santos's Olive Oyl-1 spud in ATP 299, where Beach holds no stated interest.
23 July 2012security holder rights change● Neutral
Certain 2011 employee rights lapsed unexercised. Issued capital stays at 1,255,464,157 shares, with the remaining options and rights listed. Administrative notice only.
23 July 2012drilling result▲ GoodMajor
Beach confirms Bauer-5 (PEL 91, Beach 40% operator) hit 6m net Namur oil pay, extending Bauer north-east, and a new Birkhead oil pool flowing 1,160 bopd on test. Likely material to 2P reserves, though the size is unquantified; cased as a producer.
23 July 2012drilling result▲ Good
Partner Drillsearch reports Bauer-5 (PEL 91, Beach 40% operator) made a new Birkhead oil discovery, testing 1,160 bopd from 5m net pay, plus 6m of Namur pay extending the field north-east. Described as likely material to 2P reserves; well to be cased as a producer.
17 July 2012drilling result▲ Good
Senex's release repeats the Mustang-1 discovery in PEL 111 (Beach 40%): a 4.5m gross oil column, 4.0m net pay, flowing at 2,484 bopd on test. Cased as a future producer. Same news as Beach's own announcement.
17 July 2012drilling result▲ GoodMajor
Mustang-1 (PEL 111, Beach 40%) is a new oil field discovery: 4.5m gross oil column, 4m net pay, flowing at 2,484 bopd on test. Cased as a future producer, with Tomcat-1 next. Adds to the Snatcher and Growler successes.
16 July 2012farm in farm out agreement● Neutral
Icon's release repeats Beach's announcement: Halifax-1 in ATP 855P is accelerated to a July 2012 vertical well. Beach funds the first A$16m, less Icon's A$1.75m contribution, to hold 60%. No new information.
16 July 2012farm in farm out agreement▲ GoodMajor
Beach and Icon bring forward ATP 855P unconventional gas with a vertical Halifax-1 well, now starting in July 2012 rather than a horizontal well in September. Beach funds the first A$16m, less Icon's A$1.75m, to hold 60%. This moves up the earlier Q3 timing.
