Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2013flow test result▲ GoodMajor
Moonta-1 (PEL 218, 100%) reached a maximum controlled 2.6 MMscfd, its best rate yet, versus about 2.1 MMscfd at Encounter-1 and Holdfast-1, and is now at 1.6 MMscfd. Beach says this confirms the basin centred gas play exists. Nepean-1 spudded; Halifax-1 fracs completed.
10 Jan 2013regulatory community update▲ Good
Blue Energy, farming into the Maryborough Basin permits with partner Beach, announces grant of ATP674P and ATP733P (2,584 km2), taking the joint venture to 2,984km2 with ATP613P. Blue can earn 75% after completing the work program; Beach's resulting share is not stated.
3 Jan 2013drilling progress report● Neutral
December report: Moonta-1 gas flow rose to 2.1 MMscfd. Coorabie-1 (PEL 106B, 50%) failed to flow gas and was cased and suspended, contradicting the earlier wet gas hopes. Holdfast-2 reached 2,961m; Halifax-1 half-stimulated, Streaky-1 flow test now early February. Zeus-7 cased; Paspa-1 plugged and abandoned.
3 Jan 2013joint venture update▲ Good
Cooper Energy (25% partner in Beach-operated PEL 92) says its PEL 92 oil output was 1,328 bopd at end-December after the Lycium-Moomba pipeline started. A four exploration and two development well program in PEL 92 starts from March. Sawpit-2 in PEL 495 spuds mid-February, 70% funded by Beach.
3 Jan 2013drilling result▼ Bad
Drillsearch (50% partner) reports Coorabie-1 in PEL 106B, Beach operator with 50%, cased and suspended after a drill stem test recovered only a small amount of liquid-rich gas from tight sands. Rig moves to Rosetta-1, the second of four wells.
21 Dec 2012flow test result▲ Good
Moonta-1 (PEL 218, 100%) is flowing back gas at a rising 1.1 MMscfd with stimulation fluid, after delays from minor mechanical issues. Streaky-1 frac is finished and Boston-1 reached 3,755m. This is early flow-back, not a stabilised rate.
19 Dec 2012drilling progress report● Neutral
Senex's fortnightly report: Paning-2 spudded 15 December in PEL 90 (Senex 100%), starting its 12-well unconventional program. Snatcher-6 production starts and Growler-5 was re-completed with a pump. Beach (40%) has no new result; this is mostly Senex's own program.
13 Dec 2012drilling spud▲ GoodMajor
Beach spudded Holdfast-2 on 10 December in PEL 218 (100%), the first horizontal unconventional well in the Cooper Basin. It will drill about 1.6 km laterally through the Murteree Shale and be fracced in about April 2013. Beach targets a pilot production program by second half 2013.
13 Dec 2012drilling spud● Neutral
Drillsearch reports Coorabie-1 spudded 13 December, first of a four-well wet gas campaign in PEL 106B (Beach 50% operator). Targets the Patchawarra, with high-side prospective resource of up to 31.57 BCF. Drilling expected to take 14-18 days.
12 Dec 2012production update▲ GoodMajor
Oil is now flowing to Moomba through the new Western Flank flowlines, with output scaling up over December. Lycium-Moomba has 16,000 bopd design capacity; Bauer-Lycium pipeline is due for first production in early Q2 2013. This delivers the infrastructure underpinning FY13 production guidance.
7 Dec 2012security holder rights change● Neutral
Administrative notice: certain 2011 employee rights and 2006 Tranche C options lapsed unexercised. Issued capital stays at 1,263,677,572 ordinary shares, with a list of remaining unlisted options and rights.
6 Dec 2012drilling progress report▲ Good
Icon (40% partner in ATP 855P) says the 15-stage Halifax-1 frac starts mid-December, with Queensland approvals in place. Flow testing runs several weeks, then again in early 2013. Icon expects a significant 2C booking in Q1 2013 if tests succeed, which would be Icon's guidance, not Beach's.
5 Dec 2012investor presentation● Neutral
Beach's investor morning presentation covers strategy, operations, finance and the Western Flank. It cites 2P 93 MMboe, 2C 448 MMboe, FY13 production guidance of 8.5-9.0 MMboe, and staff growing to 180. Largely repeats known facts; no new announcements visible in the text.
5 Dec 2012drilling progress report● Neutral
Beach's November drilling report: Moonta-1 frac completed with flow testing due early December; Streaky-1 fracs under way; Marble-1 reached 3,962m. Also covers Bauer-9, the Pennington oil discovery and Snatcher-9 and Spitfire-2 oil pay. Mostly repeats known results.
5 Dec 2012drilling progress report● Neutral
Senex's fortnightly report: Mustang-1 (Beach 40%) began extended testing on 30 November after flowing over 2,400 bopd, later constrained to about 800 bopd. Spitfire-2 cased; Snatcher-8 completed; Snatcher-9 and -10 completions follow after Christmas. Mostly Senex's gas program; no new Beach result.
3 Dec 2012drilling result▲ Good
Drillsearch (60% partner) confirms Pennington-1 as a Namur oil discovery, likely over 2 million barrels gross recoverable, supporting a further rise on its 11.3 MMbbl 2P reserves. Birkhead open-hole test was skipped due to hole conditions; cased-hole tests follow in coming months.
3 Dec 2012drilling result▲ GoodMajor
Beach announces a new oil discovery at Pennington-1 (PEL 91, 40% operator), with multiple oil columns in McKinlay/Namur and mid-Namur sandstones. Pre-drill upside is exceeded, with recoverable oil likely above 2 million barrels gross. Well cased as a future producer; Birkhead shows need further evaluation.
28 Nov 2012drilling result▲ GoodMajor
Senex's Spitfire-2 (PEL 104, Beach 40%) found 6.5m net oil pay in the mid-Birkhead and was cased as a future producer. It follows Spitfire-1, plugged as uncommercial in February 2012, and confirms a new oil field about 2 km west of Growler.
26 Nov 2012drilling spud● Neutral
Drillsearch reports Pennington-1 spudded 23 November in PEL 91 (Beach 40% operator), about 9.3 km east of Bauer. First exploration well on the new Aquillus 3D seismic, targeting up to 1.16 million barrels recoverable (mean 480,000). Ensign 930 then moves to Coorabie-1.
23 Nov 2012agm notice● Neutral
Beach's 2012 AGM address: Bob Kennedy and Neville Alley leave the board after 21 and five years respectively. Staff numbers are to grow from 131 to 180, and the company holds a low supervision safety classification. Mostly a people-focused address.
19 Nov 2012drilling result▲ GoodMajor
Bauer-9 (PEL 91, Beach 40% operator) found 10.7m net oil pay and will be cased as a producer, supporting Bauer and Bauer North as one pool. Drillsearch cited a 16 November 2P rise to 8.2 MMbbl gross, with a further upgrade expected around year-end.
12 Nov 2012drilling spud● Neutral
Drillsearch reports Bauer-9 spudded 11 November in PEL 91 (Beach 40% operator), to test the north-western Bauer field and whether Bauer and Bauer North form one pool. Ensign 930 then goes to Pennington-1.
9 Nov 2012investor presentation● Neutral
Beach's Wilson HTM presentation repeats known facts: 2P 93 MMboe, 2C 466 MMboe, A$352m cash, FY13 capex A$350-450m and about 1,263m shares. No new announcements.
7 Nov 2012drilling progress report● Neutral
Beach's October drilling report: Moonta-1 frac was half done, with Streaky-1 next, and Boston-1 spudded early November. Windmill and Bauer North discoveries, Tinah-1 dry and Mesaha-1X spud are covered. Mostly repeats known results.
7 Nov 2012drilling progress report● Neutral
Senex reports Snatcher-9 (Beach 40%) spudded 2 November to test the field's northern limit, drilling at 1,530m. Extended Mustang-1 testing is expected to start in late November. Snatcher-8 and -10 are to be completed. No new results.
6 Nov 2012drilling result▲ GoodMajor
Bauer North-1 (PEL 91, Beach 40% operator) is a new oil discovery with about 3m net Namur pay, to be cased as a producer. Oil-water contacts suggest it may link to Bauer field. The reserves upgrade is delayed until Bauer-9 results are included.
30 Oct 2012quarterly activities report● Neutral
September quarter production was 2.1 MMboe, up 2%, with revenue of A$170m and cash of A$352m. Restates known events: Moonta-1 frac, Halifax-1, Windmill-1, Romania farm-in. Also names Glenn Davis as chairman elect.
30 Oct 2012drilling spud● Neutral
Drillsearch reports Bauer North-1 spudded on 29 October in PEL 91 (Beach 40% operator), a step-out testing a separate Namur culmination north of the Bauer field. Ensign 930 then moves to Bauer-9.
29 Oct 2012farm in farm out agreement▲ GoodMajor
Beach farms into the Kaheru prospect off South Taranaki, New Zealand, taking 25% from NZOG (operator, keeps 35%; TAG Oil 40%). Beach pays its share plus the first US$3m of NZOG's well costs. Subject to ministerial consent; new country for Beach.
29 Oct 2012drilling progress report▲ GoodMajor
Beach began a ten-stage fracture stimulation of Moonta-1 (PEL 218, 100%) on 26 October, mainly in the Patchawarra, at about double the previous pumping rate. It is the first of ten wells to be stimulated this year; Streaky-1 then Halifax-1 follow. Flow testing runs several weeks.
