Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 July 2012joint venture update▲ Good
Partner Drillsearch (60%) outlines a FY13 program for PEL 91 (Beach 40% operator): seven development wells, a 47km pipeline to Lycium by the December 2012 quarter, and Bauer-5 spudded 11 July. Bauer-1 and 3 produce up to 1,200 bopd.
10 July 2012flow test result▲ GoodMajor
Encounter-1 (PEL 218, Beach 100%) flowed a combined peak of up to 2.1 MMscfd after fracturing the REM section, confirming gas continuity across the Nappamerri Trough play. Frac crew returns September for Moonta-1, Streaky-1 and Boston-1. Tanzania seismic is 30% done, with hydrocarbon indicators.
5 July 2012drilling result▲ Good
Christies-7 (PEL 92, Beach 75% operator) found a 5.5m gross oil column in the mid-Namur and 3m in the Hutton, to 1,734m. It will be cased as a producer. Reported by partner Cooper; extends the Christies success from Christies-6.
4 July 2012drilling result● Neutral
Snatcher-5 (PEL 111, Beach 40%) was cased after a 4m gross oil column (2.4m net pay), marking the western edge of Snatcher. Rig moves to the Mustang-1 exploration well. Cuisinier results relate to Senex's Barta block, not Beach.
4 July 2012drilling progress report● Neutral
June report: Encounter-1 REM fracturing gave 1.0 MMscf/d by month end and rising, though a sixth stage failed on packer integrity. Streaky-1 drilling to 3,900m. Christies-7 found about 5.5m net pay. Snatcher-5 and Charo-16 suspended; North Shadwan well slips to late August.
27 June 2012drilling spud● Neutral
Christies-7 (PEL 92, Beach 75% operator, Cooper 25%) spudded 26 June, targeting the mid-Namur oil reservoir to about 1,700m. It is a development well meant to speed Christies oil output. Reported by partner Cooper.
19 June 2012drilling result▲ Good
Christies-6 (PEL 92, Beach 75% operator, Cooper 25%) reached 1,713m and found a 3.8m gross oil column in the mid-Namur sandstone. It will be cased as a future producer. Reported by partner Cooper; a small development success.
18 June 2012regulatory community update▲ Good
Beach began 1,800 km of 2D seismic on its 100%-owned Lake Tanganyika South block in Tanzania, about two months to acquire. Management says early results resemble Lake Albert and targets fields over 200 million barrels. It is early-stage exploration with no discovery.
6 June 2012drilling progress report● Neutral
May report: Encounter-1 (PEL 218, Beach 100%) pressure survey done ahead of six REM fracture treatments; Streaky-1 at 2,604m. Southend-1 gas cased; Riley-1 (PEL 92) dry. Cook-22 dry; Snatcher-4 and Cook-23 suspended as producers.
6 June 2012investor presentation● Neutral
Asian roadshow slides repeat known facts: FY12 guidance 7.4 MMboe, 2P reserves 77 MMboe at 30 June 2011, Cooper Basin gas and Tanzania plans. New items: net cash about A$220m and FY13 capex forecast of A$300-400m.
5 June 2012production update▼ Bad
Operator Senex says Growler and Snatcher (Beach 40%) oil output, over 5,500 bopd gross, was halted 31 May–1 June when rain closed roads. Senex will cut its 700,000 barrel net target; it says output is deferred, not lost. Pipelines to Moomba are being built.
4 June 2012asset acquisition disposition● NeutralMajor
Beach will accept Cooper's shares-and-cash option for its 55.44% Somerton stake, receiving about 17 million Cooper shares and A$7.2m cash. Beach moves from majority holder in Somerton to a Cooper shareholder.
31 May 2012drilling result▲ Good
Snatcher-4 (PEL 111, Beach 40%) found a 10.3m gross oil column in the Birkhead Formation, with at least 6.5m net pay, and was cased as a future producer. Snatcher-5 spuds around 3 June. A modest success for the appraisal.
30 May 2012director officer appointment▲ GoodMajor
Managing Director Reg Nelson extended his employment contract to 30 June 2014, with an option to extend another year by mutual agreement. The chairman cited the Cooper Basin shale and basin-centred gas program. Retirement payment can be taken in instalments.
25 May 2012production update● Neutral
Cooper Energy (PEL 92 partner, 25%) confirms the Tantanna pipeline shuts 1 June. Trucking will be increased by Beach, the operator, until the Lycium-Moomba trunkline starts in the December quarter 2012. Repeats Beach's own announcement.
25 May 2012production update▼ BadMajor
Santos will permanently shut the Tantanna oil pipeline on 1 June over integrity concerns. Beach expects Western Flank output to fall from about 7,000 to 4,000 bopd net, cutting FY12 guidance to about 7.4 MMboe from 7.5. The new 15,000 bopd Lycium-Moomba trunkline is expected in Q4 2012.
23 May 2012business combination● Neutral
Cooper declared its Somerton offer unconditional, dropping the 90% acceptance minimum. Beach, Somerton's largest holder, intends to accept. Cooper holds 23.1% and would reach 78.9% on Beach's acceptance. The offer closes 7 June unless extended.
22 May 2012production update▲ GoodMajor
Bauer oil field (PEL 91, Beach 40% operator, Drillsearch 60%) started production at 800 bbl/d gross, trucked to Moomba. It is expected to reach 2,000 bbl/d, then 5,000 bbl/d once a pipeline to Lycium is commissioned by year-end. First oil was due by end June quarter.
21 May 2012other● Neutral
Text is a speech given at a Broken Hill resources symposium. The excerpt shown is historical background on South Australian exploration and energy supply, with no new Beach announcement or company figures.
21 May 2012business combination● NeutralMajor
Beach says it will accept Cooper Energy's takeover offer for Somerton, in which it holds a majority stake, unless a higher offer appears. It has not yet chosen between the scrip-and-cash or full scrip option. This resolves its pending board position.
18 May 2012drilling result▲ GoodMajor
Davenport 1 (PEL 94, Beach 50% operator) reached 2,102m and found over 110m of net coal, including one seam over 45m, well above pre-drill expectations per Strike. A sidetrack for cores follows, then the well is suspended. This builds on Marsden 1.
16 May 2012drilling spud● Neutral
Senex spudded Snatcher-4 (PEL 111, Beach 40%) on 15 May, targeting 1,858m in the Birkhead Formation. It is the first of two approved Snatcher appraisal wells, following the restart of production there.
15 May 2012other● NeutralMajor
Beach clarifies a Dow Jones article: it ended confidential 2011 talks on its Cooper unconventional program, but is again in confidential talks with certain parties on unconventional assets, still ongoing. It is finalising acquisition of 100% of PEL 218.
9 May 2012investor presentation● Neutral
Beach Chief Commercial Officer's JP Morgan shale presentation repeats known PEL 218 and ATP 855P points: 2 Tcf contingent resource booked, 300+ Tcf gas in place estimated, Holdfast-1 about 2 MMscfd. No new announcement.
9 May 2012drilling result▲ GoodMajor
Southend-1 (PEL 107, Beach 40% operator, Drillsearch 60%) is a gas discovery. A brief 3-minute gas flow proved movable gas, though tool problems prevented a full test. It is cased and suspended for extended testing, and may tie into Middleton-Brownlow.
4 May 2012production update▲ Good
Senex restarted oil production at the Snatcher field (PEL 111, Beach 40%) on 3 May, after flooding stopped work in January 2010. Before the flood, two wells produced over 500 bopd gross. Snatcher-4 and -5 appraisal wells are agreed.
2 May 2012drilling progress report● Neutral
April drilling report: Encounter-1 (PEL 218, Beach 100%) gas flowed up to 750,000 scfd, with up to six weeks of testing. Moonta-1ST1 reached 3,810m and Davenport-1 is drilling. Haslam-1 is suspended and North Shadwan NS 385-1 is due to spud by end June.
1 May 2012investor presentation● Neutral
Managing Director Reg Nelson's Macquarie conference presentation repeats known figures: 77 MMboe 2P, 660 MMboe including contingent resources (as at 30 June 2011) and FY12 production guidance of 7.5 MMboe. No new announcement.
27 Apr 2012flow test result▲ GoodMajor
Encounter-1 (PEL 218, Beach 100%) is flowing gas above 500,000 scfd after a single-stage Patchawarra fracture stimulation, flared and expected to improve. Holdfast-1 reached 2 MMscfd with seven stages. A six-week flow test follows, then shut-in until June/July.
27 Apr 2012drilling spud● Neutral
Strike reports Davenport 1 spudded 25 April in PEL 94 (Beach 50% operator, Strike 35%, Senex 15%), planned to 2,192m. It is the second unconventional well in the southern Cooper programme, after Marsden 1, and takes 25-30 days.
