Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Oct 2012drilling result▼ Bad
Cooper Energy reports Tinah-1 (PEL 92, Beach 75% operator) was water-bearing and will be plugged and abandoned, ending the four-well campaign. The partners plan up to six more PEL 92 wells in 2013 after seismic interpretation.
24 Oct 2012drilling progress report● Neutral
Senex's fortnightly report: Snatcher-8 (PPL 240, Beach 40%) cased as a producer after 14.1m net oil pay, and Snatcher-6 and -7 completed. Snatcher-9 appraisal is next. Mostly Senex's own gas wells; no new Beach result.
23 Oct 2012investor presentation● Neutral
Beach presents at Citi's investor conference, repeating known facts. Cash was A$352m at 30 September, with no debt apart from the A$150m converts. FY13 capex is A$350-450m, and about 1,263m shares are on issue.
22 Oct 2012annual report● Neutral
Beach's 2012 Annual Report restates FY12 results already reported: 7.5 MMboe produced, revenue A$619m, 2P reserves 93 MMboe and 2C resources 466 MMboe. FY13 production is forecast at 8.5-9.0 MMboe. AGM set for 23 November.
19 Oct 2012director officer appointment● NeutralMajor
Beach nominates Fiona Bennett and Dr Douglas Schwebel for election at the 23 November AGM, replacing Chairman Bob Kennedy and Dr Neville Alley, who are not standing. Dr Schwebel is an ex-ExxonMobil exploration director. No new chairman is named in this notice.
18 Oct 2012drilling result▲ GoodMajor
Beach says Halifax-1 (ATP 855P, Beach 60%) reached 4,267m and appears gas saturated through the Permian, with the thickest REM (~460m) so far. Fracturing is planned for late November; 2C resource guidance is expected in Q1 2013. Preliminary log interpretation.
18 Oct 2012flow test result▲ GoodMajor
Senex says Mustang-1 (PEL 111, Beach 40%) free-flowed 6,700 bopd during clean-up and held about 800 bopd over a 10-day test with minimal pressure loss. An extended test targeting 2,000 bopd is planned. This resolves the earlier flow-rate question.
18 Oct 2012drilling result▲ Good
Icon repeats Beach's Halifax-1 interpretation: the Permian target zone, over 1.3km, looks gas saturated and overpressured. Fracturing is subject to Queensland approval. Icon also cites its 2 Mtpa LNG contract, which needs 2 Tcf of 2P reserves.
16 Oct 2012drilling result● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) reached total depth of 4,267m, deeper than the planned 4,130m, with the Patchawarra expected to be over 450m thick. Log interpretation is pending. Hydraulic stimulation in Q4 2012 depends on Queensland approvals.
15 Oct 2012well test result▲ Good
Cooper Energy says Windmill-1 (PEL 92) will be cased as a producer. A Birkhead test recovered 25 barrels of oil, but the other test recovered no fluid. The Namur oil column was at the upper end of expectations. The rig moves to Tinah-1.
10 Oct 2012drilling progress report▲ Good
Senex reports Snatcher-8 (PPL 240, Beach 40%) found about 14m net oil pay and is being cased as a producer. Snatcher-10 is confirmed, and the northern field limit is still open. Further development success in the Snatcher field.
10 Oct 2012drilling result▲ GoodMajor
Beach announces a new field oil discovery at Windmill-1 (PEL 92, Beach 75%): a 6m Namur oil column consistent with the 440,000 bbl recoverable upside estimate, plus Birkhead shows. It follows the Mustang-1 discovery and will be cased as a producer.
9 Oct 2012drilling result▲ Good
Cooper Energy reports Windmill-1 (PEL 92, Beach 75% operator) found oil, with a 6m net column in the Namur and indications in the Birkhead. Further Birkhead testing follows. First sign of the result Beach confirmed next day.
9 Oct 2012drilling progress report● Neutral
Icon says Halifax-1 drilling resumed 9 October after a generator repair, with depth still 4,006m. The REM is 460m thick. No new results.
3 Oct 2012drilling progress report● Neutral
Beach's September drilling report: Marble-1, the fifth PEL 218 well, spudded 30 September. Halifax-1 is at 4,006m, Butlers-5/-6 and Snatcher-10 are confirmed, and Irtalie East-2 was dry. Largely consolidates known results.
2 Oct 2012admin correction● Neutral
Beach notes certain 2011 employee rights lapsed unexercised. Issued capital is now 1,262,940,447 shares plus unlisted options and rights. Administrative notice only.
2 Oct 2012drilling result▲ Good
Senex says Snatcher-10 (PPL 240, Beach 40%) was cased after about 10m of net oil pay, extending the Snatcher field to the north. Confirms the result already flagged in September; Beach's share of the field grows modestly.
2 Oct 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) is at 4,006m, with the Patchawarra about 100m deeper than prognosed, so total depth will exceed the planned 4,130m. Gas shows are encouraging; no final results yet.
2 Oct 2012drilling spud● Neutral
Cooper Energy says Windmill-1 (PEL 92, Beach 75% operator) spudded 1 October after earlier rig delays, targeting 2,073m in the Namur Sandstone. Tinah-1 follows. Confirms the delayed spud flagged in September.
28 Sept 2012drilling scheduled▲ Good
Austin Exploration says Beach, as operator, is preparing to drill Pirie-1 in PEL 105 (50/50 JV) in the March 2013 quarter, the first drilling since flooding stopped work in 2009. Beach pays the first A$1.75m; P50 recoverable estimate is 2 million barrels.
26 Sept 2012drilling progress report▲ Good
Senex reports Snatcher-10 (PEL 111, Beach 40%) drilled to 1,905m and is being evaluated. Mustang-1 is flowing over 800 bopd in a test, in line with expectations; the earlier ~2,500 bopd figure was a testing rate. Snatcher-4 was completed for production.
26 Sept 2012drilling progress report▼ Bad
Cooper Energy says rig mechanical problems have delayed the Windmill-1 spud in PEL 92 (Beach 75% operator) until mid next week. Windmill-1 targets 2,073m depth; Tinah follows.
25 Sept 2012drilling progress report▲ Good
Icon says Halifax-1 (ATP 855P, Beach 60%) is at 3,885m with a second core cut in the Patchawarra. The REM section is about 460m thick, as prognosed versus 393m at Encounter-1. Fracturing planned Q4 2012; core evaluation will take two months or more.
24 Sept 2012security holder rights change● Neutral
Convertible note conversion price adjusted from A$2.00 to A$1.97, effective 3 September, because of the dividend. Applies to Beach's A$150m 3.95% notes due 2017; a small anti-dilution adjustment.
20 Sept 2012drilling progress report▲ GoodMajor
Beach details a ten-well PEL 92 program (three development, seven exploration wells). Butlers-5 and -6 found 8m and 5m oil columns. PEL 92 produces over 3,500 bopd net, expected to exceed 4,500 bopd once tied into the Lycium-Moomba trunkline before year end.
19 Sept 2012resource reserve update▲ Good
Strike Energy, Beach's partner in PEL 94/95, raised its southern Cooper Basin prospective resource 136% to 14.3 Tcf net to Strike, after the Davenport-1 and Marsden-1 wells Beach operated. Beach is considering fracturing Davenport-1 coals in 2013. Partner estimate, not Beach's.
19 Sept 2012dividend declaration● Neutral
Details of the 1.5c fully franked final dividend, paid 28 September. The dividend reinvestment plan price is A$1.26 after a 5% discount; the dividend is not underwritten. Confirms the dividend announced with FY12 results.
19 Sept 2012drilling result▲ Good
Cooper Energy reports Butlers-6 (PEL 92, Beach 75% operator) found a 5m gross Namur oil column and will be cased as a producer. Windmill-1 exploration is added before Tinah-1.
18 Sept 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P) has reached 3,860m and cut a 24m core in the Epsilon Formation, now being evaluated. Drilling continues in the Patchawarra toward 4,130m. No results yet.
12 Sept 2012drilling progress report▲ Good
Senex reports Snatcher-7 (PEL 111, Beach 40%) cased as a future producer with 7.5m net oil pay, and Mustang-1 completed with production testing due. Snatcher-10 is next. Incremental progress on known fields.
