11 Sept 2012drilling progress report● Neutral
Icon says Halifax-1 (ATP 855P, Beach 60%) has reached 3,326m of a planned 4,130m and entered the Roseneath Formation. The first core is to be taken in the Epsilon. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2012farm in farm out agreement▲ GoodMajor
Beach signed a farm-in on 4 September for 30% of the Est Cobalcescu block, offshore Romania (Black Sea), with Melrose and Petromar. Cost is about US$8.4m in 2012 and an estimated US$24.8m over three years. Subject to Romanian approval; Beach's first Europe entry.
10 Sept 2012drilling result▲ Good
Cooper Energy reports Butlers-5 (PEL 92, Beach 75% operator) found an 8m gross oil column in the Namur Sandstone, higher than expected. It will be cased as a producer; Butlers-6 follows, then Tinah-1.
5 Sept 2012drilling spud▲ Good
Cooper Energy (25% partner) says a three-well campaign in PEL 92 (Beach 75% operator) has started, with Butlers-5 spudded 5 September to a planned 1,356m. Butlers-6 and an exploration well follow; the field is producing about 2,500 bopd.
5 Sept 2012resource reserve update▲ Good
Drillsearch repeats Beach's preliminary estimate of over 10 million barrels recoverable at Bauer (PEL 91, Beach 40%), against the 6.7 million barrels 2P audited by GCA in July. A fresh audit including Bauer-6, -7 and -8 is due by October 2012.
5 Sept 2012joint venture update● Neutral
Petratherm, operator of the Paralana geothermal JV (Beach 21%), has been invited to apply for about A$13m of ARENA grant money towards a nominal A$26m, two-year next stage including drilling Paralana 3. Application is due late September 2012; Petratherm is still seeking its own share of funding.
5 Sept 2012drilling progress report▲ GoodMajor
Beach's August drilling report repeats known results (Bauer-6/-7/-8, Tomcat-1 dry, Halifax-1 shale gas test) but adds a preliminary Bauer field estimate of over 10 million barrels recoverable (over 4 million net to Beach). Hoss-1 (WA-208P, Beach 10%) offshore was dry.
4 Sept 2012drilling progress report● Neutral
Icon says Beach-operated Halifax-1 (ATP 855P, Beach 60%) reached 2,878m and a drill stem test of an unexpected shallow Nappamerri sand flowed dry gas at about 0.2 MMscf/d, with no stable rate. The main REM target is still to be drilled to 4,130m.
30 Aug 2012drilling result▲ GoodMajor
Drillsearch reports Bauer-8 (PEL 91, Beach 40% operator) found 10m net Namur oil pay and will be cased as a producer, extending the Bauer field north. Two more appraisal wells are proposed by end 2012, and Drillsearch expects a further reserves increase.
30 Aug 2012investor presentation● Neutral
September investor presentation repeating FY12 results and FY13 guidance. Shows 2P reserves of 93 MMboe and 2C contingent resources of 466 MMboe, using a new unconventional booking method. Nil debt apart from the A$150m converts.
29 Aug 2012drilling result▼ BadMajor
Senex reports Tomcat-1 (PEL 111, Beach 40%) found a sand channel but no hydrocarbons and was plugged and abandoned. Mustang-1 (almost 2,500 bopd in testing) is being completed for production, and Snatcher-7 is now drilling.
28 Aug 2012other▲ Good
Media release summarising the FY12 results: record revenue A$619m and underlying profit A$122m. Management expects Western Flank oil to reach about 10,000 barrels a day by end of FY13. Repeats figures from the full-year report.
28 Aug 2012production update▲ GoodMajor
FY13 guidance: production of 8.5 to 9.0 MMboe (versus 7.5 in FY12) and capital spending of A$350-450m, including A$120-150m on unconventional exploration. Beach expects to fund this in full from cash flow, A$379m cash and its A$150m facility.
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.