Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2012other▲ Good
Beach announces it joins the S&P/ASX 100 index from 16 March 2012, citing a market capitalisation of about $1.7 billion. Management frames it as recognition of converting exploration into production. Confirms the index change; no operating news.
5 Mar 2012flow test result▲ GoodMajor
El Salmiya-1 in Egypt's Abu Sennan concession (Beach 22%) is the fourth straight discovery. It flowed a combined 5,600 boepd, including 17 MMscfd of gas from Abu Roash C. Commercial production awaits approvals. Salwa-1 and Hawalli-1 have reached total depth, with results being analysed.
5 Mar 2012drilling progress report▼ Bad
Strike reports Marsden 1 (PEL 95, Beach 50% operator) reached 1,908m of a planned 2,640m before heavy rain closed access roads and suspended drilling. Coring and logging resume once roads reopen. A weather delay to the unconventional program.
2 Mar 2012other▲ Good
S&P Indices' March rebalance lists Beach Energy as an addition to the S&P/ASX 100 from 16 March 2012. Senex and Drillsearch also appear among additions to other indices. Index change only, not a company operating event.
1 Mar 2012investor presentation● Neutral
Beach's March presentation to Citi and Goldman Sachs conferences repeats known points: 2P reserves of 77 MMboe at 30 June 2011, FY12 production guidance of 7.5 MMboe, and FY12 2P reserves likely to rise over 20% (about 95 MMboe, estimate only).
29 Feb 2012drilling result▲ Good
Drillsearch (PEL 106B partner, 50%) reports Coolawang-1 as a wet gas discovery. A test flowed 4.5 MMscfd with high-value liquids. The well is cased for extended testing and may be combined with the nearby Canunda field. Rig moves to Haslam-1 next.
29 Feb 2012drilling result▲ GoodMajor
Beach confirms Coolawang-1 (PEL 106B, Beach 50% operator) as a gas and liquids discovery, flowing 4.5 MMscfd from 2,656-2,661m with 50° API liquids. It is 2.3km from Canunda and could be developed with it if commercial. Extended production testing follows.
27 Feb 2012investor presentation▲ Good
Half-year results presentation repeats the reported figures: record underlying NPAT of $51.8m, sales revenue $294m (up 11%), liquids price $113/bbl. Highlights the Esso royalty deal, the 2 Tcf contingent gas booking, Bauer discovery and Adelaide Energy takeover. No new information.
27 Feb 2012half year report▲ GoodMajor
Half-year to 31 December 2011: revenue $294.6m (up 11%), net profit after tax $56.1m (up 164%). Interim dividend 0.75 cents fully franked, with a 5% discount on the dividend reinvestment plan. Confirms the guided profit lift, mainly from the Esso royalty deal and higher oil prices.
24 Feb 2012joint venture update● Neutral
Icon says a 425km 2D seismic survey is under way in ATP855P, finishing mid to late March. It lists interests as Icon 40%, Beach 60% including related companies. Drilling of a horizontal pilot well is expected to start in June. Icon's 20 Tcf recoverable figure is its own estimate.
22 Feb 2012drilling result▲ Good
Growler-8 appraisal well reached 1,843m with at least 18.5m net reservoir in the Birkhead Formation. It will be cased as a producer, online in March 2012. It extends the Growler oil field (Beach 40%), following Growler-7. The rig moves to Thunderchief-1.
21 Feb 2012drilling spud● Neutral
Strike says Beach, as operator of PEL 95 (Beach 50%/Strike 50%), will spud the Marsden 1 unconventional coal and shale well on 22 February, to 2,640m. Davenport 1 in PEL 94 follows back-to-back. Continues the Southern Cooper Basin unconventional evaluation.
16 Feb 2012other▲ GoodMajor
Beach expects first-half FY12 reported NPAT of $50-55m and underlying NPAT around $50m, against $18.5m underlying a year earlier. It cites the Esso royalty renegotiation, a roughly 30% higher oil price ($113/bbl), better Cooper access and the Tantanna pipeline. Second-half underlying NPAT is expected to be higher.
13 Feb 2012farm in farm out agreement● Neutral
Somerton Energy (Beach ~57%) gets options to take up to 18% of the onshore and 8.25% of the offshore Bonaparte Basin tenements, on the same terms as Beach's TOAG farm-in. Firm spend would be up to $1.5m on 2012 surveys. Beach's own firm commitment is up to $5m.
13 Feb 2012drilling spud● Neutral
Senex spudded Growler-8, the seventh well in the 11-well program, on 11 February (Beach 40%). It is an appraisal well 1,200m west of Growler-1 and will also test a possible lower Birkhead sand. Seven Growler wells are now on production.
10 Feb 2012flow test result▲ GoodMajor
Al Jahraa-1 in Egypt's Abu Sennan concession (Beach 22%) flowed oil at 835 bpd from the Abu Roash E zone and is called a commercial discovery. It follows GPZZ-4 and Al Ahmadi-1. Salwa-1 and Hawali-1, the last two wells of the six-well program, have spudded.
10 Feb 2012business combination▲ GoodMajor
Beach completed compulsory acquisition of the remaining Adelaide Energy shares, so it now owns all of the company. This concludes the takeover launched in November 2011 at 20c a share, giving Beach full ownership of the PEL 218 shale gas acreage.
9 Feb 2012drilling spud● Neutral
Coolawang-1, the third of four wet gas exploration wells in PEL 106B (Beach 50% operator), spudded 9 February. It targets the Patchawarra Formation to 2,825m, with high-case prospective recoverable gas of up to 19.6 BCF, and will take a 30m coal core.
6 Feb 2012drilling result▼ Bad
Spitfire-1 (PEL 104, Beach 40%) found an oil-water contact and recovered only 2.5 barrels of clean oil in testing. It was classed non-commercial and is being plugged. Senex sees follow-up drilling updip. Rig moves to Growler-8.
2 Feb 2012well test result▲ Good
Drillsearch reports all four Bauer wells and Hanson-1 in PEL 91 (Beach 40% operator) are completed. Initial one-hour tests: Bauer-1 6,048 bopd, Bauer-3 1,152 bopd, Hanson-1 763 bopd. Production facilities are targeted before the end of the June quarter 2012; independent reserves review is under way.
1 Feb 2012drilling progress report● Neutral
January report: Admella-1 (PEL 106B) flowed gas at up to 5.5 MMcfd but was sub-economic and is being plugged. Noosa-1 (ATP 633P) was dry. Parsons-4 tested at 7,600 bopd. Moonta-1 spudded 23 January in PEL 218; Encounter-1 fracture stimulation slipped to mid-February.
23 Jan 2012drilling spud● Neutral
Senex spudded Spitfire-1 on 20 January, the sixth well of the 11-well program and second of six exploration wells (Beach 40%). It is 2.5km west of the Growler field, targeting the Birkhead Formation to 1,830m.
19 Jan 2012material agreement▲ GoodMajor
Beach's Delhi subsidiary renegotiated its 2004 royalty with Esso Australia Resources (ExxonMobil). It becomes an annual payment on net cash flow, with a minimum $40m over five years plus a one-off $8m. Effective from 1 July 2011 to 31 December 2030; the underpayment claim is resolved.
18 Jan 2012drilling scheduled● Neutral
Strike outlines two unconventional wells: Marsden 1 in PEL 95 (Strike 50%) spuds in February, then Davenport 1 in PEL 94 (Strike 35%). Both are operated by Beach, with total cost of $5.5m, of which Strike pays about $2.5m. These are the first dedicated unconventional wells in these permits.
17 Jan 2012drilling result▲ Good
Growler-7 found a 20m gross oil column (at least 18.8m net pay), the thickest in the Growler field so far, and was cased as a producer due online early February (Beach 40%). Rig moves to the Spitfire-1 exploration well.
9 Jan 2012production update▲ GoodMajor
Beach produced first gas from Middleton in PEL 106B, its first operated gas production, sold under the gas sale agreement to the SACB JV. Rate is expected to reach 25 MMscf/d plus 1,250 bbl/d liquids; a five-well gas exploration campaign has started nearby.
9 Jan 2012drilling spud● Neutral
Senex spudded Growler-7, the fifth well in the 11-well western flank program, on 5 January (Beach 40%). It also reports Growler-9 on production from 6 January, taking seven Growler wells online, with Growler-11 being completed next.
9 Jan 2012production update▲ Good
Drillsearch reports wet gas from the Middleton Brownlow pilot in PEL 106B (Beach 50% operator) is flowing and being sold to the SACB JV. Initial rate is expected at 25 MMscf/d raw gas and 1,250 bbl/d LPG and condensate, above earlier expectations.
5 Jan 2012drilling spud● Neutral
Admella-1, the second of four wet gas exploration wells in PEL 106B (Beach 50% operator, Drillsearch 50%), spudded 4 January 2012. Targets the Patchawarra Formation, with high-case prospective recoverable raw gas of 19.6 BCF; drilling to 2,951m, 14-18 days.
4 Jan 2012drilling progress report● Neutral
December report: Baird-1 (PEL 106B) and Yaroomba-1 (Beach 46.95%) found no commercial gas or oil, and Jaguar-1 was dry. Growler-11 succeeded. Encounter-1 fracture stimulation due mid-late January; Moonta-1 in PEL 218 to spud mid-January.
