Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2012drilling scheduled● Neutral
Partner Icon says Halifax-1 (ATP 855P, Beach 60% operator) spud slipped one day, to 2 August. It will be cored, fracture-stimulated and flow tested, with a contingent resource expected to be booked. Minor timing change.
1 Aug 2012drilling progress report▲ Good
July report: Encounter-1 flow test finished, with a maximum combined rate over 2 MMscf/d. Streaky-1 reached 3,821m with gas indicated. Bauer-5 and Mustang-1 oil results restated, Bauer-7 spudded, and Halifax-1 spud timing given.
1 Aug 2012director officer appointment● Neutral
Media release repeating Chairman Bob Kennedy's decision not to stand again at the 23 November 2012 AGM. He has chaired since 1995 and cited tenure guidelines. Adds his quotes only.
1 Aug 2012director officer appointment● NeutralMajor
Chairman Bob Kennedy, a director since 1991, will not seek re-election at the AGM expected 23 November 2012, citing governance guidelines on director tenure. Beach will run a formal process to find a permanent replacement.
30 July 2012other▲ Good
Media release repeating the quarterly results: FY12 production up 15% to 7.5 MMboe, revenue up 25% to A$618m. The MD expects a material rise in FY13 cash flow and profit. No new information.
30 July 2012quarterly activities report▲ Good
June quarter production was 2.1 MMboe; FY12 was 7.5 MMboe (up 15%, just above the 7.4 guidance) with revenue A$618.6m (up 25%). Cash was A$379m after the raising. Somerton sold into the Cooper bid for A$7.2m plus 17m shares.
30 July 2012drilling spud● Neutral
Partner Drillsearch reports Bauer-7 (PEL 91, Beach 40% operator) spudded 27 July as an oil development well, also drilled into the Birkhead to follow up Bauer-5. Also notes Santos's Olive Oyl-1 spud in ATP 299, where Beach holds no stated interest.
23 July 2012security holder rights change● Neutral
Certain 2011 employee rights lapsed unexercised. Issued capital stays at 1,255,464,157 shares, with the remaining options and rights listed. Administrative notice only.
23 July 2012drilling result▲ GoodMajor
Beach confirms Bauer-5 (PEL 91, Beach 40% operator) hit 6m net Namur oil pay, extending Bauer north-east, and a new Birkhead oil pool flowing 1,160 bopd on test. Likely material to 2P reserves, though the size is unquantified; cased as a producer.
23 July 2012drilling result▲ Good
Partner Drillsearch reports Bauer-5 (PEL 91, Beach 40% operator) made a new Birkhead oil discovery, testing 1,160 bopd from 5m net pay, plus 6m of Namur pay extending the field north-east. Described as likely material to 2P reserves; well to be cased as a producer.
17 July 2012drilling result▲ Good
Senex's release repeats the Mustang-1 discovery in PEL 111 (Beach 40%): a 4.5m gross oil column, 4.0m net pay, flowing at 2,484 bopd on test. Cased as a future producer. Same news as Beach's own announcement.
17 July 2012drilling result▲ GoodMajor
Mustang-1 (PEL 111, Beach 40%) is a new oil field discovery: 4.5m gross oil column, 4m net pay, flowing at 2,484 bopd on test. Cased as a future producer, with Tomcat-1 next. Adds to the Snatcher and Growler successes.
16 July 2012farm in farm out agreement● Neutral
Icon's release repeats Beach's announcement: Halifax-1 in ATP 855P is accelerated to a July 2012 vertical well. Beach funds the first A$16m, less Icon's A$1.75m contribution, to hold 60%. No new information.
16 July 2012farm in farm out agreement▲ GoodMajor
Beach and Icon bring forward ATP 855P unconventional gas with a vertical Halifax-1 well, now starting in July 2012 rather than a horizontal well in September. Beach funds the first A$16m, less Icon's A$1.75m, to hold 60%. This moves up the earlier Q3 timing.
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.
