Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2012quarterly activities report▲ Good
March quarter production rose 15% to 2.0 MMboe and revenue 10% to A$157.1m. Net cash was A$56.5m before the raising proceeds, with cash about A$300m afterwards. Beach expects 2H12 underlying profit to exceed 1H12's A$52m.
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.
27 Apr 2012drilling result▼ Bad
Senex reports Tigercat-2 (PEL 104, Beach 40%) found only 1.6m of net oil pay, tested no oil, and will be plugged and abandoned. It is another dry result after the Growler successes. The rig moves to Snatcher.
26 Apr 2012capital raising announcement● NeutralMajor
Beach completes the retail entitlement offer, raising A$78.7m at A$1.40. Retail holders took only about A$10.5m; underwriters take the remaining ~48.7m shares. Total raising is A$345.3m. Shares are allotted 3 May and trade 4 May.
What it means for a shareholder
48.7m new shares at about A$1.62 to raise about A$78.7m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (619 at the issue price), your slice goes from 0.0000493% to 0.0000474% of the company. To keep it you'd need 24 more shares - about A$39 at the issue price.
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24 Apr 2012drilling result▲ GoodMajor
Moonta-1 in PEL 218 (Beach 100%) reached 3,810m and appears gas saturated across a Permian zone over one kilometre thick, per mud logs. Encounter-1 fracture stimulation is done. Streaky-1 is next; this follows the Moonta sidetrack.
20 Apr 2012business combination● NeutralMajor
Cooper Energy bid for Somerton Energy, in which Beach holds 56.22%, at about 21.8 cents per share (valuing Somerton at roughly A$31.5m). The offer needs 90% acceptance. Beach's board is considering its position and will announce it later.
20 Apr 2012other● Neutral
Icon Energy announces a five-well drilling plan. For Beach, it repeats that the first ATP 855P well (Halifax-1) on Rig 965 is expected in Q3 2012. Icon says Beach is farming in to earn 40%, on top of its 20%.
18 Apr 2012drilling spud● Neutral
Southend-1 spudded on 17 April in PEL 107 (Beach 40% operator, Drillsearch 60%), the fifth and final well of the western wet gas campaign. It targets the Patchawarra Formation to 2,912m, with a high-case prospective 20.79 BCF.
17 Apr 2012drilling result▲ Good
Strike reports preliminary Marsden 1 results (PEL 95, Beach 50%): 804m of Permian section with 43m net coal, and heavy hydrocarbons in mud logs. The well will be cased and suspended for later testing, and Davenport 1 is next. It is early, operator-reported data.
17 Apr 2012investor presentation● Neutral
Beach COO presentation at a Morgan Stanley shale forum, repeating known facts: 77 MMboe 2P, 660 MMboe including contingent resources, 2 Tcf booked in PEL 218. It adds Moonta-1 mud logs showing gas saturation and Streaky-1 next. No new announcement.
17 Apr 2012drilling spud● Neutral
Senex spudded the Tigercat-2 oil exploration well on 13 April in PEL 104 (Beach 40%), targeting 1,850m. It is the fourth of six planned oil exploration wells in the expanded 14-well campaign.
17 Apr 2012regulatory community update▼ Bad
Icon Energy says Beach has delayed delivery of Ensign Rig 965 to Q3 2012, so the first ATP 855P shale well will not spud this financial year. This pushes back the horizontal pilot previously expected by end H1 2012. Beach funds most of Icon's share of costs.
11 Apr 2012drilling progress report● Neutral
Strike reports Marsden 1 (PEL 95, Beach 50%) reached total depth at 2,625m. Logging starts shortly and results will follow. Continues the earlier coring preparation update.
11 Apr 2012drilling result▲ Good
Senex, operator with 60%, reports Growler-10 hit a 15.2m gross oil column and was cased as a future producer, its eleventh straight Growler success. Beach holds 40%. The rig moves to Tigercat-2, then Snatcher-4.
10 Apr 2012drilling result▲ GoodMajor
Partner Drillsearch reports Haslam-1 (PEL 106B, Beach 50% operator) is a wet gas discovery. A drill stem test flowed 3.0 MMscfd with liquids, and the well is cased for extended testing. It resolves the earlier 'being evaluated' status and may link to Middleton-Brownlow infrastructure.
5 Apr 2012resource reserve update▲ Good
Beach says that if it endorses the Senex Growler upgrade at year end, its net Growler reserves would rise by 1.3 MMbbl, against 0.9 MMbbl booked so far. It has not yet reviewed the operator's data. An independent review of all its reserves continues.
5 Apr 2012capital raising announcement▲ Good
Beach confirms it has received net A$260m from the institutional entitlement offer (A$114m) and the 3.95% convertible notes (A$146m). Retail offer is now put at about A$81m, closing 20 April. Funds go to Cooper Basin, Egypt and Tanzania spending over 2-3 years.
