11 Nov 2011drilling spud● Neutral
Senex spudded Growler-9, the second well of the 11-well Western Flank program, targeting 1,850m depth in the Birkhead Formation. It follows Growler-6, cased as a future producer. Beach holds 40%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Nov 2011business combination● NeutralMajor
Having passed 50.1% of Adelaide Energy, Beach says it will ask ADE to call a meeting to remove all its directors and replace them with Beach directors Davis, Butler and Moretti. Moves from bid to taking board control.
11 Nov 2011director officer appointment▲ Good
Beach appoints Rod Rayner, a former Santos and AGL executive, as Group Executive for Strategic Business and External Affairs. He previously advised on Beach's $35m Tipton West CSG purchase, sold in 2009 for $400m.
11 Nov 2011business combination▲ Good
Beach lifts its relevant interest in Adelaide Energy to 55.31%, securing majority control under its 20c offer. The offer stays open to 22 December, and Beach again says a rival bid is unlikely.
11 Nov 2011business combination● Neutral
Beach formally requisitions a general meeting of Adelaide Energy to remove directors Dorsch, Hollingsworth, Hunt and Martin and appoint Butler, Davis and Moretti. Formal notice of the board-spill step announced in the supplementary bidder's statement.
10 Nov 2011investor presentation● Neutral
Steve Masters presents to a broker conference, repeating the Adelaide Energy 20c offer terms (about $94m, closes 22 December) and the Cooper Basin gas story, including the 2 Tcf contingent resource in PEL 218. Largely repeats known facts.
10 Nov 2011business combination▲ GoodMajor
Beach reaches 50.96% of Adelaide Energy, giving it majority control within four days of launching its 20c-a-share offer. The offer stays open until 22 December, and Beach says a rival bid is highly unlikely.
10 Nov 2011business combination● Neutral
Adelaide Energy's board notes few holders have sold, says it is adequately funded for twelve months, and points out that Beach's own 16.5c placement shares are missing from its VWAP figures. It says new PEL 218 data may affect value and still recommends no action.
9 Nov 2011business combination▲ Good
Beach's relevant interest in Adelaide Energy reached 49.62%, just short of a majority. Beach calls majority ownership inevitable and says no counter offer has emerged.
8 Nov 2011business combination▲ Good
Beach's relevant interest in Adelaide Energy rose to 48.36% at close of 8 November. Beach says it expects majority ownership soon and urges remaining holders to sell into the 20c offer.
8 Nov 2011business combination● Neutral
Adelaide Energy's board again recommends no action, says Beach's ability to withdraw is limited and any delisting needs ASX approval after the offer closes. It says the offer values its Nappamerri Trough assets at only about $600 an acre.
7 Nov 2011business combination▲ Good
Beach's relevant interest in Adelaide Energy jumped to 44.23% from 19.95% on the first day of its 20c offer. Beach says a counter-bid is now unlikely.
7 Nov 2011business combination● Neutral
Adelaide Energy's directors will not accept Beach's takeover offer for their own shares, and have begun looking at alternatives to maximise value for shareholders. First sign the target board is resisting the bid.
7 Nov 2011business combination▲ GoodMajor
Beach launches an unconditional on-market cash takeover for Adelaide Energy at 20 cents a share, valuing it at $94m. Beach already holds 19.95%; offer runs to 22 December. Beach says it removes Adelaide's funding concerns for its Nappamerri Trough gas work.
7 Nov 2011business combination● Neutral
Adelaide Energy's board says Beach's 20c offer undervalues the company, is appointing an independent expert, and recommends shareholders take no action until its Target Statement. Hardens the board's opposition to Beach's bid.
7 Nov 2011drilling result▲ GoodMajor
Drillsearch reports Basham-1 (PEL 91, Beach 40% operator) as a new oil discovery, with about 15m gross column and 4-5m net pay. Drillsearch estimates up to 3.5 million barrels oil-in-place (P50); the operator has not yet given a figure. It also hints at upside for Bauer.
7 Nov 2011drilling result▲ Good
Senex reports Growler-6, first of an 11-well program in PRL 15/PEL 104, found a 17m gross oil column with at least 6m net pay and was cased as a future producer. Beach holds 40% of the joint venture.
7 Nov 2011business combination● Neutral
Media release on Beach's 20c-a-share cash bid for Adelaide Energy ($94m). Beach flags about $200m of gross capital commitments over 18-24 months for unconventional gas in PEL 218 and ATP 855, and says it won't keep funding Adelaide. Repeats the main announcement.
3 Nov 2011joint venture update● Neutral
Strike Energy outlines a Cooper Basin program with two exploration wells in Q1 2012, one each in PEL 94 and PEL 95, to be operated by Beach. Strike's own 6.1 Tcf prospective gas estimate; Beach is operator and partner.
2 Nov 2011drilling progress report● Neutral
October drilling report: Bauer-2 and -3 cased as future producers, Basham-1 reached 1,979m, Growler-6 drilling, and Egypt's El Salmiya-1 spudded 14 October. Paralana-2 flow test results restated. Mostly repeats known results.
27 Oct 2011drilling spud● Neutral
Drillsearch reports Basham-1, the last exploration well of the 2011 PEL 91 program (Beach 40% operator), spudded 26 October. Targets up to 2.0 million barrels gross (high case); drilling expected to take 10-14 days.
25 Oct 2011investor presentation● Neutral
Beach COO Neil Gibbins presents at the Citi conference, restating 2P of 77 MMboe, FY12 production guidance of 7.5 MMboe, capex of $355.1m and 110 wells. It also cites 1.9 Tcf net contingent resource in PEL 218. Nothing new.
25 Oct 2011drilling result▲ Good
Drillsearch reports Bauer-2 found a 6.5m gross oil column with 3m clean Namur net pay, and it is cased as a future producer. All four Bauer wells are now suspended; a completion rig arrives in November, and a reserves update is expected.
21 Oct 2011annual report● Neutral
Beach's 2011 Annual Report repeats FY11 results already reported: underlying profit $41.4m, cash $173m, 2C resource up 96%, and the Impress acquisition. It also notes first Abu Sennan discoveries. AGM is set for 24 November.
14 Oct 2011drilling spud● Neutral
Amended release corrects the placeholder: Bauer-2 spudded at 7:30pm on 13 October 2011. Otherwise the same as the earlier release; drilling takes 8-10 days.
14 Oct 2011drilling spud● Neutral
Drillsearch announces Bauer-2, the final of three Bauer development wells in PEL 91 (Beach 40% operator), spudded. Drilling is expected to take 8-10 days. The spud time was left as a placeholder; corrected in the amended release.
13 Oct 2011investor presentation● Neutral
Beach's Melbourne investor presentation repeats known material: 2P 77 MMboe, 2P+2C 660 MMboe, FY12 guidance and the unconventional gas program. No new announcements are visible in the readable text, which is partly garbled.
13 Oct 2011flow test result▲ GoodMajor
Beach confirms gas and condensate flows at both Abu Sennan wells in Egypt (Beach 22%): GPZZ-4 about 2,000 boe/d gross, Al Ahmadi-1 about 2,900 boe/d gross. Tie-in to infrastructure within 10km is expected. This resolves the earlier wait for test results.
13 Oct 2011investor presentation● Neutral
Second part of the Melbourne presentation, covering Cooper Basin unconventional gas, the Holdfast and Encounter shale program and drilling plans. Text is largely garbled; it appears to repeat known facts, with nothing clearly new.
12 Oct 2011farm in farm out agreement▲ GoodMajor
Beach signed a deal with private Territory Oil and Gas to earn up to 90% of onshore Bonaparte Basin permits and up to 55% offshore. Firm commitment is up to $5m for surveys, up to $36m if drilling options are exercised. First phase is due by end-2012.