Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2012capital raising announcement● Neutral
Retail offer booklet: eligible holders can buy 1 new share per 8 held at $1.40, closing 20 April 2012, to raise about $78m. Entitlements cannot be traded and lapse if unused. Repeats terms already announced, including the $150m notes at 3.95%.
4 Apr 2012capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand, and other ineligible holders, that they cannot join the retail entitlement offer. Notes the institutional part raised about $117m and retail about $78m. Administrative notice.
4 Apr 2012drilling progress report● Neutral
March report: Salwa-1 and Hawalli-1 in Egypt were plugged and abandoned with no significant hydrocarbons, ending the six-well campaign. Haslam-1 reached 2,913m. Encounter-1 fracture stimulation moves to late April. Moonta-1 needed a sidetrack. Bullamakanka-1 was dry.
4 Apr 2012resource reserve update▲ Good
Senex, Beach's 60% partner and operator, reports certified reserves at Growler up 90% (2P) after the drilling success. Senex's net 2P rose 27% to 8.1 MMbbl. This is the operator's figure, not Beach's own booking.
30 Mar 2012joint venture update▲ Good
Senex and Beach add three appraisal wells (Growler-10, Snatcher-4 and -5) to take the campaign to 14 wells. Growler-10 spudded 27 March. Snatcher oil field, offline since the January 2010 flood, is due to restart production in April. Beach holds 40%.
29 Mar 2012capital raising announcement▲ GoodMajor
Beach completes the institutional offer, raising about A$117m at A$1.40, and prices A$150m of five-year convertible notes at 3.95%, convertible at A$2.00. Both were heavily oversubscribed per management. A retail offer of about A$78m follows, closing 20 April.
27 Mar 2012capital raising announcement● Neutral
Preliminary offering circular for Beach's convertible notes, sold outside the United States via Citi, Goldman Sachs and Macquarie. Coupon, size and conversion price are still blank; Beach's last close was A$1.575. Final terms follow on pricing.
27 Mar 2012investor presentation● Neutral
Investor presentation supporting the A$345m entitlement offer and convertible note raise announced the same day. Presentation text is mostly legal notices in the extract; the raise terms are covered in the main announcement.
27 Mar 2012capital raising announcement● NeutralMajor
Beach launches a A$345m raise: a fully underwritten 1-for-8 entitlement offer at A$1.40 (about A$195m, 11.1% discount to last close) plus about A$150m of convertible notes due 2017. Funds capex over 2-3 years across Cooper Basin, Egypt and Tanzania.
27 Mar 2012capital raising announcement● Neutral
ASX circular restating the timetable for Beach's fully underwritten 1-for-8 entitlement offer at $1.40 (about $195m) and the planned $150m convertible notes. Retail offer closes 20 April 2012. Administrative notice, nothing new.
27 Mar 2012drilling result▼ BadMajor
Senex reports Thunderchief-1, the next exploration well after Growler's successes, was plugged and abandoned with minor oil shows and poor reservoir in the target. Beach holds 40% of PEL 104. The rig moves to Growler-10.
23 Mar 2012dividend declaration▲ Good
Beach paid its interim dividend of 0.75 cents per share, fully franked, on 23 March 2012. The dividend reinvestment plan issue price was $1.430 after a 5% discount. The dividend was not underwritten. Confirms the dividend flagged with the half-year result.
21 Mar 2012drilling spud● Neutral
Haslam-1, the fourth well of the PEL 106B wet gas program (Beach 50% operator), spudded 20 March, targeting the Patchawarra to 2,828m. High-case prospective recoverable gas is 19.6 BCF. It follows the Coolawang-1 discovery and will core up to 30m.
13 Mar 2012production update▲ GoodMajor
First Egyptian oil from Beach's 20% North Shadwan concession, from the NS377 field, initially restricted to about 1,000 bopd by pipeline. Trucking is expected in Q2 2012, and a second field (NS385) could lift output to 5,000 bopd gross by Q1 2013.
7 Mar 2012drilling progress report● Neutral
February report: Encounter-1 fracture stimulation (PEL 218) slips again, to early April. Moonta-1 at 2,924m, waiting on weather. Coolangatta-2 (ATP 633P) was dry. Spitfire-1 plugged as sub-commercial. Growler-8 cased as producer. Salwa-1 and Hawalli-1 reached total depth.
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.
