Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2011drilling progress report● Neutral
November report: Basham-1 found a minor oil column (cased and suspended) and Jaffa-1 in PEL 92 was a dry hole, ending a 25-well Beach-operated western flank program. Growler-6 and -9 cased as producers; Egypt's El Salmiya-1 and Al Jahraa-1 still drilling.
5 Dec 2011drilling spud● Neutral
Senex spudded Jaguar-1 on 2 December, first of six exploration wells in the 11-well western flank program (Beach 40%), targeting a TD of 1,850m. It is 2.3km north of Growler. Growler-6 and -9 appraisal wells were earlier successes.
2 Dec 2011business combination● NeutralMajor
Beach's relevant interest in Adelaide Energy rose to 90.1%, so it will compulsorily acquire the remaining shares after the 20c offer closes on 22 December. Adelaide shares will then be suspended and removed from the ASX. This follows the 71.46% stake reported on 18 November.
28 Nov 2011drilling result▲ Good
Operator Senex reports Growler-9 found a 17.5m gross oil column, thicker than expected, extending the Growler field (Beach 40%). Cased as a future producer, due online December 2011. Rig moves to Jaguar-1, the joint venture's first exploration well.
28 Nov 2011material agreement▲ GoodMajor
Partner Drillsearch says the PEL 106B joint venture (Beach 50% operator) signed a gas sale agreement with the Santos-led Cooper Basin group, interruptible to 30 April 2013. Middleton and Brownlow wet gas starts in December 2011; a five-well wet gas drilling campaign follows.
24 Nov 2011agm notice● Neutral
All six resolutions at the 24 Nov 2011 AGM passed, including the remuneration report (501.9m for, 38.6m against) and re-election of Butler, Davis and Robinson. Managing Director Reg Nelson's incentive rights were also approved. Routine governance.
24 Nov 2011agm notice▲ Good
Chairman's AGM address says Beach's strategy is to become the largest onshore gas producer. Shares hit a three-year high of $1.465, market cap over $1.5bn, and PEL 218 could hold up to 60 Tcf recoverable (a potential, not booked). Mostly routine.
22 Nov 2011production update▲ Good
Santos told Beach the Tantanna-Gidgealpa pipeline was back online at about 5,500 bopd, over two months ahead of Beach's initial expectations. Beach was considering trucking oil in early 2012 and planning a new Growler-to-Lycium oil pipeline.
22 Nov 2011production update▲ Good
Cooper Energy, Beach's 25% partner in PEL 92, says the Tantanna-Gidgealpa pipeline is reinstated, lifting JV oil output to about 5,500 bopd. Cooper raised its FY12 oil guidance 18% to 480,000 barrels.
18 Nov 2011business combination▲ GoodMajor
Adelaide Energy's directors now unanimously recommend accepting Beach's 20c offer absent a superior proposal, and intend to accept for their own shares. Beach's stake is 71.46%. Reverses the board's earlier no-action stance.
18 Nov 2011business combination▲ Good
Beach's Adelaide Energy stake reaches 79.91% at 18 November after the target board's recommendation. Beach says it will compulsorily acquire the remaining shares if it reaches 90% when the offer closes.
17 Nov 2011business combination▲ Good
Beach's relevant interest in Adelaide Energy passes 65%, at 65.53%, as acceptances continue. The 20c price is final and the offer closes 22 December unless extended or withdrawn.
16 Nov 2011investor presentation● Neutral
Conference presentation repeats known points: the final 20c Adelaide Energy offer (~$94m), 2P reserves of 77 MMboe, FY12 production guidance of 7.5 MMboe and capex of $355.1m across 110 wells. No new information.
16 Nov 2011business combination● Neutral
Chairman Bob Kennedy writes to Adelaide Energy shareholders urging them to accept the 20c offer, citing Beach's 62.25% holding, and attaches the bidder's statement. Repeats known arguments.
15 Nov 2011business combination● Neutral
Beach declares its 20c-a-share Adelaide Energy offer final, so the price will not be raised. Its stake stood at 62.25% at 14 November; offer still closes 22 December.
14 Nov 2011business combination● Neutral
Beach media release says it has requisitioned the Adelaide Energy meeting to remove the board, with its stake at 60.93% at 11 November close. The three proposed new directors are all Beach directors; offer closes 22 December.
14 Nov 2011business combination▲ Good
Beach's relevant interest in Adelaide Energy rises to 60.93% through continued on-market acceptances of its 20c offer, which closes 22 December unless extended or withdrawn.
14 Nov 2011business combination● Neutral
Adelaide Energy confirms receiving Beach's request for a meeting to remove all its directors and install Butler, Davis and Moretti. The meeting is expected no later than 11 January 2012, with notice within 18 days.
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%.
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.
