Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2006drilling result▼ BadMajor
Tennyson-1's second test flowed only about 37,000 cubic feet a day of gas, which was judged uneconomic, so the well is being plugged and abandoned. It is a dry hole for Beach, which was funding it to earn 50%. Great Artesian says Middleton-1 and Udacha-1 tests start later this month; a Cooper Basin oil drilling program from mid-October is also outlined.
23 Aug 2006drilling progress report● Neutral
Great Artesian report: Tennyson-1 logs show a possible gas-bearing sand at 2,695-2,706 m in the Patchawarra. A second test (DST-2) is expected on 24 August. No result yet.
22 Aug 2006drilling progress report● Neutral
Great Artesian report: Tennyson-1 reached its planned total depth of 2,860 m on 21 August and wireline logs are being run. Zones with elevated gas readings will be assessed. No result yet.
22 Aug 2006drilling progress report● Neutral
Weekly report: Tennyson-1 reached 2,860 m; DST 1 recovered only gas-cut mud, and a second test is set for 24 August. Kenmore-39 found 3 m of oil pay and flowed 2,400 bopd in a clean-up. Kenmore-35 is producing 180 bopd; Tipton West has 39 of 75 wells done.
21 Aug 2006drilling progress report▼ Bad
Great Artesian report: Tennyson-1's first test (DST-1) at about 2,722-2,724 m produced no gas to surface, only gas-cut muddy water and 6 barrels of fluid. Drilling continues to total depth, with other gassy zones to be logged.
18 Aug 2006drilling progress report▲ Good
Tennyson-1 at 2,724 m in the Patchawarra hit a sand with elevated gas readings and fluorescence. A drill stem test (DST #1) will be run over the weekend. Result pending.
17 Aug 2006resource reserve update▲ GoodMajor
Independent audit lifts Basker-Manta proved-plus-probable oil reserves 33% to 39.2 million barrels; with gas and condensate contingent resources, total is 118 mmboe, up 240% from 49.3. Capital cost now A$330m; oil production of 25,000 bopd expected mid-October.
17 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 2,575 m in the Patchawarra, drilling ahead to total depth while evaluating all reservoirs. No result yet.
16 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 reached the top of the Patchawarra at 2,474 m and is pulling out for a bit change. No result yet.
15 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 2,310 m in the Nappamerri Formation, nearing the Patchawarra target. Routine progress.
15 Aug 2006drilling progress report● Neutral
Weekly report: Tennyson-1 at 2,289 m; Kenmore-39 spudded 11 August, at 1,118 m. Sellicks-2 connected, stabilised at 250 bopd, expected to exceed 500 bopd after artificial lift by end August. Tipton West 35 of 75 wells done.
14 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 2,071 m, drilling ahead in the Hutton Sandstone toward the Patchawarra. Routine progress.
11 Aug 2006farm in farm out agreement▲ GoodMajor
Anzon, Beach's 50% Basker-Manta partner, agrees to earn 15% of New Zealand permit PEP 38259 by funding part of the Cutter-1 well. Beach is listed with 20%, though the announcement does not say when it acquired this. Ocean Patriot will drill around October; subject to documentation.
11 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 1,052 m, drilling ahead in the Allaru Mudstone toward the Patchawarra. Routine progress.
10 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 956 m, waiting on cement after setting surface casing. Routine, no new result.
9 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 956 m, pulling out to run 9 5/8 inch surface casing. Routine progress, no new result.
8 Aug 2006drilling result● Neutral
Weekly report: Callawonga-1 completed in the Namur and flowed 2,640 bopd on a 2-hour clean-up; rig released. Kenmore-38 had no net pay and was plugged and abandoned (dry). Kenmore-39 due to spud ~10 August; Tipton West has 31 of 75 wells completed.
8 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 868 m drilling surface hole, with casing planned at 950 m. No new result.
7 Aug 2006drilling spud● Neutral
Tennyson-1 spudded 6 August in PEL 106, Beach operating and funding it fully to earn 50% under the May 2006 farm-in. Targets Patchawarra, likely gas/condensate; in-place estimate 2-15 bcf; planned depth 2,840 m. First of three wells plus 3-D seismic.
2 Aug 2006resource reserve update▲ GoodMajor
Cooper reports Callawonga-1 cased as a future Namur oil producer, with P50 recoverable of 1.6 million barrels (100% basis), range 1.1-2.3. Production expected mid-4Q2006. Snowden-1 and Somerton-1 follow. Beach 75% operator.
2 Aug 2006resource reserve update▲ Good
Cooper Energy, Beach's 25% partner in Callawonga, put its own P50 estimate for Callawonga-1 at 1.6 million barrels (0.4 million its share), lifting its discovered reserves 50% to about 1.2 million barrels. It expected production in the final quarter of 2006 and Snowden-1 to spud in about three weeks.
1 Aug 2006drilling result▲ Good
Weekly report: Callawonga-1 reached 1,936 m with about 8 m net oil pay; most likely recoverable 1.5 million barrels (range 1.0-2.1). 3-D seismic planned Nov-Dec. Kiana-1 flowing 500 bopd; Tipton West 25 wells completed.
28 July 2006drilling progress report● Neutral
Cooper reports Callawonga-1 at 1,713 m. Oil shows persist to 1,351 m, possibly a 10 m oil column pending logs. The Hutton was entered at 1,638 m with no shows. Beach 75%.
26 July 2006drilling result▲ GoodMajor
Beach announces a new oil field discovery at Callawonga-1, about 7 km from Christies facilities. The Namur test flowed 2,400 barrels a day with no water. Beach holds 75% and is operator.
25 July 2006drilling progress report▲ Good
Cooper reports Callawonga-1 at 1,346 m with oil shows in good sands at the top of the Namur. An open-hole production test over 1,342-1,346 m is next. Beach 75%.
25 July 2006drilling progress report▲ Good
Weekly report: Callawonga-1 oil shows in Namur, test pending. Kenmore-37 found about 4-5 m net oil pay, to come online mid-August. Kenmore-38 next. Tipton West still 22 wells completed.
20 July 2006drilling spud● Neutral
Cooper reports Callawonga-1 spudded 19 July and was at 160 m. Namur target expected in about 5 days. Beach 75% operator.
18 July 2006drilling progress report● Neutral
Weekly report: Callawonga-1 still delayed by wet weather. Kenmore-37 spudded 15 July and was drilling at 860 m. Revenue-1 cased and suspended, with testing in August. Tipton West has 22 of 75 planned wells completed.
17 July 2006drilling progress report● Neutral
Cooper reports Callawonga-1 spudding is delayed by road closures from heavy rain, expected within days. Beach 75%.
12 July 2006drilling scheduled● Neutral
Cooper says Callawonga-1 in PEL 92 will spud 14 July, targeting the Namur and Hutton sandstones to 1931 m. P50 prospect recoverable is 1 million barrels in Namur and 0.7 million in Hutton; 32% chance of success. Beach 75% operator.
