Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 June 2011regulatory community update● Neutral
Petratherm, a Paralana partner (Beach 21%), says the main Paralana 2 fracture stimulation is scheduled for the first week of July, ending a delay from equipment availability. The target is to detect microseismic events beyond 500 metres. Third-party update, not a Beach release.
21 June 2011drilling result▲ GoodMajor
Snellings-1 in PEL 91 is a second new oil field discovery in the five-well campaign (Beach 40% operator, Drillsearch 60%). A 2-hour test recovered 31.5 bbl of oil; extent of the oil column is uncertain, so side-wall cores are being taken. Online expected Q4 2011. Ensign #18 moves to Arno-1.
15 June 2011investor presentation● Neutral
Managing Director Reg Nelson's UBS conference presentation repeats known themes: Western Flank oil, the Impress deal (7.9 MMbbl gross reserves), PEL 218 shale gas in place of 40-80 Tcf, and a resource booking expected in 2011. No new results in the readable text.
14 June 2011drilling progress report● Neutral
Stimulation of Holdfast-1 in PEL 218 began over the weekend, the first shale-targeted flow stimulation at depth in the Cooper Basin. Expected to finish within two weeks, with flow testing from early July. Repeats the timetable already given.
8 June 2011drilling progress report● Neutral
Beach is rigged up and ready to stimulate the Holdfast-1 shale gas well in eight stages over about two weeks, first flow results early July. Encounter-1 is delayed by a stuck work string, but the early 2012 pilot program is unaffected. Resource addition still expected July/August.
6 June 2011drilling spud● Neutral
Snellings-1 spudded 6 June, the second of five PEL 91 wells (Beach 40% operator, Drillsearch 60%). Gross prospective resource is 430,000 bbl mean, up to 1.0 million bbl high side. Drilling expected to take 10-14 days.
3 June 2011drilling result● Neutral
Drillsearch reports Hanson-1 cased and suspended as a future Namur oil producer, up to 1 million bbl gross recoverable. The Birkhead test recovered only trace oil. Ensign #18 moves to Snellings-1. Confirms earlier results.
1 June 2011security holder rights change● Neutral
Of the 2007 executive options, 2,258,977 vested on pro-rata performance and 1,505,981 lapsed unexercised. Other options and rights remain on issue. Routine incentive plan administration.
1 June 2011drilling progress report● Neutral
May report: Parham-1 and Stenhouse-1 in PEL 92 were dry and abandoned, ending the run of Western Flank successes; Turton-1 is drilling. Hanson-1 discovery made, Birkhead test recovered only trace oil. ZZ-4 hit stuck tools. PEL 218 completions installed.
31 May 2011other● Neutral
Strike Energy outlines its stakes in PELs 94, 95 and 96 in the Southern Cooper, with drilling planned late 2011 or early 2012. Beach operates PELs 94 and 95. A third-party update; no new Beach result.
30 May 2011drilling result▲ GoodMajor
Hanson-1 is a new-field oil discovery with a 7m oil column (5m net pay), up to 1 million bbl gross recoverable. First success of the five-well PEL 91 campaign; online expected Q3 2011, by truck. Beach has 40%.
30 May 2011drilling result▲ Good
Drillsearch (60% of PEL 91) re-reports Beach's Hanson-1 discovery: 7m oil column, up to 1 million bbl gross recoverable, online in Q3 2011. Adds Birkhead oil shows over 24m under evaluation. No new facts versus Beach's release.
27 May 2011director officer appointment▲ GoodMajor
Beach appointed Belinda Robinson, outgoing chief executive of APPEA, as an additional independent non-executive director, effective immediately. She joined the existing board of six, taking it to seven.
23 May 2011drilling spud● Neutral
Hanson-1 spudded 21 May, the first of five PEL 91 wells (Beach 40% operator, Drillsearch 60%). It ends the Ensign #18 repair delay. Mean prospective resource is 820,000 bbl, up to 2.0 million bbl high side; drilling takes 10-14 days.
19 May 2011drilling scheduled● NeutralMajor
Beach will start fracture stimulation of Holdfast-1 in early June, then Encounter-1, with up to two weeks each. A resource booking is now targeted for July/August 2011. Pilot production wells slip to early 2012, driven by equipment availability.
19 May 2011other● Neutral
Adelaide Energy (10% of PEL 218) repeats Beach's timetable: Holdfast-1 fracturing early June, Encounter-1 after, flow tests of at least about 3 weeks. It expects a contingent resource booking in Q3 and a horizontal well in early 2012. Its free carry is nearly used up.
10 May 2011other▼ Bad
Cooper Energy (25% of PEL 92) update, not a Beach announcement. PEL 92 is trucking 2,400 bbl/d from Tantanna to Moomba while the Santos pipeline is shut. Long-term fix is undecided, so Beach's Western Flank oil export remains constrained.
4 May 2011other● Neutral
Adelaide Energy (10% of PEL 218) relays that tubing completions have started on Encounter-1 and Holdfast-1 for up to eight-zone fracture stimulation, expected to begin later in May. Confirms the known plan; no new result.
4 May 2011investor presentation● Neutral
Conference presentation repeating known points: FY11 guidance cut to 6.5 MMboe, 2P 66 MMboe and 363 MMboe with contingent resources (June 2010), GLNG supply talks of 750 PJ (Beach 152 PJ). No new announcements apparent in the readable text.
4 May 2011drilling progress report● Neutral
April drilling report: Butlers-2 and Butlers-3 cased as oil producers, rig moved to Parham-1. Canunda-1 is shut in for pressure build-up after 100 MMscf gas and 15 kbbl condensate. PEL 218 completions started. ZZ-4 in Egypt is at 4,661m. Paralana stimulation delayed again.
28 Apr 2011quarterly activities report▼ BadMajor
March quarter production fell 9% to 1.52 MMboe, mainly from flood and weather impacts; revenue A$122.3m, cash A$160.6m. FY11 production guidance cut from about 7.0 to 6.5 MMboe, partly due to the Tantanna pipeline shutdown. Impress acquisition completed; Sundance shares part-sold for A$8.7m.
27 Apr 2011drilling result▲ Good
Butlers-3 in PEL 92 hit a 3m oil column, the fourth well of the 2011 campaign and a further success at Butlers. Cased and suspended for later tie-in; Cooper Energy says production and reserve impact is still to be assessed. Beach holds 75%.
21 Apr 2011joint venture update● Neutral
Canunda-1 extended testing finished, producing over 12,000 bbl of condensate gross in 12.5 days, better than expected. The well is shut in for pressure evaluation. Separately, Ensign #18 needs another 2-3 weeks of repairs before Hanson-1 can spud, at no cost to the joint venture.
19 Apr 2011farm in farm out completion▲ GoodMajor
Beach's 22% interest in the Abu Sennan concession in Egypt is now finalised, with the Minister of Petroleum signing the Deed of Assignment. Kuwait Energy holds 50% as operator and Dover 28%. The first of six planned wells is drilling at 4,055m.
19 Apr 2011production update▼ Bad
A Santos-operated pipeline between Tantanna and Gidgealpa is interrupted over integrity concerns. Beach's own pipeline from PEL 92, about 6,000 bbl/d gross, is still operating. Beach has started trucking oil to Moomba meanwhile. Western Flank drilling targets a net 6 million barrel reserve increase.
13 Apr 2011drilling result▲ GoodMajor
Butlers-2 found a 5m oil column, the third success from three wells in the 16-well Western Flank program. It should lift recoverable Butlers oil by about 1.5 million barrels gross, subject to remapping. Online around mid-July.
12 Apr 2011drilling scheduled● Neutral
Drillsearch says Ensign #18 is on location at Hanson-1 and spudding is expected in the third week of April. The five PEL 91 wells (Beach 40% operator) target a combined mean of 3.5 million barrels gross unrisked, up to 7.5 million on the high side.
12 Apr 2011drilling progress report● Neutral
Final Holdfast-1 report: 7-inch production casing was landed at 3,483.2m and the rig was released on 8 April 2011. No further drilling; fracture stimulation planned next.
6 Apr 2011drilling progress report▲ Good
March drilling report: Parsons-3 flowed over 5,000 bbl/d. Parsons-4 found 5.5m of oil pay. Holdfast-1 reached 3,487m with 382m of core in the month. The Canunda test restarted and ZZ-4 in Egypt was at 3,598m. Paralana is delayed by rain.
6 Apr 2011other● Neutral
Adelaide Energy, holding 10% of PEL 218, points shareholders to Beach's presentation and Holdfast-1 results. It highlights a material resource booking anticipated in 2011. It adds no new information.
