Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 Oct 2011quarterly activities report▲ Good
September quarter: production rose 8% to 1.7 MMboe, revenue up 39% to $151.4m, net cash $146.8m (from $173.3m). Settled the ATP 855P dispute (Beach to get 40%) and booked 2 Tcf in PEL 218. Western Flank pipelines planned; Growler back online.
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 2011agm notice● Neutral
Notice of Beach's 50th AGM on 24 November 2011 in Adelaide. Items include the remuneration report, re-election of Butler and Davis, election of Robinson, and incentive rights for Managing Director Reg Nelson.
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.
12 Oct 2011well test result▲ Good
Petratherm reports the Paralana 2 flow test finished 10 October after seven days, producing 1.28 million litres at 1-6 litres/sec, with bottom-hole temperature of 171°C as expected. Final conclusions are weeks away. Beach holds 21%.
10 Oct 2011drilling result▲ Good
Drillsearch reports Bauer-3 (PEL 91, Beach 40% operator) found 10m gross column with 3.5m clean Namur net pay, being cased as a future producer. Follows Bauer-4's success; Bauer-2 spuds within a week, and a reserves update is expected to be positive.
10 Oct 2011other● Neutral
Amended Appendix 3B: 4,508,221 shares issued at $1.154 under the dividend reinvestment plan, tied to the September dividend. Administrative; total quoted shares shown as 1,107,635,932.
6 Oct 2011regulatory community update▲ Good
Petratherm says Paralana 2 began flowing on 3 October, bringing hot water and steam to the surface for the first time. The test continues; early findings are promised after completion. Power production is targeted by end of 2012. Beach holds 21%.
5 Oct 2011capital raising announcement▲ GoodMajor
Adelaide Energy shareholders rejected the option grant to Beach, so Beach instead took 59.5m ADE shares at $0.165 (about A$9.8m). This lifts Beach's stake to about 19.95%. ADE is Beach's 10% partner in PEL 218.
5 Oct 2011drilling progress report▲ Good
September report: Butlers-4 and Bauer-4 (17m column, 14m net pay) were suspended as producers, and Bauer-3 is next. Three Santos gas wells were cased. Paralana 2 is being flow tested. Egypt's Al Ahmadi-1 is a second discovery; ZZ-4 testing is complete, with results awaited.
4 Oct 2011drilling spud● Neutral
Drillsearch reports Bauer-3, the second of three Bauer development wells in PEL 91 (Beach 40% operator), spudded 3 October. Drilling is expected to take 8-10 days.
30 Sept 2011drilling result▲ Good
Drillsearch reports Bauer-4 found a 17m gross column with 14m clean net pay, well above pre-drill estimates. It is cased as a future producer. Drillsearch expects a positive effect on recoverable oil once the remaining wells are evaluated. Bauer-3 is next.
28 Sept 2011investor presentation● Neutral
Petratherm and Beach presented a Paralana project update to the Adnyamathanha Traditional Lands Association board, mainly covering the fracture stimulation results. Community consultation material; nothing new to the project.
28 Sept 2011regulatory community update● Neutral
Petratherm says the Paralana 2 flow test has begun with equipment mobilising to site. It will run 7-14 days to measure flow, temperature and brine chemistry. Beach holds 21%.
