Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Apr 2011drilling result▲ GoodMajor
Holdfast-1 is finished, with 353m of shale target intersected, in line with pre-drill estimates. Encounter-1 and Holdfast-1 are to be fracture stimulated and flow tested from mid May, with a resource addition likely after. The release says 'Q3 2010', likely a typo for 2011 (inference).
6 Apr 2011business combination▲ GoodMajor
Beach has completed the compulsory acquisition of the remaining Impress shares and now owns all of Impress. This follows the roughly 96% held after the takeover offer. It resolves the Impress takeover thread.
5 Apr 2011flow test result▲ Good
Extended production testing restarted at Canunda-1 in PEL 106B (Beach 50% operator). It flowed 3 MMscfd gas on an initial choke. Canunda is carried at 2.8 MMboe 2C by Drillsearch's auditor, though Beach books it as 2P.
5 Apr 2011drilling progress report▲ Good
Holdfast-1 reached total depth of 3,487m, shallower than the 3,625m prognosis. The shale target section is 353m thick, versus 393m at Encounter-1. ADE says it supports the potential for very large gas resources in the Nappamerri Trough.
5 Apr 2011investor presentation● Neutral
Sydney investor morning presentation repeating known figures: 66 MMboe 2P, FY11 guidance of about 7 MMboe, and total FY11 capital forecast of A$211.9m. It notes some Cooper capex may slip into FY12 because of access issues.
4 Apr 2011drilling result▲ GoodMajor
Parsons-4 found a 5.5m oil column, a second success after Parsons-3 (9m), which flowed over 5,000 bbl/d with no water. PEL 92 output should reach about 6,000 bbl/d gross. Beach expects to book additional Parsons reserves; the amount is being assessed.
1 Apr 2011drilling scheduled● Neutral
Drillsearch says Ensign #18 is moving to the Hanson-1 site in PEL 91 (Beach 40% operator, Drillsearch 60%). Drilling is expected to start in the second week of April, after 7-10 days of inspection and repairs. This is the first of five wells.
30 Mar 2011material agreement▲ Good
Beach says it secured Icon's court undertaking not to deal with the 40% interest Beach claims in ATP 855 until released by the Court. Trial is listed for the week of 18 July 2011. This protects Beach's position but does not settle the dispute.
29 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 98m coring to 3,374m, now in the Murteree. Coring in the hard Epsilon section was slow, with core jamming. The well is heading to its 3,625m target depth.
29 Mar 2011material agreement● Neutral
Icon says the Beach dispute is set for trial on 18 July 2011. Icon undertook not to deal with more than a 40% interest in ATP855P, and still denies Beach's claim and says it keeps 80%.
28 Mar 2011joint venture update▼ Bad
Petratherm says Paralana geothermal work is delayed at least four weeks by heavy rain, with equipment mobilisation now expected early May 2011. This pushes back the main stimulation previously expected from March. Beach holds 21%.
25 Mar 2011material agreement▼ BadMajor
Beach has started Federal Court proceedings against Icon over ATP 855. Beach asserts a current 25% entitlement plus an option over another 15%, from Icon's October 2009 acceptance of its offer. Icon disputes this. This escalates the dispute from the 18 and 21 March statements.
25 Mar 2011material agreement● Neutral
Icon confirms it has been served with Beach's proceedings and will defend them. It again denies Beach holds any legal or beneficial interest in ATP855P. No new facts beyond the existing dispute.
25 Mar 2011drilling scheduled▲ GoodMajor
A 840 sq km 3D seismic survey has started in the Durresi Block, offshore Albania, ahead of drilling in 2012. Beach pays 50% of costs for 25% interest, in exchange for an option to take 50% after reviewing the data.
24 Mar 2011dividend declaration● Neutral
Details of the 0.75c fully franked interim dividend, paid 1 April. The dividend reinvestment plan issue price is 83.6 cents, a 5% discount. This confirms terms already announced with the half-year result.
22 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 85m coring/drilling to 3,276m after the rig resumed on 16 March following the fuel delay. Coring continues through the shale sequence toward the 3,625m target; logging planned by early April.
21 Mar 2011material agreement▼ Bad
Icon says no final farmin terms were agreed with Beach and that it keeps its 80% of ATP 855P. It denies Beach's claimed 25% entitlement. This contradicts Beach's 18 March position and deepens the dispute.
18 Mar 2011material agreement▼ BadMajor
Beach is in dispute with Icon over ATP 855P. Beach says it holds a current 25% interest, with an option to earn up to 40%. Icon says Beach has no interest. This puts Beach's earn-in next to its PEL 218 shale acreage in question.
15 Mar 2011drilling progress report▼ Bad
Holdfast-1 weekly report: only 31m drilled to 3,181m, as the rig shut down waiting on fuel and weather closed access roads. Coring is to resume later after drilling ahead in the Epsilon. Target depth remains 3,625m.
9 Mar 2011investor presentation● Neutral
Presentation at a Perth-area conference repeating known themes: 66 MMboe 2P, about 7.0 MMboe FY11 guidance, GLNG talks and a shale resource booking anticipated in 2011. No new information.
8 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 91m cored in the week, all in the Roseneath shale, reaching 3,150m, with core recoveries of 88-100%. Coring continues through the target interval, which is planned over most of it.
7 Mar 2011drilling result▲ GoodMajor
Parsons-3 found a 9m oil column in the Namur sandstone, the first well of the Western Flank program. Parsons-4 is next. The two Parsons wells should lift PEL 92 output from 4,700 to about 6,000 bbl/d. The program could add up to 6 MMbbl, about 9% of reserves.
7 Mar 2011investor presentation● Neutral
London conference presentation repeating the same material as earlier investor presentations: 66 MMboe 2P, about 7.0 MMboe FY11 guidance, GLNG talks and shale gas plans. No new information.
4 Mar 2011investor presentation● Neutral
Conference presentation to investors in New York repeating known themes: 66 MMboe 2P, FY11 guidance of about 7.0 MMboe, GLNG gas talks, and a shale resource booking anticipated in 2011. No new information.
2 Mar 2011investor presentation● Neutral
Half-year results presentation repeating the reported figures: A$179m cash, no debt, FY11 production guidance of about 7.0 MMboe excluding Impress. Reserves are still quoted at 66 MMboe 2P, with Santos's +12 MMboe net not included.
2 Mar 2011drilling progress report▲ Good
February drilling report: Parsons-3, the first Western Flank well, found a 9m oil column. Cook field's five-well program all succeeded. Holdfast-1 is coring, and early Encounter-1 core results show organic content comparing well with US shale plays.
1 Mar 2011business combination● Neutral
Beach lodged the compulsory acquisition notice for remaining Impress shareholders who did not accept the offer that closed 21 February. This is the formal step toward Beach owning 100% of Impress, as previously flagged.
1 Mar 2011resource reserve update▲ GoodMajor
Senex lifted gross 2P reserves at the Growler and Snatcher fields to 7.9 MMbbl, 3.1 MMbbl net to Impress (now Beach). Ten wells are planned there. Beach has not yet assessed the figures independently and will do so at financial year end.
1 Mar 2011drilling progress report▲ Good
Holdfast-1 weekly report: drilled to 3,059m, 454m in the week, and cut the first core in the target Roseneath shale, whose top came in 36m high. Gas shows are similar to Encounter-1. Coring continues through the target interval.
28 Feb 2011half year report▼ Bad
Half-year to 31 Dec 2010: net loss A$87.6m, driven by the BMG write-down, against underlying profit of A$18.6m. Revenue rose 2% to A$265.5m. Beach declared a 0.75c fully franked interim dividend, with record date 11 March, and remains debt free.
