Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2023quarterly activities report▼ BadMajor
December quarter production fell 8% to 4.8 MMboe; revenue rose 1% to $408m. Perth Basin net 2P reserves cut 11% (10.6 MMboe) after the Waitsia drilling campaign, with no impairment. Waitsia Stage 2 contractor agreements described as imminent after Clough's administration.
31 Jan 2023other● Neutral
Notice of a conference call on 31 January 2023 to discuss the December 2022 quarterly report. No new information.
9 Dec 2022business combination● Neutral
Warrego, the Perth Basin explorer Beach had bid for, says Beach will not match Hancock's $0.28 per share takeover offer. Warrego's board withdrew its Beach recommendation and now backs Hancock, ending Beach's pursuit.
9 Dec 2022business combination● NeutralMajor
Beach decided not to match Hancock's revised $0.28 per share bid for Warrego, ending its pursuit. It will instead put more exploration capital into its existing Perth Basin acreage, which holds 574 PJ of 2P reserves net to Beach.
6 Dec 2022contract award▼ BadMajor
Clough, the engineering and construction contractor for the 250 TJ/day Waitsia Stage 2 gas plant, entered voluntary administration. Beach and operator Mitsui say they will work with the administrator to keep the project progressing. Possible risk to the H2 2023 LNG start; impact not stated.
5 Dec 2022business combination▼ BadMajor
Hancock lifted its takeover offer for Warrego from $0.23 to $0.28 per share, which Warrego's board judged superior to Beach's $0.25 counterproposal. Beach gets a new 5-business-day matching window to 12 December. Bidding is escalating.
2 Dec 2022business combination● Neutral
Warrego confirmed Beach raised its upfront cash offer from $0.20 to $0.25 per share, with Spanish asset sale proceeds still shared. Its board will consider it and told shareholders to take no action on either offer.
2 Dec 2022business combination● NeutralMajor
Beach used its matching right, countering Hancock's $0.23 with $0.25 cash per share plus any net Spanish asset sale proceeds. Other terms are unchanged, and Beach's board says it beats the Hancock bid.
1 Dec 2022business combination▼ BadMajor
Warrego's board judged a $0.23 per share off-market takeover from Hancock Energy a superior proposal to Beach's $0.20 scheme, and started Beach's 5-business-day matching right period, ending 8 December. Beach's deal is now contested.
28 Nov 2022business combination● Neutral
Warrego defended its board's recommendation of Beach's $0.20 cash scheme against criticism from Strike Energy, whose all-scrip offer it valued at $0.194. It says Beach first offered $0.17 on 25 October. The board can change its recommendation if a superior proposal appears.
16 Nov 2022other● Neutral
Chairman and CEO addresses and slides for the 16 November AGM. Chair stresses gas's role in energy security and that Waitsia start-up is targeted for late 2023. Extract shows no new results.
14 Nov 2022business combination▲ GoodMajor
Beach signed a binding Scheme Implementation Deed to buy Warrego at $0.20 cash per share plus any net Spanish asset sale proceeds, with Warrego board support. Funded from existing debt and cash, with no financing condition. Completion targeted 8 March 2023. Converts the 11 November proposal into a binding deal.
14 Nov 2022business combination● Neutral
Warrego said it signed a Scheme Implementation Deed with Beach at $0.20 cash per share, a 36% premium to its 1-month VWAP, plus any Spanish asset sale proceeds. Warrego's board unanimously recommends it absent a superior proposal. Beach holds a matching right; booklet expected January 2023.
11 Nov 2022asset acquisition disposition● NeutralMajor
Warrego Energy disclosed a non-binding offer from Beach to buy all its shares by scheme at $0.20 cash each, plus any net proceeds if its Spanish assets sell within 12 months. Warrego granted due diligence. Warrego holds 50% of the Perth Basin West Erregulla gas project.
11 Nov 2022asset acquisition disposition● NeutralMajor
Beach confirmed its proposal to buy Warrego at $0.20 cash per share (values Warrego at $246m fully diluted), plus any Spanish asset sale proceeds. It would be funded from existing debt facilities and cash, and complements Beach's Perth Basin growth strategy.
12 Oct 2022regulatory community update● Neutral
Beach completed a pre-feasibility study for a carbon capture facility next to its Victorian Otway operations (Beach 60%, O.G. Energy 40%), aiming to capture ~200kt CO2e a year. The assess/select phase is due by end FY23 and supports its 2030 emissions-intensity target.
10 Oct 2022director officer appointment● Neutral
Deputy chair Colin Beckett (director since 2015) and Robert Jager (since December 2021, citing family health issues) will retire from the board at the 16 November 2022 AGM. A new Remuneration & Nomination Committee chair will be appointed.
23 Sept 2022director officer appointment● Neutral
Company Secretary Daniel Murnane resigned to pursue a new opportunity. General Counsel Susan Jones was appointed interim Company Secretary immediately, until a permanent appointment is announced.
16 Aug 2022admin correction● Neutral
Amended Appendix 4G governance checklist lodged a day after the original, dated 16 August. The extract shows no visible change from the original; administrative.
15 Aug 2022other● Neutral
Annual corporate governance statement, approved by the board 12 August 2022. It describes board roles and skills and notes eight directors. Administrative, no new substance.
15 Aug 2022annual report▲ Good
Appendix 4E: FY22 revenue up 13% to $1,771m and NPAT up 58% to $500.8m (underlying $504.3m, +39%). Final dividend 1.0c fully franked, paid 30 September 2022. Net tangible assets $1.50 per share.
15 Aug 2022other● Neutral
Appendix 4G governance checklist lodged with the annual report, signed by the company secretary. Administrative filing, no substance.
15 Aug 2022annual report● Neutral
The 2022 Annual Report restates FY22 results and project progress already announced: Otway drilling complete, Waitsia Stage 2 under construction, Moomba CCS approved. AGM set for 16 November 2022. No new information in the extract.
15 Aug 2022regulatory community update● Neutral
2022 Sustainability Report sets a new target to cut scope 1 and 2 emissions intensity 35% by 2030 versus 2018, including non-operated assets. Moomba CCS, approved Nov 2021, targets up to 1.7 million tonnes of CO2 stored a year from 2024.
15 Aug 2022annual report▲ Good
FY22 underlying NPAT rose 39% to $504m on revenue of $1.8bn despite lower production, with $765m liquidity. New target to cut emissions intensity 35% by 2030. Waitsia Stage 2 and Thylacine/Enterprise connections remain on track; reserves independently audited.
15 Aug 2022investor presentation● Neutral
Results presentation slides accompanying the FY22 results released the same day. The extract is compliance statements and assumptions, including Brent at US$95/bbl for FY23. No new information.
8 Aug 2022material agreement▲ GoodMajor
Beach signed the LNG sale agreement with bp for all 3.75 million tonnes of its Waitsia Stage 2 LNG, supply from H2 2023 for about five years. Pricing links to Brent and JKM with downside protection. Resolves the September 2021 heads of agreement.
8 Aug 2022other● Neutral
Notice that FY22 results will be released on 15 August 2022, with a webcast. Timing only, no substance.
12 July 2022drilling result▲ GoodMajor
Beach completed its seven-well offshore Otway campaign, with Thylacine North 2 finishing in July 2022: one gas discovery at Artisan and six successful development wells, all at or above expectations. Thylacine wells are due online by mid-2023, lifting the Otway Gas Plant towards 205 TJ/d.
11 July 2022director officer appointment● Neutral
Anne-Marie Barbaro, acting CFO since November 2021, was appointed permanent Chief Financial Officer. An internal promotion that completes the leadership line-up after Engelbrecht's CEO appointment.
