Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2023quarterly activities report▲ Good
June quarter production rose 12% to 5.0 MMboe and revenue rose 27% to $450m, helped by Thylacine North. FY23 production was 19.5 MMboe and revenue $1,617m. Thylacine West connection slips to H1 FY25; Waitsia progressing with schedule measures; Moomba CCS 70% complete.
24 July 2023director officer appointment● Neutral
Ryan Stokes, CEO of Seven Group Holdings (which has a relevant interest in 30.02% of Beach), joins the board from 23 July 2023. Margaret Hall retires as a director and becomes his alternate.
7 June 2023drilling result▼ BadMajor
Trigg 1, the first Beach-operated Perth Basin exploration well (Beach 50%), reached 4,914 m but the Kingia reservoir was too tight to flow gas. It will be plugged and abandoned and the Trigg 2 side-track will not be drilled. A dry hole.
18 May 2023joint venture update▼ BadMajor
Beach says a tight Western Australian labour market has slowed Waitsia Stage 2 construction, so it no longer considers the earlier end-2023 first gas target and $400-450m net capex estimate prudent. A cost and schedule review is ongoing. Contradicts the February 2023 targets.
17 May 2023production update▲ GoodMajor
Beach connected the Thylacine North 1 and 2 wells to the Otway Gas Plant, adding gas to the East Coast market; four of six Otway development wells are now connected. The last two need a flowline repaired or replaced, with a review under way.
9 May 2023director officer appointment● Neutral
Bruce Clement was appointed an independent non-executive director from 8 May 2023. He has over 40 years' energy industry experience, including overseeing the Waitsia gas discovery as Managing Director of AWE.
13 Apr 2023quarterly activities report▼ Bad
March quarter production fell 5% to 4.5 MMboe; revenue fell 13% to $353m. A Thylacine flowline failed a pressure test, delaying the Thylacine West wells while North wells stay on schedule for mid-2023. Trigg 1 spudded; Waitsia first gas still targeted end 2023.
27 Mar 2023director officer appointment● Neutral
Director Phil Bainbridge, on the board since March 2016, retires on 31 March 2023. Beach says a recruitment process is underway for board vacancies.
13 Feb 2023half year report● Neutral
Half-year financial report to 31 December 2022: revenue $827.0m, NPAT $207.2m (down 3%), underlying NPAT $191.2m. A 2.0c fully franked interim dividend is payable 31 March 2023. Detail is covered by the same-day results announcement.
13 Feb 2023investor presentation● Neutral
Slides accompanying the FY23 half-year results released the same day. Repeats the known results, dividend policy and guidance update; the extract shows nothing new.
13 Feb 2023half year report● NeutralMajor
First-half sales revenue rose 3% to $813m, but underlying NPAT fell 10% to $191m. New dividend policy targets 40-50% of pre-growth free cash flow; 2c interim declared. FY23 production guidance cut to 19.0-20.5 MMboe from 20.0-22.5; capex $900m-1bn.
10 Feb 2023director officer appointment● Neutral
David Lim is appointed Company Secretary, joining Susan Jones as ASX contacts. Administrative.
6 Feb 2023other● Neutral
Notice of a webcast on 13 February 2023 for the half-year results. No new information.
6 Feb 2023material agreement▼ BadMajor
Beach and Mitsui agreed for Webuild to complete Waitsia Stage 2 after Clough's collapse, targeting first gas by end of 2023. Beach's net capex estimate rises to $400-450m from $350-400m, resolving the contractor uncertainty at a higher cost.
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.
16 Nov 2022agm notice● Neutral
Results of the 16 November 2022 AGM are announced, but the extract does not show the resolution outcomes. Administrative.
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.
