12 Dec 2016drilling result▼ Bad
Cooper Energy reports Butlers-9 is being plugged and abandoned at 1,810 m with only minor hydrocarbon shows. This is a dry result for the Butlers north-west appraisal in PPL 245 (Beach 75%, Cooper 25%).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2016drilling progress report● Neutral
November report: the Big Lake campaign finished with all five wells cased as future gas producers, and Galex-5 came in materially below estimates. Osmanli-1 found Birkhead oil on test (about 50-55 bopd per zone) and was cased as a producer. Penneshaw-1 was plugged and abandoned.
7 Dec 2016drilling spud● Neutral
Cooper Energy reports Butlers-9, an oil appraisal well in PPL 245 (Beach operator 75%, Cooper 25%), spudded 6 December. It targets 1,804 m, testing the undrilled north-west of the Butlers field, and is expected to take about 6 days.
2 Dec 2016drilling scheduled● Neutral
Senex starts its FY17 Cooper drilling. Spitfire-8 (Beach 40%) is an appraisal well, and Sparta-1 and Hoplite-1 exploration wells in PEL 182 (Beach 40% per this text) follow in early 2017. Partner-operator news; Beach is not the announcer.
22 Nov 2016drilling spud● Neutral
Cooper Energy reports that Penneshaw-1, an oil exploration well in PRL 87, spudded on 22 November. Beach operates with 75% and Cooper holds 25%. It is to reach 1,862 m in about 12 days, with Butlers-9 next.
2 Nov 2016drilling progress report● Neutral
October report: Big Lake-137 was cased as a gas producer, slightly below pre-drill estimates, and Big Lake-138 is drilling. Dunadoo East-1 (Beach 23.2%) was plugged and abandoned for lack of commercial pay. It also restates the Kangaroo-1 and September-1 oil discoveries.
1 Nov 2016drilling result▲ GoodMajor
September-1, the second FY17 exploration well, found oil in the Poolowanna Formation of 100%-owned ex PEL 91, flowing 210 bopd on test. Cased as a future producer. Beach has now made two discoveries in two exploration wells. Further testing is planned to size the resource, with appraisal possible in FY18.
10 Oct 2016drilling result▲ GoodMajor
Kangaroo-1, the first of 10 FY17 exploration wells, found a 20 m gross oil column in the Birkhead Formation, flowing 320 bopd on test in 100%-owned ex PEL 91. Production is possible by Q3 FY17. Two follow-up prospects are identified, and Beach will reassess its FY17 drilling and capital program.
5 Oct 2016drilling progress report● Neutral
September report: Stunsail-3 cased, completing all three FY17 Western Flank development wells in line with expectations. Big Lake-135 came in at a low-side gas outcome. Kangaroo-1, the first of 10 FY17 exploration wells, spudded 29 September.
7 Sept 2016drilling progress report▲ Good
August report: Hanson-4 and Callawonga-12 were cased as future oil producers, and Stunsail-3 spudded 29 August. Big Lake-134 (Beach 20.21%) was cased as a gas producer with 143 m net pay. Wells online Q2 FY17 where stated.
29 Aug 2016resource reserve update▼ BadMajor
At 30 June 2016, reserves are 1P 29.9, 2P 69.8 and 3P 132.6 MMboe, down from 2P 74.4. Contingent resources (2C) fall to 205.2 MMboe from 676.6. Unconventional NTNG resources are cut to nil, as the project is unlikely to be commercial in the medium term.
25 Aug 2016drilling result▲ Good
Cooper Energy reports Callawonga-12 in PPL 220, which Beach operates with 75%, will be cased as an oil producer after about 2 m net oil. A rig returns in October for 1-2 exploration wells in PRLs 85-104.
3 Aug 2016drilling progress report▲ Good
July report: Tirrawarra-90 (Beach 20.21%) and Coolah-4 (23.2%) were cased as future producers, completing the Coolah campaign with all three wells successful. Tirrawarra-89 is deferred to Q2 FY17. Big Lake-134 spudded 22 July.
6 July 2016drilling progress report▲ Good
June report: Tirrawarra-92 and -91 (Beach 20.21%) and Dunadoo-1 and Coolah-3 (Beach 23.2%) were cased as future producers. Al Jahraa SE-1X in Egypt (Beach 22%) hit 16.4 m net pay at 3,361 m and is being production tested.
1 June 2016drilling progress report▲ Good
May report: Tirrawarra-93 (Beach 20.21%) and Durham Downs North-6 were cased as producers, the latter with 30 m net gas pay. Dunadoo-1 and Tirrawarra-92 are drilling. Egypt's Al Jahraa SE-1X (Beach 22%) spudded on 20 May.
4 May 2016drilling progress report● Neutral
April report: Lyra-1 (Beach 40%) found gas and completed the ex PEL 513 campaign. Jute-1 and Willow-1 (Beach 80%) showed no measurable gas rate after stimulation and testing so far. Durham Downs-9 was abandoned; Durham Downs North-5 was a high-side gas outcome.
6 Apr 2016drilling progress report● Neutral
March report: Hanson-3 (Beach 100%) found a 3.7 m net oil column and was cased as an oil producer. Berylium-1 (Beach 40%) found low-side gas pay; Sphalerite-1 was dry. Jute-1 was fracture stimulated.
2 Mar 2016drilling progress report● Neutral
February report, now including ex-Drillsearch interests. Depps-1 (ex PEL 106) was dry and abandoned; Moomba-212 found gas and Jute-1 (Beach 80%) found about 19 m of net conventional pay. Varanus South-2 (Beach 40%) had about 5 m of net pay.
4 Feb 2016drilling progress report▲ Good
Drillsearch's January report says Middleton East-1 (Beach 50% operator) was cased and suspended, with an extension of the Middleton field and a new pay zone. Its own Jute-1 well spudded on 24 January. Beach's results for Middleton East-1 were already reported.
3 Feb 2016drilling progress report▲ Good
January report: the six-well Moomba North campaign (Beach 20.21%) completed with all wells cased as future producers. Middleton East-1 (Beach 50% operator) was cased and suspended with 9.3 m net gas pay. Bauer-25 was cased with a 2 m net oil column.
13 Jan 2016drilling result▲ Good
Drillsearch reports Bauer-24 and Bauer-25 (Beach 40%, operator) cased as future oil producers, Bauer-25 with a 2 m net oil column. Willow-1 (DLS 80%) found about 8 m net conventional gas pay, with a production test planned for June 2016 quarter.
6 Jan 2016drilling progress report● Neutral
December report: Whanto West-1 was the fifth Windorah discovery from five wells (Beach 23.2%). Bauer-24 was cased with a 3 m net oil column, and Bauer-25 spudded. Moomba South campaign completed. In Egypt, ZZ-5X (Beach 22%) found only trace hydrocarbons in testing and was suspended.
2 Dec 2015drilling result▲ Good
Senex reports Martlet-2 (Beach 40%) found 4.5 m of net oil pay and was cased as a future producer, due online in early 2016. It follows Martlet North-1 and Spitfire-7 in the same joint venture's recent run of development wells.
2 Dec 2015drilling progress report▲ Good
November drilling update: Martlet-2 (40%) cased as a producer. Thylungra-2 (Beach 80.4%) was cased as a future gas producer after about 17 m of net gas pay. Whanto East-1 was the fourth Windorah discovery. Gooranie-7 completed the six-well campaign; Moomba-204 and 205 were cased.
6 Nov 2015drilling result● Neutral
Drillsearch's monthly report confirms Maroochydore-1 (ATP 924, Beach earning 45%) reached 2,874 m with water-saturated Hutton Sandstone and was plugged and abandoned. Beach carried Drillsearch's costs. Washington-1 (no Beach interest) was stimulated and is in a 28-day test.
4 Nov 2015drilling progress report▲ Good
Senex reports Spitfire-7 (Beach 40%) was connected and began producing in late October, performing in line with expectations. This follows the November online timing expected earlier. Efficient-1 is Senex and Origin's well, in which Beach has no interest.
4 Nov 2015drilling result▼ BadMajor
Maroochydore-1, spudded 6 October with Beach earning 45%, found oil shows but a water-saturated Hutton Sandstone and was plugged and abandoned, a dry hole. Cougar East-1 (Beach 23.2%) found gas above estimates, the third Windorah discovery. Tirrawarra-87 also exceeded pre-drill estimates.
22 Oct 2015resource reserve update▲ Good
Operator 3D Oil estimates T/49P in the Otway Basin holds a best-estimate 1.38 TCF recoverable gas at the Flanagan prospect and 6.82 TCF across the permit. Beach holds 30%; 3D Oil is seeking a farm-in partner to drill. These are unrisked prospective resources, not reserves.
7 Oct 2015drilling result▲ Good
Senex reports Spitfire-7 (Beach 40%) found 6.6m net oil pay and was cased as a future producer, due online in November. Martlet North-1 began production at the end of September.
7 Oct 2015drilling progress report● Neutral
September report: Tirrawarra-86 cased as a gas producer, and Jena-23 and Calamia East-1 found modest oil pay, which ends the Limestone Creek campaign. Spitfire-7 found 6.6m net oil pay. Whanto South West-1 is a new gas discovery. Beach skipped some wells.