Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Feb 2011production update▲ Good
Senex, operator of the Growler field (Impress/Beach 40%), resumed oil deliveries for the first time in over a year after the February 2010 flood. Initial output is about 800 bbl/d gross. Beach now holds this stake via its Impress takeover.
22 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: drilled 101m to 2,605m, the intermediate hole depth, and is running 9 5/8" casing and testing blowout preventers. Coring of the target shale zone is planned next, with the top of the target expected near 3,060m.
21 Feb 2011business combination● NeutralMajor
Beach reaches 96% of Impress after acquiring Senex's 20% and will compulsorily acquire the rest, then Impress will be delisted. Beach expects a net loss for the half-year due to the BMG write-down, with underlying profit of about A$19m.
21 Feb 2011business combination● Neutral
Senex (formerly Victoria Petroleum) sold its 20% Impress stake into Beach's offer for about A$15m, though it says the bid undervalues Impress's assets. This resolves the 20% holder's stance. Senex also agreed merger terms with Stuart Petroleum.
18 Feb 2011business combination● Neutral
Beach's relevant interest in Impress passed 75%, so it can decide the outcome of any special resolution. Kennedy, Davis and Nelson are now Impress directors. The offer closes 21 February.
17 Feb 2011joint venture update▲ Good
Petratherm reports the Paralana-2 (Beach 21%) injection test fractured rock, with over 140 micro-seismic events extending more than 300 m. The main stimulation now moves to mid-late March, slipping from Feb/Mar.
17 Feb 2011drilling scheduled● Neutral
Drillsearch (60% partner) says Beach's five-well PEL 91 exploration program starts early March with Ensign #18, targeting 3.5 MMbbl mean recoverable. Canunda testing restarts after about 10 days of workover. A four-well PEL 106B program is being considered.
16 Feb 2011drilling scheduled▲ Good
Beach's minimum 16-well Western Flank program starts this week, with Ensign #30 95% moved in and Ensign #18 due early March. Two Parsons wells are forecast to add 1,000 bbl/d. ZZ-4 in Egypt is drilling again at 2,772 m.
16 Feb 2011drilling scheduled● Neutral
Partner Cooper Energy (25% of PEL 92) says Ensign #30 is nearly in place and drilling starts within a week. The program opens with two Parsons wells forecast to add 1,000 bbl/d to PEL 92's roughly 5,000 bbl/d.
15 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: drilled to 2,504 m, 409 m in the week, in the Nappamerri formation. Intermediate hole TD is expected around 2,550 m, then casing is cemented. No weather delays are expected.
14 Feb 2011business combination● Neutral
Beach's Impress interest rose to 72.3% after an institutional holder sold 7.5 million shares into the offer. The 8.5c offer is final and closes 21 February. Beach will ask Impress to apply for delisting afterwards.
10 Feb 2011financial restatement▼ BadMajor
Beach will write down its 30% BMG project by A$118.5m pre-tax to a nominal value, plus a A$27.0m tax expense, in the half-year result. It is non-cash, and Beach remains committed to a possible Phase 2 gas development.
9 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: good progress, drilling the intermediate hole at 2,095 m, 1,340 m drilled in the week. The well is on track toward the 3,625 m target.
9 Feb 2011resource reserve update▲ GoodMajor
Santos lifted Cooper Basin 2P reserves by 39 MMboe. Beach assumes about 60 MMboe for the SACB JV, implying roughly 12 MMboe net to Beach, about 18% of its 66 MMboe 2P. Beach has not yet independently assessed this.
3 Feb 2011regulatory community update▲ GoodMajor
Albania's Council of Ministers approved the Durresi Block agreement on 31 January 2011 (Beach 25%, San Leon subsidiary 75% and operator). The A4-1X discovery could hold up to 38 million barrels of condensate and 150 Bcf of gas; a 300 sq km 3D survey is planned, then appraisal drilling in 2012.
2 Feb 2011business combination● NeutralMajor
Beach's interest in Impress is above 70% and the 8.5c offer will close 21 February without extension. Beach will compulsorily acquire the rest if it reaches 90%, and will ask Impress to seek removal from the ASX list.
2 Feb 2011joint venture update● Neutral
Lakes Oil repeats that gauges were recovered from Wombat-2 after the roughly 0.8 mmscfd flow test and the pressure data is being interpreted. Beach can earn up to 33.3% of PRL2 by spending up to A$33.5m.
2 Feb 2011drilling progress report● Neutral
January drilling report: Western Flank program starts mid-late February with back-to-back Parsons wells. Canunda-1 testing slips to mid-February after rain. Holdfast-1 target zone expected mid-late February. Egypt's ZZ-4 operations are temporarily suspended due to communications problems from events in Egypt.
1 Feb 2011drilling progress report● Neutral
Holdfast-1 weekly report: surface hole finished at 955 m and 13 3/8 inch casing run. Beach is installing blowout preventers before drilling the intermediate section. Light rain hindered operations.
25 Jan 2011drilling progress report● Neutral
Holdfast-1 spudded 21 January and has drilled to 776 m of the 3,625 m target. Adelaide Energy says Encounter-1 core analysis results are due over coming weeks and it expects no cost to itself.
21 Jan 2011drilling spud▲ GoodMajor
Beach expects to spud Holdfast-1, its second Cooper Basin shale gas well, 24 km northeast of Encounter-1, targeting 3,625 m in about 60 days. Henderson Federal 4-26H in North Dakota (Beach ~18.4% working interest) hit 1,900 bopd during clean-up.
11 Jan 2011business combination● Neutral
Beach declares its 8.5c cash offer for Impress final and extends the close to 21 February 2011. Beach's relevant interest in Impress is 65.25%, up from the majority control it gained in December.
11 Jan 2011drilling progress report● Neutral
Adelaide Energy's weekly report: the rig has moved to Holdfast-1 (PEL 218, Beach 90%) and awaits better weather to spud. No metres drilled yet.
7 Jan 2011business combination▲ Good
Beach's relevant interest in Impress rose above 65% through on-market acceptances of its 8.5c offer, which closes 24 Jan 2011 unless extended. Beach continues to urge remaining holders to accept.
6 Jan 2011well test result● Neutral
Drillsearch says Canunda-1 (PEL 106, Beach 50% operator) extended testing restarts early February after a workover. Canunda holds at least 2.8 MMboe of 2C resources. Earlier testing was choked back by storage limits; extra storage and trucking are arranged.
5 Jan 2011drilling progress report● Neutral
December monthly drilling report. Canunda-1 testing restarts around 1 Feb. Egypt's ZZ-4 well began 27 Dec. Wombat-2 flowed about 0.8 mmscfd for twelve days. Paralana injection test done, and Encounter-1 fracturing is planned early Q2 2011.
5 Jan 2011joint venture update● Neutral
Lakes Oil repeats Wombat-2 flow test: about 0.8 mmscfd for twelve days, now shut in for build-up. Beach, as PRL-2 operator, plans to fracture Wombat-4 later in the year. Beach can earn up to 33.3% by spending A$33.5m.
4 Jan 2011drilling scheduled● Neutral
Adelaide Energy says the rig has moved to Holdfast-1, the second PEL 218 shale gas well (Beach 90%). Drilling is expected to reach the target in about 40 days, with completion in about 60 days.
4 Jan 2011joint venture update▲ Good
Petratherm reports the Paralana-2 (Beach 21%) Stage 1 perforation and injectivity test succeeded: casing perforated at 3,679-3,685 m and the zone fractured with water. Main stimulation remains Feb/Mar 2011.
24 Dec 2010drilling scheduled▲ GoodMajor
Beach contracted the second rig, Ensign #30, for an expanded 16-well Western Flank program from February 2011, with JV approval received. The Cooper Creek bridge and road upgrades are finished. Beach says success could materially lift reserves and FY11 production.
