Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2010drilling result▲ GoodMajor
Encounter-1 is drilled, cased and suspended with 393 m of target shale, thicker than predicted, and appears fully gas saturated with no water. Five cores taken. Holdfast-1 is next, with multi-stage fracture stimulation of both wells expected from April.
23 Dec 2010drilling result▲ Good
Partner Adelaide Energy's final report: Encounter-1 reached 3,612 m TD, with 393 m of target shale. Cased and suspended. It expects initial independently certified contingent resource and reserve figures by mid 2011.
23 Dec 2010farm in farm out agreement▲ GoodMajor
Cooper Energy farms out 35% of Otway Basin permit PEL495 to Beach for A$220,000 cash, 35% of back costs (A$220,000) and 70% of the first well. Beach will operate after that well. Subject to South Australian approval.
23 Dec 2010well test result▲ Good
Operator Stuart says Acrasia 5 (Beach 25% via Mawson) came online 18 Dec. Poolowanna flowed up to 1,675 bbl/d with about 1,500 bbl/d expected sustained. Hutton flowed 430 bbl/d. Two more reservoirs to be tested in the New Year.
23 Dec 2010joint venture update● Neutral
Petratherm says the Paralana-2 (Beach 21%) Stage 1 perforation and injectivity test slips again, now to late next week, as roads reopen. Main fracture stimulation remains Feb/Mar 2011. Another delay for the geothermal project.
20 Dec 2010business combination▲ Good
Beach's relevant interest in Impress rose above 60% through continued on-market acceptances of its 8.5c offer, which closes 24 Jan 2011 unless extended. Beach continues to urge remaining holders to accept.
20 Dec 2010farm in farm out agreement● Neutral
Somerton (Beach 57% owned) will farm into PEL 495 in the Otway Basin for 15%, costing about A$1.1m with a Sawpit-2 well in Q2 2011. Beach is shown as taking 35% in the permit. Somerton also sells its PRL 13 stake for A$110,000.
16 Dec 2010drilling scheduled▲ Good
A four-well program at Abu Sennan, Egypt (Beach 22%, pending approval) starts mid-to-late December with a GPZZ appraisal well. Tanzania Lake Tanganyika South (100%) gravity and magnetic surveys are complete, with 2D seismic planned for mid 2011.
15 Dec 2010director officer appointment● Neutral
Beach appointed Gordon Moseby, General Manager Business Review and Planning, as a director of its wholly owned subsidiaries API, Delhi and DHL, which together hold an average 26% of the Cooper/Eromanga Basin. Internal subsidiary appointment only.
14 Dec 2010drilling progress report▲ Good
Partner Adelaide Energy's weekly report: Encounter-1 at 3,586 m, with preliminary Roseneath 194 m and total target section about 388 m. It cites high mud weights and gas shows as signs of significant gas. Repeats Beach's thickness news.
14 Dec 2010business combination● Neutral
Impress chairman's letter urges remaining holders to accept Beach's 8.5c offer, now that Beach holds over 50%. It warns of falling share price, lower liquidity and dilution, and says all Impress directors have accepted.
14 Dec 2010business combination▲ GoodMajor
Beach's relevant interest in Impress passed 50% on 14 Dec, giving it majority control of the company. It says a rival bid is now highly unlikely. The 8.5c unconditional offer remains open to 24 Jan 2011.
13 Dec 2010business combination● Neutral
Impress's formal Target's Statement: its directors unanimously recommend accepting Beach's 8.5c on-market offer, absent a superior offer. Only the opening pages were readable, so no further terms are captured.
10 Dec 2010drilling progress report▲ GoodMajor
Beach says the Roseneath shale in Encounter-1 (PEL 218, Beach 90%) looks about 200 m thick versus the 60 m expected, implying much more gas in place. The well is being deepened with extra coring; good gas shows continue.
10 Dec 2010business combination● Neutral
Substantial holder notice: Beach's Impress holding rose from 42.19% to 45.70% on 9 Dec, after buying about 31m shares for roughly A$2.6m.
9 Dec 2010business combination● Neutral
Substantial holder notice: Beach's Impress holding rose from 40.89% to 42.19% on 8 Dec, after buying about 11.6m shares for roughly A$1m.
9 Dec 2010business combination▲ Good
Beach says its Impress interest has passed 45% through on-market buying at 8.5c. Management says it expects other holders to follow, noting most Impress directors have sold.
9 Dec 2010drilling scheduled▲ Good
Drillsearch (60% PEL 91, Beach 40% operator) confirms five exploration wells from late Jan-early Feb 2011 near Chiton. Mean prospective recoverable resource is 3.5 MMbbl, up to 7.3 MMbbl on the high side, unrisked. Partner's detail on Beach's announced program.
9 Dec 2010drilling scheduled▲ GoodMajor
Beach plans a minimum 15-well Western Flank program from Jan/Feb 2011 using two rigs: Ensign #18 contracted and Ensign #30 under option to 21 Dec. Five wells in PEL 91, seven in PEL 92, three appraisal. Prospects range 0.5-5.5 MMbbl. Follows earlier delays to Western Flank drilling.
9 Dec 2010joint venture update▼ Bad
Petratherm says Paralana (Beach 21%) work is delayed again, at least to the end of next week, due to further heavy rain and road access. Stage 1 test still planned for December; main fracture stimulation Feb/Mar 2011.
8 Dec 2010business combination● Neutral
Substantial holder notice: Beach's Impress holding rose from 37.99% to 40.89% on 7 Dec, after buying about 25.7m shares for roughly A$2.2m.
8 Dec 2010business combination▼ Bad
Victoria Petroleum, holding 20.00% of Impress and operator of the Cooper permits Impress shares 60/40, says Beach's offer undervalues Impress. It is assessing options but has no current intention to sell into the bid. This could limit Beach's path to full ownership (inference).
8 Dec 2010business combination● Neutral
Beach responds to Victoria Petroleum, calling its unconditional 8.5c offer the only and best option for Impress holders. It says it now holds more than 42% and the offer stays open to 24 Jan 2011 unless extended or withdrawn.
7 Dec 2010other● Neutral
Beach released its Share Trading Policy as required by listing rule 12.9. It sets out insider trading rules and blackout periods for directors and employees. Administrative filing with no new information on operations or finances.
7 Dec 2010business combination▲ Good
Beach says its Impress interest has passed 40% through continued on-market buying at 8.5c. Management says selling reinforces the fairness of the offer.
7 Dec 2010drilling progress report● Neutral
Weekly report: Encounter-1 (PEL 218, Beach 90%) drilled to 3,462 m, with the Epsilon core cut from 3,380-3,406 m. Logs show the Roseneath section is much thicker than expected (190-200 m). Murteree core is next, toward 3,625 m total depth.
7 Dec 2010business combination● Neutral
Substantial holder notice: Beach's Impress holding rose from 19.98% to 37.99% on 6 Dec, after buying 159.7m shares on market for about A$13.6m.
6 Dec 2010joint venture update▼ Bad
Petratherm says Paralana (Beach 21%) work is delayed a further week or more by road access problems after heavy rain. Perforation and injectivity test still planned for December, with the main fracture stimulation Feb/Mar 2011. Another slip in a repeatedly delayed program.
6 Dec 2010business combination● NeutralMajor
Beach and Impress mutually terminated the 22 Nov scheme of arrangement (8.25c cash), on condition that Beach makes an unconditional on-market cash takeover at 8.5c per share. This follows Victoria Petroleum's 20% stake and its stated intent to vote against the scheme.
6 Dec 2010business combination▲ GoodMajor
Beach launched a recommended, unconditional on-market cash takeover for Impress at 8.5c per share, valuing it at A$75m, open to 24 Jan 2011. It replaces the scheme, holds 19.9% already, and Beach says ~A$189m cash funds it. Fits its aim to double production and reserves in 2-5 years.
