31 May 2011other● Neutral
Strike Energy outlines its stakes in PELs 94, 95 and 96 in the Southern Cooper, with drilling planned late 2011 or early 2012. Beach operates PELs 94 and 95. A third-party update; no new Beach result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2011drilling result▲ GoodMajor
Hanson-1 is a new-field oil discovery with a 7m oil column (5m net pay), up to 1 million bbl gross recoverable. First success of the five-well PEL 91 campaign; online expected Q3 2011, by truck. Beach has 40%.
30 May 2011drilling result▲ Good
Drillsearch (60% of PEL 91) re-reports Beach's Hanson-1 discovery: 7m oil column, up to 1 million bbl gross recoverable, online in Q3 2011. Adds Birkhead oil shows over 24m under evaluation. No new facts versus Beach's release.
27 May 2011director officer appointment▲ GoodMajor
Beach appointed Belinda Robinson, outgoing chief executive of APPEA, as an additional independent non-executive director, effective immediately. She joined the existing board of six, taking it to seven.
23 May 2011drilling spud● Neutral
Hanson-1 spudded 21 May, the first of five PEL 91 wells (Beach 40% operator, Drillsearch 60%). It ends the Ensign #18 repair delay. Mean prospective resource is 820,000 bbl, up to 2.0 million bbl high side; drilling takes 10-14 days.
19 May 2011drilling scheduled● NeutralMajor
Beach will start fracture stimulation of Holdfast-1 in early June, then Encounter-1, with up to two weeks each. A resource booking is now targeted for July/August 2011. Pilot production wells slip to early 2012, driven by equipment availability.
19 May 2011other● Neutral
Adelaide Energy (10% of PEL 218) repeats Beach's timetable: Holdfast-1 fracturing early June, Encounter-1 after, flow tests of at least about 3 weeks. It expects a contingent resource booking in Q3 and a horizontal well in early 2012. Its free carry is nearly used up.
10 May 2011other▼ Bad
Cooper Energy (25% of PEL 92) update, not a Beach announcement. PEL 92 is trucking 2,400 bbl/d from Tantanna to Moomba while the Santos pipeline is shut. Long-term fix is undecided, so Beach's Western Flank oil export remains constrained.
4 May 2011other● Neutral
Adelaide Energy (10% of PEL 218) relays that tubing completions have started on Encounter-1 and Holdfast-1 for up to eight-zone fracture stimulation, expected to begin later in May. Confirms the known plan; no new result.
4 May 2011investor presentation● Neutral
Conference presentation repeating known points: FY11 guidance cut to 6.5 MMboe, 2P 66 MMboe and 363 MMboe with contingent resources (June 2010), GLNG supply talks of 750 PJ (Beach 152 PJ). No new announcements apparent in the readable text.
4 May 2011drilling progress report● Neutral
April drilling report: Butlers-2 and Butlers-3 cased as oil producers, rig moved to Parham-1. Canunda-1 is shut in for pressure build-up after 100 MMscf gas and 15 kbbl condensate. PEL 218 completions started. ZZ-4 in Egypt is at 4,661m. Paralana stimulation delayed again.
28 Apr 2011quarterly activities report▼ BadMajor
March quarter production fell 9% to 1.52 MMboe, mainly from flood and weather impacts; revenue A$122.3m, cash A$160.6m. FY11 production guidance cut from about 7.0 to 6.5 MMboe, partly due to the Tantanna pipeline shutdown. Impress acquisition completed; Sundance shares part-sold for A$8.7m.
27 Apr 2011drilling result▲ Good
Butlers-3 in PEL 92 hit a 3m oil column, the fourth well of the 2011 campaign and a further success at Butlers. Cased and suspended for later tie-in; Cooper Energy says production and reserve impact is still to be assessed. Beach holds 75%.
21 Apr 2011joint venture update● Neutral
Canunda-1 extended testing finished, producing over 12,000 bbl of condensate gross in 12.5 days, better than expected. The well is shut in for pressure evaluation. Separately, Ensign #18 needs another 2-3 weeks of repairs before Hanson-1 can spud, at no cost to the joint venture.
19 Apr 2011farm in farm out completion▲ GoodMajor
Beach's 22% interest in the Abu Sennan concession in Egypt is now finalised, with the Minister of Petroleum signing the Deed of Assignment. Kuwait Energy holds 50% as operator and Dover 28%. The first of six planned wells is drilling at 4,055m.
19 Apr 2011production update▼ Bad
A Santos-operated pipeline between Tantanna and Gidgealpa is interrupted over integrity concerns. Beach's own pipeline from PEL 92, about 6,000 bbl/d gross, is still operating. Beach has started trucking oil to Moomba meanwhile. Western Flank drilling targets a net 6 million barrel reserve increase.
13 Apr 2011drilling result▲ GoodMajor
Butlers-2 found a 5m oil column, the third success from three wells in the 16-well Western Flank program. It should lift recoverable Butlers oil by about 1.5 million barrels gross, subject to remapping. Online around mid-July.
12 Apr 2011drilling scheduled● Neutral
Drillsearch says Ensign #18 is on location at Hanson-1 and spudding is expected in the third week of April. The five PEL 91 wells (Beach 40% operator) target a combined mean of 3.5 million barrels gross unrisked, up to 7.5 million on the high side.
12 Apr 2011drilling progress report● Neutral
Final Holdfast-1 report: 7-inch production casing was landed at 3,483.2m and the rig was released on 8 April 2011. No further drilling; fracture stimulation planned next.
6 Apr 2011drilling progress report▲ Good
March drilling report: Parsons-3 flowed over 5,000 bbl/d. Parsons-4 found 5.5m of oil pay. Holdfast-1 reached 3,487m with 382m of core in the month. The Canunda test restarted and ZZ-4 in Egypt was at 3,598m. Paralana is delayed by rain.
6 Apr 2011other● Neutral
Adelaide Energy, holding 10% of PEL 218, points shareholders to Beach's presentation and Holdfast-1 results. It highlights a material resource booking anticipated in 2011. It adds no new information.
6 Apr 2011drilling result▲ GoodMajor
Holdfast-1 is finished, with 353m of shale target intersected, in line with pre-drill estimates. Encounter-1 and Holdfast-1 are to be fracture stimulated and flow tested from mid May, with a resource addition likely after. The release says 'Q3 2010', likely a typo for 2011 (inference).
6 Apr 2011business combination▲ GoodMajor
Beach has completed the compulsory acquisition of the remaining Impress shares and now owns all of Impress. This follows the roughly 96% held after the takeover offer. It resolves the Impress takeover thread.
5 Apr 2011flow test result▲ Good
Extended production testing restarted at Canunda-1 in PEL 106B (Beach 50% operator). It flowed 3 MMscfd gas on an initial choke. Canunda is carried at 2.8 MMboe 2C by Drillsearch's auditor, though Beach books it as 2P.
5 Apr 2011drilling progress report▲ Good
Holdfast-1 reached total depth of 3,487m, shallower than the 3,625m prognosis. The shale target section is 353m thick, versus 393m at Encounter-1. ADE says it supports the potential for very large gas resources in the Nappamerri Trough.
5 Apr 2011investor presentation● Neutral
Sydney investor morning presentation repeating known figures: 66 MMboe 2P, FY11 guidance of about 7 MMboe, and total FY11 capital forecast of A$211.9m. It notes some Cooper capex may slip into FY12 because of access issues.
4 Apr 2011drilling result▲ GoodMajor
Parsons-4 found a 5.5m oil column, a second success after Parsons-3 (9m), which flowed over 5,000 bbl/d with no water. PEL 92 output should reach about 6,000 bbl/d gross. Beach expects to book additional Parsons reserves; the amount is being assessed.
1 Apr 2011drilling scheduled● Neutral
Drillsearch says Ensign #18 is moving to the Hanson-1 site in PEL 91 (Beach 40% operator, Drillsearch 60%). Drilling is expected to start in the second week of April, after 7-10 days of inspection and repairs. This is the first of five wells.
30 Mar 2011material agreement▲ Good
Beach says it secured Icon's court undertaking not to deal with the 40% interest Beach claims in ATP 855 until released by the Court. Trial is listed for the week of 18 July 2011. This protects Beach's position but does not settle the dispute.
29 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 98m coring to 3,374m, now in the Murteree. Coring in the hard Epsilon section was slow, with core jamming. The well is heading to its 3,625m target depth.