29 Mar 2011material agreement● Neutral
Icon says the Beach dispute is set for trial on 18 July 2011. Icon undertook not to deal with more than a 40% interest in ATP855P, and still denies Beach's claim and says it keeps 80%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2011joint venture update▼ Bad
Petratherm says Paralana geothermal work is delayed at least four weeks by heavy rain, with equipment mobilisation now expected early May 2011. This pushes back the main stimulation previously expected from March. Beach holds 21%.
25 Mar 2011material agreement▼ BadMajor
Beach has started Federal Court proceedings against Icon over ATP 855. Beach asserts a current 25% entitlement plus an option over another 15%, from Icon's October 2009 acceptance of its offer. Icon disputes this. This escalates the dispute from the 18 and 21 March statements.
25 Mar 2011material agreement● Neutral
Icon confirms it has been served with Beach's proceedings and will defend them. It again denies Beach holds any legal or beneficial interest in ATP855P. No new facts beyond the existing dispute.
25 Mar 2011drilling scheduled▲ GoodMajor
A 840 sq km 3D seismic survey has started in the Durresi Block, offshore Albania, ahead of drilling in 2012. Beach pays 50% of costs for 25% interest, in exchange for an option to take 50% after reviewing the data.
24 Mar 2011dividend declaration● Neutral
Details of the 0.75c fully franked interim dividend, paid 1 April. The dividend reinvestment plan issue price is 83.6 cents, a 5% discount. This confirms terms already announced with the half-year result.
22 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 85m coring/drilling to 3,276m after the rig resumed on 16 March following the fuel delay. Coring continues through the shale sequence toward the 3,625m target; logging planned by early April.
21 Mar 2011material agreement▼ Bad
Icon says no final farmin terms were agreed with Beach and that it keeps its 80% of ATP 855P. It denies Beach's claimed 25% entitlement. This contradicts Beach's 18 March position and deepens the dispute.
18 Mar 2011material agreement▼ BadMajor
Beach is in dispute with Icon over ATP 855P. Beach says it holds a current 25% interest, with an option to earn up to 40%. Icon says Beach has no interest. This puts Beach's earn-in next to its PEL 218 shale acreage in question.
15 Mar 2011drilling progress report▼ Bad
Holdfast-1 weekly report: only 31m drilled to 3,181m, as the rig shut down waiting on fuel and weather closed access roads. Coring is to resume later after drilling ahead in the Epsilon. Target depth remains 3,625m.
9 Mar 2011investor presentation● Neutral
Presentation at a Perth-area conference repeating known themes: 66 MMboe 2P, about 7.0 MMboe FY11 guidance, GLNG talks and a shale resource booking anticipated in 2011. No new information.
8 Mar 2011drilling progress report● Neutral
Holdfast-1 weekly report: 91m cored in the week, all in the Roseneath shale, reaching 3,150m, with core recoveries of 88-100%. Coring continues through the target interval, which is planned over most of it.
7 Mar 2011drilling result▲ GoodMajor
Parsons-3 found a 9m oil column in the Namur sandstone, the first well of the Western Flank program. Parsons-4 is next. The two Parsons wells should lift PEL 92 output from 4,700 to about 6,000 bbl/d. The program could add up to 6 MMbbl, about 9% of reserves.
7 Mar 2011investor presentation● Neutral
London conference presentation repeating the same material as earlier investor presentations: 66 MMboe 2P, about 7.0 MMboe FY11 guidance, GLNG talks and shale gas plans. No new information.
4 Mar 2011investor presentation● Neutral
Conference presentation to investors in New York repeating known themes: 66 MMboe 2P, FY11 guidance of about 7.0 MMboe, GLNG gas talks, and a shale resource booking anticipated in 2011. No new information.
2 Mar 2011investor presentation● Neutral
Half-year results presentation repeating the reported figures: A$179m cash, no debt, FY11 production guidance of about 7.0 MMboe excluding Impress. Reserves are still quoted at 66 MMboe 2P, with Santos's +12 MMboe net not included.
2 Mar 2011drilling progress report▲ Good
February drilling report: Parsons-3, the first Western Flank well, found a 9m oil column. Cook field's five-well program all succeeded. Holdfast-1 is coring, and early Encounter-1 core results show organic content comparing well with US shale plays.
1 Mar 2011business combination● Neutral
Beach lodged the compulsory acquisition notice for remaining Impress shareholders who did not accept the offer that closed 21 February. This is the formal step toward Beach owning 100% of Impress, as previously flagged.
1 Mar 2011resource reserve update▲ GoodMajor
Senex lifted gross 2P reserves at the Growler and Snatcher fields to 7.9 MMbbl, 3.1 MMbbl net to Impress (now Beach). Ten wells are planned there. Beach has not yet assessed the figures independently and will do so at financial year end.
1 Mar 2011drilling progress report▲ Good
Holdfast-1 weekly report: drilled to 3,059m, 454m in the week, and cut the first core in the target Roseneath shale, whose top came in 36m high. Gas shows are similar to Encounter-1. Coring continues through the target interval.
28 Feb 2011half year report▼ Bad
Half-year to 31 Dec 2010: net loss A$87.6m, driven by the BMG write-down, against underlying profit of A$18.6m. Revenue rose 2% to A$265.5m. Beach declared a 0.75c fully franked interim dividend, with record date 11 March, and remains debt free.
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.