Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
6 Dec 2010business combination● Neutral
Impress's board unanimously recommends Beach's 8.5c on-market cash offer, absent a superior proposal, and directors intend to accept for their shares. Directors sold a significant portion of holdings to Beach, giving it 19.9%. Impress cites Victoria Petroleum's opposition as the reason for the switch.
6 Dec 2010business combination▲ Good
Beach says on-market buying through Euroz has lifted its Impress interest above 30% within hours of launching the 8.5c offer. Management calls the early selling encouraging. Progress towards control, though the offer is unconditional and Victoria Petroleum holds 20%.
3 Dec 2010security holder rights change● Neutral
Beach issued 5,453,895 unlisted performance rights to executives on 1 Dec, following approval at the 25 Nov AGM. They expire 30 Nov 2015, are not exercisable before 1 Dec 2013 and depend on performance criteria. Routine equity incentive issue.
1 Dec 2010admin correction● Neutral
Beach lodged its updated constitution with the ASX, as required under listing rule 15.4.2, following amendments approved at the 25 November 2010 AGM. It was an administrative filing.
1 Dec 2010drilling progress report● Neutral
November drilling report: Encounter-1 has two of three cores recovered, with a Murteree core to come before the rig moves to Holdfast-1. Canunda-1 testing slips to early 2011; Coonatie-14 and Tirrawarra-79 were cased and suspended as future gas producers; Paralana work is delayed.
1 Dec 2010business combination▼ BadMajor
Victoria Petroleum lifted its Impress stake to 20.00% and says it currently intends to vote against Beach's scheme, though it has no present plan for a rival bid. A 20% blocking stake threatens the 75% vote needed (inference).
1 Dec 2010joint venture update● Neutral
Drillsearch says Canunda-1 (Beach 50% operator) testing will restart in January 2011 after a workover. Both partners have declared the discovery commercial, with 2C resources of at least 2.8 MMboe. Earlier 10-day test produced over 2,500 bbls of condensate and light oil.
30 Nov 2010drilling progress report● Neutral
Weekly report: Encounter-1 drilled 89 m to 3,346 m, and the 27 m Epsilon core was cut and recovered. The rig was shut down three days for repairs; the Murteree core comes next.
