Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 May 2010asset acquisition disposition● NeutralMajor
Essential Petroleum Resources relaunches as Somerton Energy (ASX: SNE). Beach now holds 51.9% and is providing financial assistance. Hector Gordon becomes its Managing Director and Bob Kennedy chairman, completing the restructure Beach had proposed.
5 May 2010flow test result▲ Good
Drillsearch reports the extended production test at the Brownlow wet gas discovery (PEL 106 Beach Farmin Block, Beach 50% operator) has begun: 10 MMscf/d sampled with 120 bbl/d condensate, then 18 MMscf/d on a 1-inch choke. A Canunda test follows.
11 Mar 2010material agreement● Neutral
Beach signed an MOU with US firm General Atomics to study algae-based bio oil and fuel production in the Cooper Basin. Commercial plants of 1,000-2,000 hectares are targeted by June 2015 if studies succeed. It is only an evaluation, with no financial commitment stated.
10 Mar 2010drilling progress report▼ Bad
Beach's weekly report said Cooper/Eromanga drilling remained suspended after the heavy rainfall and was not expected to resume until mid-April to mid-May. The Coonatie-16 gas development well (Beach 17.14%) stayed suspended at 1,132 m, with no restart before 1 May.
9 Mar 2010investor presentation● Neutral
CEO's London conference presentation repeating known points: 66 MMboe 2P, A$118m cash and no debt, FY10 guidance 8.0 MMboe, Egypt first oil Q3 2010 and the shale gas strategy. No new substance.
4 Mar 2010investor presentation● Neutral
Conference presentation on Cooper Basin shale gas, repeating known facts: potential gas in place above 200 Tcf in the Nappamerri Trough, Beach 90% of PEL 218, FY10 production guidance 8.0 MMboe, and Egypt first oil in Q3 2010. No new results.
3 Mar 2010drilling progress report▲ Good
Weekly report: the NS377-5 rig is released after the pump was commissioned and the well cleaned up at about 2,500 bfpd. Beach says this supports a combined rate above 3,000 bopd with NS377-3. Paralana-2 hit 176°C; Cooper drilling remains suspended.
1 Mar 2010well test result▲ GoodMajor
Paralana-2 temperature logs measured 173-176°C at about 3,670 m, with bottom-hole temperature extrapolated to 185-191°C at 4,000 m. That exceeds the 170°C target for economic development. Fracture stimulation is planned for late April 2010, a month later than Beach's earlier Q1 mini-frac indication.
24 Feb 2010half year report▼ BadMajor
Half-year to December 2009: revenue fell 22% to A$260.4m and net profit fell 73% to A$33.9m (underlying A$25.5m, down 50%). Cash is A$117.8m with no debt. An interim dividend of 0.75 cents is declared. The prior-period profit included large hedging and FX gains.
24 Feb 2010investor presentation● Neutral
Half-year results webcast presentation repeating the reported figures: A$118m cash, no debt, 66 MMboe 2P. It lists a six-well Cooper oil program, Egypt first oil in the September quarter 2010, and a shale gas well rig secured. No new substance.
24 Feb 2010drilling progress report● Neutral
Weekly report: NS377-5 (Beach 20%) has been perforated and a pump is being installed. Cooper Basin drilling stays suspended because of flooding, with no restart date given.
24 Feb 2010half year report● Neutral
Media release on the half-year result: underlying profit A$25.5m, down 50%, revenue down 22% to A$260m. The chairman blames lower oil prices and softer gas demand. A 0.75 cent interim dividend is maintained. Repeats earlier figures; no new substance.
22 Feb 2010resource reserve update▼ BadMajor
Independent reviewer RISC puts BMG's gross remaining 2P at 3.1 MMbbl at 31 December 2009, within ROC's earlier 3-5 MMbbl indication and down from about 18. Beach has not received the review; it will set its position and any impairment at FY10 results.
17 Feb 2010drilling progress report● Neutral
Weekly report: NS377-5 (Beach 20%) is at total depth of 2,909 m and being cased for completion as a Kareem oil producer. Cooper Basin drilling is suspended because of floods, to resume when roads reopen.
15 Feb 2010joint venture update● Neutral
Petratherm says Paralana-2 temperature logging was delayed again by more than 75 mm of rain, with equipment unable to reach site. Logs are still planned within two weeks, and the forward program timing is said to be unaffected.
15 Feb 2010drilling result▲ GoodMajor
NS377-5 (Beach 20%) reached 2,909 m after a 107 m gross oil column in the Kareem sandstone, less than NS377-3's 144 m but with better reservoir quality. Initial output is expected at 1,500-2,000 bopd, with full field production above 3,000 bopd in Q3 2010.
10 Feb 2010drilling progress report▲ Good
Weekly report: Egypt's NS377-5 (Beach 20%) is at 2,849 m and has hit the top of the Kareem oil column 110 m above the field's oil-water contact. Drilling continues to target depth. Coonatie-16 is waiting on weather after heavy rain.
8 Feb 2010joint venture update● Neutral
Paralana-2 temperature logging (planned 6-7 February) was delayed by heavy rain, which stopped equipment reaching site. Logs are now expected within two weeks. Beach is earning into the geothermal project, with partners Petratherm and TRUenergy.
4 Feb 2010production update▲ GoodMajor
Drillsearch says first commercial oil has started at Chiton, PEL 91 (Beach 40% operator, Drillsearch 60%), at a choked-back 245 BOPD, though production is currently shut in by rain. A 450 km2 Aquillus 3D seismic survey is planned from March 2010.
3 Feb 2010resource reserve update▼ BadMajor
Operator ROC expects BMG gross 2P reserves at 31 December 2009 to fall from about 18 MMbbl to 3-5 MMbbl, a preliminary estimate pending independent review. BMG (Beach 30%) is producing about 6,000 BOPD, expected to average 5,000 BOPD in 2010.
3 Feb 2010drilling progress report● Neutral
Weekly report: Egypt's NS 377-5 (Beach 20%) is at 2,209 m with 9 5/8-inch casing set. Coonatie-17 reached 3,104 m TD and is to be cased as a Permian gas producer, Chi-1 was plugged and abandoned, and Coonatie-16 is at 1,132 m.
3 Feb 2010resource reserve update▼ BadMajor
Beach says ROC's preliminary BMG revision implies a 70-80% cut in gross 2P. That puts Beach's net reserve about 1 MMbbl below the 2.4 MMbbl booked, about 2% of its total. FY10 production guidance falls to 8.0 MMboe from about 9.0; any impairment is to be set at full-year results.
27 Jan 2010drilling progress report● Neutral
Weekly report: Egypt's NS 377-5 (Beach 20%) is drilling ahead at 2,011 m. Cooper wells Coonatie-17 and Chi-1 are progressing, with a drill stem test being prepared at Chi-1. No new results.
20 Jan 2010drilling progress report▲ Good
Weekly report: Egypt's NS 377-5 (Beach 20%) is at 920 m with 13 3/8-inch casing run. Narcoonowie-10 was cased as a future Namur and Birkhead oil producer with a new-pool mid-Namur oil discovery, and Tickalara-24 as a McKinlay oil producer. Chi-1 and Coonatie-17 are drilling.
13 Jan 2010drilling spud▼ Bad
Weekly report: Egypt's NS 377-5 oil development well (Beach 20%) spudded on 12 January, targeting Kareem oil. The NS 377-4 (Teen) oil exploration well (Beach 20%) was plugged and abandoned.
13 Jan 2010production update● Neutral
Operator ROC says BMG (Beach 30%) is back on line after the FPSO maintenance, producing about 6,000 BOPD. Basker-7 tests reached about 1,000 BOPD in one zone. This confirms the late-November restart; the return ran about two weeks behind schedule.
6 Jan 2010drilling progress report● Neutral
Weekly report: the rig has moved to Egypt's NS 377-5 development well (Beach 20%), which targets Kareem oil updip of the successful NS 377-3 and is due to spud next week. Several Cooper development wells were cased and suspended.
23 Dec 2009drilling result▲ Good
Cooper Basin oil development wells Narcoonowie-8 (Beach 20.21%) and Tickalara-21 (Beach 30%) were cased and suspended as oil producers. A Narcoonowie-8 test recovered 50.4 barrels of clean oil in 4 hours. Burke-11 was also cased as a gas producer.
16 Dec 2009drilling progress report● Neutral
Weekly report: Paralana-2 is cased to 3,725 m and the rig released; evaluation continues in 2010. Burke-11 is drilling at 2,504 m, Narcoonowie-8 at 942 m, and Tickalara-21 at 1,417 m. No new results.
14 Dec 2009drilling result▲ Good
Petratherm says Paralana-2 was cased and cemented to 3,725 m and the rig released 12 December. Temperature measurements are due mid to late January 2010. Mini-fracture stimulation is planned for Q1 2010 and multi-zone stimulation for Q2. Paralana-3 depends on those results.
