Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2009joint venture update▲ Good
Drillsearch (60%, Beach 40%) says an extended production test facility at the Chiton-1 oil discovery is approved, subject to government approval. It costs A$1.68m, handles 1,000 BOPD and is due by 31 January 2010. P50 recoverable is 0.12 million barrels.
7 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 (Beach 20%) is drilling at 2,725 m toward the Nubia target, and the NS377-3 extended-reach well is at 1,198 m. Paralana-2 is at 3,029 m. No new results.
1 Oct 2009admin correction● Neutral
Beach notes it issued 9,909,051 fully paid ordinary shares on 1 October. This is a routine compliance notice; the text does not say why, though it may relate to the dividend reinvestment plan (inference).
1 Oct 2009security holder rights change● Neutral
Beach amends its dividend reinvestment plan rules to clarify that partial participation applies only to the number of shares the participant nominates. A wording correction only.
1 Oct 2009drilling progress report● Neutral
Weekly report: Wakefield-1 (Beach 23.33%) is cased and suspended for further evaluation, and the rig was released 26 September, ending a nine-well Eromanga exploration campaign. Egypt's NS394-3 is at 2,117 m; Paralana-2 is at 2,851 m.
30 Sept 2009annual report● Neutral
Shareholder update repeats FY09 results already reported: NPAT A$260m, normalised A$64m, sales A$581m, debt repaid, 3.75c dividends. AGM is set for 26 November 2009 and the annual report is due about 23 October. No new information.
29 Sept 2009business combination● NeutralMajor
Essential Petroleum Resources says Beach has made an in-principle restructure proposal: Beach's VIC/P46 debt converts to 51% of EPR's shares, Beach gets 50% of PEP168, and Beach nominees replace the board. It remains subject to binding documents and approvals; EPR shares stay suspended.
29 Sept 2009drilling result● NeutralMajor
Wakefield-1 (Beach 23.33%, operator) hit oil and gas shows at many levels but wireline logs were inconclusive over the key zones. It was cased and suspended at 2,297 m; the joint venture will consider cased-hole testing. Not yet a discovery.
25 Sept 2009dividend declaration● Neutral
Beach sets a 5% discount for the dividend reinvestment plan on the 2c special dividend, giving a share issue price of $0.73. This settles the pricing question left open when the pricing period ended 24 September.
23 Sept 2009joint venture update▲ Good
Petratherm says Paralana-2 is at 2,777 m, with drilling expected to finish in 4-5 weeks and temperatures on track. A further A$1.75m of the A$7m grant has been received, and a decision on a A$62.8m demonstration grant is expected in 3-4 weeks. Beach is earning 21%.
23 Sept 2009drilling progress report● Neutral
Weekly report: Wakefield-1 (Beach 23.33%) reached total depth of 2,298 m with fair oil shows in several formations and is about to run wireline logs. Egypt's NS394-3 is at 1,315 m; NS377-3 development well due to spud.
22 Sept 2009investor presentation● Neutral
Investor presentation to ABN AMRO Morgans repeats known figures (66 mmboe 2P, 293 mmboe contingent) and notes September spuds. It states one Cooper gas exploration well in FY10 for PEL 218. No new information.
17 Sept 2009drilling progress report▲ Good
Bounty reports Wakefield-1 at 1,873 m in the Namur Sandstone with oil shows in several intervals, though their significance awaits logging and testing. Birkhead and Hutton objectives not yet reached. Beach operates with 23.33%.
16 Sept 2009drilling progress report● Neutral
Weekly report: Spikey Beach-1 reached 2,100 m with no significant shows and is being abandoned; Egypt NS394-3 drilling at 672 m; Wakefield-1 (Beach 23.33%, free carried) at 1,467 m; NS377-3 development well to spud 19 September.
14 Sept 2009drilling result▼ Bad
Beach confirms Spikey Beach-1 reached 2,100 m with no hydrocarbon shows and will be plugged and abandoned, repeating the partner's earlier release. Dry hole for the T/38P target.
14 Sept 2009drilling result▼ BadMajor
Spikey Beach-1 in the Bass Basin reached 2,100 m with no hydrocarbon shows and is being plugged and abandoned. The well had targeted a mean 16 mmbbl. A dry hole for Beach (80%), Cue's Galveston (10%) and Exoil (10%).
10 Sept 2009drilling progress report● Neutral
Cue repeats Beach's update that Spikey Beach-1 spudded 5 September and is at 816 m. Top of the primary target is expected at 1,461 m within the week; planned total depth 2,062 m. No result yet.
9 Sept 2009drilling progress report● Neutral
Weekly report: Spikey Beach-1 (Beach earning 80%) spudded 5 September and is at 816 m running casing; Wakefield-1 to spud 10 September; Egypt's NS394-3 rig is jacking up with drilling due to start. Paralana-2 is at 2,253 m.
7 Sept 2009regulatory community update● Neutral
The ACCC welcomes third-party access to the Lytton Tank 1020 facility, now leased by a consortium including Beach (Cooper Basin). The consortium must negotiate commercial terms with prospective users. Context for the Lytton joint venture announced the same day.
7 Sept 2009joint venture update● Neutral
Beach joins Mosaic Oil and IOR Energy in a one-third joint venture owning a 300,000 barrel Lytton tank and unloading facility in Brisbane, leased for 10 years. It gives Queensland producers a delivery outlet to the Caltex refinery. No price stated.
3 Sept 2009joint venture update▲ Good
ROC says the Ocean Patriot has left BMG after finishing the 2009 program; Basker-7 tie-in is planned for September. BMG goes offline for about eight weeks from mid-September; production is expected to reach about 10,000 BOPD afterwards. Beach holds 30%.
3 Sept 2009dividend declaration● Neutral
Beach says the 2c special dividend, payable 30 September, will be partially underwritten by CommSec under the earlier DRP agreement. The DRP pricing period runs 16 trading days to 24 September.
3 Sept 2009drilling progress report● Neutral
Weekly report: Marino-1 plugged and abandoned; Basker-7 cased as a Latrobe oil producer; Spikey Beach-1 (Beach 80%) rig released with spud expected early next week; Egypt's NS394-3 (Beach 20%) due to spud; Wakefield-1 spud mid next week.
3 Sept 2009investor presentation● Neutral
CEO's Macquarie Private Wealth presentation repeats the same FY09 results, reserves, resources and strategy slides as the earlier conference presentation. No new information.
3 Sept 2009drilling scheduled● Neutral
Cue Energy repeats Beach's update that Spikey Beach-1 in T/38P is expected to spud early next week, targeting mean 16 mmbbl and high 41 mmbbl. Beach 80%, Cue's Galveston 10%, Exoil 10%. Nothing new.
2 Sept 2009drilling scheduled● Neutral
Adelaide Energy says Wakefield-1 in PEL 218 is due to spud next week, planned to 2,380 m, with Adelaide free carried. After the well, Beach's post-Permian interest will be 23.33%. Unrisked potential over 11 million barrels.
1 Sept 2009investor presentation● Neutral
MD's Good Oil Conference presentation repeats known FY09 results, 66 mmboe 2P reserves, 293 mmboe contingent resources and the Tipton West sale. States Egypt first oil is on track for early 2010. No new announcement.
31 Aug 2009dividend declaration▲ Good
Beach confirms the 2009 final dividend: 1.00c per share, 10% franked, record date 30 October, paid 11 December 2009. DRP carries a 5% discount; issue price to be advised.
31 Aug 2009drilling result▼ BadMajor
Drillsearch says Marino-1 in PEL 91 will be plugged and abandoned as a sub-commercial oil discovery: the Birkhead zone tested (about 3.5 barrels, 48.2 API) is too tight to flow commercially. Resolves the pending suspend-or-abandon decision. Beach holds 40%, Drillsearch 60%.
31 Aug 2009well test result● Neutral
Marino-1 reached TD 1,941 m. Logs were inconclusive, but a drillstem test of the Birkhead (1,649-1,655 m) recovered several barrels of 48.2° API oil in 3 hours. Significance unknown; decision to suspend or abandon pending. Beach 40%.
