12 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 at 887 m, directionally drilling ahead. The Namur target is still expected 5 to 7 days after spud. No result yet; Beach holds 40%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2009drilling progress report● Neutral
Weekly report: Chiton-1 at 887 m, Namur expected within 24-48 hours. Burnside-1ST1 (Beach 7.34%) found low-permeability, gas-saturated sandstone in its main target and is being plugged, implications under assessment. Basker-7 reached TD 3,921 m.
11 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 (PEL 91) at 656 m, preparing to drill ahead after surface casing. Planned depth 1,956 m, with the Namur target expected in 5 to 7 days. Beach holds 40% and operates; Drillsearch 60%. No result yet.
11 Aug 2009drilling progress report● Neutral
Beach reports Chiton-1 at 656 m with surface casing installed and preparing to drill ahead. Beach 40%, Drillsearch 60%. Repeats the Drillsearch update; no new result.
10 Aug 2009regulatory community update● Neutral
Federal Resources Minister launched the deep-drilling phase of Paralana geothermal, with Paralana-2 targeting about 4 km. Beach is to contribute A$10m plus its equity share of costs. Petratherm aims for commercial supply within two years. Ceremony and promotional content.
10 Aug 2009regulatory community update● Neutral
Government release on the minister's launch of Paralana's deep-drilling phase, backed by A$7m of federal funding. Mostly policy commentary about geothermal; no new project figures or results for Beach.
10 Aug 2009drilling spud● Neutral
Chiton-1 in PEL 91 (Drillsearch 60%, Beach 40% operator) spudded 8 August and was at 656 m, planned to 1,956 m. Mean 0.7 mmbbl, high 1.5 mmbbl, with a 38% chance of success (Drillsearch figure); Marino-1 follows.
10 Aug 2009drilling progress report● Neutral
Chiton-1 in PEL 91 spudded 8 August and was at 656 m, running surface casing. Beach holds 40%, Drillsearch 60%. No result yet.
7 Aug 2009drilling scheduled● Neutral
Beach says Chiton-1 in PEL 91 will spud 8 August, targeting the Namur Sandstone with mean recoverable oil of 0.7 mmb and 1.5 mmb high. Namur expected about 13 August. Beach holds 40%, Drillsearch 60%.
7 Aug 2009business combination● Neutral
Beach confirms its Drillsearch offer is free of all defeating conditions and its voting power is 22%. The offer was already unconditional; this is a formal notice ahead of the 14 August close.
6 Aug 2009drilling scheduled● Neutral
Drillsearch says the two-well PEL 91 campaign is about to begin, with Chiton-1 spudding 8 August and Marino-1 to follow. Together they target 3.5 mmbbl mean unrisked, 7.8 high. Drillsearch (60%) and Beach (40%, operator) are cooperating despite the takeover bid.
5 Aug 2009drilling progress report● Neutral
Weekly update: Murninnie-1 plugged and abandoned at 2,051 m and the rig moves to Chiton-1 (PEL 91, Beach 40%) to spud around 8 August. Burnside-1ST1 reached 4,182 m total depth; Basker-7 at 3,920 m; Charo-4 plugged and abandoned; Wackett-15 cased as a gas producer.
4 Aug 2009joint venture update▲ Good
Paralana partners have received the first A$2.45m of a A$7m federal geothermal drilling grant, with A$1.75m more expected in August. Shared by equity, Beach's 21% gets about a fifth of the benefit. Minor funding support for Paralana-2.
4 Aug 2009other● Neutral
Drillsearch's sixth supplementary statement attaches a shareholder letter calling Beach's offer inadequate, saying it is below market, over 90% of holders (about 5,400) have not accepted, and Beach will not raise it. These are Drillsearch's claims; the offer closes 14 August.
4 Aug 2009joint venture update● Neutral
ROC (operator) says Basker-3 is on test with a smart completion and Basker-7 is at 3,537 m, with tie-in in September. BMG is producing ~1,100 bopd; a leaking Basker-2 choke is shut in and ROC is unlikely to hit its 2009 target. Beach holds 30%.
3 Aug 2009drilling result▼ BadMajor
Murninnie-1, the final PEL 92 well, was plugged and abandoned with no hydrocarbons in the secondary targets, the program's fourth dry hole alongside the Perlubie South and Butlers oil discoveries. The joint venture (Beach 75%) is considering new 3D seismic for follow-up wells.
29 July 2009drilling progress report● Neutral
Weekly update: Murninnie-1 (Beach 75%) spudded 24 July and is at 1,399 m; Paralana-2 at 1,069 m; Burnside-1ST1 at 3,849 m; Basker-7 at 2,512 m. Charo-4 is drilling. No results yet.
28 July 2009investor presentation● Neutral
Roadshow slides restate FY09 record 9.6 mmboe, A$581m revenue, cash A$136m with nil net debt, reserves ~65 mmboe, and FY10 production guidance of 8.5 mmboe. They pitch the Drillsearch offer (1:27, final, interest over 20%). Largely repeats known facts; the FY10 guidance is the new figure.
27 July 2009business combination● Neutral
Beach's Drillsearch stake rose to 20.96% on acceptances from over 500 holders; the unconditional offer still closes 14 August. The attached form shows 19.36% previously. Beach is building a significant minority holding despite the board's rejection.
27 July 2009asset acquisition disposition▲ GoodMajor
Beach sold all 20,613,699 Arrow shares received for Tipton West at an average A$3.7757, raising A$77.8m gross, nearly A$8m above their A$70m issue value. Together with the A$260m cash, up to A$70m of contingent payments remain possible. Completes the cash-out of the Tipton West sale.
23 July 2009other● Neutral
Drillsearch's fifth supplementary statement attaches a shareholder letter urging rejection. It says only 435 of about 6,000 holders have accepted and denies its cash position has eroded. These are Drillsearch's claims.
23 July 2009dividend declaration▲ Good
Beach's media release repeats the 2-cent fully franked special dividend (about A$21m, record 31 August, paid 30 September), funded by the coal seam gas sale. It says the normal final dividend policy continues. DRP available. Nothing new beyond the 23 July declaration.
23 July 2009drilling progress report● Neutral
Petratherm reports Paralana-2 drilling ahead at 796 m in the Pantapinna Sandstone, and an expansion of the seismic monitoring array. Beach is earning 21%. No new result.
23 July 2009dividend declaration▲ GoodMajor
Beach declares a fully franked special dividend of 2 cents per share, about A$21m, payable 30 September 2009 to holders on 31 August. It is funded by the Tipton West sale proceeds and is separate from the usual interim and final dividends.
23 July 2009farm in farm out completion▲ GoodMajor
Adelaide Energy confirms Beach has completed acquiring 90% of the Permian and post-Permian in PEL 218 (Cooper Basin) for A$5.14m cash, carrying A$25m of exploration spend. Beach becomes operator and took 8m Adelaide Energy shares at A$0.12 (A$960,000). Completes the May farm-in.
22 July 2009other▲ Good
Media release restates the quarterly: record 9.6 mmboe and A$581m revenue, debt free, A$260m plus Arrow shares from Tipton West, and two PEL 92 oil discoveries. Says Beach will keep looking at corporate opportunities. Nothing new.
22 July 2009other● Neutral
Notice of an audio broadcast where the MD and CEO discuss the June quarterly report and the Drillsearch offer. No substance beyond the link.
22 July 2009drilling result▼ BadMajor
Willunga-1 in PEL 92 (Beach 75%) was plugged and abandoned with no commercial hydrocarbons, the program's third dry hole. The rig moved to Murninnie-1 (0.8 mmb mean), and the Basker-3 workover was completed with the rig heading to Basker-7.
20 July 2009business combination● Neutral
Beach speeds up share issuance to accepting Drillsearch holders, with rolling allotments from 22 July instead of waiting for the offer to close. The offer remains unconditional and closes 14 August 2009.
15 July 2009drilling progress report● Neutral
Weekly update: Willunga-1 drilling at 920 m, Paralana-2 at 709 m, Burnside-1ST1 at 2,780 m. Santos-operated Cowralli-11 is being cased as a gas producer. No new results.