Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2009material agreement▲ GoodMajor
Beach signs a non-binding MOU with Canada's ATCO to study gathering, processing, transport and possible gas-fired power for its Cooper Basin unconventional and contingent gas. Beach says early work suggests shale potential of 'many tens of TCF'. Builds on the Rentech and Sundance alliances.
8 Dec 2009material agreement▲ Good
ASX version of the ATCO Power Australia MOU: the parties will assess gas gathering, processing, transport and gas-fired power from Beach's Cooper gas. Beach has about 500 PJ conventional and nearly 1,000 PJ unconventional contingent gas booked, and is exploring other downstream partners.
18 Nov 2009flow test result● Neutral
Amended copy of Drillsearch's Chiton-1 release: same 2,434 barrels-a-day test and P50 of 0.12 million barrels. Only the competent person statement wording changed, now citing Beach as PEL 91 operator.
18 Nov 2009drilling progress report● Neutral
Petratherm says Paralana-2 evaluation has begun with wireline and logging-while-drilling tools. 7-inch casing will follow, with temperature measurements about four weeks after casing. No new results.
18 Nov 2009flow test result▲ GoodMajor
Chiton-1 (PEL 91, Beach 40%) flowed 2,434 bbl/d oil in an 80-minute test, with production expected by early January. North Shadwan NS377-3 (Beach 20%) is cased, with initial output of 1,500-2,000 bopd expected in Q2 2010. Burtocal North was plugged and abandoned.
18 Nov 2009dividend declaration● Neutral
Beach confirms details of its 1 cent, 10% franked final dividend, paid 11 December 2009, with the dividend reinvestment plan issue price set at A$0.76 after a 5% discount. The dividend is underwritten.
18 Nov 2009flow test result▲ Good
Drillsearch reports Chiton-1 (Drillsearch 60%, Beach 40% operator) flowed at about 2,434 barrels of oil a day over a 1.3-hour test. P50 recoverable remains 0.12 million barrels; Beach will refine the estimate. Confirms the discovery is a producer.
11 Nov 2009drilling progress report▼ Bad
Weekly report: Egypt's NS394-3 Burtocal North reached 3,659 m and is being plugged and abandoned, having found no significant hydrocarbons. NS377-3 is cased with a 145 m oil column being perforated. Paralana-2 is at 4,012 m TD.
11 Nov 2009drilling result● NeutralMajor
Egypt's NS377-3 (Beach 20%) hit a 144 m gross oil column and is expected to produce 1,500-2,000 barrels a day from Q2 2010. The nearby NS394-3 Burtocal North exploration well found no significant hydrocarbons and is being abandoned. Teen-1 is next.
9 Nov 2009investor presentation● Neutral
Investor briefing repeats known facts: 66 mmboe reserves, 293 mmboe contingent resources, no debt, about A$150m cash and a 3.75c FY09 dividend. Says Paralana-2 should reach total depth mid-November. No new announcements.
9 Nov 2009drilling result▲ Good
Paralana-2 geothermal well reached 4,012 m total depth. Petratherm says brine and porosity at the bottom are encouraging for target flow rates; logging comes next and the well is to be cased.
6 Nov 2009regulatory community update▲ GoodMajor
The Paralana geothermal project (Beach earning 21%) is awarded a A$62.762m federal REDP grant for a 30 MW demonstration plant. This resolves the open grant decision, conditional on a funding deed within 30 days and matched 2:1 by the joint venture.
4 Nov 2009drilling progress report● Neutral
Petratherm says Paralana-2 hit permeable zones with geothermal fluids flowing in between 3,690 m and 3,864 m, controlled with heavier mud. Significance is unclear until logging; the well is at 3,864 m, with 4,000 m planned.
4 Nov 2009drilling progress report▲ Good
Weekly report: Egypt's NS377-3 (Beach 20%) found a 140 m gross oil column, 20 m more than expected, and is being cased as the field's first producer, with output expected early 2010. NS394-3 is at 3,593 m.
28 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 is at 3,224 m on a bit change, and NS377-3 is at 2,292 m with casing set. Paralana-2 is at 3,822 m. Kercummurra-2 reached 1,535 m TD and Daralingie-27 reached TD to be cased as a gas producer. No new results.
26 Oct 2009drilling progress report● Neutral
Petratherm reports the Paralana-2 geothermal well (Beach earning 21%) passed its 3,600 m minimum target depth and is at 3,759 m, with 4,000 m the planned maximum. Logging, then casing and fracture stimulation selection follow; finish expected early November.
26 Oct 2009quarterly activities report● Neutral
Media release on the September quarter: production 2.04 million boe, revenue A$125m, over A$150m cash and no debt. Notes Chiton-1 could hold up to 0.39 million barrels, with production expected early January 2010. Repeats the quarterly report.
26 Oct 2009quarterly activities report● Neutral
September quarter: production 2,038 kboe (down 7%, mostly from the Tipton West sale), sales revenue A$125m, over A$150m cash, no debt. Drillsearch stake had been cut to 14.67% from 22.79%, and all Arrow shares were sold for A$77.8m.
26 Oct 2009farm in farm out agreement● Neutral
Icon's shorter media statement repeats the ATP 855P farm-in letter agreement: Beach can earn up to 40% for up to A$8.5m and will subscribe A$3.5m of Icon securities. Duplicate of Icon's other release; no new terms.
26 Oct 2009farm in farm out agreement● Neutral
Icon's own announcement of the ATP 855P letter agreement: Beach can earn up to 40% for up to A$8.5m of work, targeting deep shale gas, and will subscribe A$3.5m of Icon securities, subject to documents, approvals and Icon shareholder approval. Matches Beach's terms.
23 Oct 2009farm in farm out agreement● Neutral
Beach's media release on the ATP 855P deal with Icon: it earns 25% by funding 80% of 400 km seismic reprocessing and 300 km of new 2D seismic, with an option for 15% more via a well (capped A$7m). It will also subscribe A$3.5m for Icon shares. Repeats the 23 Oct terms.
23 Oct 2009annual report● Neutral
Beach's 2009 annual report repeats FY09 figures: A$581m sales, A$260m profit, debt repaid, 9.6 mmboe record production. The AGM is on 26 November 2009. Text is truncated; no new information seen.
23 Oct 2009joint venture update▲ Good
Cooper Energy says the PEL92 joint venture (Beach 75% operator, Cooper 25%) approved 211 km of 3D and 229 km of 2D seismic, starting around end-2009. It aims to line up drilling targets for later in 2010.
23 Oct 2009farm in farm out agreement▲ GoodMajor
Beach agrees terms to earn up to 40% of Icon's ATP 855P, a gas-prospective Cooper Basin permit: 25% for seismic work, then 15% more by funding a well (capped A$7m). It becomes operator and will also subscribe A$3.5m for Icon shares, subject to documents.
22 Oct 2009other● Neutral
Media release repeating the Sundance alliance: an MOU on unconventional oil and gas, and Beach buying 17.5 million Sundance shares at 13.5c for A$2.36m. Nothing beyond the earlier announcement.
22 Oct 2009material agreement▲ GoodMajor
Beach signs an MOU with Sundance Energy to jointly pursue unconventional oil and gas assets in Australasia, and will pay A$2.36m for 17.5 million Sundance shares at 13.5c (about 9%). A new push into shale alongside Beach's 179 mmboe unconventional contingent resource.
22 Oct 2009material agreement● Neutral
Sundance's own release of the Beach alliance: an MOU to find unconventional assets, and Beach subscribing A$2.36m for 17.5 million shares at 13.5c (about 9%). Beach is invited to nominate a Sundance board member. Duplicate of Beach's announcement.
21 Oct 2009investor presentation● Neutral
Shareholders' association presentation repeats FY09 results, 66 mmboe reserves and 293 mmboe contingent resources, and mentions a roughly 100 mmboe drill-ready prospect portfolio. It cites a A$780m market cap at 74 cents. No new announcements.
21 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 is at 2,998 m with rig repairs under way, and NS377-3 is drilling at 1,601 m. Paralana-2 is at 3,551 m. A new Cooper Basin appraisal well is drilling at Kercummurra-2. No results.
14 Oct 2009drilling progress report● Neutral
Weekly report: Egypt's NS394-3 is at 2,923 m and NS377-3 is preparing to drill ahead. Two Santos-operated Cooper gas wells were cased as future producers; Wareena-5 was cased and Moomba-183 was plugged and abandoned. Paralana-2 is at 3,190 m.
