6 Oct 2015drilling spud● NeutralMajor
Beach began its FY16 operated drilling program by spudding the Maroochydore-1 oil exploration well in ATP 924, where it is farming in to 45%. Up to 16 operated wells are planned in FY16, with Thylungra-2 next.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Sept 2015drilling progress report● Neutral
August report: Tirrawarra-88 cased, Hobbes-3 found 6.0m oil pay, and Beanbush-2 and Whanto-4 both showed high-side (P10) gas pay. Bolah-2 was in line with estimates. Fulcrum-1 was plugged and abandoned. Mostly incremental results across non-operated wells.
2 Sept 2015drilling result● Neutral
Senex's report shows Fulcrum-1 (Beach 40%) hit poor reservoir with oil shows and was plugged and abandoned. Growler-14 began producing at 350 bopd, and Spitfire-7 was spudded. Beach is the non-operating partner in these wells.
21 Aug 2015resource reserve update▼ BadMajor
At 30 June 2015 Beach's 2P reserves fell to 74.4 MMboe from 85.6 (1P 32.4, 3P 144.8); 2C contingent resources are 676.6 MMboe. A 7.9 MMboe Delhi downgrade outweighed a Bauer field increase (Bauer net 2P 3.9 MMbbl).
5 Aug 2015drilling progress report● Neutral
July report: Tirrawarra-85, Whanto-3 and Mt Howitt-3 DW1 (low-side gas pay) cased; the joint venture dropped Mt Howitt-4. Cocinero-3 (Beach 20%) found 7.4m net Hutton oil pay and was cased as a producer. Whanto-4, Beanbush-2 and Bolah-2 drilling.
16 July 2015resource reserve update▲ Good
Cooper Energy, operator of the BMG fields where Beach is to hold 35%, lifted its net Manta 2C contingent resource 22% to 13.9 MMboe. The Cooper Energy figures are for its 65% share, not Beach's.
1 July 2015drilling progress report● Neutral
June report on non-operated Cooper Basin wells: Swan Lake-15 and Tirrawarra-84 cased as future gas producers; Swan Lake-14 had low-side gas pay with unclear logs. Whanto-3 reached total depth, Mt Howitt-3 was sidetracked after hole instability.
3 June 2015drilling progress report● Neutral
May report: eight wells drilled, 88% success. Sensation-1 and Callawonga-11 (2.5m net Namur oil, cased as producer) confirmed; Swan Lake, Whanto-2 and Toby-2 gas wells cased. Barrolka campaign done; ASA-3 ST1 in Egypt now producing about 550 bopd. Beach skips Swan Lake-12.
27 May 2015farm in farm out agreement▼ BadMajor
Woodside will not enter the next exploration period of the Lake Tanganyika South block in Tanzania, so the pending farm-in to take 70% falls away. Beach keeps 100% and operatorship and is assessing its options.
25 May 2015drilling result▼ Bad
Sensation-1, an exploration well in PRL 98 (Beach operator, Cooper 25%), had no oil shows and is being plugged and abandoned. It ends the three-well campaign with a dry hole after two Callawonga successes.
13 May 2015drilling result▲ Good
Callawonga-11, a step-out well (Beach operator, Cooper 25%), found a 4.3m gross oil column and will be cased and suspended. Cooper expects it to lead to more development well locations; Sensation-1 follows.
8 May 2015drilling progress report● Neutral
Drillsearch's April report repeats that Pennington-4 (Beach 40% operator) was cased as a future producer, completing the FY15 Western Flank oil campaign of 19 wells with 79% success. Other content covers Drillsearch's own wet gas wells with Santos.
6 May 2015drilling progress report▲ Good
Beach's April report: seven wells drilled, 86% success. Callawonga-10 and Pennington-4 (2.5m Namur oil) cased as producers; Perlubie-3 sub-commercial. In Egypt, ASH-1X ST1 tested 3,900 bopd and 3.1 MMscfd gas, with the development lease since granted.
1 May 2015drilling result▲ Good
Callawonga-10 (Beach operator, Cooper 25%) found a 4.8m gross oil column and will be cased as a producer. Pre-drill modelling suggested up to 200 kbbl, of which about 85 kbbl could be new 2P reserves, still to be confirmed.
27 Apr 2015drilling spud● Neutral
Cooper Energy says a three-well campaign on Beach-operated acreage has started with Callawonga-10 spudding 25 April. Further wells are Callawonga-11 and exploration well Sensation-1 in PRL 98. Cooper holds 25%, Beach the rest, with completion expected by end May.
8 Apr 2015drilling progress report● Neutral
Drillsearch's March report repeats Beach-operated results: Bauer-20 to -23 cased and suspended, Stanleys-1 success earlier. New: Longbottoms-1 plugged and abandoned with 1m net pay, sub-commercial. Mostly covers Drillsearch's own wet gas wells with Santos.
8 Apr 2015drilling result▼ Bad
Perlubie-3 (Beach operator, Cooper 25%) found only a sub-commercial 1.1m oil column in the Namur and was plugged and abandoned. It resolves the appraisal well spudded 30 March as a disappointment.
1 Apr 2015drilling progress report● Neutral
Beach's March report: 13 wells drilled, 92% success. Second Bauer pad finished, Bauer-23 with 6.8m net oil pay. Stanleys-1 results repeated (280 bopd test). Longbottoms-1 found about 1m net pay in the Namur. Mostly repeats known results.
30 Mar 2015drilling spud● Neutral
Cooper Energy says Perlubie-3, an oil appraisal well in PPL 247 operated by Beach (Cooper 25%), spudded 30 March, targeting the Namur Sandstone to about 1,415m. Perlubie field has produced about 131,000 barrels since 2009.
27 Mar 2015resource reserve update▲ GoodMajor
An independent review by DeGolyer and MacNaughton lifts ATP 855 gross 2C gas contingent resources by 943 Bcf, from 629 to 1,572 Bcf (1C 343, 3C 5,841). Based on the 2014 Nappamerri Trough flow tests. Commercial development still needs longer-term deliverability and gas sales agreements.
27 Mar 2015resource reserve update▲ Good
Icon, Beach's ATP 855 partner, repeats the DeGolyer and MacNaughton booking: gross 2C of 1,572 Bcf, up 943 Bcf. Icon's 35.1% share is stated. The report notes recent flow rates were lower than Halifax-1, which it attributes to fewer stimulations and conservative choking.
27 Mar 2015farm in farm out completion● NeutralMajor
Beach confirms Chevron will not join Stage 2 of the Nappamerri Trough gas project, returning its interests for nil payment. Beach goes to 100% of PRLs 33-49 and 64.9% of ATP 855. Beach's 2C resources rise 807 Bcf to 2,766 Bcf. Spend is minimal while Beach seeks new partners.
27 Mar 2015farm in farm out completion▼ BadMajor
Icon said Chevron will not join Stage 2 in ATP 855 because the project does not fit its global portfolio. Beach's interest rises to 64.9% as operator, with Icon unchanged at 35.1%.
10 Mar 2015drilling result▲ GoodMajor
Stanleys-1 (PRL 171, Beach 40% operator) is a new Birkhead oil discovery: 7m gross interval, test rate calculated at 280 bopd. Bauer-23 hit the Namur about 3m high with a preliminary 6m of net oil pay. Both to be cased as future producers.
10 Mar 2015drilling progress report▲ Good
Drillsearch's February report repeats Beach-operated results: Stanleys-1 cased as the 16th oil discovery in the former PEL 91, and the second Bauer pad campaign under way. Also covers Drillsearch's own wells. Largely duplicates Beach's announcement.
4 Mar 2015drilling progress report▲ Good
Senex's February report repeats Martlet North-1 (3.2m net pay, cased and suspended). New: Growler-14 (Beach 40%) found about 6m of net porous sand above the oil-water contact and was cased as a future Birkhead producer, with testing to follow.
4 Mar 2015drilling progress report▲ Good
Beach's February report: 12 wells drilled, 100% success. Covers Ralgnal-1 cased as a gas producer, Martlet North-1 and Growler-14 cased, and a new four-well Bauer pad started. Stanleys-1 spudded 25 Feb. Mostly repeats known results.
24 Feb 2015drilling result▲ GoodMajor
Senex reports Martlet North-1 (Beach 40%) is a Namur oil discovery with 3.2 metres of net pay, 1.1km from the Martlet-1 producer. Cased and suspended as a future producer; tie-in timing depends on field development planning. Resolves the pending result.
23 Feb 2015drilling result● NeutralMajor
Beach completes Stage 1 of its Nappamerri Trough gas program: 18 wells, 16 fracture stimulated. Boston-2 in PRLs 33-49 had down-hole mechanical issues, minimal gas flowed, and it will be plugged and suspended. Chevron has up to 60 days from 13 Feb to decide on Stage 2.
10 Feb 2015drilling progress report● Neutral
Drillsearch's January report: Sandhurst-1 (PEL 91) plugged and abandoned. Ralgnal-1 in PRL 130 (Beach 50% operator) flowed gas at 5.88 mmscf/d on test and will be cased as a new discovery. Largely repeats Beach's own reporting.