Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2009other▼ Bad
Drillsearch's board unanimously recommends shareholders reject Beach's offer as inadequate and opportunistic, implying 3.2 cents per share at Beach's 86c price. Says it holds A$7.8m cash and no debt. Target's view, not Beach's; its formal target's statement is to follow.
16 June 2009joint venture update● Neutral
ROC, operator of BMG where Beach holds 30%, says the 2009 drilling program has started with the Basker-5 workover, then Basker-3 and a new Basker-7 well. Pertamina's 10% purchase from ROC remains subject to approvals.
15 June 2009drilling scheduled● Neutral
Cooper Energy says the rig has moved to Butlers-1, third PEL 92 well, expected to spud around 19 June. Target is 1.37 mmbbl P50 recoverable oil in the Namur, to 1,770 m at A$1.64m (100% JV). Beach holds 75%.
15 June 2009joint venture update▲ Good
Petratherm reports the A$7m government grant agreement for the two deep Paralana geothermal wells has been signed. Beach, earning up to 36% for A$30m, shares the project with Petratherm and TRUenergy. Follows the grant award noted earlier.
15 June 2009business combination● NeutralMajor
Beach sends its replacement bidder's statement and formal offer to Drillsearch holders: 1 Beach share per 27 Drillsearch shares, dated 15 June and closing 16 July 2009 unless extended. The offer is now formally open.
10 June 2009other▼ Bad
The Takeovers Panel also declines Beach's separate application over letters from a Drillsearch director and former MD, finding no reasonable prospect of unacceptable circumstances. Drillsearch had clarified they were personal views. Second Panel setback for Beach.
10 June 2009drilling progress report● Neutral
Weekly report: Perlubie South-1, second of six PEL 92 wells (Beach 75%), spudded 8 June and is at 622 m fitting blowout preventers. Gas development wells Cowralli-13 and Tindilpie-9 continue drilling. No new results.
10 June 2009other▼ Bad
The Takeovers Panel declines to conduct proceedings on Beach's application over Drillsearch's 1 June announcement, calling the statements 'unfortunate, rather than misleading'. Beach's bid to force a retraction fails, a setback in the Drillsearch contest.
9 June 2009drilling scheduled● Neutral
Cooper Energy, Beach's 25% partner, says Perlubie South-1, second of six PEL 92 wells, is due to spud 9 June. Target is 520,000 barrels P50 recoverable oil in the Namur Sandstone, to 1,780 m at A$1.8m (100% JV).
3 June 2009other● Neutral
The Takeovers Panel publicly describes Beach's application over Drillsearch's 1 June announcement, which Beach says was misleading. Beach seeks a retraction. No panel appointed and no decision yet; the release makes no comment on the merits.
3 June 2009drilling result▼ BadMajor
Tumby-1, the first of six PEL 92 wells (Beach 75%), found no hydrocarbons on wireline logs and is being plugged and abandoned at 1,845 m. The rig moves to Perlubie South-1, targeting a 400 kbbl mean recoverable oil volume.
3 June 2009business combination▼ Bad
The NSW Supreme Court dismissed Beach's bid to adjourn Drillsearch's 10 June general meeting, saying Beach should go to the Takeovers Panel. Beach will do so without delay. A setback in the Drillsearch contest.
3 June 2009other● Neutral
Drillsearch says letters from director McKerlie and former MD Kelso are personal views, not company correspondence. Its board will give a recommendation on Beach's offer shortly and still advises shareholders to take no action.
2 June 2009other● Neutral
The Takeovers Panel confirms receiving Beach's application over letters sent to Drillsearch shareholders. Beach seeks corrective letters within 48 hours. No panel appointed and no decision yet.
1 June 2009business combination● Neutral
Beach applies to the Takeovers Panel over Drillsearch directors' letters it says may mislead shareholders about its bid. It also joins NSW court action over Drillsearch's adjournment of a meeting to remove five directors, saying the spill appears designed to frustrate the bid.
1 June 2009joint venture update● Neutral
Petratherm says the Paralana rig is being assembled on site, with Paralana 2 on schedule to start mid-June and take about two months to reach hot rocks 4 km down. Beach, earning up to 36%, manages the drilling. Consistent with prior timing.
1 June 2009other● Neutral
Drillsearch says Beach's replacement bidder's statement added favourable Cooper Basin disclosures, including PEL 91 prospects of 7.3 mmbbl unrisked, and calls the bid opportunistic. The heading says a bid condition was waived; the excerpt does not show which. Target's view, not Beach's.
29 May 2009business combination● Neutral
Beach lodges a replacement bidder's statement for Drillsearch. Changes include requiring a relevant interest in 90% instead of acceptances, and deleting an All Ordinaries Index condition. Replaces the 15 May version; a legal housekeeping step.
29 May 2009director officer appointment● Neutral
Hector Gordon appoints CFO Kathryn Presser as his alternate director from 28 May to 25 June 2009. A temporary administrative arrangement.
29 May 2009business combination● Neutral
Beach clarifies that although it has no present intention to waive the condition barring Drillsearch share issues, it reserves the right to. Softens its 27 May statement that the bid would not proceed.
27 May 2009business combination● Neutral
Beach notes ASIC let Drillsearch extend its 3D Oil bid to 9 June, and warns that any Drillsearch share issue under that bid would breach a condition of Beach's offer. It has no present intention to waive it, so its bid would lapse. Contradicts the earlier expectation that the 3D Oil bid would lapse 26 May.
27 May 2009drilling progress report● Neutral
Weekly report: Tumby-1, first of six PEL 92 wells (Beach 75%), spudded 26 May and is drilling at 172 m. Cowralli-10 and Tindilpie-8 are cased and suspended as future gas producers. No new results.
27 May 2009other● Neutral
3D Oil, a third party, urges its shareholders to reject Drillsearch's extended bid, citing Beach's warning that it would walk away if Drillsearch issues shares. Notes Drillsearch's board dispute. Commentary only; no Beach announcement.
27 May 2009joint venture update● Neutral
ROC will sell 10% of the BMG project to Pertamina for US$31.5m, keeping 30% and operatorship. Beach's 30% is unchanged on completion, though the sale is subject to pre-emptive rights of other partners, which would include Beach.
25 May 2009drilling scheduled● Neutral
Cooper Energy says Tumby-1 in PEL 92 spuds 26 May, starting the six-well program. It targets 5.5 mmbbl (P50, 100% joint venture) in the Namur Sandstone, at 1,827 m and A$1.8m. Five further wells are named to follow.
22 May 2009farm in farm out agreement▲ GoodMajor
Adelaide Energy signs binding agreements for Beach to take 90% of PEL 218's Permian and shallower strata for A$5.14m cash plus carrying A$25m of gross spend. Beach also subscribes 8m shares at 12c. Resolves the April term sheet; needs ministerial approval.
22 May 2009farm in farm out agreement▲ GoodMajor
Beach confirms its PEL 218 farm-in with Adelaide Energy for 90%: A$5.14m cash plus a further A$2.5m toward Adelaide's exploration share, and 8m Adelaide shares at 12c. Beach will operate and expects to drill at least one gas well in 2009/10. Subject to regulatory approval.
20 May 2009drilling progress report● Neutral
Weekly report: the Ensign 30 rig is moving to Tumby-1 in PEL 92 (Beach 75%), with spud expected 26 May. Cowralli-10 reached 3,237 m and Tindilpie-8 is coring. No new results.
20 May 2009asset acquisition disposition▲ GoodMajor
Beach completes the sale of its 40% Tipton West stake to Arrow for up to A$400m, receiving A$260m cash and 20,613,699 Arrow shares. Arrow's A$3.87 close on 19 May means the shares are worth more than the A$70m agreed value. Contingent payments remain.
20 May 2009asset acquisition disposition▲ Good
Arrow confirms it completed buying Beach's 40% of Tipton West on 20 May: A$260m cash plus 20,613,699 Arrow shares (A$70m at the formula price). Up to A$70m more is contingent. Shell can still take up to 12%.
