Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2009other▲ Good
Media release summarising FY09 results: NPAT A$260.4m, record sales A$581m, zero debt, cash A$136.2m. Total dividends 3.75c per share. Chairman says Beach has cash to pursue growth opportunities. Repeats the results announcement.
28 Aug 2009drilling progress report● Neutral
Marino-1 found oil shows in the Birkhead Formation (up to 70% fluorescence over 12 m) at 1,842 m, after no shows in the Namur. Significance awaits logs and possible testing. Beach 40%.
28 Aug 2009annual report▲ GoodMajor
Beach's FY09 results: net profit A$260.4m (FY08 A$63.7m), driven by the Tipton West sale; normalised profit A$64.2m. Record 9.6 mmboe production, debt-free, cash A$136.2m. 2P reserves 66 mmboe. Final dividend 1c, partly franked, plus the 2c special.
28 Aug 2009investor presentation● Neutral
Results briefing repeats FY09 figures: record 9.6 mmboe, NPAT A$260m, debt repaid. 2P reserves 66 mmboe; contingent resources 293 mmboe. FY10 production guidance stated as about 9.0 mmboe, versus 8.5 mmboe previously noted.
27 Aug 2009drilling result▼ Bad
Marino-1 penetrated the primary Namur Sandstone with no hydrocarbon shows, a miss on the main target, unlike Chiton-1 nearby. Drilling continues at 1,489 m to test the secondary Birkhead objective. Beach 40%.
27 Aug 2009drilling scheduled● Neutral
Cue Energy repeats Beach's statement that Spikey Beach-1 in T/38P (Bass Basin) is expected to get its rig around 30 August. Targets mean 16 mmbbl, high 41 mmbbl. Participants: Beach 80%, Cue subsidiary 10%, Exoil 10%.
26 Aug 2009drilling progress report● Neutral
Weekly report: Marino-1 at 1,003 m nearing the Namur target. Basker-7 cased and suspended; Ocean Patriot rig expected to drill Spikey Beach-1 (T/38P, Beach 80%, mean 16 mmbbl, high 41 mmbbl) around 30 August. Comet rig assigned to Egypt's NS394-3 (Beach 20%).
26 Aug 2009drilling progress report● Neutral
Drillsearch update: Marino-1 at 1,003 m drilling in the Toolebuc Formation, with the primary Namur Sandstone expected within 24 hours. No result yet. Beach 40%.
25 Aug 2009drilling progress report● Neutral
Drillsearch update: Marino-1 at 672 m, running in hole to drill out of surface casing. No result yet. Beach operates with 40%.
24 Aug 2009other● Neutral
Administrative filing of Beach's shareholder distribution schedule and top 20 holders, as at 18 August, lodged under listing rules in connection with the Drillsearch bid. Largest holder National Nominees at 13.34%. No new development.
24 Aug 2009drilling spud● Neutral
Marino-1 in PEL 91 spudded 22 August, second well after the Chiton-1 oil discovery. At 672 m, running surface casing; target depth 1,948 m in about 12 days. Beach operates with 40%, Drillsearch 60%.
21 Aug 2009drilling scheduled● Neutral
Drillsearch's amended notice says Marino-1 in PEL 91 will spud Saturday 22 August, correcting the earlier 8 August date. It targets mean 2.0 mmbbl, high 4.4 mmbbl, 31% chance of success. Beach operates with 40%.
21 Aug 2009capital raising announcement▲ Good
Beach entered a conditional underwriting agreement with CommSec for its dividend reinvestment plan, covering five dividends including the 2c special dividend (possibly partially underwritten). Special dividend DRP shares priced at market less 5%. Underwriting is not certain; conditions are partly outside Beach's control.
21 Aug 2009drilling scheduled● Neutral
Drillsearch says Marino-1 in PEL 91 is about to spud, planned TD 1,948 m over about 12 days. It targets mean 2.0 mmbbl, high 4.4 mmbbl, 31% chance of success. The release gives a spud date of 8 August, apparently an error for 22 August. Beach 40%.
19 Aug 2009joint venture update● Neutral
ROC completed the sale of a 10% interest in the BMG licences to Pertamina for US$31.5m including working capital. Beach's 30% is unchanged. This completes the pending Pertamina transaction.
19 Aug 2009drilling progress report● Neutral
Weekly report: Chiton-1 cased and suspended as a future oil producer; Marino-1 (mean 2.0 mmbbl) to spud about 22 August. Burnside-1ST1 plugged and abandoned. Basker-7 cased and being completed as a Latrobe oil producer.
19 Aug 2009drilling scheduled● Neutral
Drillsearch says Chiton-1 is cased and suspended as a future oil producer and the rig is moving to Marino-1, spudding about 22 August. Marino-1 targets mean 2.0 mmbbl, high 4.4 mmbbl. Beach 40%.
19 Aug 2009asset acquisition disposition● Neutral
Arrow completed the sale of 12% of Tipton West to Shell for A$99m, half paid so far. Shell will reimburse Arrow for 30% of any contingent payments it makes to Beach, up to A$21m. Beach's A$70m contingent payments are unchanged.
17 Aug 2009business combination● NeutralMajor
Beach's Drillsearch offer closed 14 August with Beach and associates holding 22.79% of Drillsearch. Compulsory acquisition will not proceed. The bid ends as a minority stake rather than control, resolving the takeover thread.
17 Aug 2009business combination● Neutral
Drillsearch declares the Beach offer closed, says its shareholders backed the board, and turns to PEL 106 gas-condensate development and further PEL 91 exploration. These are Drillsearch's statements; Beach remains a ~22.8% holder and JV partner.
17 Aug 2009drilling result▲ GoodMajor
Drillsearch reports Chiton-1 (PEL 91) is an oil discovery with a 5.5 m oil zone in the Namur Sandstone. Estimated recoverable oil is 0.04-0.39 mmbbl, P50 0.12, well below the 0.7 mmbbl pre-drill mean. Beach holds 40%.
17 Aug 2009drilling result▲ GoodMajor
Beach confirms Chiton-1 in PEL 91 as an oil discovery: 5.5 m oil zone in the Namur Sandstone, recoverable oil 0.04-0.39 mmbbl with P50 0.12 mmbbl. TD 2,010 m; to be cased for production. Beach 40%. First oil in PEL 91.
14 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 at 1,237 m, expected to enter the Namur Sandstone overnight. No result yet; Beach 40%.
14 Aug 2009drilling progress report● Neutral
Beach reports Chiton-1 at 1,237 m, with the Namur Sandstone expected overnight. Beach 40%, Drillsearch 60%. No result yet.
14 Aug 2009joint venture update▼ Bad
Petratherm says Paralana-2 is at 1,427 m and the drilling campaign is now expected to take 3-4 months, not 2-3, because of slow drilling in hard upper rock. Rates have since more than doubled. The ministerial launch took place 7 August; Beach holds 21%.
14 Aug 2009business combination● Neutral
Beach reminds Drillsearch shareholders that its scrip takeover offer closes at 5pm Adelaide time today, 14 August. Instructions for accepting are given; no new terms.
13 Aug 2009farm in farm out agreement● Neutral
Icon says Wakefield-1 in PEL 218 should spud about 6-7 September with Beach as operator, targeting up to 11 mmbbl across eight reservoirs. Drilling lifts Icon's Mesozoic interest from 10% to 33.3%. Icon's value claims are its own; follows Beach's July farm-in.
13 Aug 2009drilling progress report● Neutral
Drillsearch update: Chiton-1 at 1,136 m in the Wallumbilla Formation, expected to reach the Namur Sandstone on Friday. No result yet; Beach 40%.
13 Aug 2009drilling progress report● Neutral
Beach reports Chiton-1 at 1,136 m drilling in the Wallumbilla Formation, with the Namur primary target expected Friday. Beach 40%, Drillsearch 60%. No result yet.
13 Aug 2009drilling result▲ GoodMajor
Santos says Burnside-1ST1 in WA-281-P found a 65 m gross gas column in the Brewster Sandstone, low-permeability. Commercial significance is yet to be determined. Beach holds 7.3394%; this resolves the earlier evaluation of the well as a gas discovery, size unknown.
