Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2009investor presentation● Neutral
May investor presentation repeating known facts: March quarter output about 27,000 boe a day, first-half NPAT A$127.5m, net debt gearing 4.6%, and the pending Tipton West sale for up to A$400m. No new announcements in the excerpt.
15 May 2009business combination● Neutral
Media release on lodging the Drillsearch bidder's statement: 1 Beach share per 27 Drillsearch shares, valued at 3 cents, a stated 50% premium to Drillsearch's three-month average price. Beach's relevant interest is now 13.2% (up from 10.04%). Still needs 90% acceptances.
15 May 2009other● Neutral
Drillsearch tells shareholders to take no action on Beach's offer, which values it at about 3.0 cents a share. It has appointed takeover advisors and expects to name a new managing director next week. No recommendation yet.
15 May 2009business combination● Neutral
Beach lodges its formal bidder's statement for Drillsearch: 1 Beach share for every 27 Drillsearch shares. Offer and closing dates are still blank. Formalises the 5 May announcement; no new terms in the excerpt.
15 May 2009other● Neutral
3D Oil says Drillsearch's offer for it will lapse on 26 May. It notes Drillsearch's board is split and that Beach's bid conflicts with it. Third-party commentary; Beach is Drillsearch's major shareholder.
14 May 2009joint venture update▲ Good
Petratherm says the Paralana JV's A$62.8m application for a 30 MW demonstration project (estimated cost about A$200m) passed eligibility. A merit assessment follows, with the minister's decision expected from August 2009. Beach is a JV partner.
13 May 2009farm in farm out agreement● Neutral
Adelaide Energy has agreed, at Beach's request, to extend the deadline for binding PEL 218 documents to 21 May 2009. This follows the 14 April term sheet for Beach to take 90% of ADE's Permian and deeper interest. Deal still not binding.
13 May 2009drilling scheduled● Neutral
Weekly report: Tumby-1, the first of up to six PEL 92 wells (Beach 75%), is due to spud around 25 May targeting 2.4 mmbbl. Two PEL 91 wells follow, and Paralana-2 starts late June. Gas wells Cowralli-10 and Tindilpie-8 are drilling.
11 May 2009joint venture update▲ Good
Petratherm says the drilling rig arrived at Port Pirie and Paralana 2 should spud in mid-June, with a 4 km deep well. Beach is a partner earning up to 36%. Consistent with the earlier schedule; a A$7m federal grant has already been awarded.
7 May 2009drilling scheduled▲ Good
Drillsearch says two exploration wells in PEL 91 (Drillsearch 60%, Beach 40% and operator) will be drilled in September–October 2009, after the PEL 92 program. They target mean 3.5 mmbbl of oil, with upside to 7.8 mmbbl.
6 May 2009drilling progress report▲ Good
Weekly report: Cowralli-12 is cased and suspended as a future gas producer at 3,239 m. Tindilpie-10 reached 3,214 m and is being cased and suspended as a gas producer (Beach 20.21% in both).
5 May 2009joint venture update● Neutral
Essential Petroleum says Beach and Mitsui have agreed to defer seeking payment of its VIC/P46 debt until after 31 May 2009, without prejudice to their rights. Extends the earlier 30 April deferral while restructuring options continue.
5 May 2009business combination● Neutral
Media release repeating the Drillsearch takeover offer: 1 Beach share for 27 Drillsearch shares, about A$50m, 10.04% relevant interest, 90% minimum acceptance condition. Adds a company profile noting Beach's Cooper Basin position. No new terms.
5 May 2009other● Neutral
Drillsearch says it is considering its position on Beach's takeover offer and shareholders need take no action now. Its initial response contains no recommendation.
5 May 2009other● Neutral
3D Oil, the target of a separate Drillsearch bid, points out that Drillsearch issuing shares for it would breach a condition of Beach's offer. It urges Drillsearch to let its bid lapse on 26 May. A third-party comment on Beach's new offer.
5 May 2009business combination▲ GoodMajor
Beach announces a conditional all-scrip offer for Drillsearch, the Cooper Basin partner it already holds shares in: 1 Beach share per 27 Drillsearch shares, valuing it at about A$50m (3.0 cents a share). Pre-bid agreements plus its holding give Beach 10.04%. Needs 90% acceptances.
29 Apr 2009drilling progress report● Neutral
Weekly report: Cowralli-12 (Beach 20.21%) reached 3,239 m and is preparing wireline logs. Tindilpie-10 is drilling ahead at 2,320 m. No results announced.
22 Apr 2009drilling progress report● Neutral
Weekly report: Nephrite-2 (Beach 20.21%) reached 3,258 m and is cased and suspended as a future gas producer. Cowralli-12 is drilling at 2,106 m, and Tindilpie-10 has started drilling.
22 Apr 2009joint venture update▲ Good
Petratherm says the A$7m federal geothermal drilling grant for Paralana has two conditions: an updated budget check and removing overlap with the separate REDI grant. Beach's 21% share of the benefit follows equity; 60% (A$4.2m) is paid upfront before drilling in mid-June.
20 Apr 2009joint venture update● Neutral
Beach confirms the BMG participants filed a defence on 17 April to BW Offshore's claim and a cross-claim for US$63.4–86m of drilling costs. Repeats ROC's release, with further losses to be particularised later.
17 Apr 2009joint venture update● Neutral
ROC says BMG participants filed a defence to BW Offshore's Federal Court claim and a cross-claim seeking US$63.4–86m of drilling-related costs. Beach holds 30%.
15 Apr 2009drilling progress report● Neutral
Weekly report: South July-1 sidetrack plugged and abandoned, rig released 13 April. Cooper Basin gas wells Nephrite-2 and Cowralli-12 (Beach 20.21%) continue drilling.
14 Apr 2009farm in farm out agreement▲ GoodMajor
Adelaide Energy signs a non-binding term sheet letting Beach acquire 90% of its Permian and deeper interest in PEL 218 in the Cooper Basin, plus a further investment in ADE. Binding documents are due within 30 days, subject to due diligence.
8 Apr 2009drilling result▼ BadMajor
South July-1 sidetrack in Egypt (Beach 33.33%) reached 3,473 m; the targeted Yusr sands were water-saturated with no shows, so the well is being plugged and abandoned. A dry hole for the roughly 100 mmbbl prospect.
3 Apr 2009joint venture update● Neutral
Essential Petroleum says Beach and Mitsui agreed to defer their rights under the VIC/P46 joint operating agreement until 30 April 2009, while debt restructuring options are explored. Extends the standoff over Essential's unpaid 25% share.
3 Apr 2009asset acquisition disposition▲ GoodMajor
Beach agrees to sell its 40% Tipton West coal seam gas interest to Arrow for up to A$400m: A$260m cash, A$70m Arrow shares, and up to A$70m contingent. Expected pre-tax profit about A$276m. Concludes the Surat sale process begun in February.
3 Apr 2009asset acquisition disposition● Neutral
Arrow's own announcement of buying Beach's 40% Tipton West interest on the same terms, adding 467 PJ of 2P reserves. Closing is expected in May 2009. Shell may take up 12% under pre-emptive rights.
3 Apr 2009asset acquisition disposition▲ Good
Media release repeating the Tipton West sale to Arrow for up to A$400m, noting Beach paid A$35m for the stake in 2005. Management says it leaves Beach in a strong net cash position and positioned for further investments.
2 Apr 2009investor presentation● Neutral
Conference presentation repeating known figures: half-year profit up 117% to A$127.5m, 27,380 boe/d production, Cooper contingent resource 262 mmboe, and Tipton West reserves. The 5% DRP discount is also mentioned. No new announcements.
2 Apr 2009joint venture update● Neutral
Petratherm says the Paralana drilling rig departs Dubai mid-April, arrives Port Pirie mid-May, with drilling starting mid-June after certification. Beach can earn up to 36% for A$30m plus costs. Consistent with the 15 June spud date.
