Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2009drilling progress report▲ Good
Weekly report repeats the Perlubie-1 discovery, calling it the sixth oil field found in PEL 92. South July-1 is at 2,905 m, Jackson East-2 (Beach 38.5%) is in progress, and Bindah-3 is to be cased as a Patchawarra producer.
4 Feb 2009other● Neutral
Beach launched a new website with an email alerts service. No effect on operations or results.
3 Feb 2009drilling result▲ GoodMajor
Perlubie-1 (PEL 92, Beach 75%) found a 5 m gross oil column at the top of the Namur Sandstone, 2.5 km south of the Parsons field. It will be cased for completion as an oil well, completing the four-well program.
3 Feb 2009joint venture update▲ Good
Petratherm says TRUenergy's A$57m Paralana farm-in is now unconditional, letting it earn up to 30%. The A$7m grant application meets eligibility, and an inferred resource of 230,000 PJ was estimated. Beach's earning position is unchanged; Paralana 2 is still planned for May 2009.
3 Feb 2009drilling result▲ Good
Partner Cooper Energy (25%) confirms the Perlubie-1 oil discovery: a 5 m oil column in the Namur Sandstone. It will be cased as a producer and tied in through the Parsons field facilities.
29 Jan 2009drilling progress report● Neutral
Drillsearch says Jackson 58 (Beach 38.5%) was cased and suspended as a potential oil producer, with the rig moving to Jackson East 2 on rain delays. Planet Downs-1 is halted, possibly until the end of February.
29 Jan 2009resource reserve update▲ GoodMajor
Following Santos's year-end booking of 863 million boe of Cooper Basin contingent resource, Beach estimates its share at about 262 million boe. It has not yet seen the audit report; clarification is expected in late February. It is a contingent resource, not a reserve.
28 Jan 2009drilling progress report● Neutral
Perlubie-1 is at 1,393 m. Jackson-58 (Beach 38.5%) was successful and South July-1 is running casing at 2,741 m. Bindah-3 is in progress, and Tirrawarra-77 was plugged and abandoned with no commercial hydrocarbons.
23 Jan 2009drilling progress report▲ Good
Drillsearch says Jackson 58 (Beach 38.5%) found oil shows in three reservoir sections and is being cased and suspended as a potential producer. Planet Downs-1, not a Beach well, is delayed by rain.
21 Jan 2009drilling result▼ Bad
Gunyah-1 in PEL 92 was plugged and abandoned with no hydrocarbons; Perlubie-1, the fourth well, spudded 21 January targeting 520 kbbl. Fermat-1 rig released; the jack-up rig was judged unsuitable for Spikey Beach-1, so alternatives are being assessed. South July-1 is at 2,670 m with about six weeks to go.
15 Jan 2009drilling progress report● Neutral
Drillsearch reports Jackson 58 in the Naccowlah block (Beach 38.5%, Santos operator) is due to spud 16 January. Its own seismic and Planet Downs-1 plans do not involve Beach.
15 Jan 2009joint venture update▼ Bad
Essential confirms Fermat-1 was plugged and abandoned with no significant hydrocarbons. It has still not met the December and January cash calls, with 37 days left to remedy, and is still trying to farm out its 25%.
14 Jan 2009drilling result▼ BadMajor
Fermat-1 (VIC/P46, Beach 50%) reached 3,585 m and is being plugged and abandoned, finding no significant hydrocarbons. It resolves the ~1 TCF Otway target as a dry hole; Essential remains in default on cash calls. Spencer West-3 and Tennaperra-2 succeeded.
13 Jan 2009other● Neutral
Beach lodged its company constitution. The extract is a table of contents covering share capital, meetings and directors; no change or substance is stated in the readable text.
8 Jan 2009drilling progress report● Neutral
Essential says Fermat-1 reached 3,585 m and is conditioning the hole for logging. It still has not met its December cash call, with 44 days left to remedy. Repeats Beach's report.
7 Jan 2009drilling progress report● Neutral
Callawonga-6 was cased as an oil producer; the rig moves to Gunyah-1. Fermat-1 reached 3,585 m and is preparing to log. Beach notes partner Essential is in default on the December cash call. South July-1 is at 1,114 m.
6 Jan 2009joint venture update▼ Bad
Essential Petroleum has not completed a VIC/P46 farm-out and has missed the December cash call for Fermat-1, with 46 days left to fix it. It holds 25%, so Beach's operated well continues under a partner funding question.
5 Jan 2009drilling result▲ Good
Callawonga-6 (PEL 92, Beach 75%) intersected 9.5 m of net oil pay, the second well of the current campaign. Next is Gunyah-1. Beach aims to lift pipeline capacity above the current 5,700 bbl/d, trucking if needed.
31 Dec 2008drilling progress report● Neutral
Essential reports Fermat-1 at 2,807 m with intermediate casing run, preparing to drill ahead to 3,640 m. Its funding is still dependent on a farm-out. Repeats Beach's weekly report.
31 Dec 2008drilling progress report● Neutral
Callawonga-6 spudded 27 December and is at 935 m. Minos-1 (Beach 30%) was successful. Fermat-1 is at 2,807 m after running casing. South July-1 (Beach 20%) is at 612 m.
24 Dec 2008drilling progress report● Neutral
Essential reports Fermat-1 drilling ahead at 2,162 m toward 3,640 m. Its 25% share still depends on completing a farm-out, which the board has not yet achieved. Repeats Beach's depth.
24 Dec 2008drilling progress report● Neutral
Callawonga-5 was cased as a Namur oil producer with 4 m net pay. Gidgealpa-61 (Beach 20.21%) was unsuccessful. Fermat-1 is at 2,162 m. South July-1 in Egypt (Beach 20%, targeting about 100 million barrels) is about to spud.
23 Dec 2008production update▲ Good
Beach says at least 57% of its forecast 1.5m barrels of January-June 2009 oil sales is hedged at a minimum US$60. PEL 92 passed one million barrels for 2008, with flows up to 5,700 bbl/d. Callawonga-5 hit Namur oil as prognosed.
22 Dec 2008joint venture update● Neutral
Petratherm says the Paralana 2 rig is on track for a May 2009 spud and the seismic monitoring array is installed. A grant application of up to A$7m will be lodged. Beach is earning up to 36%. Confirms the existing schedule.
19 Dec 2008material agreement termination▼ BadMajor
BMG participants (Beach 30%) terminated the July 2008 letter of intent with BW Offshore for the Phase-2 FPSO after failing to agree a contract. BW may claim costs, capped at US$78.5m, which the participants dispute. This undercuts the new-FPSO plan for 2010; alternatives are under review.
18 Dec 2008asset acquisition disposition● Neutral
Beach is exiting PEL110 in the Cooper Basin, calling it non-core, as the permit is renewed for five years. Cooper Energy rises to 40% and Magellan to 60% once the withdrawal is formalised. Minor for Beach.
17 Dec 2008drilling progress report● Neutral
Callawonga-5 spudded 13 December and is at 736 m. Fermat-1 is at 999 m, targeting about 1 TCF. Zeus-1 is being cased; Gidgealpa-61 is drilling.
15 Dec 2008drilling spud● NeutralMajor
Fermat-1 (VIC/P46, Beach 50% operator) spudded 14 December, planned to 3,640 m, targeting a mean 1,153 BCF gas prospect (Essential's estimate). Essential's 25% share depends on a farm-out and fundraising.
11 Dec 2008drilling result▲ Good
Drillsearch says Watkins-1 (Beach 38.5%) found pay in the Westbourne, Hutton and Basal Jurassic, adding reserves. The rig was released 8 December; 2008 Naccowlah drilling is finished. Beach's 50% in the PEL 106 farmin is expected to be earned in early 2009.
11 Dec 2008drilling progress report● Neutral
Cue Energy repeats Beach's news that the rig could not jack up at Spikey Beach-1 (T/38P, Beach 80%). The joint venture is considering a return after Fermat-1. No new information.
