Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2008drilling scheduled● Neutral
Partner Essential Petroleum says the West Triton rig, unable to jack up at Spikey Beach-1, moves to Fermat-1 in VIC/P46 (Beach operator, 50%). Mean prospective gas resource is put at 1,153 BCF. Repeats Beach's rig-move news.
10 Dec 2008drilling progress report● Neutral
Beach reports Gidgealpa-60 and Watkins-1 successful. West Triton could not jack up at Spikey Beach-1, so it moves to Fermat-1 (VIC/P46). Burtocal-2B in Egypt hit at least 31 m of oil column and is suspended as a possible future producer.
4 Dec 2008drilling progress report● Neutral
Drillsearch update: Canunda-1 (PEL 106, Beach 50% operator) is a gas/condensate discovery, running casing to be suspended as a potential gas producer. Watkins-1 (Beach 38.5%) was drilling at 1,289 m after a three-day weather delay. Repeats known results.
3 Dec 2008drilling result▼ BadMajor
PeeJay-1 (T/39P, Beach 50%) was plugged and abandoned at 2,183 m after finding no significant hydrocarbons, a dry hole against its 27 mmbbl mean pre-drill estimate. The rig moves to Spikey Beach-1. Canunda-1 will be cased; Callawonga-5 is delayed by wet weather.
28 Nov 2008investor presentation● Neutral
AGM slides repeat known facts: FY08 revenue A$564m, Tipton West 2P 443 PJ, Egypt entry and Paralana geothermal (earning 21%, Paralana-2 May-June 2009). No new information.
27 Nov 2008drilling progress report● Neutral
Drillsearch weekly update: Canunda-1 hit 2,799 m total depth on 25 November and is being logged. Watson-4 cased and suspended as a future oil producer. Watkins-1 (Beach 38.5%) spudded 25 November. Repeats Beach's weekly report.
27 Nov 2008drilling result▲ GoodMajor
Beach announces a gas discovery at Canunda-1 (three Patchawarra gas sands, TD 2,799 m), to be cased and suspended; it follows Brownlow-1. PEL 92 oil exports reached over 5,000 bbl/d, and a new Parsons-Callawonga pipeline is commissioned. Output could reach up to 6,000 bbl/d.
27 Nov 2008drilling result▲ Good
Drillsearch confirms Canunda-1 found gas in three Patchawarra sands (16 m, 4 m and 12 m), to be cased and suspended. It follows Brownlow-1 as the second well to earn Beach 50%. No flow rates yet; testing awaits a rig.
26 Nov 2008drilling progress report● Neutral
Weekly report: Canunda-1 reached 2,799 m total depth and is being logged. Watson-4 was successful and Gidgealpa-59 (Beach 20.21%) was unsuccessful. PeeJay-1 is at 1,915 m. The first Burtocal sidetrack is being evaluated, with a second planned.
20 Nov 2008drilling progress report● Neutral
Drillsearch update: Canunda-1 at 1,080 m, drilling ahead, with the Patchawarra target expected early next week. Watson-3 cased and suspended as a future oil producer; Watson-4 reached 1,691 m. Nothing new beyond Beach's own report.
19 Nov 2008drilling progress report● Neutral
Weekly report: Watson-3 (Beach 38.5%) successful. Canunda-1 is testing blowout preventers. PeeJay-1 spudded 15 November, drilling at 697 m. Egypt's North Shadwan 20% purchase is now complete, with Burtocal-2A appraisal running in hole with a new bit.
17 Nov 2008drilling spud● Neutral
Canunda-1 spudded 14 November in PEL 106, 11 km north of Brownlow-1; Beach's second well to earn 50%. Beach estimates mean 7.4 BCF, P10 13.5 BCF, reaching the target in 8-10 days.
13 Nov 2008drilling progress report● Neutral
Drillsearch update: Canunda-1 expected to spud 14 November, second well for Beach to earn 50% of the PEL 106 block. Watson-3 (Beach 38.5%) found oil shows and is preparing to run logs.
12 Nov 2008drilling progress report▲ Good
Weekly report: West Triton repairs are complete and the rig is back at PeeJay-1, jacking up. Canunda-1 (Beach earning 50%) is due to spud around 14 November. Watson-3 (38.5%) in progress.
7 Nov 2008asset acquisition disposition▲ GoodMajor
Egypt approves Beach's entry into North Shadwan (20% for US$110m, BP operator) and South East July (20%, via Santos farm-in). This completes the pending deals. North Shadwan first production is planned late 2009; South July-1 targets up to 100 million barrels, drilling December 2008.
7 Nov 2008resource reserve update● Neutral
Drillsearch addendum to its quarterly report adds omitted reserves for Kiana, Middleton and Udacha, based on Beach reports. A minor correction for Drillsearch, with no change to Beach's own figures.
7 Nov 2008asset acquisition disposition▲ Good
Media release repeats the Egypt approvals: Beach takes 20% of North Shadwan (US$110m) and South East July. First North Shadwan oil is planned late 2009, with Burtocal-2 appraisal under way. Nothing new beyond the ASX announcement.
6 Nov 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 cased and suspended; Jackson South-16 (Beach 38.5%) found oil pay and was suspended as a future producer. Watson-3 spudded 6 November. Nothing new for Beach.
5 Nov 2008drilling progress report▲ Good
Weekly report: Brownlow-1 cased and suspended as a future gas/condensate producer; Ensign 30 moves to Canunda-1. Tickalara-20 and Jackson South-16 successful. West Triton repairs are progressing, with PeeJay-1 expected to resume by mid November.
5 Nov 2008drilling result● Neutral
Drillsearch: Brownlow-1 will be cased and suspended as a future gas producer. The deeper sand tested tight with no flow (8.4 bbl of gas-cut water). The 7 m gas pay is not tested yet; it awaits a later cased-hole test.
3 Nov 2008admin correction● Neutral
Clarification: Beach earns its 50% of the PEL 106 Beach Farm-in Block by drilling both Brownlow-1 and Canunda-1; Drillsearch holds the other 50%. Administrative amendment only.
3 Nov 2008drilling result▲ Good
Media release on the Brownlow-1 discovery: Beach estimates 7 to 14 BCF, consistent with pre-drill estimates. Management sees potential for fields up to 100 BCF in similar subtle traps on the Cooper's western flank.
3 Nov 2008drilling result▲ GoodMajor
Beach reports a gas discovery at Brownlow-1 (PEL 106, Beach 50% operator): a 7 m gas sand at 2,583-2,590 m, with up to 30 m gas column. It resolves the pending well, which is 2 km north of Middleton-1.
3 Nov 2008drilling progress report▲ Good
Drillsearch update: Brownlow-1 reached 2,785 m on 1 November. Logs confirmed gas pay in a 7 m Patchawarra sand; a drillstem test of a deeper sand was planned for 4 November.
30 Oct 2008resource reserve update▲ GoodMajor
Media release on record A$182.8m quarterly revenue. Tipton West 2P gas reserves at 30 June 2008 rose 382% to 1,107 PJ; Beach's 40% share is 443 PJ (76 mmboe) after an independent recertification by Netherland Sewell.
29 Oct 2008drilling progress report● Neutral
Weekly report: Brownlow-1 (Beach 50%) drilling ahead at 2,520 m in the Patchawarra Formation. PeeJay-1 rig repairs continue, with drilling expected to resume mid November. Tickalara-20 and Jackson South-16 (38.5%) in progress.
29 Oct 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 at 2,514 m drilling ahead. Jackson South-14 (Beach 38.5%) was plugged and abandoned on 22 October; Jackson South-16 spudded 24 October. Little new for Beach.
28 Oct 2008other● Neutral
NZ Oil & Gas is buying Tap's 40% of Canterbury Basin permit PEP38259, where Beach holds 20%. Beach's stake is unchanged; NZOG estimates the Barque prospect at 600 BCF gas, with seismic planned early 2009.
24 Oct 2008annual report● Neutral
Beach's 2008 annual report repeats FY08 results: NPAT A$63.7m, 2P reserves 145.2 mmboe, A$191m placement. AGM set for 28 November 2008. Nothing new beyond prior results.
22 Oct 2008drilling progress report● Neutral
Weekly report: Tickalara-19 (30%) cased as a future oil producer; Jackson South-14 to be plugged and abandoned. Brownlow-1 running surface casing; West Triton moved to shallower water for repairs at PeeJay-1.
