22 Oct 2008drilling progress report▼ Bad
Drillsearch update: Brownlow-1 at 924 m running surface casing. Jackson South 14 (Beach 38.5%) reached 1,591 m and is being plugged and abandoned, a dry hole.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2008drilling spud● Neutral
Brownlow-1 spudded 19 October in PEL 106 (Beach operator, to earn 50% by funding two wells). It targets Patchawarra gas/condensate with a mean estimate of 6.9 BCF; Canunda-1 follows immediately.
17 Oct 2008drilling progress report▼ BadMajor
The West Triton rig was damaged on 16 October during pre-load at PeeJay-1; damage is to leg bracing, with no injuries. Work on PeeJay-1 is halted and the drilling schedule awaits repair timing, a setback to the three-well offshore program.
16 Oct 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 expected to spud 16-17 October; Jackson South 14 (Beach 38.5%) spudded 11 October and drilling at 978 m. Nothing new for Beach.
15 Oct 2008drilling scheduled▲ GoodMajor
Beach launches its offshore campaign: three back-to-back wells with the West Triton rig, PeeJay-1 and Spikey Beach-1 (Bass Basin) then Fermat-1 (Otway, gas potential over 1 TCF), running to end of January. Also mentions joining a Burtocal appraisal well in Egypt.
15 Oct 2008drilling progress report● Neutral
Weekly report: Jackson South-15 and Iliad-6 successful; Brownlow-1 (50%) rigging up to spud. West Triton rig arrived at PeeJay-1 and is pre-loading. Jackson South-14 and Tickalara-19 drilling.
9 Oct 2008drilling progress report● Neutral
Drillsearch update: Ensign-30 moving to Brownlow-1 in PEL 106, first of two wells for Beach to earn 50%. Jackson South 15 (Beach 38.5%) to be cased and suspended after a test recovered 20.8 bbl oil. Little new.
8 Oct 2008drilling progress report● Neutral
Weekly report: Ensign-30 rig moving to Brownlow-1 (Beach 50%), first of at least five Beach-operated Cooper wells. West Triton rig due next week for PeeJay-1 (target mean 27 mmbbl). Jackson South-15 and Iliad-6 in progress.
7 Oct 2008dividend declaration● Neutral
Directors set the 5% discount for the dividend reinvestment plan on the 2008 final dividend, giving a share issue price of A$0.903. Administrative follow-up to the previously announced final dividend.
2 Oct 2008drilling progress report● Neutral
Drillsearch update: Jackson South 15 (Beach 38.5%) drilling ahead with oil shows at 1,208 m. Nothing new for Beach.
1 Oct 2008joint venture update▼ Bad
Petratherm said TRUenergy had obtained FIRB approval for its A$57m Paralana farm-in. Hurricane Ike delayed the drilling rig by about two months, giving a revised Paralana 2 spud date of May 2009. Beach is earning up to 36% of the project.
1 Oct 2008drilling progress report● Neutral
Weekly report: Iliad-5 (Beach 30%) cased as a future oil producer; Jackson South-15 (38.5%), Big Lake-90 and Munkah-12 drilling. Tipton-137 coal seam gas well completed as a producer.
26 Sept 2008drilling progress report● Neutral
Drillsearch (2% holder) update: Jackson 57 (Beach 38.5%) cased and suspended as a future Hutton oil producer; rig moves to Jackson South 15. Nothing new for Beach.
26 Sept 2008annual report● Neutral
Shareholder update restating FY08 results: NPAT A$64m (A$104m prior), revenue A$685m, 2P reserves up 62% to 145 mmboe. Notes RISC assessed 16 mmboe more BMG gas reserves, which Beach has not booked until development approval.
24 Sept 2008drilling progress report● Neutral
Weekly report: Galex-2 (gas, 23.2%) and Jackson-57 (oil, 38.5%) cased as future producers; Big Lake-90 (20.21%) drilling. Tipton CSG drilling continues.
18 Sept 2008drilling progress report● Neutral
Drillsearch update: Jackson 57 (Beach 38.5%) spudded 15 September and was drilling at 597 m. Nothing new for Beach.
17 Sept 2008drilling progress report● Neutral
Weekly report: Big Lake-89 (gas, 20.21%) and Iliad-4 (oil, 30%) cased as future producers; Galex-2 and Jackson-57 drilling. Tipton CSG wells completed.
15 Sept 2008production update▲ GoodMajor
Operator Anzon says Basker 6ST1 started 8 September at over 5,000 bopd, lifting BMG output (Beach 30%) from 9,500 to about 12,500 bopd, a 30%+ rise. The new FPSO is still planned for Q2 2010.
11 Sept 2008drilling progress report● Neutral
Drillsearch update: Naccowlah West 22 cased as a producer; Jackson 57 (Beach 38.5%) due to spud 13 September. Nothing new for Beach.
10 Sept 2008farm in farm out agreement▲ Good
Beach agreed with Drillsearch (which absorbed Great Artesian) to drill two PEL 106 gas/condensate wells, Brownlow-1 and Canunda-1, from October 2008, earning 50% of the Beach Farmin Block. Beach hands gas marketing to Drillsearch.
10 Sept 2008drilling scheduled▲ Good
Beach contracted the Ensign 30 rig for at least five Cooper wells from 8 October: Brownlow-1, Canunda-1, then Gunyah-1 and Perlubie-1 near Parsons (PEL 92). Beach will also operate Paralana Deep geothermal well, spud February 2009, to earn 21%.
10 Sept 2008regulatory community update▲ Good
Media release flagging accelerated drilling: Cooper wells in PEL 106 and PEL 92, and the 47 km Callawonga-Tantanna pipeline now commissioned, averaging about 3,000 bopd (capacity 5,000). Mostly restates known plans.
4 Sept 2008drilling progress report● Neutral
Drillsearch (2% holder) update repeating that Naccowlah West 22, in which Beach holds 38.5%, will be cased as an oil producer. Nothing new for Beach.
3 Sept 2008contract award● Neutral
Media version of the Petratherm rig announcement: rig arrives January 2009, 4 km injection well in February 2009, TRUenergy can earn up to 30% under its A$57m farm-in. Repeats the previous release.
3 Sept 2008contract award▲ Good
Petratherm, with Beach and TRUenergy, secured a 2,000 HP Weatherford rig for the Paralana geothermal project; Paralana 2 (up to 4 km deep) to spud February 2009. Satisfies a key condition of TRUenergy's A$57m farm-in. Advances Beach's earlier-flagged Paralana plan.
3 Sept 2008drilling scheduled▲ GoodMajor
Naccowlah West-22 (Beach 38.5%) succeeded with an oil show on test. Beach will start a three-well offshore program from late September/early October: PeeJay-1 (T/39P, 50%), Spikey Beach-1 (T/38P, 80%) and Fermat-1 (VIC/P46, 50%), about 3.5 months.
29 Aug 2008other● Neutral
Notice of the webcast of the 2008 preliminary results with the Managing Director, CFO and COO. No new information.
29 Aug 2008investor presentation● Neutral
Results briefing repeating FY08 figures: 145 mmboe 2P, cash A$376m, debt A$235m. Further hedges of 570 kbbl closed after year end for US$18m; FY09 capex budget A$327.8m. Mostly restates known results.
29 Aug 2008dividend declaration● Neutral
Amended version of the results media release; corrects the final dividend payment date to 24 October 2008 (from 17 October). Otherwise the same content.
29 Aug 2008dividend declaration● Neutral
Dividend reinvestment plan will carry a 5% discount on the 1.0 cent unfranked final dividend; record date 3 October, payment 24 October 2008. Administrative notice.