Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Apr 2009drilling progress report● Neutral
Weekly report: South July-1 sidetrack (Beach 33.33%) is at 3,386 m, running in hole with a new assembly. Nephrite South-5 is cased and suspended as a future gas producer.
1 Apr 2009dividend declaration● Neutral
Directors set a 5% discount for the dividend reinvestment plan on the 0.75 cent interim dividend, giving a share issue price of A$0.866.
31 Mar 2009drilling scheduled▲ Good
Beach plans a six-well exploration program in PEL 92 (Beach 75%) from May, testing prospects with 7.0 million barrels of unrisked mean recoverable oil. Prior record is 12 wells at 50% success, finding over 8 million barrels.
26 Mar 2009investor presentation● Neutral
Managing Director's talk to the Australian Shareholders' Association is a general industry primer on how oil and gas deposits form, supply, demand and prices, ending with a Beach snapshot. No new company announcements evident in the readable text.
25 Mar 2009drilling progress report● Neutral
Weekly report: South July-1 sidetrack (Beach 33.33%) is drilling ahead at 3,058 m targeting oil in the Yusr sands. Tindilpie-7 and Nephrite South-5 gas wells in the Cooper Basin (Beach 20.21%) also progress.
19 Mar 2009dividend declaration● Neutral
Interim dividend of 0.75 cents per share: record date 31 March 2009, payment 20 April 2009. Dividend reinvestment plan share price to be announced 1 April.
18 Mar 2009drilling progress report● Neutral
South July-1 in Egypt reached 3,927 m, with hydrocarbon shows at the top of the Yusr sandstone. A sidetrack is now drilling updip. Beach's sidetrack share is 33.33% (Santos not participating), up from 20% in the original well.
17 Mar 2009joint venture update● Neutral
BMG operator ROC says the joint venture cut 2009 rig commitments, saving over US$100m, and relaxed the flaring end-date of 16 March 2009. Focus shifts to Phase-1 oil production; Phase-2 gas commitments reduced. Beach holds 30%.
13 Mar 2009half year report▲ Good
Shareholder update restating half-year results to 31 Dec 2008: net profit up 117% to A$128m, oil and gas sales up 34% to A$334m, record production of 5,004 kboe, 86% Cooper Basin drilling success. Debt A$197m, cash A$139m; no new figures.
11 Mar 2009drilling progress report● Neutral
Weekly report: South July-1 in Egypt (Beach 20%) is drilling ahead at 3,898 m after the stuck pipe was cleared. Fly Lake-26 (Beach 20.21%) reached 2,952 m and is preparing to log.
10 Mar 2009resource reserve update▲ GoodMajor
Beach clarifies its Cooper Basin contingent resource: best estimate 262 mmboe net (low 132, high 492), split into conventional 83 and unconventional 179. Converting all of it to reserves would more than double its 63 mmboe Cooper reserves. These are not booked reserves.
5 Mar 2009joint venture update▲ Good
Petratherm registered the Paralana joint venture's interest in the federal A$435m Renewable Energy Demonstration Program, proposing a 30 MW demonstration project. Grants could cover up to one-third of eligible costs, expected at A$50-100m, with applications due 15 April 2009.
4 Mar 2009production update▲ GoodMajor
Cooper Energy says Callawonga-5 and -6 cleaned up at a combined 6,600 bbl/d, lifting PEL 92 production to a record 6,100 bbl/d. Perlubie-1 flowed 2,600 bbl/d of clean oil and will be tied in during the June quarter. Beach holds 75%.
4 Mar 2009joint venture update▼ Bad
Petratherm says the Paralana 2 deep well spud is now 15 June 2009, later than the May 2009 previously planned. The drilling rig leaves Dubai on 15 April and is due in South Australia on 10 May. Beach is earning into the project.
4 Mar 2009flow test result▲ Good
Perlubie-1 (Beach 75%) completed as an oil producer, free-flowing 2,600 bbl/d without water. Callawonga-5 and -6 flowed a combined 6,600 bbl/d. South July-1 in Egypt is at 3,773 m, with the drill pipe stuck.
26 Feb 2009drilling progress report▲ Good
Drillsearch says Chilla-3A (Beach 38.5%) found oil shows in the Murta Formation, was cased and suspended as a potential producer, and completes the Naccowlah drilling program. Planet Downs-1 spudded, with no Beach interest.
25 Feb 2009drilling progress report● Neutral
Weekly report: Muteroo-6 (Beach 20.21%) was plugged and abandoned, while Chilla-3A (Beach 38.5%) is being cased as a future oil producer. South July-1 in Egypt is at 3,757 m, completing wireline logging.
24 Feb 2009dividend declaration● Neutral
Interim dividend of 0.75 cents per share, record date 31 March 2009. Payment date and dividend reinvestment plan pricing are still to be advised.
24 Feb 2009half year report▲ Good
For the half-year to 31 December 2008, Beach's net profit rose 117% to A$127.5m and revenue rose 41% to A$480.5m. It declared an interim dividend of 0.75 cents per share, the same as a year earlier, with a record date of 31 March 2009.
24 Feb 2009asset acquisition disposition● NeutralMajor
With its half-year result, Beach says it has sought expressions of interest for a sale of part or all of its Tipton West coal seam gas and associated assets, after a strategic review. Further details are expected in coming months. Net profit rose 117% to A$127.5m.
24 Feb 2009investor presentation● Neutral
Half-year results presentation repeating known figures: net profit up 117% to A$127.5m, cash A$139m, net debt gearing 4.6%, and debt down 16% to A$197m. Cooper contingent resource of 262 mmboe is restated.
23 Feb 2009joint venture update▼ Bad
Essential Petroleum says the period to fix its default on the December VIC/P46 cash call has expired. It has asked for an extension and is negotiating with a Hong Kong investor group, with an update promised by 24 February. Beach operates with 50%.
20 Feb 2009joint venture update▼ Bad
Beach confirms it received notice of BW Offshore's Federal Court claim of about US$90.1m against the Basker-Manta-Gummy participants, over costs from the terminated FPSO letter of intent. The participants dispute it and will defend. Beach holds 30%.
20 Feb 2009joint venture update▼ BadMajor
ROC, on behalf of operator Anzon, says BW Offshore has sued the Basker-Manta-Gummy participants in the Federal Court for about US$90.1m of costs after the cancelled FPSO letter of intent. The participants dispute it and will defend. Beach holds 30%.
19 Feb 2009drilling progress report● Neutral
Drillsearch reports Chilla-3 (Beach 38.5%) was abandoned at 230 m after a failed casing pressure test; Chilla-3A was spudded nearby targeting the Murta Formation. Planet Downs-1 does not involve Beach.
18 Feb 2009drilling progress report▲ Good
Perlubie-1 (Beach 75%) is cased and suspended as a future oil producer, tied in via Parsons, with production scheduled from end of June. South July-1 in Egypt is at 3,647 m, preparing to log before intermediate casing.
11 Feb 2009drilling progress report● Neutral
Weekly report: logging tools are still being recovered at Perlubie-1 (Beach 75%) before it is cased as an oil producer. Jackson East-2 (Beach 38.5%) was cased as an oil producer. South July-1 in Egypt (Beach 20%) is drilling at 3,324 m.
