Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2008dividend declaration▲ Good
Media release on the FY08 result: normalised NPAT rose 69.2% to A$52.7m, and a 1 cent final dividend (1.75 cents for the year) was set for payment on 17 October 2008. Up to 90% of oil sales were open to spot pricing after the hedge close-out.
29 Aug 2008other● Neutral
Cover fax advising shareholders that the 104-page 2008 Preliminary Final Report was released. No substantive content.
29 Aug 2008annual report▲ GoodMajor
FY08 result: NPAT A$63.7m (down 39% from A$103.8m after A$50.4m hedge close-out); revenue a record A$685m. 2P reserves up 62% to 145.2 mmboe; cash A$376.5m, debt A$234.7m; final dividend 1.0c.
28 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 was cased and suspended as a Birkhead/Hutton producer, and Naccowlah West-22 is drilling with shows. Repeats Beach's well information.
27 Aug 2008drilling result▼ Bad
Weekly report: James-2 (Beach 17.14%) was plugged and abandoned, a dry hole. Naccowlah West-22 (38.5%) is drilling and Big Lake-89 continues.
22 Aug 2008regulatory community update▲ GoodMajor
South Australia's revenue office finished its review of stamp duty on the 2004 Delhi purchase from Esso with no further action. This removes a noted A$75m contingent liability.
21 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 reached 1,902 m and is being cased as a Basal Birkhead/Hutton oil producer. Beach, per its own report, chose not to participate in this casing.
20 Aug 2008drilling progress report● Neutral
Weekly report: Beach elected not to participate in casing Naccowlah South-18 (38.5%). James-2 is logging and Marabooka-14 was cased as a gas producer.
19 Aug 2008resource reserve update● NeutralMajor
Operator Anzon lifted BMG (Beach 30%) 2P reserves to 74.2 mmboe remaining, though original 2P is about 20% below the earlier 104 mmboe after Basker 6 appraisal. Larger FPSO due Q2 2010 to double oil to about 20,000 bopd.
19 Aug 2008admin correction● Neutral
Anzon's competent person disclosure for the BMG reserves update. Administrative notice with no new figures.
15 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 (Beach 38.5%) reached 1,929 m with oil shows and is preparing to run wireline logs. Also notes the Drillsearch/Great Artesian merger was implemented on 12 August 2008.
14 Aug 2008other● Neutral
Letter to shareholders accompanying the 1-for-10 bonus options, describing it as the final part of the recapitalisation after the Egypt and Tanzania deals. It restates the Egyptian assets (North Shadwan 20%, with 24 million barrels at Burtocal) and says the North Qarun purchase failed due to pre-emption.
13 Aug 2008drilling progress report● Neutral
Weekly report: Marabooka-13 was cased and suspended as a future gas producer. James-2 and Naccowlah South-18 continue drilling in the Hutton Sandstone. No new significant results.
8 Aug 2008drilling progress report● Neutral
Drillsearch's weekly update, covering its 2% in Naccowlah. Naccowlah South-17 was plugged and abandoned after poor upper Hutton quality and swept lower Hutton oil. Naccowlah South-18 is drilling. Repeats Beach's report.
6 Aug 2008resource reserve update▲ GoodMajor
Beach's net Surat Basin coal seam gas 2P reserves rose more than sixfold, from 69 PJ (12 mmboe) in June 2007 to 443 PJ (76 mmboe) at 30 June 2008, per independent certification. Beach holds 40% of the Tipton West JV, operated by Arrow. This confirms the upgrade flagged in June.
6 Aug 2008resource reserve update▲ Good
Media version of the Surat upgrade: 2P up 282% to 443 PJ from 116 PJ seven months ago. Beach's total reserves are about 148 mmboe at 30 June 2008. Tipton West is producing 24 mmscfd.
6 Aug 2008drilling progress report▼ Bad
Weekly report: Naccowlah South-17 (Beach 38.5%) was plugged and abandoned, unsuccessful. James-2 and Naccowlah South-18 are in progress. Other Cooper gas wells and Tipton CSG wells continue.
5 Aug 2008joint venture update▲ Good
Operator Anzon says BMG (Beach 30%) passed its 5 millionth barrel, with production about 9,500 bopd. Basker 6ST1 is expected to lift output next month. A 597,000 barrel cargo sold above US$130.
4 Aug 2008farm in farm out agreement● Neutral
Petratherm (not Beach) announced TRUenergy can earn up to 30% of the Paralana geothermal project for A$57m in stages. Beach, a partner that can earn up to 36%, is negotiating the drilling contract. Conditions must be met within three months.
31 July 2008other▲ Good
Media version of the quarterly: FY08 revenue up 20% to a record A$564m, production 9.3 mmboe. Only 954,000 barrels remain hedged at an average cap of US$79/bbl. Largely repeats the quarterly report and prior hedge close-out.
30 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Naccowlah South-17 (Beach 38.5%) and James-2 (Beach 17.14%) are drilling, along with Kirralee-2 and Mudera-16. No new results; Tipton CSG drilling continues.
23 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Mudera-15 and Mudera-14 RE1 (Beach 20.21%) were cased and suspended as future Coorikiana gas producers. Kirralee-2 is cementing surface casing, and Tipton CSG drilling continues.
21 July 2008security holder rights change● Neutral
Prospectus for the free 1-for-10 bonus options: A$2.00 exercise price, expiry 30 June 2010, record date 31 July 2008, about 103 million options. Exercising all would raise about A$206m. Formal documentation of the previously announced issue.
18 July 2008security holder rights change● Neutral
Chairman's letter to optionholders: existing options carry no right to the 1-for-10 bonus options, so holders must exercise by 5pm Adelaide time on 31 July 2008 to take part. Administrative notice on the previously announced bonus issue.
16 July 2008drilling result● Neutral
Weekly report: Big Lake-88 (Beach 20.21%) was plugged and abandoned, a dry hole. Deparanie-2 was cased and suspended pending evaluation. Tipton CSG drilling continues.
9 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Narcoonowie-7 (Beach 20.21%) reached 1,678 m and will be cased as a future oil producer. Deparanie-2 is logging and Big Lake-88 is drilling.
7 July 2008material agreement▲ GoodMajor
Operator Anzon announced letters of intent for a new Suezmax FPSO from BW Offshore and a drilling rig for the Basker-Manta-Gummy project (Beach 30%). The expansion targets about 20,000 bopd plus gas processing, with commissioning in Q2 2010 and spending of up to A$1,230m.
3 July 2008drilling progress report● Neutral
Weekly report: Santos-operated Granchio-3 (Beach 20.21%) was cased and suspended as a future McKinlay oil producer. Big Lake-88 and Deparanie-2 are drilling, and Tipton CSG wells continue.
1 July 2008other▲ Good
Media version of the hedge close-out: A$50m paid, 534 kbbl of hedges remaining, up to 90% of oil sales at spot for six months. The release also notes the BP waiver makes the North Shadwan deal look favourable. Mostly repeats the hedge announcement.
1 July 2008other▲ GoodMajor
Beach paid A$50m to close out a large part of its oil hedges from 30 June, leaving only 534 kbbl hedged, down from 1,566 kbbl at December. Up to 90% of oil sales are now exposed to spot prices for six months.
