Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2008production update▲ GoodMajor
Preliminary FY08 Cooper/Eromanga oil production hit a record 2.0 mmb (+18%), and oil reserves rose 27% to above 15 mmb. Beach also says Arrow expects a substantial Tipton West 2P gas reserve increase in the September quarter.
30 June 2008other● Neutral
Beach told Great Artesian it will vote its 29m shares (about 15.77%) for the Drillsearch merger, absent a superior proposal. The vote is on 28 July 2008. This resolves Beach's stance on its Great Artesian holding.
27 June 2008asset acquisition disposition▲ GoodMajor
BP has waived its pre-emptive rights over Beach's US$110m purchase of 20% of North Shadwan. The deal still needs Egyptian government approval and an EGPC pre-emption waiver. Removes one hurdle noted in the 30 May announcement.
25 June 2008drilling progress report● Neutral
Weekly report: Santos-operated Big Lake-87 (Beach 20.21%) was cased and suspended as a future Hutton oil producer. Granchio-3 is drilling, and rain slowed operations early in the week.
23 June 2008security holder rights change● Neutral
Share purchase plan application form: eligible holders can buy A$1,001 to about A$5,000 of shares at A$1.43, with applications closing 18 July 2008. Administrative document for the previously announced offer.
18 June 2008joint venture update● Neutral
Great Artesian announced about 137 sq km of 3D seismic in PEL 91 (Beach 40% operator, Great Artesian 60%), part of the Modiolus 3D survey with PEL 92. It follows the dry Ballaparudda-1 and Murrippi-1 wells and aims to find new drilling targets.
18 June 2008drilling progress report▲ Good
Parsons-1 (Beach 75%) began free-flow production on 16 June at a stabilised 2,640 bopd, in line with the expected start-up. Santos-operated Mama-1 was a successful well and is being cased; Big Lake-87 is drilling.
13 June 2008security holder rights change● Neutral
Beach confirmed the 133,637,474 placement shares are now issued, with the standard compliance notice. Shares on issue are now 1,024,553,970. Administrative step completing the A$191m raising.
11 June 2008drilling progress report● Neutral
Weekly report: Santos-operated Mama-1 (Beach 20.21%) is drilling out cement at 542 m. Cowralli-9 was cased and suspended as a future gas producer, and Tipton CSG drilling continues.
6 June 2008capital raising announcement▲ GoodMajor
Beach completed its oversubscribed placement: 133,637,474 shares at A$1.43 raised A$191m. Eligible holders on the 16 June record date can buy up to A$5,000 of shares at the same price, and a 1-for-10 bonus option issue at A$2.00 follows.
6 June 2008capital raising announcement▲ Good
Media release on the completed placement: 133,637,474 shares at A$1.43 raised A$191m, to fund the three Egyptian acquisitions (about A$150m including development; potential 8 mmb net 2P in FY09). Repeats the 6 June raising news; BP pre-emption expires 28 June.
What it means for a shareholder
134m new shares at A$1.43 to raise about A$191m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (699 at the issue price), your slice goes from 0.0000785% to 0.0000683% of the company. To keep it you'd need 105 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
4 June 2008drilling progress report● Neutral
Weekly report: Mitchie-2 (Santos-operated, Beach 20.21%) was cased and suspended for completion as a Tirrawarra oil and Patchawarra/Toolachee gas well. Mia-1 is preparing to plug and abandon. Tipton CSG work was on wet weather standby.
4 June 2008listing compliance notice● Neutral
Beach requested a trading suspension pending announcement of the capital raising, with trading expected to resume by 6 June 2008. This is a procedural step in the placement.
2 June 2008capital raising announcement● NeutralMajor
Beach announced a roughly A$190m placement to fully fund its three Egyptian acquisitions, about A$150m including development costs, plus a share purchase plan (up to A$5,000 each) and a 1-for-10 bonus options issue at A$2.00. Other Middle East/North Africa deals are being evaluated.
2 June 2008investor presentation● Neutral
Roadshow presentation for the raising: 133.6m shares at A$1.43. It covers uses of proceeds (about A$135m for North Shadwan, A$55m for other Egypt interests) and an FY08 production estimate of 9.3 mmboe. Mostly repeats the capital raising announcement.
30 May 2008asset acquisition disposition▲ GoodMajor
Beach agreed to buy a 20% interest in the North Shadwan concession (Gulf of Suez) from Tri-Ocean for US$110m. It holds three undeveloped discoveries with about 40 million barrels of proved and probable reserves. Subject to pre-emption waivers and Egyptian approval, up to about six months.
28 May 2008drilling result▼ Bad
Weekly report: Glenaire-1 ST1 (PEP 160, Beach 50% operator) was plugged and abandoned with subcommercial oil. Mitchie-2 and Cowralli-9 (Santos-operated, Beach 20.21%) continue.
22 May 2008drilling result▲ Good
Bodalla South-19 and -20 (Beach 100%) succeeded, and Bodalla South-20 was cased as a future oil producer. Tipton West CSG produces about 20 TJ/day (Beach 40%). The report also restates the Tanzania and Basker-6 news.
22 May 2008farm in farm out agreement▲ GoodMajor
Beach agreed with Santos Egypt to farm in for 20% of the South East July concession (Gulf of Suez), with a July South-1 well in Q4 2008. It will also buy Santos's 25% of onshore North Qarun. Both need Egyptian approvals; Beach's first Egypt entry.
15 May 2008regulatory community update● Neutral
Update on the three-year Save the Children youth program in remote South Australian communities, funded by Beach's A$600,000 grant. A coordinator is hired and groundwork is under way; no financial or operational impact.
14 May 2008drilling progress report● Neutral
Weekly report: Bodalla South-20 (Beach 100%) is drilling ahead at 1,284 m. Santos-operated Cook-14 and Bindah-2 are being cased and suspended as future oil producers.
13 May 2008regulatory community update● Neutral
Media release repeating the Tanzania Lake Tanganyika South Block news, with Reg Nelson citing oil seeps and similarity to Ugandan discoveries. Describes it as Beach's first move into Africa; a production sharing agreement must still be negotiated.
13 May 2008regulatory community update▲ GoodMajor
Beach won exclusive rights, after a contested tender, to negotiate a production sharing agreement to explore the southern half of Lake Tanganyika, Tanzania (about 5,400 sq km). It is Beach's first Africa move; no work can start until terms are agreed.
7 May 2008drilling result▲ Good
Bodalla South-19 (Beach 100%) is being cased as a future oil producer. Basker-6 ST1 flowed 3,980-4,800 bopd per zone, with production expected in the third quarter of 2008.
6 May 2008well test result▲ GoodMajor
Basker 6 ST1's third and final test over zones 2 and 7 flowed a stable 4,800 bpd with zero water, bringing the three zones to nearly 13,000 bpd, far above what the JV expected. Anzon said this supported a south-eastern field extension, with the well to be connected in July 2008.
2 May 2008drilling progress report▲ Good
Anzon reports the Basker 6 ST1 completion and subsea tree are installed and tested. Cleanup flow tests on each zone are due over the weekend, then the well is suspended awaiting tie-back to the Crystal Ocean FPSO.
30 Apr 2008production update▲ Good
Anzon reports the BMG joint venture sold about 570,000 bbl of crude at an expected value above US$118/bbl, and marked a year of operations without lost-time incidents. Beach holds 30%.
30 Apr 2008drilling progress report● Neutral
Weekly report: Bodalla South-19 (Beach 100%) spudded 30 April, and Santos-operated McKinlay-9 (Beach 20.21%) was a success. No major new result.
28 Apr 2008asset acquisition disposition▲ GoodMajor
Beach completed the sale of 10% of the BMG joint venture to Sojitz, receiving A$123m on 24 April 2008. Beach retains 30%. Regulatory approval is still required. This is the second such A$123m sale, after Itochu's in October 2007.
28 Apr 2008drilling progress report● Neutral
Anzon reports Basker 6 ST1 has been perforated in four sands with a three-packer completion. Cleanup flow testing awaits better weather, then it will be tied to the Crystal Ocean FPSO in mid July.
