Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2008asset acquisition disposition● Neutral
Beach is exiting PEL110 in the Cooper Basin, calling it non-core, as the permit is renewed for five years. Cooper Energy rises to 40% and Magellan to 60% once the withdrawal is formalised. Minor for Beach.
17 Dec 2008drilling progress report● Neutral
Callawonga-5 spudded 13 December and is at 736 m. Fermat-1 is at 999 m, targeting about 1 TCF. Zeus-1 is being cased; Gidgealpa-61 is drilling.
15 Dec 2008drilling spud● NeutralMajor
Fermat-1 (VIC/P46, Beach 50% operator) spudded 14 December, planned to 3,640 m, targeting a mean 1,153 BCF gas prospect (Essential's estimate). Essential's 25% share depends on a farm-out and fundraising.
11 Dec 2008drilling result▲ Good
Drillsearch says Watkins-1 (Beach 38.5%) found pay in the Westbourne, Hutton and Basal Jurassic, adding reserves. The rig was released 8 December; 2008 Naccowlah drilling is finished. Beach's 50% in the PEL 106 farmin is expected to be earned in early 2009.
11 Dec 2008drilling progress report● Neutral
Cue Energy repeats Beach's news that the rig could not jack up at Spikey Beach-1 (T/38P, Beach 80%). The joint venture is considering a return after Fermat-1. No new information.
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 2008agm notice● Neutral
Managing Director Nelson's AGM address stresses a diversified portfolio and says Beach is evaluating a sale of part of its coal seam gas assets. He says Santos's Cooper program could materially raise contingent gas resources this year. Mostly repeats known themes.
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.
28 Nov 2008agm notice● Neutral
AGM media release: management expects energy demand to lift oil and gas prices. Beach is exploring options to crystallise value in its coal seam gas interests, including a possible sale of part of them. It restates the Egypt push.
28 Nov 2008agm notice● Neutral
Chairman Kennedy's AGM address says Beach's share price held up reasonably against peers. Cites 1,238 wells producing from 241 fields, record September-quarter revenue of A$182.8m, and diversification as protection. Reviews known facts; no new announcements.
28 Nov 2008agm notice● Neutral
CFO and COO AGM address: FY08 NPAT fell from A$104m to A$64m, but underlying profit rose to A$53m from A$31m. Cash is A$376m, about A$200m after the US$110m Egypt payment. Defends the June hedge close-out. Review of known results.
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.
