23 Apr 2008drilling result▼ Bad
Weekly report: Coolangatta-1 found only minor oil shows and was plugged and abandoned, the second dry well in a row for ATP 633P after Currumbin-1. Santos-operated Cooba-3 was cased as a future gas producer.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Apr 2008drilling progress report▼ Bad
Strike Oil reports Coolangatta-1 (ATP 633P, Beach operator) reached total depth of 1,372 m on 21 April and logging is complete. Preparations are under way to plug and abandon it.
22 Apr 2008production update● Neutral
Entek (28.15% partner in Beach-operated ATP 269P) reports record March gross production of 2,384 barrels from three wells, disrupted by rain and a pump failure. Warragon-1 is still cleaning up before a commerciality decision.
18 Apr 2008drilling progress report● Neutral
Anzon reports Basker 6 ST1 is running production casing, to be perforated and cleaned up, then connected to the Crystal Ocean FPSO. Production is still expected to start in mid July 2008.
16 Apr 2008drilling result● Neutral
Weekly report: Currumbin-1 (Beach 85%) plugged and abandoned, water-saturated. Santos-operated McKinlay-7 and Cook-13 succeeded. Basker 6 ST1 is to be completed as an oil producer, first oil in July with about 1,500 bopd expected.
16 Apr 2008drilling result▼ Bad
Strike Oil reports Beach's Currumbin-1 was plugged and abandoned, and Coolangatta-1 (ATP 633P) spudded on 15 April, targeting Namur with 0.65 million barrels mean resource. Rest is Strike's Texas project.
15 Apr 2008drilling result▲ GoodMajor
Basker 6 ST1 found oil in five sands, one new to the field, and will be completed as a producer, reversing the dry first hole. The JV is connecting to the Crystal Ocean FPSO, with oil from mid July 2008. The field currently averages over 10,000 bopd.
11 Apr 2008drilling result▲ Good
Anzon reports Basker 6 ST1 reached 3,395 m with target Intra-Latrobe sands near prognosis and hydrocarbon shows. Logging and pressure surveys are under way.
10 Apr 2008asset acquisition disposition● Neutral
Beach says all material conditions for the A$123m sale of 10% of BMG to Sojitz are met and completion is planned for late April. It remains subject to regulator approval. Completion slips from mid-April as earlier flagged.
9 Apr 2008drilling progress report● Neutral
Strike Oil reports Currumbin-1 (Beach operator, 85%) is in the Hutton Sandstone at 1,473 m with no significant hydrocarbon shows so far.
9 Apr 2008drilling progress report● Neutral
Strike Oil update, mostly about its Texas Rayburn gas project. For Beach's ATP 633P, Currumbin-1 is drilling ahead at 1,473 m.
9 Apr 2008drilling progress report● Neutral
Weekly report: Currumbin-1 has no significant shows at 1,473 m. Santos-operated Cook-10 was unsuccessful. Basker-6 ST1 is at 3,199 m with target sands near prognosis and hydrocarbon shows, a better outlook than the original hole.
4 Apr 2008drilling progress report● Neutral
Anzon reports the Basker 6 ST1 sidetrack, 380 m northeast of the original hole, reached 2,665 m. It targets Intra-Latrobe reservoir development and appraisal objectives in the south-east of the field.
3 Apr 2008drilling progress report● Neutral
Partner Strike Oil (15% of ATP 633P) reports Beach spudded Currumbin-1 on 2 April. The well targets a Namur prospect with 0.45 million barrels mean prospective resource and is planned to 1,550 m. Coolangatta-1 follows. Mostly Strike's US gas project news.
2 Apr 2008drilling progress report● Neutral
Weekly report: Parsons-2 is cased for completion as an oil producer. Currumbin-1 (Beach 85%) spud. Basker-6 found no commercial hydrocarbons about 40 m low, and is being sidetracked. McKinlay-8 was unsuccessful; Fly Lake-24 a gas producer.
1 Apr 2008other● Neutral
Letter inviting shareholders to enter a draw for a September 2008 trip to Paralana geothermal and Cooper Basin operations. Entries close 30 April. No operational or financial content.
1 Apr 2008dividend declaration● Neutral
The 0.75c interim dividend's reinvestment plan carries a 5% discount, setting the share issue price at A$1.252. It applies the dividend declared with the half-year results.
31 Mar 2008half year report● Neutral
Shareholder update restating the half-year results: NPAT A$59m (previous A$24m), revenue A$340m, 4.6 mmboe produced, 71 wells drilled (68% success). Interim dividend 0.75c, paid 11 April. Nothing new beyond the earlier results.
31 Mar 2008drilling result▲ GoodMajor
Parsons-2 (Beach 75%) found a 6.5 m gross oil column and will be completed as a producer, with first oil from May. This confirms the Parsons discovery of November 2007. Beach cites cooper-region finding costs around A$15/bbl and Cooper oil reserves near 15 mmb.
28 Mar 2008drilling result▼ Bad
Anzon reports Basker-6 found thicker sands than earlier Basker wells, but about 40 m low to prognosis and below the hydrocarbon-water contacts. The JV will sidetrack (Basker 6A) about 500 m northeast, taking 10-15 days; July 2008 first oil remains an option.
27 Mar 2008drilling progress report● Neutral
Anzon reports Basker-6 reached total depth of 3,399 m on 26 March and is being logged. It is expected to be completed as an oil producer, with first oil still targeted for July 2008.
26 Mar 2008drilling progress report▲ Good
Weekly report: Cook-11 (24 m gross oil column) and Squalo-1 (4.5 m oil pay) were cased as future producers. Parsons-2 reached 1,773 m with good oil shows in the Namur. Basker-6 reached 3,399 m. Cooper Oil Project is at 65 of 91 wells (71%).
20 Mar 2008drilling progress report● Neutral
Anzon reports Basker-6 is at 2,850 m, still above the reservoir targets, and drilling according to plan. First oil is still targeted for July 2008.
19 Mar 2008drilling progress report● Neutral
Weekly report: Parsons-2 (Beach 40% per the report text) is due to spud to appraise the south of the Parsons field. Basker-6 is at 2,675 m. Cooper Oil Project stands at 63 of 89 wells (71%).
14 Mar 2008drilling progress report● Neutral
Anzon reports Basker-6 has set 13-3/8 inch casing at 1,025 m without drilling problems. Target depth is about 3,363 m, with first oil targeted for July 2008.
14 Mar 2008other● Neutral
Managing director's keynote speech at a conference on strategy in volatile oil markets. It gives history and general views, with no new company results or decisions in the readable text.
12 Mar 2008drilling result▼ Bad
Weekly report: Murrippi-1 (Beach 40%) is being plugged as a non-commercial oil discovery, after oil recoveries from two tests. Cook-12 is a Hutton oil producer; Mudlalee-5 is abandoned. Basker-6 spudded 6 March. Cooper Oil Project is at 63 of 89 wells (71%).
11 Mar 2008investor presentation● Neutral
Conference presentation largely repeating the half-year results. New items: gearing 23.6% (aiming for 20%), FY08 production guidance of ~10 mmboe, and an expectation of ~10 mmboe a year from existing assets for the next three years.
11 Mar 2008material agreement▲ GoodMajor
The BMG joint venture settled its insurance claim for the July 2007 mooring failure at about A$66m, covering repair costs and a substantial part of lost revenue. About A$48m is received and A$18m is due in coming weeks. Beach's share is not stated in the text (it holds 40%).
10 Mar 2008drilling result● Neutral
Murrippi-1 (Beach 40%) recovered 36 barrels of oil on a second Patchawarra test, with nothing flowing to surface. Further sampling is planned to judge commercial significance. Still a modest result, against 0.17 mmbbl pre-drill.