3 Nov 2008drilling result▲ Good
Media release on the Brownlow-1 discovery: Beach estimates 7 to 14 BCF, consistent with pre-drill estimates. Management sees potential for fields up to 100 BCF in similar subtle traps on the Cooper's western flank.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2008drilling result▲ GoodMajor
Beach reports a gas discovery at Brownlow-1 (PEL 106, Beach 50% operator): a 7 m gas sand at 2,583-2,590 m, with up to 30 m gas column. It resolves the pending well, which is 2 km north of Middleton-1.
3 Nov 2008drilling progress report▲ Good
Drillsearch update: Brownlow-1 reached 2,785 m on 1 November. Logs confirmed gas pay in a 7 m Patchawarra sand; a drillstem test of a deeper sand was planned for 4 November.
30 Oct 2008quarterly activities report▲ Good
September quarter: record revenue A$182.8m (up 9%), oil production up 4% to 754 kbbl, average oil price A$139/bbl. Tipton West coal seam gas 2P rose 382% to 1,107 PJ (Beach 40% share: 443 PJ).
30 Oct 2008resource reserve update▲ GoodMajor
Media release on record A$182.8m quarterly revenue. Tipton West 2P gas reserves at 30 June 2008 rose 382% to 1,107 PJ; Beach's 40% share is 443 PJ (76 mmboe) after an independent recertification by Netherland Sewell.
29 Oct 2008drilling progress report● Neutral
Weekly report: Brownlow-1 (Beach 50%) drilling ahead at 2,520 m in the Patchawarra Formation. PeeJay-1 rig repairs continue, with drilling expected to resume mid November. Tickalara-20 and Jackson South-16 (38.5%) in progress.
29 Oct 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 at 2,514 m drilling ahead. Jackson South-14 (Beach 38.5%) was plugged and abandoned on 22 October; Jackson South-16 spudded 24 October. Little new for Beach.
28 Oct 2008other● Neutral
NZ Oil & Gas is buying Tap's 40% of Canterbury Basin permit PEP38259, where Beach holds 20%. Beach's stake is unchanged; NZOG estimates the Barque prospect at 600 BCF gas, with seismic planned early 2009.
24 Oct 2008agm notice● Neutral
Notice of AGM on 28 November 2008: re-election of directors Butler and Gordon, ratifying the 133.6m-share placement at A$1.43, a new constitution, and rights to Reg Nelson and Hector Gordon. Administrative. Company secretary now named as Catherine Oster.
24 Oct 2008annual report● Neutral
Beach's 2008 annual report repeats FY08 results: NPAT A$63.7m, 2P reserves 145.2 mmboe, A$191m placement. AGM set for 28 November 2008. Nothing new beyond prior results.
22 Oct 2008drilling progress report● Neutral
Weekly report: Tickalara-19 (30%) cased as a future oil producer; Jackson South-14 to be plugged and abandoned. Brownlow-1 running surface casing; West Triton moved to shallower water for repairs at PeeJay-1.
22 Oct 2008drilling progress report▼ Bad
Drillsearch update: Brownlow-1 at 924 m running surface casing. Jackson South 14 (Beach 38.5%) reached 1,591 m and is being plugged and abandoned, a dry hole.
20 Oct 2008drilling spud● Neutral
Brownlow-1 spudded 19 October in PEL 106 (Beach operator, to earn 50% by funding two wells). It targets Patchawarra gas/condensate with a mean estimate of 6.9 BCF; Canunda-1 follows immediately.
17 Oct 2008drilling progress report▼ BadMajor
The West Triton rig was damaged on 16 October during pre-load at PeeJay-1; damage is to leg bracing, with no injuries. Work on PeeJay-1 is halted and the drilling schedule awaits repair timing, a setback to the three-well offshore program.
16 Oct 2008drilling progress report● Neutral
Drillsearch update: Brownlow-1 expected to spud 16-17 October; Jackson South 14 (Beach 38.5%) spudded 11 October and drilling at 978 m. Nothing new for Beach.
15 Oct 2008drilling scheduled▲ GoodMajor
Beach launches its offshore campaign: three back-to-back wells with the West Triton rig, PeeJay-1 and Spikey Beach-1 (Bass Basin) then Fermat-1 (Otway, gas potential over 1 TCF), running to end of January. Also mentions joining a Burtocal appraisal well in Egypt.
15 Oct 2008drilling progress report● Neutral
Weekly report: Jackson South-15 and Iliad-6 successful; Brownlow-1 (50%) rigging up to spud. West Triton rig arrived at PeeJay-1 and is pre-loading. Jackson South-14 and Tickalara-19 drilling.
9 Oct 2008drilling progress report● Neutral
Drillsearch update: Ensign-30 moving to Brownlow-1 in PEL 106, first of two wells for Beach to earn 50%. Jackson South 15 (Beach 38.5%) to be cased and suspended after a test recovered 20.8 bbl oil. Little new.
8 Oct 2008drilling progress report● Neutral
Weekly report: Ensign-30 rig moving to Brownlow-1 (Beach 50%), first of at least five Beach-operated Cooper wells. West Triton rig due next week for PeeJay-1 (target mean 27 mmbbl). Jackson South-15 and Iliad-6 in progress.
7 Oct 2008dividend declaration● Neutral
Directors set the 5% discount for the dividend reinvestment plan on the 2008 final dividend, giving a share issue price of A$0.903. Administrative follow-up to the previously announced final dividend.
2 Oct 2008drilling progress report● Neutral
Drillsearch update: Jackson South 15 (Beach 38.5%) drilling ahead with oil shows at 1,208 m. Nothing new for Beach.
1 Oct 2008joint venture update▼ Bad
Petratherm said TRUenergy had obtained FIRB approval for its A$57m Paralana farm-in. Hurricane Ike delayed the drilling rig by about two months, giving a revised Paralana 2 spud date of May 2009. Beach is earning up to 36% of the project.
1 Oct 2008drilling progress report● Neutral
Weekly report: Iliad-5 (Beach 30%) cased as a future oil producer; Jackson South-15 (38.5%), Big Lake-90 and Munkah-12 drilling. Tipton-137 coal seam gas well completed as a producer.
26 Sept 2008drilling progress report● Neutral
Drillsearch (2% holder) update: Jackson 57 (Beach 38.5%) cased and suspended as a future Hutton oil producer; rig moves to Jackson South 15. Nothing new for Beach.
26 Sept 2008annual report● Neutral
Shareholder update restating FY08 results: NPAT A$64m (A$104m prior), revenue A$685m, 2P reserves up 62% to 145 mmboe. Notes RISC assessed 16 mmboe more BMG gas reserves, which Beach has not booked until development approval.
24 Sept 2008drilling progress report● Neutral
Weekly report: Galex-2 (gas, 23.2%) and Jackson-57 (oil, 38.5%) cased as future producers; Big Lake-90 (20.21%) drilling. Tipton CSG drilling continues.
18 Sept 2008drilling progress report● Neutral
Drillsearch update: Jackson 57 (Beach 38.5%) spudded 15 September and was drilling at 597 m. Nothing new for Beach.
17 Sept 2008drilling progress report● Neutral
Weekly report: Big Lake-89 (gas, 20.21%) and Iliad-4 (oil, 30%) cased as future producers; Galex-2 and Jackson-57 drilling. Tipton CSG wells completed.
15 Sept 2008production update▲ GoodMajor
Operator Anzon says Basker 6ST1 started 8 September at over 5,000 bopd, lifting BMG output (Beach 30%) from 9,500 to about 12,500 bopd, a 30%+ rise. The new FPSO is still planned for Q2 2010.
11 Sept 2008drilling progress report● Neutral
Drillsearch update: Naccowlah West 22 cased as a producer; Jackson 57 (Beach 38.5%) due to spud 13 September. Nothing new for Beach.