10 Aug 2021other● Neutral
Beach announced that its FY21 full-year results and a conference call would come on 16 August 2021. Notice of timing only, no substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2021investor presentation● Neutral
Macquarie conference presentation repeating known points, including the 18.4 MMboe Western Flank reserve downgrade. No new substance in the text provided.
3 May 2021director officer appointment● Neutral
Margaret Hall, CEO of Seven Group Holdings Energy, was appointed alternate director for Ryan Stokes for up to one year. Seven Group is Beach's largest shareholder (about 25.6%). She holds 17,068 shares indirectly.
30 Apr 2021resource reserve update▼ BadMajor
Beach cut Western Flank 2P reserves by 18.4 MMboe net (17.6 MMbbl oil, 7.2 MMboe gas), partly offset by Senex assets. FY21 production guidance fell to 25.2-25.7 MMboe from 26.5-27.5, and the five-year outlook was withdrawn.
30 Apr 2021investor presentation● Neutral
Presentation accompanying the 30 April business update and quarterly report, repeating the Western Flank downgrade and lower guidance already announced. No new information in the text provided.
16 Apr 2021regulatory community update▲ GoodMajor
Beach welcomed the arbitrator's partial award repricing Otway gas sold to Origin, effective 1 July 2020, at roughly the midpoint of 2020 southern-states wholesale prices ($7.86-10.82). The price figure for Beach is not stated here. It resolves the price review.
16 Apr 2021price query▲ Good
Origin (not Beach) said an arbitrator's partial award sets a gas price for Beach's Otway supply well above Origin's expectations. Binding FY2021-FY2023, it raises Origin's costs $30-40m in FY21, so it is favourable to Beach's revenue.
6 Apr 2021production update● Neutral
Cooper Energy (not Beach) gave an update on its Orbost plant and Sole field. It also noted Beach drilled the Callawonga-13 oil well in ex PEL 92 (Beach 75% op), with net pay within pre-drill expectations. Little new for Beach.
22 Mar 2021drilling result▲ GoodMajor
Artisan 1 offshore Victorian Otway (Beach 60% op) found gas: 62.9 m net pay in the Upper Waarre, plus 4.6 m in the Flaxman. Cased as a future producer; CEO said it is at the lower end of pre-drill expectations. Follows November's Enterprise find.
1 Mar 2021asset acquisition disposition▲ GoodMajor
Senex (not Beach) said it completed the $87.5m sale of its Cooper Basin business to Beach on 1 March 2021. This resolves the pending acquisition announced in November 2020 and lifts Beach's Cooper Basin holdings.
24 Feb 2021other● Neutral
Director Sally-Anne Layman bought 45,000 Beach shares on-market at $1.665 on 23 February 2021, through an associated trust, taking her holding from nil to 45,000. Routine director interest notice.
17 Feb 2021asset acquisition disposition● Neutral
Red Sky (not Beach) said the South Australian minister approved transfer of the Killanoola PRL13 licence from Beach, completing the sale agreed in November 2020. This closes the pending disposal thread; price not stated.
16 Feb 2021asset acquisition disposition▼ Bad
NZ Oil & Gas (not Beach) said it and Beach applied to relinquish PEP 52717 (Clipper, Beach 50%), citing the Tawhaki dry hole and rig costs. This ends a pending disposal thread; Beach stays in NZ through Kupe.
15 Feb 2021half year report● NeutralMajor
Half-year NPAT was $128.7m (down 53% on underlying) on production of 13.0 MMboe, with the Waitsia FID now unconditional. Western Flank oil wells showed higher than expected decline rates. FY21 guidance was updated for the acquisitions; cash $114m.
15 Feb 2021half year report▼ Bad
Half-year report to 31 December 2020: net profit $128.7m, down 54%, on revenue of $726.3m, down 23%. Interim dividend of 1.0c fully franked, payable 31 March 2021.
15 Feb 2021resource reserve update▲ GoodMajor
Beach booked net 2P reserves of 21 MMboe (34 MMboe gross) for the Enterprise gas field, discovered in November 2020, with liquids yield above pre-drill expectations. FEED starts in H2 FY21, final investment decision targeted in FY22, first gas H1 FY23.
15 Feb 2021investor presentation● Neutral
Presentation accompanying the half-year results, repeating figures already announced the same day. Nothing in the text provided adds new substance.
11 Feb 2021asset acquisition disposition● Neutral
Red Sky (not Beach) said it completed the acquisition of the Killanoola PRL13 licence from Beach, which was agreed in November 2020. Transfer awaits South Australian ministerial approval. Price not stated.
4 Feb 2021other● Neutral
Notice that Beach will release half-year results on 15 February 2021, followed by a conference call. Administrative only.
21 Jan 2021director officer appointment● Neutral
Beach appointed Sam Algar (ex-Oil Search) as Group Executive Exploration & Subsurface and promoted Thomas Nador to Group Executive Development, from 22 February 2021. They replace Jeff Schrull and Geoff Barker, who are leaving; the CEO said the transition was planned.
13 Jan 2021drilling progress report● Neutral
Cue Energy (not Beach) said the rig finished plugging and abandoning Ironbark-1 and left location on 11 January 2021. Cue called the result disappointing; nothing new for Beach.
13 Jan 2021drilling progress report● Neutral
NZ Oil & Gas (not Beach) confirmed the rig has left the Ironbark-1 location, its final update on the unsuccessful well. Nothing new for Beach, which holds 21%.
8 Jan 2021drilling progress report● Neutral
NZ Oil & Gas (not Beach) said plugging and abandonment of Ironbark-1 is proceeding as planned, with rig demobilisation expected within a week. Nothing new on the result.
29 Dec 2020drilling result▼ Bad
Cue Energy (not Beach) reported Ironbark-1 reached 5,618 m, crossing the target interval at 5,275 m with no significant hydrocarbon shows. The well will be plugged and abandoned. Beach holds 21%.
29 Dec 2020drilling result▼ BadMajor
Beach confirmed Ironbark-1 is a dry hole: drilled to 5,618 m, the Mungaroo target at 5,275 m showed no significant hydrocarbon. It will be plugged and abandoned. This ends the Ironbark exploration well in which Beach held 21%; no cost figure given.
29 Dec 2020drilling result▼ Bad
NZ Oil & Gas (not Beach) reported Ironbark-1 hit its target at 5,275 m with no significant hydrocarbon shows through 5,618 m total depth; plugging begins. Its CEO called it very disappointing. Repeats the result Beach also announced.
23 Dec 2020material agreement▲ Good
Woodside, for the North West Shelf participants, said it has signed gas processing agreements covering Waitsia Stage 2 (with Mitsui and Beach) and Pluto gas. Waitsia gets processing for about 7.5 Mt LNG from H2 2023 to end 2028, subject to conditions precedent including approvals.
23 Dec 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 5,202 m, preparing to case and cement, with total depth now expected by end of December. No results yet; Beach holds 21%.
23 Dec 2020material agreement▲ GoodMajor
Waitsia Stage 2 (Beach 50%, Mitsui-related AWE 50% operator) reached final investment decision, subject to regulatory approvals and commercial conditions. Beach's share of capex is A$350-400m, funded from existing cash flows and facilities. First LNG sales are expected in H2 CY23, Beach's first LNG exposure.
18 Dec 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 4,380 m after casing, cementing and a pressure test, now drilling the 12.25-inch hole. No results yet.