Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2015drilling progress report● Neutral
January report: Hanson-2 cased with six metres of net oil pay, Sandhurst-1 plugged and abandoned, and Ralgnal-1 and Martlet North-1 still drilling. Rain delayed some activity, with no material annual production impact. Santos-operated Cooper gas wells continue; Big Lake infill campaign finished.
4 Feb 2015drilling spud● Neutral
Senex reports Martlet North-1 spudded on 27 January 2015 in PRL 148 (Senex 60% operator, Beach 40%), 1.1 km from the Martlet-1 discovery. It targets the Namur Sandstone with total depth about 2,028m expected in early February. Result is pending.
8 Jan 2015drilling progress report● Neutral
Drillsearch's December report repeats Beach-operated results: Bauer-18 and Hanson-2 cased as future producers, and Antechamber-1 and Danville-1 in PEL 106 plugged and abandoned. It also reports non-Beach wells such as the Yarowinnie South-1 discovery.
7 Jan 2015drilling progress report● Neutral
December report: ten wells drilled at 80% success. The six-well Bauer campaign is complete (Bauer-18 had 6.6m net oil pay), with 2P increases expected and wells online in Q3 FY15. Antechamber-1 and Danville-1 in PEL 106 were plugged and abandoned as dry.
23 Dec 2014resource reserve update▲ GoodMajor
Beach books a first 2P reserve for the Martlet oil field in PEL 104/111: 589 kbbl gross (1P 214, 3P 1,634), of which Beach holds 40%. Facilities have cost about $4.1m and are complete. It was not in FY15 production guidance.
23 Dec 2014resource reserve update▲ GoodMajor
Beach books a first 2P reserve for the Balgowan oil field in PEL 91: 344 kbbl gross (1P 86, 3P 1,530), with Beach holding 40%. Development is estimated at about $1.3m, pending joint venture approval, with tie-in to the Stunsail facility before FY15 end. Not in FY15 guidance.
5 Dec 2014drilling progress report● Neutral
Drillsearch's November report confirms Bauer-15, -16, -17 and -19 cased as future producers in PEL 91 (Beach 40% operator). It also reports Maupertuis-1 cased as a discovery in PEL 106, sole-risked by Drillsearch. Largely repeats Beach's own drilling report.
3 Dec 2014drilling progress report▲ Good
November report: 13 wells drilled at 85% success. Bauer-16, -17 and -19 cased as oil producers (net Namur pay 3.5m, 5.4m, 8.7m), with Bauer-18 near total depth; Beach expects 2P reserve increases at Bauer. Maupertuis-1 in PEL 106 was cased with Beach electing not to participate.
25 Nov 2014drilling result▲ GoodMajor
Bauer-19 in PEL 91 (Beach 40% operator) found 8.7m net Namur oil pay against 4.0m predicted, and with Bauer-15 may lift Bauer's recoverable oil. Stunsail-1 flow tested at 7,920 bopd combined. Gives reserves upside beyond current guidance; no reserve figure yet.
24 Nov 2014farm in farm out agreement▲ GoodMajor
Beach agrees to fund more of the expanded 974 sq km Flanagan 3D seismic survey in offshore Otway permit T/49P, lifting its interest from 20% to 30% (3D Oil 70% operator). Final cash cost depends on survey cost. Builds on its 20% acquisition earlier this year.
11 Nov 2014drilling result▲ Good
Bauer-15 in PEL 91 (Beach 40% operator, Drillsearch 60%) found 5.1m net Namur oil pay against 3.5m predicted, and was cased as a producer. It may lift the field's ultimate recovery; four more Bauer wells are drilling. Beach calls it an upside, with no reserve figure yet.
6 Nov 2014drilling progress report● Neutral
Drillsearch's October report confirms Bauer-14 cased as a future producer and Pennington-3 plugged and abandoned for insufficient pay. Bauer-15 and -16 are drilling in PEL 91 (Beach 40% operator). Canunda-2 cased as a future producer. Pennington-3 resolves the earlier open drilling thread.
5 Nov 2014drilling progress report● Neutral
October report: 13 wells completed at a 92% success rate. Bauer-14 oil development well (Beach 40% operator) was cased for tie-in in December; Pennington-3 was plugged and abandoned, and Canunda-2 gas well was cased as a future producer. Ten Santos-operated gas wells cased.
1 Oct 2014drilling progress report▼ Bad
Drillsearch's September report: PEL 91 (Beach 40% operator) appraisal Stunsail-2 and gas exploration well Karrata-1 were plugged and abandoned. Pennington-3 is drilling. Mixed month for the Western Flank, with two dry holes after the Balgowan and Burners discoveries.
1 Oct 2014drilling progress report▲ Good
September report: Egypt's El Salmiya-6 flowed 2,880 bopd and 9.7 MMscfd of gas, and ASA-1X ST3 flowed 2,130 bopd from one zone and 1,332 bopd from another (Beach 22%). Martlet-1 was cased. Stunsail-2 and Karrata-1 were plugged and abandoned.
12 Sept 2014drilling result▲ Good
Senex reports an oil discovery at Martlet-1 in PEL 104 (Senex 60% operator, Beach 40%), with up to 6m net pay, to be cased and put on production next quarter. Its Squire-1 well, outside Beach's interest, was dry.
12 Sept 2014drilling result▲ GoodMajor
Beach announces the first Namur Sandstone oil discovery in the PEL 104/111 joint venture (Beach 40%, Senex 60% operator): Martlet-1 found 6m net pay. It offsets the run of dry holes there; Beach also plans Eastern Flank wells in H1 2015.
4 Sept 2014drilling progress report▲ Good
Drillsearch's August report says Burners-1 in PEL 91 (Beach 40% operator) is the 15th discovery there, cased as a future producer. Stunsail-2 appraisal is next, and 18 wells are planned in PEL 91 this financial year.
3 Sept 2014drilling progress report● Neutral
August report: Cullen-1 in the Bonaparte was cased and suspended at 3,325m after about 1,600m of gas-prospective shale, for later testing. Balgowan-1 was cased, and Burners-1 found oil, recovering 5.1 barrels in a test. Small result, not commercial yet.
3 Sept 2014drilling result▼ Bad
Senex reports Warthog-1 in PEL 111 (Senex 60% operator, Beach 40%) found good sands but no oil or gas shows and was plugged and abandoned at 1,887m. Another dry hole in this joint venture after Tornado-1, Sabre-1 and Mustang-3.
27 Aug 2014resource reserve update● Neutral
Drillsearch, Beach's 60% partner in PEL 91, reports 2P reserves steady at 28.3 MMboe. Its Western Flank oil reserves rose to 7.8 MMboe, excluding the Balgowan-1 discovery. Mostly its own figures; it supports confidence in the PEL 91 oil fairway Beach operates.
25 Aug 2014resource reserve update● NeutralMajor
At 30 June 2014, Beach reports 2P reserves of 85.6 MMboe, down from 92.7, and 2C contingent resources of 466.5 MMboe, up from 448.9. Unconventional 2C is 362.4 MMboe, including a 55 MMboe net Nappamerri increase.
13 Aug 2014drilling result▲ Good
Drillsearch confirms the Balgowan-1 discovery with a 9m gross oil column, the 14th discovery in PEL 91. It is cased as a future producer; size update to come and Burners-1 next.
13 Aug 2014drilling result▲ GoodMajor
Beach discovers oil at Balgowan-1 in PEL 91 (Beach 40% operator, Drillsearch 60%), with about 9m gross oil, extending the oil fairway northeast of Stunsail. Burners-1 is next; Beach also plans Eastern Flank wells in H1 2015.
8 Aug 2014drilling progress report● Neutral
Drillsearch's July report notes Balgowan-1 in PEL 91 (Beach 40% operator) spudded 4 August targeting the Namur Sandstone and McKinlay Member. Also covers Drillsearch's own non-Beach wells.
6 Aug 2014drilling progress report● Neutral
July drilling report: Elliston-2, Shelly-1 and Sabre-1 plugged and abandoned; Cullen-1 drilling ahead at 3,191m; several SACB gas wells cased and suspended. No new significant results beyond known dry holes.
6 Aug 2014drilling result▼ Bad
Senex reports Sabre-1 in PEL 111 (Senex 60% operator, Beach 40%) was plugged and abandoned at 1,900m with poorly developed reservoir and oil shows only. Warthog-1 is next, another dry hole in the Senex JV.
30 July 2014drilling result▼ BadMajor
Elliston-2 in PPL 249 (Beach 75% operator, Cooper 25%) was plugged and abandoned at 1,660m with only 1m of oil pay, non-commercial. Seismic reprocessing follows; the development well did not accelerate production.
30 July 2014drilling scheduled● Neutral
Icon says the ATP 855 JV (Beach 46.9% operator) agreed the fracture stimulation and flow testing program with Condor, starting early September 2014 across Geoffrey-1, Redland-1, Hervey-1 and Etty-1. Confirms the previously expected timing and will take months.
28 July 2014farm in farm out agreement▲ Good
Drillsearch confirms the ATP 924P farm-in: Beach can earn 45% by funding seismic, two wells and 45% of past costs. First target is the Hurron oil prospect, with P50 unrisked prospective resource of 18.7 MMbbl.
