7 Mar 2008drilling progress report● Neutral
Murrippi-1 (Beach 40%) reached total depth of 2,240 m on 6 March and is being wireline logged. Commerciality of the oil zones is still to be determined.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2008drilling progress report● Neutral
Great Artesian update: Murrippi-1 (Beach 40%) is at 2,218 m and expected to reach total depth today. Logs will follow, and further evaluation of the 6 m sand that gave oil in the first test depends on them.
5 Mar 2008drilling spud▲ Good
Anzon (BMG operator) says the Ocean Patriot rig is at the Basker-6 location, with spud expected 6 March and about 40 days to drill and complete. First oil via the FPSO is targeted for July 2008. Beach holds 40% until the Sojitz sale completes.
5 Mar 2008drilling progress report● Neutral
Weekly report: Murrippi-1's first test recovered only 8 barrels of oil and 75 barrels of water, with significance to be judged from logs. Cook-12 has 8.5 m of oil pay in the Hutton. Basker-6 is expected to spud around 6 March.
3 Mar 2008investor presentation● Neutral
Half-year results briefing repeating known figures: production 4.6 mmboe, sales revenue A$249m, underlying profit A$25m. New detail: FY08 production guidance of ~9.5 mmboe (~30% oil), against ~10 mmboe earlier, and Cooper oil reserves of ~15 mmb at Dec 2007.
3 Mar 2008investor presentation● Neutral
Notice of a webcast of the half-year results with Reg Nelson, Kathryn Presser and Hector Gordon. It carries no new information beyond the link.
3 Mar 2008admin correction● Neutral
Amended re-release of the half-year results webcast notice. It carries no new information; the amendment only repeats the contact details.
3 Mar 2008drilling progress report● Neutral
Great Artesian reports Murrippi-1 (Beach 40% operator) hit hydrocarbon shows at the top of the Patchawarra at 2,149 m. A drill stem test is planned. No result yet.
29 Feb 2008dividend declaration● Neutral
Beach will discount the 0.75c interim dividend reinvestment plan by 5%. Record date is 31 March 2008 and payment is 11 April 2008. The DRP issue price will be announced on 1 April.
29 Feb 2008drilling progress report● Neutral
Great Artesian update: Murrippi-1 (Beach 40%) is at 1,758 m, drilling in the Birkhead Formation, with the Hutton target expected at about 1,818 m. No result yet.
29 Feb 2008asset acquisition disposition▲ Good
Media release on the A$123m sale of 10% of BMG to Sojitz, leaving Beach on 30%. It says BMG 2P oil reserves were nearly 40 mmbbl at 30 June 2007, with up to six wells from Basker-6 in March 2008.
29 Feb 2008half year report▲ GoodMajor
Half-year to 31 December 2007: net profit A$58.8m (up 148%) on revenue of A$340.0m. Underlying profit was A$25.2m after accounting adjustments. Interim dividend 0.75c. Beach estimates reserves of 94 mmboe, up from 89 mmboe at 30 June 2007.
29 Feb 2008asset acquisition disposition▲ GoodMajor
Beach agrees to sell a further 10% of the Basker-Manta-Gummy project to Sojitz for A$123m, cutting its stake to 30%. Completion is expected mid April, subject to approvals and partner pre-emption rights. It repeats the 10% Itochu sale for A$123m.
29 Feb 2008other▲ Good
Media release on the half-year result: net profit A$58.8m (up 148%), revenue A$340.0m, interim dividend 0.75c. The chairman says Beach has started its largest exploration program ever. Repeats figures in the half-year report.
28 Feb 2008drilling progress report● Neutral
Great Artesian update: Murrippi-1 (Beach 40%) is at 1,626 m, drilling ahead in the Westbourne Formation. The Hutton target is expected at about 1,818 m. No result yet.
27 Feb 2008drilling progress report● Neutral
Weekly report: Murrippi-1 is at 1,338 m, about to reach its first target. Tirrawarra-75 was cased as a future gas/oil producer. Basker-6 is expected to start in the first week of March. Two Cooper wells are in progress.
22 Feb 2008drilling progress report● Neutral
Great Artesian update: Murrippi-1 (Beach 40%) is drilling ahead in surface hole at 483 m. No new result.
21 Feb 2008drilling spud● Neutral
Great Artesian reports Murrippi-1 (Beach 40% operator, GOG 60%) spudded on 21 February, targeting oil at about 2,241 m. Pre-drill P50 is 0.6 mmbbl in the Hutton and 0.17 mmbbl in the Patchawarra. It follows the dry Ballaparudda-1.
20 Feb 2008drilling progress report● Neutral
Weekly report: no Cooper Oil Project activity this week; Cook-12 is preparing to spud. Murrippi-1 (Beach 40%, PEL 91) is due to spud later today, targeting about 2,240 m.
13 Feb 2008drilling progress report▲ Good
Weekly report: Mudlalee-6 was cased as a future oil producer with 4.8 m of oil pay. Cooper Oil Project tally is now 62 of 88 (70%). Murrippi-1 (Beach 40%) is due to spud next week.
8 Feb 2008regulatory community update▲ Good
Petratherm, with Beach as its Paralana geothermal partner, won a A$100,000 South Australian government grant to test a seismic mapping method. It supports targeting of the Paralana 2 deep well, still planned for the second half of 2008.
6 Feb 2008drilling progress report● Neutral
Weekly report: Coonatie-11 (Beach 17.14%) reached 3,114 m and was cased as a future gas producer. Tirrawarra-75 and Mudlalee-6 are drilling. Cooper Oil Project tally unchanged at 61 of 86 (71%).
31 Jan 2008other▲ Good
Media release repeating the quarterly report: half-year revenue up 16% to A$249.2m, oil output up 32% on the September quarter. Parsons production expected in the March 2008 quarter; the Callawonga pipeline is due mid March. No new information.
30 Jan 2008drilling progress report▲ Good
Weekly report: Tirrawarra-73 was cased as an oil and gas producer, and Mudera North-1 was cased as a Coorikianna Sst gas producer. Cooper Oil Project tally unchanged at 61 of 86 (71%).
23 Jan 2008drilling progress report● Neutral
Weekly report: Tirrawarra-73 reached 2,996 m with 11 m of oil pay interpreted, and Mudera North-1 reached 1,856 m and is being logged. Cooper Oil Project tally unchanged at 61 of 86 (71%).
16 Jan 2008admin correction● Neutral
Amendment to the 16 January Tipton West reserves release. It corrects the table to show increases in mmboe and percent (1P +619%, 2P +70%, 3P +2%). Headline figures unchanged.
16 Jan 2008resource reserve update▲ GoodMajor
Tipton West (Beach 40%) reserves upgraded: 1P to 167 PJ and 2P from 174 to 293 PJ, with Tarooms seams included for the first time. Beach's share of 2P rises from 11.8 to 20.2 mmboe, against total reserves of 89.6 mmboe at 30 June 2007.
16 Jan 2008drilling progress report▲ Good
Weekly report: Merrimelia-61 cased as an oil producer with 4.5 m pay. Callawonga pipeline is installed and expected to be commissioned by mid March 2008. Cooper Oil Project tally is 61 of 86 (71%).
14 Jan 2008drilling progress report● Neutral
Drillsearch says the current Naccowlah Block drilling phase ended with Jackson-55. Drilling resumes in May 2008 with at least ten wells planned.
9 Jan 2008drilling progress report● Neutral
Weekly report: Merrimelia-61 is drilling and Coonatie-10 (Beach 17.14%) was cased as a future gas producer with 6 m of Permian gas pay. No change to the 60 of 85 Cooper Oil Project tally.