Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2008farm in farm out agreement▲ Good
Beach agreed with Drillsearch (which absorbed Great Artesian) to drill two PEL 106 gas/condensate wells, Brownlow-1 and Canunda-1, from October 2008, earning 50% of the Beach Farmin Block. Beach hands gas marketing to Drillsearch.
10 Sept 2008drilling scheduled▲ Good
Beach contracted the Ensign 30 rig for at least five Cooper wells from 8 October: Brownlow-1, Canunda-1, then Gunyah-1 and Perlubie-1 near Parsons (PEL 92). Beach will also operate Paralana Deep geothermal well, spud February 2009, to earn 21%.
10 Sept 2008regulatory community update▲ Good
Media release flagging accelerated drilling: Cooper wells in PEL 106 and PEL 92, and the 47 km Callawonga-Tantanna pipeline now commissioned, averaging about 3,000 bopd (capacity 5,000). Mostly restates known plans.
4 Sept 2008drilling progress report● Neutral
Drillsearch (2% holder) update repeating that Naccowlah West 22, in which Beach holds 38.5%, will be cased as an oil producer. Nothing new for Beach.
3 Sept 2008contract award● Neutral
Media version of the Petratherm rig announcement: rig arrives January 2009, 4 km injection well in February 2009, TRUenergy can earn up to 30% under its A$57m farm-in. Repeats the previous release.
3 Sept 2008contract award▲ Good
Petratherm, with Beach and TRUenergy, secured a 2,000 HP Weatherford rig for the Paralana geothermal project; Paralana 2 (up to 4 km deep) to spud February 2009. Satisfies a key condition of TRUenergy's A$57m farm-in. Advances Beach's earlier-flagged Paralana plan.
3 Sept 2008drilling scheduled▲ GoodMajor
Naccowlah West-22 (Beach 38.5%) succeeded with an oil show on test. Beach will start a three-well offshore program from late September/early October: PeeJay-1 (T/39P, 50%), Spikey Beach-1 (T/38P, 80%) and Fermat-1 (VIC/P46, 50%), about 3.5 months.
29 Aug 2008other● Neutral
Notice of the webcast of the 2008 preliminary results with the Managing Director, CFO and COO. No new information.
29 Aug 2008investor presentation● Neutral
Results briefing repeating FY08 figures: 145 mmboe 2P, cash A$376m, debt A$235m. Further hedges of 570 kbbl closed after year end for US$18m; FY09 capex budget A$327.8m. Mostly restates known results.
29 Aug 2008dividend declaration● Neutral
Amended version of the results media release; corrects the final dividend payment date to 24 October 2008 (from 17 October). Otherwise the same content.
29 Aug 2008dividend declaration● Neutral
Dividend reinvestment plan will carry a 5% discount on the 1.0 cent unfranked final dividend; record date 3 October, payment 24 October 2008. Administrative notice.
29 Aug 2008dividend declaration▲ Good
Media release on the FY08 result: normalised NPAT rose 69.2% to A$52.7m, and a 1 cent final dividend (1.75 cents for the year) was set for payment on 17 October 2008. Up to 90% of oil sales were open to spot pricing after the hedge close-out.
29 Aug 2008other● Neutral
Cover fax advising shareholders that the 104-page 2008 Preliminary Final Report was released. No substantive content.
29 Aug 2008annual report▲ GoodMajor
FY08 result: NPAT A$63.7m (down 39% from A$103.8m after A$50.4m hedge close-out); revenue a record A$685m. 2P reserves up 62% to 145.2 mmboe; cash A$376.5m, debt A$234.7m; final dividend 1.0c.
28 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 was cased and suspended as a Birkhead/Hutton producer, and Naccowlah West-22 is drilling with shows. Repeats Beach's well information.
27 Aug 2008drilling result▼ Bad
Weekly report: James-2 (Beach 17.14%) was plugged and abandoned, a dry hole. Naccowlah West-22 (38.5%) is drilling and Big Lake-89 continues.
22 Aug 2008regulatory community update▲ GoodMajor
South Australia's revenue office finished its review of stamp duty on the 2004 Delhi purchase from Esso with no further action. This removes a noted A$75m contingent liability.
21 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 reached 1,902 m and is being cased as a Basal Birkhead/Hutton oil producer. Beach, per its own report, chose not to participate in this casing.
20 Aug 2008drilling progress report● Neutral
Weekly report: Beach elected not to participate in casing Naccowlah South-18 (38.5%). James-2 is logging and Marabooka-14 was cased as a gas producer.
19 Aug 2008resource reserve update● NeutralMajor
Operator Anzon lifted BMG (Beach 30%) 2P reserves to 74.2 mmboe remaining, though original 2P is about 20% below the earlier 104 mmboe after Basker 6 appraisal. Larger FPSO due Q2 2010 to double oil to about 20,000 bopd.
19 Aug 2008admin correction● Neutral
Anzon's competent person disclosure for the BMG reserves update. Administrative notice with no new figures.
15 Aug 2008drilling progress report● Neutral
Drillsearch update: Naccowlah South-18 (Beach 38.5%) reached 1,929 m with oil shows and is preparing to run wireline logs. Also notes the Drillsearch/Great Artesian merger was implemented on 12 August 2008.
14 Aug 2008other● Neutral
Letter to shareholders accompanying the 1-for-10 bonus options, describing it as the final part of the recapitalisation after the Egypt and Tanzania deals. It restates the Egyptian assets (North Shadwan 20%, with 24 million barrels at Burtocal) and says the North Qarun purchase failed due to pre-emption.
13 Aug 2008drilling progress report● Neutral
Weekly report: Marabooka-13 was cased and suspended as a future gas producer. James-2 and Naccowlah South-18 continue drilling in the Hutton Sandstone. No new significant results.
8 Aug 2008drilling progress report● Neutral
Drillsearch's weekly update, covering its 2% in Naccowlah. Naccowlah South-17 was plugged and abandoned after poor upper Hutton quality and swept lower Hutton oil. Naccowlah South-18 is drilling. Repeats Beach's report.
6 Aug 2008resource reserve update▲ GoodMajor
Beach's net Surat Basin coal seam gas 2P reserves rose more than sixfold, from 69 PJ (12 mmboe) in June 2007 to 443 PJ (76 mmboe) at 30 June 2008, per independent certification. Beach holds 40% of the Tipton West JV, operated by Arrow. This confirms the upgrade flagged in June.
6 Aug 2008resource reserve update▲ Good
Media version of the Surat upgrade: 2P up 282% to 443 PJ from 116 PJ seven months ago. Beach's total reserves are about 148 mmboe at 30 June 2008. Tipton West is producing 24 mmscfd.
6 Aug 2008drilling progress report▼ Bad
Weekly report: Naccowlah South-17 (Beach 38.5%) was plugged and abandoned, unsuccessful. James-2 and Naccowlah South-18 are in progress. Other Cooper gas wells and Tipton CSG wells continue.
5 Aug 2008joint venture update▲ Good
Operator Anzon says BMG (Beach 30%) passed its 5 millionth barrel, with production about 9,500 bopd. Basker 6ST1 is expected to lift output next month. A 597,000 barrel cargo sold above US$130.
4 Aug 2008farm in farm out agreement● Neutral
Petratherm (not Beach) announced TRUenergy can earn up to 30% of the Paralana geothermal project for A$57m in stages. Beach, a partner that can earn up to 36%, is negotiating the drilling contract. Conditions must be met within three months.
