3 Jan 2008drilling progress report● Neutral
Drillsearch update: Jackson-54 and -55 (Beach 38.5%) were cased and suspended as future oil producers. The rig is under routine maintenance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Jan 2008drilling progress report● Neutral
Weekly report: Jackson-54, Jackson-55 and Charo-3 were successful and Zogg-1 was dry. Tartulla-8 was cased as a future gas producer. Cooper Oil Project tally is 60 of 85 (71%).
20 Dec 2007drilling progress report● Neutral
Drillsearch update: Jackson-53 (Beach 38.5%) found pay in the Murta and Mid Birkhead, and was cased as a future producer. Jackson-54 has spudded.
19 Dec 2007drilling progress report● Neutral
Drillsearch update: Jackson-52 (Beach 38.5%) was cased as a future oil producer and Jackson-53 spudded on 12 December.
19 Dec 2007drilling progress report● Neutral
Weekly report: Jackson-53 was successful, Ogg-1 dry, Charo-3 drilling. Ballaparudda-1 confirmed plugged with no significant shows. Murrippi-1 is next in February. Cooper Oil Project tally 57 of 81 (70%). No report next week.
18 Dec 2007farm in farm out agreement▲ GoodMajor
Beach agrees terms to farm into the Durresi Block, offshore Albania (4,200 sq km), for 25% with Island Oil & Gas operating 75%, with an option to reach 45%. Seismic in 2008, one well in 2009. Beach says deeper prospects could yield over 100 mmboe net. Subject to Albanian approval.
18 Dec 2007other● Neutral
Media release on the Albania Durresi farm-in, Beach's second European entry after Spain's A$3m seismic deal. Repeats the 25% interest, option to 45%, seismic in 2008 and a well in 2009. No new information.
17 Dec 2007drilling result▼ BadMajor
Ballaparudda-1 (PEL 91, Beach 40% operator) is plugged and abandoned, with no commercial oil found despite shows in the Murta and Birkhead. A dry hole against 1.4 mmbbl pre-drill estimate; Murrippi-1 is next in February.
14 Dec 2007drilling progress report● Neutral
Ballaparudda-1 reached total depth of 1,963 m on 14 December. Hydrocarbon shows will be evaluated with logs over the weekend.
13 Dec 2007drilling progress report● Neutral
Ballaparudda-1 reached 1,697 m and some hydrocarbon fluorescence was seen in the Birkhead objective. Significance will be assessed with wireline logs after total depth.
13 Dec 2007other▲ Good
Media release marks Beach's 100th well since the Delhi acquisition (A$574m, Sept 2006), with Jackson-53 spudding. Notes ~150 wells in 2007 and a 70% Cooper Oil Project success rate. Restates known facts; no new figures.
12 Dec 2007drilling progress report● Neutral
Weekly report: Charo-2 and Jackson-52 were successful and Ogg-1 is drilling. Ballaparudda-1 had no shows to date. Cooper Oil Project tally is 56 successes from 79 wells (71%).
12 Dec 2007production update▲ Good
Anzon says Basker Manta output has averaged ~12,500 bopd since restoration on 22 November, and a 344,000 bbl cargo sold at just under US$100/bbl (US$34.1m net to JV). Insurance payments are being processed. Basker-6 is due early February 2008; further wells in Q3 2008.
12 Dec 2007drilling progress report▼ Bad
Ballaparudda-1 reached 1,602 m. No hydrocarbon shows were seen in the Namur Sandstone objective, only minor shows in the Murta Formation, a mildly discouraging sign for the 0.9 mmbbl Namur target.
11 Dec 2007drilling progress report● Neutral
Ballaparudda-1 was drilling ahead at 1,312 m on 11 December in the Cadna-owie Formation. No results reported yet.
10 Dec 2007drilling progress report● Neutral
Great Artesian's daily report: Ballaparudda-1 (PEL 91, Beach 40% operator) was drilling ahead at 945 m in Allaru mudstone on 10 December, toward a planned ~1,960 m. No new result.
7 Dec 2007drilling progress report● Neutral
Great Artesian's daily report: Ballaparudda-1 was drilling ahead at 201 m on 7 December. Surface casing is set. Evaluation is expected to finish in about two weeks.
6 Dec 2007drilling spud● Neutral
Ballaparudda-1 (PEL 91, Beach 40% operator, GOG 60%) spudded on 6 December, targeting about 1,960 m. It tests the 'oil fairway' with a pre-drill best estimate of 1.4 million barrels. Murrippi-1 is expected in February.
6 Dec 2007drilling progress report▲ Good
Drillsearch update: Jackson-56 (Beach 38.5%) found oil pay in several intervals and was cased as a future producer. Jackson-52 spudded on 4 December.
5 Dec 2007flow test result▲ GoodMajor
Parsons-1 (Beach 75%) flowed 3,362 bopd and is completed as a producer, with production expected in Q2 2008. Beach puts recoverable oil at 1.9 million barrels (best estimate). Ikarumba-1 and Wellington-6 were dry; Jackson-56 cased.
5 Dec 2007drilling scheduled● Neutral
Great Artesian says Beach's rig is moving to Ballaparudda-1 in PEL 91 (Beach 40% operator, GOG 60%), spudding this week. Pre-drill best estimate is 1.4 million barrels across targets, with 2 to 5 million barrels possible. Murrippi-1 follows in February.
4 Dec 2007other● Neutral
Beach commits A$600,000 to fund a three-year Save the Children program for disadvantaged young people in Ceduna, South Australia. A community donation with no effect on operations.
29 Nov 2007joint venture update▲ Good
Petratherm signed a letter of intent with Ensign to supply a rig for deep wells at Paralana, where Beach earns 21%. Drilling is planned for the second half of 2008, and first power from early 2010. The letter is subject to well design and commercial terms.
29 Nov 2007investor presentation▲ Good
AGM media release repeats known figures: FY07 production near 10 mmboe, 90 mmboe reserves and a further 170 mmboe from Tipton West and Basker/Manta/Gummy. Nelson expects production at about this level for 3 to 5 years.
29 Nov 2007other▲ Good
AGM address by the chairman after visiting field operations. It restates the Parsons-1 discovery, Callawonga pipeline, the Delhi acquisition and Beach's position as second-largest Cooper-Eromanga reserves owner. No new figures in the readable text.
28 Nov 2007drilling progress report● Neutral
Weekly report: Merrimelia-60 and Jackson-48 cased as producers. Beach chose not to take part in casing Jena-25. Parsons-1 is being cased as a Namur producer, and Ikarumba-1 is drilling.
27 Nov 2007drilling result▲ GoodMajor
Beach announces a new oil field at Parsons-1 (PEL 92, Beach 75%), with a 12 m gross oil column in the Namur Sandstone. Preliminary estimate is over 1 million barrels recoverable, near Callawonga and potentially tied into its pipeline.
27 Nov 2007drilling result▲ Good
Media release on the Parsons-1 discovery, the fourth in a year on the West Patchawarra flank. Over 1 million barrels recoverable is expected. Managing director Nelson calls the region a significant oil sub-province; Callawonga pipeline is due to finish early next year.
23 Nov 2007drilling progress report▲ Good
Drillsearch update: Jackson-49 (Beach 38.5%) found oil pay and was cased as a future producer. Jackson-48, the fourth of nine Westbourne development wells, has spudded.
22 Nov 2007production update▲ GoodMajor
Anzon says Basker Manta output is restored to 12,600 bbl/d and rising, ending the four-month mooring outage. Insurance is said to have mitigated the repair and revenue impact. A cargo of over 300,000 bbl is due to be sold at month end. Beach holds 40%.