Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2007joint venture update● Neutral
Clean Gas partners (Great Artesian, Beach, Cool Energy) welcome the Coalition's election promise of a A$20m grant for the CryoCell plant. Repeats the completed feasibility study (20 mmscfd, PEL 106) and next step, front-end engineering design. Plant needs financial and regulatory approvals.
21 Nov 2007drilling progress report▼ Bad
Weekly report: Jackson-49 cased as a producer, Jena-21 plugged and abandoned. Warragon-1 (ATP 269P) flowed only 140 bbl/day of oil and water at 87% water cut, so Beach calls it sub-economic, with retesting in six months.
21 Nov 2007joint venture update▲ Good
The Clean Gas joint venture (Great Artesian, Beach, Cool Energy) completed its CryoCell plant feasibility study. It confirmed a 20 mmscfd plant in PEL 106 is commercially viable. The Coalition has promised A$20m, if elected. Next step is front-end engineering design.
20 Nov 2007regulatory community update▲ Good
Petratherm says the Federal Coalition has committed A$50m, if elected, to a 30MW plant at the Paralana geothermal project, which Beach part-funds to earn 21%. It is an election promise with terms still to be set in a grant agreement.
14 Nov 2007production update▲ GoodMajor
Anzon, as operator, says the Basker Manta mooring is repaired and oil is flowing directly from the FPSO. This ends a four-month curtailment since the 5 July failure, during which output averaged about 3,100 bopd. Full rates are being re-established. Beach holds 40%.
14 Nov 2007drilling result● Neutral
Weekly report: Sheringa-1 (Beach 75%) plugged and abandoned, a dry exploration hole. Merrimelia-59 and Jackson-50 cased as producers, and Montegue-1 gas was cased. Testing of Warragon-1 (ATP 269P) has finally begun.
9 Nov 2007drilling scheduled● Neutral
Partner Great Artesian says two PEL 91 wells, Ballaparudda-1 and Murrippi-1 (Beach operator 40%, GOG 60%), will test an 'oil fairway'. Drilling starts in December and early 2008. PEL 106 farm-in wells are expected from late Q1 2008.
8 Nov 2007drilling progress report● Neutral
Drillsearch update: Jackson-51 (Beach 38.5%) found oil pay and was cased as a future producer. Jackson-50, described as the second of nine Westbourne development wells, has spudded. That is up from the five wells previously noted.
7 Nov 2007drilling progress report● Neutral
Weekly report: Jackson-51 cased as a future producer and Bugito-2 plugged and abandoned. Sheringa-1 (Beach 75%) is drilling ahead with no significant shows so far. Merrimelia-59 and Jackson-50 are in progress.
6 Nov 2007farm in farm out agreement▲ GoodMajor
Beach farms into four onshore Ebro Basin tenements in Spain, taking 25% (Serica 75%) by funding part of a 330 km 2D seismic program. It is Beach's first European entry. Beach estimates more than 250 BCF net potential, with drilling possible in 2008/9.
6 Nov 2007farm in farm out agreement▲ Good
Media release on the Spain entry: about A$3m seismic cost buys 25% of four gas tenements. Beach says the largest target could hold 0.5 to 1 tcf, and expects more international deals soon. Drilling depends on seismic results.
2 Nov 2007drilling progress report● Neutral
Drillsearch update: Tostada-2 cased as a future oil producer after finding oil pay. Jackson-51, the first of five Jackson oil development wells (Beach 38.5%), spudded on 29 October.
1 Nov 2007dividend declaration● Neutral
Directors set a 5% discount on the dividend reinvestment plan for the 1.0c final dividend, giving a share issue price of A$1.4084. This confirms the discount previously flagged.
31 Oct 2007drilling progress report● Neutral
Weekly report: Tostada-2 and Ulandi-16 cased as future oil producers, Merrimelia-58 plugged and abandoned. Callawonga-4 (Beach 75%) cased as an oil producer. Sheringa-1, an exploration well 11 km south of Callawonga, spudded 30 October.
26 Oct 2007annual report▲ Good
Beach's 2007 Annual Report restates known FY07 results: NPAT A$103m (A$44m prior), record 9.4 mmboe production, 2P reserves up 148% to 90 mmboe, and the A$123m BMG sale. AGM set for 29 November 2007 at a new venue.
26 Oct 2007other● Neutral
Media release responds to Santos scaling back its 2008 Cooper Oil Project drilling. Beach says it has no interest in ATP 299P, the permit named for reduced drilling, and plans to maintain or increase its Cooper activity, with 'significant announcements' expected in coming weeks.
25 Oct 2007drilling progress report● Neutral
Drillsearch update: rig PDI-721 is drilling Tostada-2 (Beach 38.5%), a Hutton oil appraisal well spudded 21 October, at 1,161 m. No results yet.
24 Oct 2007drilling progress report▲ Good
Beach weekly report: Callawonga-4 (Beach 75%) found a 2 m oil column at the top of the Namur and will be completed as a producer. Moomba-181 shows 15.5 m net gas pay (operator's interpretation). Merrimelia-58, Tostada-2 and Ulandi-16 in progress.
24 Oct 2007joint venture update● Neutral
Petratherm and Beach finished a 162 line-km seismic survey at the Paralana geothermal project, with good raw data. First deep well is expected to spud in the second to third quarter of 2008, later than the early-2008 drilling previously noted.
23 Oct 2007other● Neutral
Partner Entek announces Gulf of Mexico production start. For Beach's ATP 269P it repeats that Marcoola-1 is expected onstream soon and Warragon-1 may produce. No new Beach information.
19 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson-46 (Beach 38.5%) recovered 12.5 bbls oil on test and was cased as a future producer, completing the current Naccowlah round. Five Jackson infill wells follow shortly.
17 Oct 2007drilling progress report● Neutral
Beach weekly report confirms Kopuwai-1 as a sub-commercial oil discovery being plugged and abandoned. Ragno-1 and Jackson-46 cased as future oil producers. Callawonga-4 is expected to reach the Namur target next day.
16 Oct 2007drilling result▼ BadMajor
Kopuwai-1 (Beach 20%, AWE operator) reached 4,052 m and found an oil column in apparently poor-quality reservoir, likely non-commercial. It will be plugged and abandoned, a disappointing result for the new New Zealand exploration farm-in.
11 Oct 2007other● Neutral
Administrative notice: Beach's registered office address is reworded to drop 'Level 1' (25 Conyngham Street, Glenside). No substance for shareholders.
11 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson-47 (Beach 38.5%) cased as a future oil producer. Jackson-46 reached total depth with logs indicating pay in the Westbourne and lower Birkhead/Hutton, and is preparing a test.
11 Oct 2007drilling progress report● Neutral
Operator AWE says Kopuwai-1 (Beach 20%) is at 3,876 m with oil shows in the Kapuni F Sand, but drilling logs suggest poor-quality or thinly bedded sandstone. Wireline logs at about 4,050 m will assess economic significance.
10 Oct 2007drilling progress report● Neutral
Beach weekly report: Moomba-182 and Jackson-47 cased as future oil producers. Kopuwai-1 (Beach 20%) drilling ahead toward its first target. The rig is moving from Callawonga-3 to Callawonga-4.
5 Oct 2007asset acquisition disposition▲ GoodMajor
Beach received A$123m cash from ITOCHU for 10% of Basker-Manta-Gummy, completing the sale announced in August. Beach's interest falls from 50% to 40%, effective 1 June 2007. Basker-6 is planned for early 2008.
5 Oct 2007farm in farm out completion▲ Good
The BMG joint venture confirms completion of ITOCHU's farm-in for 20% (A$123m paid to each of Beach and Anzon, implying A$1.23bn gross project value). Beach and Anzon each hold 40%.
4 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson South-12A (Beach 38.5%) recovered no oil on test and was abandoned. Chilla-2 found Murta oil and was cased as a future producer. Jackson-47 spudded 30 September.
