Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 May 2008farm in farm out agreement▲ GoodMajor
Beach agreed with Santos Egypt to farm in for 20% of the South East July concession (Gulf of Suez), with a July South-1 well in Q4 2008. It will also buy Santos's 25% of onshore North Qarun. Both need Egyptian approvals; Beach's first Egypt entry.
15 May 2008regulatory community update● Neutral
Update on the three-year Save the Children youth program in remote South Australian communities, funded by Beach's A$600,000 grant. A coordinator is hired and groundwork is under way; no financial or operational impact.
14 May 2008drilling progress report● Neutral
Weekly report: Bodalla South-20 (Beach 100%) is drilling ahead at 1,284 m. Santos-operated Cook-14 and Bindah-2 are being cased and suspended as future oil producers.
13 May 2008regulatory community update● Neutral
Media release repeating the Tanzania Lake Tanganyika South Block news, with Reg Nelson citing oil seeps and similarity to Ugandan discoveries. Describes it as Beach's first move into Africa; a production sharing agreement must still be negotiated.
13 May 2008regulatory community update▲ GoodMajor
Beach won exclusive rights, after a contested tender, to negotiate a production sharing agreement to explore the southern half of Lake Tanganyika, Tanzania (about 5,400 sq km). It is Beach's first Africa move; no work can start until terms are agreed.
7 May 2008drilling result▲ Good
Bodalla South-19 (Beach 100%) is being cased as a future oil producer. Basker-6 ST1 flowed 3,980-4,800 bopd per zone, with production expected in the third quarter of 2008.
6 May 2008well test result▲ GoodMajor
Basker 6 ST1's third and final test over zones 2 and 7 flowed a stable 4,800 bpd with zero water, bringing the three zones to nearly 13,000 bpd, far above what the JV expected. Anzon said this supported a south-eastern field extension, with the well to be connected in July 2008.
2 May 2008drilling progress report▲ Good
Anzon reports the Basker 6 ST1 completion and subsea tree are installed and tested. Cleanup flow tests on each zone are due over the weekend, then the well is suspended awaiting tie-back to the Crystal Ocean FPSO.
30 Apr 2008production update▲ Good
Anzon reports the BMG joint venture sold about 570,000 bbl of crude at an expected value above US$118/bbl, and marked a year of operations without lost-time incidents. Beach holds 30%.
30 Apr 2008drilling progress report● Neutral
Weekly report: Bodalla South-19 (Beach 100%) spudded 30 April, and Santos-operated McKinlay-9 (Beach 20.21%) was a success. No major new result.
29 Apr 2008quarterly activities report▲ Good
March quarter sales revenue was a record A$147.7m, up 14%, with production of 2,329 kboe (+4%). A$123m from the Sojitz BMG sale was received 24 April. Parsons-1 first oil is expected in May at about 2,000 bopd gross.
29 Apr 2008quarterly activities report▲ Good
Media release repeating the quarterly: record A$147.7m revenue, oil production up 7% to 767,000 bbl, A$123m Sojitz sale proceeds. Managing Director Reg Nelson says Beach aims to focus on growing internationally using its balance sheet. Nothing new beyond the quarterly.
28 Apr 2008asset acquisition disposition▲ GoodMajor
Beach completed the sale of 10% of the BMG joint venture to Sojitz, receiving A$123m on 24 April 2008. Beach retains 30%. Regulatory approval is still required. This is the second such A$123m sale, after Itochu's in October 2007.
28 Apr 2008drilling progress report● Neutral
Anzon reports Basker 6 ST1 has been perforated in four sands with a three-packer completion. Cleanup flow testing awaits better weather, then it will be tied to the Crystal Ocean FPSO in mid July.
23 Apr 2008drilling result▼ Bad
Weekly report: Coolangatta-1 found only minor oil shows and was plugged and abandoned, the second dry well in a row for ATP 633P after Currumbin-1. Santos-operated Cooba-3 was cased as a future gas producer.
22 Apr 2008drilling progress report▼ Bad
Strike Oil reports Coolangatta-1 (ATP 633P, Beach operator) reached total depth of 1,372 m on 21 April and logging is complete. Preparations are under way to plug and abandon it.
22 Apr 2008production update● Neutral
Entek (28.15% partner in Beach-operated ATP 269P) reports record March gross production of 2,384 barrels from three wells, disrupted by rain and a pump failure. Warragon-1 is still cleaning up before a commerciality decision.
18 Apr 2008drilling progress report● Neutral
Anzon reports Basker 6 ST1 is running production casing, to be perforated and cleaned up, then connected to the Crystal Ocean FPSO. Production is still expected to start in mid July 2008.
16 Apr 2008drilling result● Neutral
Weekly report: Currumbin-1 (Beach 85%) plugged and abandoned, water-saturated. Santos-operated McKinlay-7 and Cook-13 succeeded. Basker 6 ST1 is to be completed as an oil producer, first oil in July with about 1,500 bopd expected.
16 Apr 2008drilling result▼ Bad
Strike Oil reports Beach's Currumbin-1 was plugged and abandoned, and Coolangatta-1 (ATP 633P) spudded on 15 April, targeting Namur with 0.65 million barrels mean resource. Rest is Strike's Texas project.
15 Apr 2008drilling result▲ GoodMajor
Basker 6 ST1 found oil in five sands, one new to the field, and will be completed as a producer, reversing the dry first hole. The JV is connecting to the Crystal Ocean FPSO, with oil from mid July 2008. The field currently averages over 10,000 bopd.
11 Apr 2008drilling result▲ Good
Anzon reports Basker 6 ST1 reached 3,395 m with target Intra-Latrobe sands near prognosis and hydrocarbon shows. Logging and pressure surveys are under way.
10 Apr 2008asset acquisition disposition● Neutral
Beach says all material conditions for the A$123m sale of 10% of BMG to Sojitz are met and completion is planned for late April. It remains subject to regulator approval. Completion slips from mid-April as earlier flagged.
9 Apr 2008drilling progress report● Neutral
Strike Oil reports Currumbin-1 (Beach operator, 85%) is in the Hutton Sandstone at 1,473 m with no significant hydrocarbon shows so far.
9 Apr 2008drilling progress report● Neutral
Strike Oil update, mostly about its Texas Rayburn gas project. For Beach's ATP 633P, Currumbin-1 is drilling ahead at 1,473 m.
9 Apr 2008drilling progress report● Neutral
Weekly report: Currumbin-1 has no significant shows at 1,473 m. Santos-operated Cook-10 was unsuccessful. Basker-6 ST1 is at 3,199 m with target sands near prognosis and hydrocarbon shows, a better outlook than the original hole.
4 Apr 2008drilling progress report● Neutral
Anzon reports the Basker 6 ST1 sidetrack, 380 m northeast of the original hole, reached 2,665 m. It targets Intra-Latrobe reservoir development and appraisal objectives in the south-east of the field.
3 Apr 2008drilling progress report● Neutral
Partner Strike Oil (15% of ATP 633P) reports Beach spudded Currumbin-1 on 2 April. The well targets a Namur prospect with 0.45 million barrels mean prospective resource and is planned to 1,550 m. Coolangatta-1 follows. Mostly Strike's US gas project news.
2 Apr 2008drilling progress report● Neutral
Weekly report: Parsons-2 is cased for completion as an oil producer. Currumbin-1 (Beach 85%) spud. Basker-6 found no commercial hydrocarbons about 40 m low, and is being sidetracked. McKinlay-8 was unsuccessful; Fly Lake-24 a gas producer.
1 Apr 2008other● Neutral
Letter inviting shareholders to enter a draw for a September 2008 trip to Paralana geothermal and Cooper Basin operations. Entries close 30 April. No operational or financial content.
