1 Apr 2008dividend declaration● Neutral
The 0.75c interim dividend's reinvestment plan carries a 5% discount, setting the share issue price at A$1.252. It applies the dividend declared with the half-year results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2008half year report● Neutral
Shareholder update restating the half-year results: NPAT A$59m (previous A$24m), revenue A$340m, 4.6 mmboe produced, 71 wells drilled (68% success). Interim dividend 0.75c, paid 11 April. Nothing new beyond the earlier results.
31 Mar 2008drilling result▲ GoodMajor
Parsons-2 (Beach 75%) found a 6.5 m gross oil column and will be completed as a producer, with first oil from May. This confirms the Parsons discovery of November 2007. Beach cites cooper-region finding costs around A$15/bbl and Cooper oil reserves near 15 mmb.
28 Mar 2008drilling result▼ Bad
Anzon reports Basker-6 found thicker sands than earlier Basker wells, but about 40 m low to prognosis and below the hydrocarbon-water contacts. The JV will sidetrack (Basker 6A) about 500 m northeast, taking 10-15 days; July 2008 first oil remains an option.
27 Mar 2008drilling progress report● Neutral
Anzon reports Basker-6 reached total depth of 3,399 m on 26 March and is being logged. It is expected to be completed as an oil producer, with first oil still targeted for July 2008.
26 Mar 2008drilling progress report▲ Good
Weekly report: Cook-11 (24 m gross oil column) and Squalo-1 (4.5 m oil pay) were cased as future producers. Parsons-2 reached 1,773 m with good oil shows in the Namur. Basker-6 reached 3,399 m. Cooper Oil Project is at 65 of 91 wells (71%).
20 Mar 2008drilling progress report● Neutral
Anzon reports Basker-6 is at 2,850 m, still above the reservoir targets, and drilling according to plan. First oil is still targeted for July 2008.
19 Mar 2008drilling progress report● Neutral
Weekly report: Parsons-2 (Beach 40% per the report text) is due to spud to appraise the south of the Parsons field. Basker-6 is at 2,675 m. Cooper Oil Project stands at 63 of 89 wells (71%).
14 Mar 2008drilling progress report● Neutral
Anzon reports Basker-6 has set 13-3/8 inch casing at 1,025 m without drilling problems. Target depth is about 3,363 m, with first oil targeted for July 2008.
14 Mar 2008other● Neutral
Managing director's keynote speech at a conference on strategy in volatile oil markets. It gives history and general views, with no new company results or decisions in the readable text.
12 Mar 2008drilling result▼ Bad
Weekly report: Murrippi-1 (Beach 40%) is being plugged as a non-commercial oil discovery, after oil recoveries from two tests. Cook-12 is a Hutton oil producer; Mudlalee-5 is abandoned. Basker-6 spudded 6 March. Cooper Oil Project is at 63 of 89 wells (71%).
11 Mar 2008investor presentation● Neutral
Conference presentation largely repeating the half-year results. New items: gearing 23.6% (aiming for 20%), FY08 production guidance of ~10 mmboe, and an expectation of ~10 mmboe a year from existing assets for the next three years.
11 Mar 2008material agreement▲ GoodMajor
The BMG joint venture settled its insurance claim for the July 2007 mooring failure at about A$66m, covering repair costs and a substantial part of lost revenue. About A$48m is received and A$18m is due in coming weeks. Beach's share is not stated in the text (it holds 40%).
10 Mar 2008drilling result● Neutral
Murrippi-1 (Beach 40%) recovered 36 barrels of oil on a second Patchawarra test, with nothing flowing to surface. Further sampling is planned to judge commercial significance. Still a modest result, against 0.17 mmbbl pre-drill.
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.
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.