Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2007drilling progress report● Neutral
Beach weekly report: McKinlay-5 logs indicate oil at two levels, Carney South-1 plugged and abandoned. Bodalla South-18 (Beach 100%) is cased as a Hutton producer after a DST recovered 9 barrels of oil and 9 of water.
10 Aug 2007farm in farm out agreement● Neutral
Re-release of the joint Anzon/Beach notice that ITOCHU becomes a 20% participant in Basker-Manta-Gummy for A$123m paid to each of Anzon and Beach. Same content as the earlier announcement; no new information.
10 Aug 2007other● Neutral
Anzon's own press release on selling 10% of Basker-Manta-Gummy to ITOCHU for A$123m. It is Anzon-focused and calls Anzon effectively debt free; it adds nothing new on Beach beyond the 40% interest.
10 Aug 2007farm in farm out agreement▲ GoodMajor
Beach sells 10% of the Basker-Manta-Gummy project to Japan's ITOCHU for A$123m cash, valuing it at A$1.23bn. Beach drops from 50% to 40%, with Anzon also 40% and ITOCHU 20%. Subject to Designated Authority approval; effective 1 June 2007.
10 Aug 2007asset acquisition disposition▲ Good
Beach's media release on the A$123m sale of 10% of Basker-Manta-Gummy to ITOCHU, leaving it with 40%. It expects a material positive effect on FY07 profit, and reserves of about 90 mmboe after completion. Repeats the joint announcement.
9 Aug 2007drilling progress report● Neutral
Drillsearch weekly update: Carney South 1 (Beach 38.5%) has only trace Hutton oil shows and is drilling to total depth. Takyah 5 cased as an oil producer and Mulberry 32 spudded, neither a Beach block.
8 Aug 2007drilling progress report● Neutral
Beach weekly report: Jena-28 cased as a Murta oil producer, Tonno-1 plugged and abandoned, Carney South-1 drilling. Bodalla South-18 (Beach 100%) spudded 5 August, target expected this week.
7 Aug 2007regulatory community update▲ GoodMajor
The Basker-Manta-Gummy JV (Beach 50%) was awarded production licences VIC/L27 and VIC/L28, converting former retention leases. They cover gas resources, so this is a step toward the gas development deferred earlier, though no gas contract or final investment decision is announced.
2 Aug 2007drilling progress report▲ Good
Drillsearch reports Naccowlah West 21 (Beach 38.5%) found about 5.5 m net oil pay in the Hutton and is cased as a future producer. Carney South 1 spudded 30 July. Takyah 5 and Talgeberry 20 are not Beach blocks.
1 Aug 2007admin correction● Neutral
Beach corrects its 31 July media release: the A$93.03 figure was the average realised oil price per barrel, up 18% from A$78.60, not sales revenue. Wording fix only.
1 Aug 2007drilling progress report● Neutral
Beach weekly report: Naccowlah West-21 (38.5%) cased as a potential oil producer, and Big Lake 17DW1 found 22 m of gas pay. The rig moves from Warragon-1 to Bodalla South-18. Beach skipped completing Comic-1.
31 July 2007quarterly activities report● NeutralMajor
June quarter: sales 2.54 mmboe, revenue A$125.3m; FY07 revenue A$472.2m, up from A$124m. 2P reserves were reassessed at 93.4 mmboe at 30 June 2007, down from 101 mmboe a year earlier, though Cooper oil reserves rose 1.0 mmb to 12.3 mmb.
27 July 2007investor presentation● Neutral
Beach's July 2007 corporate presentation restates known facts: 2P reserves of 101 mmboe at 1 July 2006, more than 65 mmboe upside over 3-5 years, FY07 production around 10 mmboe, and the Cooper Oil Project plan of 100+ wells. No new information.
26 July 2007drilling progress report● Neutral
Drillsearch reports Naccowlah West 20 (Beach 38.5%) cased and suspended for future testing after Hutton oil shows, and Naccowlah West 21 spudded with Murta oil shows. Talgeberry 20 is in the Tintaburra block, not a Beach block.
25 July 2007drilling result▼ BadMajor
Beach confirms Hurricane-2 (10%) found about 9 m net oil pay, an 18 m gross column, too small to develop now, and will be plugged and abandoned. Warragon-1's Toolachee test misran and it will be cased for testing. Beach declined to join Naccowlah West-20.
25 July 2007contract award● NeutralMajor
The Basker-Manta JV (Beach 50%) contracted the Havila Harmony vessel to repair the mooring, mobilising mid-September, with full production back late September/early October. It also secured the Kan Tan IV rig for 135 days from mid-2008, in addition to Basker-6 in Q1 2008.
23 July 2007drilling result● NeutralMajor
Hurricane-2 (Beach 10%) found about 20 m gross oil column (about 10 m net pay, 30 API) and is classed a new field discovery. Mosaic's MD says it is unlikely to be commercial stand-alone now. Falls well short of the 16-40 MMB hoped for.
19 July 2007drilling progress report● Neutral
Mosaic reports Hurricane-2 (Beach 10%) reached total depth of 3,253 m. Hydrocarbon shows in the main reservoir are being evaluated by wireline logging; no result yet.
18 July 2007drilling progress report▲ Good
Beach weekly report: Warragon-1 (46.95%) reached 1,996 m with Toolachee hydrocarbon shows and is under drill stem test. Hurricane-2 also shows hydrocarbons in its primary target. Mudlalee-4 is cased for completion.
17 July 2007drilling progress report▲ Good
Mosaic reports Hurricane-2 (Beach 10%) hit the Eliassen reservoir near prognosis at 3,206 m, with elevated gas readings and up to 80% hydrocarbon fluorescence. Significance awaits logging; planned depth is about 3,280 m.
12 July 2007drilling progress report● Neutral
Mosaic reports Hurricane-2 (Beach 10%) is cementing casing at 2,169 m and about to reach its Eliassen target. Hurricane is described as having 40-50 million barrels of recoverable oil potential. No new result yet.
11 July 2007drilling progress report▲ Good
Beach reports three successful Cooper Oil Project wells: Naccowlah South-15, Gambero-1 (12 m oil column) and Mudlalee-4 (15 m column). Program total is 38 wells at 76% success, with wells due online in August. Warragon-1 is drilling; Hurricane-2 nears its 3,280 m target.
11 July 2007production update▼ BadMajor
The Basker-Manta mooring failure was a dislodged shackle pin; the mooring is otherwise sound. A specialist vessel is expected in late August. Meanwhile ship-to-ship shuttling should hold about 3,000 bopd, well below full capacity. Follows the 5 July mooring failure.
6 July 2007production update▼ BadMajor
Basker-Manta (Beach 50%) vessels reconnected 5 July, but the Basker Spirit's single point mooring parted that evening and the tanker drifted. No injuries or spill. Production is expected to be curtailed for weeks; business interruption insurance is available.
6 July 2007director officer appointment● Neutral
Glenn Davis, a lawyer experienced in capital raisings and listing rules, and Dr Neville Alley, previously an alternate director, are appointed to Beach's board from 6 July 2007.
6 July 2007drilling spud● Neutral
Entek reports Warragon-1 (ATP 269P, Beach 46.95% operator) spudded 5 July, the third and final well of the program. Planned depth is 1,992 m, with a mean 1.33 MMB Basal Jurassic oil target, after the Marcoola-1 discovery.
4 July 2007other● Neutral
Red Sky Energy (ROG), listed 23 May 2007 after a $6m raise, profiles itself as a junior explorer with farm-ins from Beach and others. It lists four leads in Beach's PEL 110. Beach is only a counterparty; nothing new for Beach.
4 July 2007drilling progress report● Neutral
Beach weekly report: Marcoola 1 (46.95%) is cased and suspended as a potential oil producer at 1,349 m after two test recoveries (6 bbl and 2 bbl oil). Big Lake 84 and Hurricane 2 continue drilling.
2 July 2007drilling result▲ Good
Entek reports Marcoola-1 (Beach 46.95% operator) recovered oil on a second test in the Murta (about 2.4 bbl), after the Hutton misrun. The well is cased and suspended pending a completion plan. Warragon-1 is next, with a 1.33 MMB mean target.
28 June 2007production update▼ Bad
Basker-Manta-Gummy (Beach 50%) production resumed after the Manta swivel was corrected. Severe 7 m seas then forced both production vessels to disconnect from their moorings, with reconnection expected that Sunday. This is the first such weather disconnection in over 12 months.
