22 Feb 2008drilling progress report● Neutral
Great Artesian update: Murrippi-1 (Beach 40%) is drilling ahead in surface hole at 483 m. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2008drilling spud● Neutral
Great Artesian reports Murrippi-1 (Beach 40% operator, GOG 60%) spudded on 21 February, targeting oil at about 2,241 m. Pre-drill P50 is 0.6 mmbbl in the Hutton and 0.17 mmbbl in the Patchawarra. It follows the dry Ballaparudda-1.
20 Feb 2008drilling progress report● Neutral
Weekly report: no Cooper Oil Project activity this week; Cook-12 is preparing to spud. Murrippi-1 (Beach 40%, PEL 91) is due to spud later today, targeting about 2,240 m.
13 Feb 2008drilling progress report▲ Good
Weekly report: Mudlalee-6 was cased as a future oil producer with 4.8 m of oil pay. Cooper Oil Project tally is now 62 of 88 (70%). Murrippi-1 (Beach 40%) is due to spud next week.
8 Feb 2008regulatory community update▲ Good
Petratherm, with Beach as its Paralana geothermal partner, won a A$100,000 South Australian government grant to test a seismic mapping method. It supports targeting of the Paralana 2 deep well, still planned for the second half of 2008.
6 Feb 2008drilling progress report● Neutral
Weekly report: Coonatie-11 (Beach 17.14%) reached 3,114 m and was cased as a future gas producer. Tirrawarra-75 and Mudlalee-6 are drilling. Cooper Oil Project tally unchanged at 61 of 86 (71%).
31 Jan 2008quarterly activities report▲ Good
December quarter: oil output 711 kbbl (up 32%) as Bass Strait returned to full production; revenue A$129.8m at A$110.77/bbl. Callawonga and Parsons expected to add 2.4 mmbbl to 2P reserves. Gas production fell 18% on an 11-day Moomba shutdown.
31 Jan 2008other▲ Good
Media release repeating the quarterly report: half-year revenue up 16% to A$249.2m, oil output up 32% on the September quarter. Parsons production expected in the March 2008 quarter; the Callawonga pipeline is due mid March. No new information.
30 Jan 2008drilling progress report▲ Good
Weekly report: Tirrawarra-73 was cased as an oil and gas producer, and Mudera North-1 was cased as a Coorikianna Sst gas producer. Cooper Oil Project tally unchanged at 61 of 86 (71%).
23 Jan 2008drilling progress report● Neutral
Weekly report: Tirrawarra-73 reached 2,996 m with 11 m of oil pay interpreted, and Mudera North-1 reached 1,856 m and is being logged. Cooper Oil Project tally unchanged at 61 of 86 (71%).
16 Jan 2008admin correction● Neutral
Amendment to the 16 January Tipton West reserves release. It corrects the table to show increases in mmboe and percent (1P +619%, 2P +70%, 3P +2%). Headline figures unchanged.
16 Jan 2008resource reserve update▲ GoodMajor
Tipton West (Beach 40%) reserves upgraded: 1P to 167 PJ and 2P from 174 to 293 PJ, with Tarooms seams included for the first time. Beach's share of 2P rises from 11.8 to 20.2 mmboe, against total reserves of 89.6 mmboe at 30 June 2007.
16 Jan 2008drilling progress report▲ Good
Weekly report: Merrimelia-61 cased as an oil producer with 4.5 m pay. Callawonga pipeline is installed and expected to be commissioned by mid March 2008. Cooper Oil Project tally is 61 of 86 (71%).
14 Jan 2008drilling progress report● Neutral
Drillsearch says the current Naccowlah Block drilling phase ended with Jackson-55. Drilling resumes in May 2008 with at least ten wells planned.
9 Jan 2008drilling progress report● Neutral
Weekly report: Merrimelia-61 is drilling and Coonatie-10 (Beach 17.14%) was cased as a future gas producer with 6 m of Permian gas pay. No change to the 60 of 85 Cooper Oil Project tally.
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.
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.