28 June 2007drilling result▲ Good
Drillsearch reports Naccowlah South 16 (Beach 38.5%) found Hutton oil pay and was cased and suspended as a future oil producer, a Cooper Oil Program success. Talgeberry 19 in Tintaburra is not a Beach block.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2007drilling progress report● Neutral
Beach weekly report: Marcoola 1 is pulling test tools after the misrun Hutton test (6 bbl oil, no water). Naccowlah South 16 is being cased as an oil producer. Hurricane 2 has stuck pipe at 153 m, and Tipton-128 is on weather standby.
27 June 2007drilling result▲ GoodMajor
Beach announces Marcoola-1 (ATP 269P, Beach 46.95% operator) as a new field oil discovery. A Hutton test recovered 6 barrels of oil with no water before the packers failed. It is a first success after the dry Nudgee-1, but flow rates are not yet known.
26 June 2007drilling result▲ Good
Entek reports Marcoola-1 (ATP 269P, Beach 46.95% operator) reached 1,348 m with multiple oil shows, including 50-100% fluorescence at the basal Birkhead and Hutton. Logging and testing follow. This is encouraging after the dry Nudgee-1.
26 June 2007material agreement termination▼ BadMajor
The Basker-Manta-Gummy JV (Beach 50%) deferred the gas-phase investment decision, so the 15-year Alinta gas sales agreement of 16 March lapses. Oil expansion continues, with Basker-6 scheduled for Q1 2008. A gas commitment is expected within 12 months. This reverses the Q2 2007 gas plan.
26 June 2007material agreement termination▼ Bad
Anzon's cover release of the same joint announcement: the Basker-Manta-Gummy gas decision is deferred and the Alinta gas agreement lapses. Oil expansion continues, with Basker-6 in Q1 2008. It duplicates Beach's release.
26 June 2007material agreement termination▼ Bad
Alinta says the lapse of the Basker-Manta-Gummy gas agreement, on 28 June, is a significant setback to its proposed 200 MW Tamar Valley power station in Tasmania. It is assessing staging the project or deferring it. It confirms the effect on Beach's gas customer.
25 June 2007drilling spud● NeutralMajor
Beach reports Hurricane-2 spudded 24 June in WA-208-P, offshore Carnarvon Basin, testing for an oil leg beneath the Hurricane-1 gas discovery of 2005. Beach holds 10%. The mean prospect is 16 million barrels gross, with a 40 million barrel high side. Drilling is expected to take about 15 days.
20 June 2007drilling progress report● Neutral
Beach's weekly report showed Nudgee 1 plugged and abandoned and Marcoola 1 drilling surface hole at 130 m. Bodalla South 17 was completed at an initial 882 bopd with 4% water cut, with a pump due next week. Moomba 178 and Big Lake 85 were cased as potential gas producers.
18 June 2007drilling result▼ Bad
Entek reports Nudgee-1 (ATP 269P, Beach 46.95%), the first of three exploration wells, was plugged and abandoned after logging. The rig moved to Marcoola-1, expected to spud 19 June.
15 June 2007drilling result▼ Bad
Drillsearch reports Jalapeno 1 (Naccowlah, Beach 38.5%) found its Hutton and Murta targets low to prognosis and water wet, and was plugged and abandoned. This is another dry hole in the Cooper Oil Program exploration. Takyah 2 is not a Beach block.
13 June 2007drilling progress report● Neutral
Beach weekly report: Nudgee 1 reached 1,533 m and is being prepared for logging. Jalapeno 1 reached 1,652 m and abandonment plugs are being set. Moomba 178 is at total depth, and Tipton-128 is drilling.
7 June 2007drilling progress report● Neutral
Drillsearch reports Jalapeno 1 (Naccowlah, Beach 38.5%) is drilling ahead at 94.5 m. Enoggara 1 in Tintaburra was dry, but that block is not Beach's.
6 June 2007drilling progress report● Neutral
Beach weekly report: Bodalla South 17 is completed as an oil producer, Nudgee 1 (Beach 46.95%) is drilling its surface hole, and Golah Singh 1 is being plugged. Jalapeno 1 is still waiting on rig repairs. Tipton-110 is a potential gas producer.
5 June 2007investor presentation● Neutral
ABN AMRO conference presentation repeating known facts: 884m shares, A$1.15bn market cap, 101 mmboe 2P reserves, about 65 mmboe upside, Bodalla South-17 flow of 4,617 bopd. No new results.
4 June 2007joint venture update● Neutral
Petratherm, for the Paralana JV in which Beach is earning up to 36%, started deep well design and rig selection for two wells, due in about two months. Drilling is still targeted for early 2008, with up to A$10m coming from Beach initially.
4 June 2007joint venture update● Neutral
Media release repeating Petratherm's Paralana update: Global Power Solutions appointed as geothermal adviser, well design due by end of July, drilling from early 2008. Beach earns 21% for A$10m under the January 2007 farm-in, with an option for 15% more for A$20m.
1 June 2007drilling result▲ GoodMajor
Beach's two Bodalla South appraisal wells (100%) flowed oil: Bodalla South-17 at 4,617 bopd and -16 at 230 bopd on clean-up. They add an estimated 250,000 barrels of reserves, and production is expected within a month.
1 June 2007debt financing▲ GoodMajor
Beach refinanced the A$650m Commonwealth Bank bridge loan used for the Delhi purchase with a A$300m three-year syndicated term facility plus a A$25m working capital facility. It states debt is now A$300m versus A$650m at acquisition.
1 June 2007other● Neutral
Press release restating the June refinancing (A$300m term facility from CBA and Societe Generale, A$25m working capital) and known results: record March quarter 2.31 mmboe and A$130.9m revenue, 31 Cooper Oil Program wells at 77% success. No new figures.
31 May 2007drilling progress report● Neutral
Drillsearch reports Jalapeno 1 (Naccowlah, Beach 38.5%) spudded on 25 May and is waiting on rig repairs. Inspector 1 in Tintaburra was dry, but that is not a Beach block.
30 May 2007drilling progress report● Neutral
Beach weekly report: Bogala Central-1 and Narcoonowie 5 are cased and suspended as potential oil producers. Burke 10 is cased pending a review of well integrity. Bodalla South 17 is cementing casing, and Jalapeno 1 is waiting on rig repairs.
25 May 2007drilling progress report▲ Good
Drillsearch reports Bogala Central 1 (Naccowlah, Beach 38.5%) found oil pay in the Murta and was cased and suspended as a future oil producer. Kooroopa 2 and Inspector 1 in Tintaburra are not Beach wells.
23 May 2007drilling progress report● Neutral
Beach weekly report: Moomba 31ST1 is cased and suspended as a gas producer, and Bogala Central-1 reached 1,658 m. Boongala 2 and Narcoonowie 5 are logging, and Bodalla South 17 is preparing to drill.
17 May 2007drilling progress report● Neutral
Drillsearch reports Bogala Central 1 (Naccowlah, Beach 38.5%) has spudded and is preparing to drill ahead. Kooroopa 3 in Tintaburra reached about 16 m combined oil pay, but that block is not Beach's.
16 May 2007drilling progress report● Neutral
Beach weekly report: Bodalla South 16 is cased and completed as a Hutton oil producer. Nuata East 1 is plugged and abandoned, and Burke 10 was cased and suspended after a misrun test. Bogala Central-1 and other Cooper wells continue.
15 May 2007material agreement▲ Good
Santos announced the South Australian Cooper Basin producers extended their ethane supply contract with Qenos, adding up to 56 PJ from late 2007 to 2013. Beach holds 20.21% of the producers, so it shares in the extension. Price is linked to world oil prices.
10 May 2007drilling progress report▼ Bad
Drillsearch reports Nuata East 1 (Naccowlah, Beach 38.5%) found only trace oil shows and no pay on logs, and is being plugged and abandoned. Kooroopa 3 in Tintaburra found 7.5 m of oil pay, but is not a Beach block.
9 May 2007drilling progress report● Neutral
Beach weekly report: Goyder 5 and Moomba 177 are cased as potential gas producers. Burke 9 and Narcoonowie 6 are suspended or cased, with Narcoonowie 6 a potential oil producer. Nuata East 1 is preparing a test, and Bodalla South 16 is drilling.
4 May 2007investor presentation● Neutral
Managing director's Macquarie conference presentation repeats known facts: 884m shares, market cap A$1.15bn at A$1.30, 101 mmboe 2P reserves, Basker-Manta-Gummy oil and the Alinta gas plan with sanction aimed for Q2 2007. It cites about 65 mmboe of upside, with no new results.