10 Dec 2007drilling progress report● Neutral
Great Artesian's daily report: Ballaparudda-1 (PEL 91, Beach 40% operator) was drilling ahead at 945 m in Allaru mudstone on 10 December, toward a planned ~1,960 m. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2007drilling progress report● Neutral
Great Artesian's daily report: Ballaparudda-1 was drilling ahead at 201 m on 7 December. Surface casing is set. Evaluation is expected to finish in about two weeks.
6 Dec 2007drilling spud● Neutral
Ballaparudda-1 (PEL 91, Beach 40% operator, GOG 60%) spudded on 6 December, targeting about 1,960 m. It tests the 'oil fairway' with a pre-drill best estimate of 1.4 million barrels. Murrippi-1 is expected in February.
6 Dec 2007drilling progress report▲ Good
Drillsearch update: Jackson-56 (Beach 38.5%) found oil pay in several intervals and was cased as a future producer. Jackson-52 spudded on 4 December.
5 Dec 2007flow test result▲ GoodMajor
Parsons-1 (Beach 75%) flowed 3,362 bopd and is completed as a producer, with production expected in Q2 2008. Beach puts recoverable oil at 1.9 million barrels (best estimate). Ikarumba-1 and Wellington-6 were dry; Jackson-56 cased.
5 Dec 2007drilling scheduled● Neutral
Great Artesian says Beach's rig is moving to Ballaparudda-1 in PEL 91 (Beach 40% operator, GOG 60%), spudding this week. Pre-drill best estimate is 1.4 million barrels across targets, with 2 to 5 million barrels possible. Murrippi-1 follows in February.
4 Dec 2007other● Neutral
Beach commits A$600,000 to fund a three-year Save the Children program for disadvantaged young people in Ceduna, South Australia. A community donation with no effect on operations.
29 Nov 2007joint venture update▲ Good
Petratherm signed a letter of intent with Ensign to supply a rig for deep wells at Paralana, where Beach earns 21%. Drilling is planned for the second half of 2008, and first power from early 2010. The letter is subject to well design and commercial terms.
29 Nov 2007investor presentation▲ Good
AGM media release repeats known figures: FY07 production near 10 mmboe, 90 mmboe reserves and a further 170 mmboe from Tipton West and Basker/Manta/Gummy. Nelson expects production at about this level for 3 to 5 years.
29 Nov 2007agm notice● Neutral
All seven AGM resolutions passed. They included the remuneration report, re-election of Moretti, election of Alley and Davis, a non-executive pay cap of A$900,000, and option grants to Nelson and Gordon. Options votes drew about 45m votes against.
29 Nov 2007other▲ Good
AGM address by the chairman after visiting field operations. It restates the Parsons-1 discovery, Callawonga pipeline, the Delhi acquisition and Beach's position as second-largest Cooper-Eromanga reserves owner. No new figures in the readable text.
28 Nov 2007drilling progress report● Neutral
Weekly report: Merrimelia-60 and Jackson-48 cased as producers. Beach chose not to take part in casing Jena-25. Parsons-1 is being cased as a Namur producer, and Ikarumba-1 is drilling.
27 Nov 2007drilling result▲ GoodMajor
Beach announces a new oil field at Parsons-1 (PEL 92, Beach 75%), with a 12 m gross oil column in the Namur Sandstone. Preliminary estimate is over 1 million barrels recoverable, near Callawonga and potentially tied into its pipeline.
27 Nov 2007drilling result▲ Good
Media release on the Parsons-1 discovery, the fourth in a year on the West Patchawarra flank. Over 1 million barrels recoverable is expected. Managing director Nelson calls the region a significant oil sub-province; Callawonga pipeline is due to finish early next year.
23 Nov 2007drilling progress report▲ Good
Drillsearch update: Jackson-49 (Beach 38.5%) found oil pay and was cased as a future producer. Jackson-48, the fourth of nine Westbourne development wells, has spudded.
22 Nov 2007production update▲ GoodMajor
Anzon says Basker Manta output is restored to 12,600 bbl/d and rising, ending the four-month mooring outage. Insurance is said to have mitigated the repair and revenue impact. A cargo of over 300,000 bbl is due to be sold at month end. Beach holds 40%.
22 Nov 2007joint venture update● Neutral
Clean Gas partners (Great Artesian, Beach, Cool Energy) welcome the Coalition's election promise of a A$20m grant for the CryoCell plant. Repeats the completed feasibility study (20 mmscfd, PEL 106) and next step, front-end engineering design. Plant needs financial and regulatory approvals.
21 Nov 2007drilling progress report▼ Bad
Weekly report: Jackson-49 cased as a producer, Jena-21 plugged and abandoned. Warragon-1 (ATP 269P) flowed only 140 bbl/day of oil and water at 87% water cut, so Beach calls it sub-economic, with retesting in six months.
21 Nov 2007joint venture update▲ Good
The Clean Gas joint venture (Great Artesian, Beach, Cool Energy) completed its CryoCell plant feasibility study. It confirmed a 20 mmscfd plant in PEL 106 is commercially viable. The Coalition has promised A$20m, if elected. Next step is front-end engineering design.
20 Nov 2007regulatory community update▲ Good
Petratherm says the Federal Coalition has committed A$50m, if elected, to a 30MW plant at the Paralana geothermal project, which Beach part-funds to earn 21%. It is an election promise with terms still to be set in a grant agreement.
14 Nov 2007production update▲ GoodMajor
Anzon, as operator, says the Basker Manta mooring is repaired and oil is flowing directly from the FPSO. This ends a four-month curtailment since the 5 July failure, during which output averaged about 3,100 bopd. Full rates are being re-established. Beach holds 40%.
14 Nov 2007drilling result● Neutral
Weekly report: Sheringa-1 (Beach 75%) plugged and abandoned, a dry exploration hole. Merrimelia-59 and Jackson-50 cased as producers, and Montegue-1 gas was cased. Testing of Warragon-1 (ATP 269P) has finally begun.
9 Nov 2007drilling scheduled● Neutral
Partner Great Artesian says two PEL 91 wells, Ballaparudda-1 and Murrippi-1 (Beach operator 40%, GOG 60%), will test an 'oil fairway'. Drilling starts in December and early 2008. PEL 106 farm-in wells are expected from late Q1 2008.
8 Nov 2007drilling progress report● Neutral
Drillsearch update: Jackson-51 (Beach 38.5%) found oil pay and was cased as a future producer. Jackson-50, described as the second of nine Westbourne development wells, has spudded. That is up from the five wells previously noted.
7 Nov 2007drilling progress report● Neutral
Weekly report: Jackson-51 cased as a future producer and Bugito-2 plugged and abandoned. Sheringa-1 (Beach 75%) is drilling ahead with no significant shows so far. Merrimelia-59 and Jackson-50 are in progress.
6 Nov 2007farm in farm out agreement▲ GoodMajor
Beach farms into four onshore Ebro Basin tenements in Spain, taking 25% (Serica 75%) by funding part of a 330 km 2D seismic program. It is Beach's first European entry. Beach estimates more than 250 BCF net potential, with drilling possible in 2008/9.
6 Nov 2007farm in farm out agreement▲ Good
Media release on the Spain entry: about A$3m seismic cost buys 25% of four gas tenements. Beach says the largest target could hold 0.5 to 1 tcf, and expects more international deals soon. Drilling depends on seismic results.
2 Nov 2007drilling progress report● Neutral
Drillsearch update: Tostada-2 cased as a future oil producer after finding oil pay. Jackson-51, the first of five Jackson oil development wells (Beach 38.5%), spudded on 29 October.
1 Nov 2007dividend declaration● Neutral
Directors set a 5% discount on the dividend reinvestment plan for the 1.0c final dividend, giving a share issue price of A$1.4084. This confirms the discount previously flagged.
31 Oct 2007quarterly activities report● Neutral
Media release on the September quarter: production 2,343 kboe, down 4% on the prior quarter because of the Gippsland mooring failure; sales 2,416 kboe at A$91.37/bbl. Cash was A$29.6m at quarter end, before the A$123m ITOCHU proceeds received afterwards.