Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2007drilling progress report▲ Good
Drillsearch reports Wilson 9 (Naccowlah, Beach 38.5%) found oil pay in the Murta and was cased and suspended as a potential producer. Takyah 4 in Tintaburra found about 2.5 m of oil pay, but that is not a Beach block.
2 May 2007drilling progress report▲ Good
Beach weekly report: Caroowinnie 1 tested 45.5 bbl oil in a 4-hour flow and was cased as a potential oil producer. Moomba 176 flowed 11.3 mmcfd and was suspended as a gas producer. Goyder 5 and Cooba 2 are progressing, and Wilson 9 has been cased as a potential oil producer.
26 Apr 2007other▲ Good
Beach's news release repeats the quarterly figures: record revenue of A$130.9m and production of 2.31 million boe. The managing director says the Delhi purchase is justified and cites 5 of 7 Cooper Oil wells successful. It adds no new information.
26 Apr 2007drilling progress report● Neutral
Drillsearch reports Graham 2 (Naccowlah, Beach 38.5%) found oil pay and was cased and suspended as a future producer. Fajita 1 was water wet and plugged and abandoned. Ipundu North 12 is also suspended, but it is not a Beach well.
24 Apr 2007drilling progress report● Neutral
Beach weekly report: Thurakinna 6 and Moomba 39 ST1 are successful gas wells, Graham 2 is a successful oil well, and Fajita 1 is plugged and abandoned. Caroowinnie 1 is preparing a drill stem test after an earlier test recovered 2.6 bbl oil. Bodalla South 16 is drilling.
20 Apr 2007drilling progress report● Neutral
Drillsearch reports Jackson South 11 (Naccowlah, Beach 38.5%) was cased and suspended as a future oil producer. Fajita 1 is drilling at 813 m and Graham 2 is being logged after oil shows. Endeavour 37 is dry but is not a Beach well.
18 Apr 2007drilling progress report● Neutral
Beach weekly report: Kewarra-1 (Beach 85%) is plugged and abandoned at 1,630 m, closing out that well. Fly Lake 21 and Jackson South 11 are cased and suspended, Tostada 1 is a successful oil well, and Moomba 39 ST1 is a successful gas well.
13 Apr 2007half year report● Neutral
Beach's half-yearly shareholder update repeats the December half result: record revenue of A$214m, production of 4,696 kboe, 101 mmboe reserves and a 0.75c interim dividend. It also notes hedging guarantees a minimum of US$60 a barrel on much of its production.
12 Apr 2007drilling progress report▲ Good
Drillsearch reports Jackson South 10 and Tostada 1 in Naccowlah (Beach 38.5-39%) were cased and suspended as future oil producers, Tostada with about 4.5 m of possible net pay. Jackson South 11 is drilling.
11 Apr 2007drilling progress report● Neutral
Beach weekly report: Kewarra-1 reached 1,630 m and is being plugged and abandoned. Jackson South 10 is cased and suspended as an oil well (Beach 39%), Tostada 1 is at 1,582 m, and Moomba 36 ST1 is a gas well.
11 Apr 2007drilling result▼ BadMajor
Strike Oil reports Kewarra-1, Beach's first well in ATP633P (Beach 85%), reached 1,630 m and found only a small Hutton oil accumulation judged uneconomic. A disappointing result for the new permit.
5 Apr 2007drilling result▼ Bad
Drillsearch reports Tequila 1 (Naccowlah, Beach 39%) was plugged and abandoned after a test recovered no producible oil. Endeavour 31 was also dry. Jackson South 10 and Tostada 1 are underway in the same program.
4 Apr 2007drilling progress report● Neutral
Beach weekly report: Kewarra-1 drilling at 1,220 m. Tequila 1 (Beach 39%) was plugged and abandoned after recovering only 1 bbl of oil-cut mud, and Barina 8 was cased as a gas well. Mixed, minor results.
4 Apr 2007drilling progress report● Neutral
Strike Oil reports Kewarra-1 (Beach operator 85%, Strike 15%) was spudded 28 March and was drilling at 1,220 m, heading for the target sands. No result yet.
3 Apr 2007joint venture update● Neutral
Drillsearch says the option to buy Beach's 29 million Great Artesian shares at 51c expired unexercised. It judged that price would not materially lift its shareholder value. Beach keeps its roughly 19.9% stake.
3 Apr 2007joint venture update● Neutral
Great Artesian's chairman says Drillsearch's decision not to take up the 51c option removes uncertainty, and he names Beach as largest shareholder and partner. A new managing director, Andrew Carroll, was appointed. Beach keeps its stake of about 19%.
3 Apr 2007joint venture update● Neutral
Beach confirms the call option over its 29 million Great Artesian shares at 51c expired on 2 April 2007. This resolves the open thread, and Beach keeps the stake.
2 Apr 2007dividend declaration● Neutral
Beach set the dividend reinvestment plan share price for the 0.75c interim dividend at A$1.15634, a 5% discount. This settles the pending DRP price, with payment due 16 April 2007.
30 Mar 2007drilling progress report● Neutral
Drillsearch reports Mulberry 44 and Endeavour 31 in its Tintaburra block, and Tequila 1 (Beach 39%) in Naccowlah, which had oil shows and was fishing for logging tools. Only Tequila touches Beach, with no result yet.
28 Mar 2007drilling progress report● Neutral
Beach weekly report: Fly Lake 23 reached 2,944 m, and Dullingari 60 was plugged and abandoned. Tequila 1 (Beach 39%) is fishing for logging tools after a Murta test. Meenawarra-4 is suspended for testing. No significant new result.
28 Mar 2007material agreement● Neutral
Beach, with Adelphi, ARC Energy, Advanced Well Technologies and Baraka, signed a non-binding memorandum to jointly evaluate and acquire oil and gas projects, initially in Africa. No company is obliged to join any deal. No project or spend yet.
28 Mar 2007drilling progress report● Neutral
Strike Oil says Kewarra-1 in ATP633P (Beach operator 85%, Strike 15%) was due to spud 28 March, targeting about 0.7 million barrels of recoverable oil to 1,600 m. The rest covers Strike's Texas well.
26 Mar 2007material agreement▲ GoodMajor
Arrow, operator of Tipton West (Beach 40%), signed a conditional deal lifting firm gas supply to Braemar Power Partners from 6 to 10 PJ a year for 15 years (150 PJ total). It replaces the Ergon gas contract (58.5 PJ), which will not proceed.
22 Mar 2007drilling result▲ Good
Drillsearch reported that Gunna North 1, an oil delineation well in the Naccowlah Block (Beach 39%), found 2.4 m of net oil pay in the Murta Member. The well was cased and suspended as a future oil producer, and the rig was released on 21 March 2007.
22 Mar 2007drilling scheduled▲ GoodMajor
Beach announces at least 24 wells in the Naccowlah Block this quarter under the Cooper Oil Program, costing Beach A$21m and possibly adding 1,000 bopd net. Kewarra-1, its first well in ATP633P (Strike Oil 15%), spuds late March. Extends the Cooper oil push.
21 Mar 2007drilling progress report● Neutral
Beach weekly report: Epsilon-11 cased and suspended as a gas well at 2,221 m, and Gunna North 1 (Beach 39%) is preparing production casing after 2.4 m of net Murta oil pay. Fly Lake 23 and Dullingari 60 are drilling.
20 Mar 2007investor presentation● Neutral
Beach's March 2007 investor presentation repeats the half-year result and 101 mmboe reserves. It restates Basker-Manta-Gummy at about 13,000 bopd in late February, a 15-20,000 bopd target, and gas sanction aimed at Q2 2007. Nothing new.
20 Mar 2007joint venture update● Neutral
Great Artesian says the Spinel 3D seismic survey in PELs 106 and 91 is 60% complete, with acquisition finishing around mid-April and 5-6 months of processing after. Beach must fully fund 2 wells to earn 50% of its PEL 106 block.
19 Mar 2007material agreement▲ GoodMajor
Beach and Anzon signed a 15-year gas sales agreement with Alinta for 225 PJ from Basker-Manta-Gummy, starting 2009. It is conditional on a final investment decision. This resolves the pending gas contract, with gas wells planned for 2008.
19 Mar 2007contract award▲ Good
Alinta confirms its conditional 15-year gas supply agreement with Anzon and Beach for the Tamar Valley Power Station, valued at over A$600m over the contract life. Construction is aimed at mid-2007 and operation by Q1 2009.
