Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2007drilling progress report● Neutral
Weekly report: Tostada-2 and Ulandi-16 cased as future oil producers, Merrimelia-58 plugged and abandoned. Callawonga-4 (Beach 75%) cased as an oil producer. Sheringa-1, an exploration well 11 km south of Callawonga, spudded 30 October.
31 Oct 2007quarterly activities report● Neutral
September quarter: oil production up 8% in the Cooper and Surat; Gippsland output fell on the mooring failure, with normal levels expected next quarter. The report restates the A$123m ITOCHU sale at A$31.54/bbl and the A$300m syndicated facility. Callawonga pipeline is due by February.
26 Oct 2007annual report▲ Good
Beach's 2007 Annual Report restates known FY07 results: NPAT A$103m (A$44m prior), record 9.4 mmboe production, 2P reserves up 148% to 90 mmboe, and the A$123m BMG sale. AGM set for 29 November 2007 at a new venue.
26 Oct 2007other● Neutral
Media release responds to Santos scaling back its 2008 Cooper Oil Project drilling. Beach says it has no interest in ATP 299P, the permit named for reduced drilling, and plans to maintain or increase its Cooper activity, with 'significant announcements' expected in coming weeks.
25 Oct 2007drilling progress report● Neutral
Drillsearch update: rig PDI-721 is drilling Tostada-2 (Beach 38.5%), a Hutton oil appraisal well spudded 21 October, at 1,161 m. No results yet.
24 Oct 2007drilling progress report▲ Good
Beach weekly report: Callawonga-4 (Beach 75%) found a 2 m oil column at the top of the Namur and will be completed as a producer. Moomba-181 shows 15.5 m net gas pay (operator's interpretation). Merrimelia-58, Tostada-2 and Ulandi-16 in progress.
24 Oct 2007joint venture update● Neutral
Petratherm and Beach finished a 162 line-km seismic survey at the Paralana geothermal project, with good raw data. First deep well is expected to spud in the second to third quarter of 2008, later than the early-2008 drilling previously noted.
23 Oct 2007other● Neutral
Partner Entek announces Gulf of Mexico production start. For Beach's ATP 269P it repeats that Marcoola-1 is expected onstream soon and Warragon-1 may produce. No new Beach information.
19 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson-46 (Beach 38.5%) recovered 12.5 bbls oil on test and was cased as a future producer, completing the current Naccowlah round. Five Jackson infill wells follow shortly.
17 Oct 2007drilling progress report● Neutral
Beach weekly report confirms Kopuwai-1 as a sub-commercial oil discovery being plugged and abandoned. Ragno-1 and Jackson-46 cased as future oil producers. Callawonga-4 is expected to reach the Namur target next day.
16 Oct 2007drilling result▼ BadMajor
Kopuwai-1 (Beach 20%, AWE operator) reached 4,052 m and found an oil column in apparently poor-quality reservoir, likely non-commercial. It will be plugged and abandoned, a disappointing result for the new New Zealand exploration farm-in.
11 Oct 2007other● Neutral
Administrative notice: Beach's registered office address is reworded to drop 'Level 1' (25 Conyngham Street, Glenside). No substance for shareholders.
11 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson-47 (Beach 38.5%) cased as a future oil producer. Jackson-46 reached total depth with logs indicating pay in the Westbourne and lower Birkhead/Hutton, and is preparing a test.
11 Oct 2007drilling progress report● Neutral
Operator AWE says Kopuwai-1 (Beach 20%) is at 3,876 m with oil shows in the Kapuni F Sand, but drilling logs suggest poor-quality or thinly bedded sandstone. Wireline logs at about 4,050 m will assess economic significance.
10 Oct 2007drilling progress report● Neutral
Beach weekly report: Moomba-182 and Jackson-47 cased as future oil producers. Kopuwai-1 (Beach 20%) drilling ahead toward its first target. The rig is moving from Callawonga-3 to Callawonga-4.
5 Oct 2007asset acquisition disposition▲ GoodMajor
Beach received A$123m cash from ITOCHU for 10% of Basker-Manta-Gummy, completing the sale announced in August. Beach's interest falls from 50% to 40%, effective 1 June 2007. Basker-6 is planned for early 2008.
5 Oct 2007farm in farm out completion▲ Good
The BMG joint venture confirms completion of ITOCHU's farm-in for 20% (A$123m paid to each of Beach and Anzon, implying A$1.23bn gross project value). Beach and Anzon each hold 40%.
4 Oct 2007drilling progress report● Neutral
Drillsearch update: Jackson South-12A (Beach 38.5%) recovered no oil on test and was abandoned. Chilla-2 found Murta oil and was cased as a future producer. Jackson-47 spudded 30 September.
3 Oct 2007regulatory community update● Neutral
Anzon (BMG operator) says weekly 30,000 bbl crude transfers at Eden will run to end October because Basker Spirit cannot be moored offshore. Mooring is expected to be reinstated then, consistent with the earlier curtailment.
3 Oct 2007well test result▲ GoodMajor
Callawonga-3 (Beach 75%) found a 5 m oil column in the Namur and flowed about 5,660 bopd on clean-up with no water, beating Callawonga-2's 4,992 bopd. Kopuwai-1 in New Zealand (Beach 20%) spudded 29 September.
28 Sept 2007annual report▲ Good
Shareholder update for FY07 repeating known results: profit A$103m, revenue A$567m, record production 9.4 mmboe, 2P reserves up 148% to 90 mmboe. Chairman says to expect more deals. No new figures. Text is truncated.
27 Sept 2007debt financing● Neutral
Beach's A$300m 3-year term facility, underwritten in May 2007 by CBA and Societe Generale, has been syndicated, with BNP Paribas, nabCapital and United Overseas Bank joining. No change to size or terms is stated.
27 Sept 2007drilling progress report● Neutral
Drillsearch update: Jackson South-12A found oil shows and is running a drill stem test. Pitchery-3 (Beach 38.5%) found oil in the Murta and was cased as a future producer; Chilla-2 spudded 23 September.
26 Sept 2007drilling progress report● Neutral
Beach weekly report: Big Lake-86 and Pitchery-3 cased as future oil producers, Bronzewing-1 plugged and abandoned. Callawonga-3 (Beach 75%) has good oil shows over about 8 m at the top of the Namur, drilling to total depth on 27 September.
26 Sept 2007drilling progress report▲ Good
Partner Cooper Energy (25%) reports oil shows in the Namur at Callawonga-3, the second of three Beach-operated wells. It will drill to 1,943 m and log, without production testing, since Callawonga-1 and -2 flowed 2,400 and 4,992 bopd.
21 Sept 2007drilling progress report● Neutral
Drillsearch update: Jackson South-13 (Beach 38.5%) cased and suspended as a future oil producer. Jackson South-12 and Pitchery-3 spudded 15 September; Pitchery-3 is waiting on a pump repair.
19 Sept 2007drilling progress report● Neutral
Beach weekly report: Jackson South-13 cased as a potential oil producer and Piniata-1 plugged and abandoned. Callawonga-3, the second appraisal well, spudded 18 September; four other wells are in progress.
18 Sept 2007regulatory community update▲ Good
Partner Entek (28.15%) updates ATP 269P, operated by Beach (46.95%): Marcoola-1 should produce from November 2007. Warragon-1 will be flow-tested from early October, after which it will be completed, stimulated or abandoned. Byrock-2 producing about 60 bopd.
14 Sept 2007drilling progress report● Neutral
Drillsearch update: Piniata-1 (Beach 38.5%) found trace oil shows but no pay on logs, and is being abandoned. Jackson South-13 has oil shows in several formations and awaits logging.
12 Sept 2007drilling progress report▲ Good
Beach weekly report: Callawonga-2 found an 8 m oil column and is expected to start at about 1,500 bopd in October. Tindilpie-6 and Moomba 179 cased as potential gas producers; Hawkins-1 plugged and abandoned.
