Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2007material agreement▲ Good
Press release on the Alinta gas deal: 225 PJ over 15 years from 2009, conditional on a final investment decision. Beach says it expects to book more reserves on sanction. Repeats ref 18, adds Basker-2 averaged 8,000 bopd in extended testing.
19 Mar 2007contract award▲ Good
Anzon, Beach's 50% partner and operator, announced a 15-year gas sales agreement with Alinta for 225 PJ from Basker-Manta-Gummy, starting 2009. It is subject to a final investment decision.
14 Mar 2007drilling progress report● Neutral
Beach weekly report: Moomba-177 reached 2,371 m and is cased and suspended for later deepening. Epsilon-11 is drilling at 1,890 m. Coal seam gas coring continues at Meenawarra-4 and River Road-3. No new result.
8 Mar 2007drilling progress report● Neutral
Magellan's weekly report confirms Telowie-1 was plugged and abandoned at 1,384 m with minor Murta shows, ending the two-well PEL 94 program. The rest covers Magellan's own Muthero and Burrum wells.
7 Mar 2007drilling progress report● Neutral
Beach weekly report: Telowie-1 plugged and abandoned at 1,384 m. Dullingari-59 cased and suspended as a future oil producer, and Moomba-177 is drilling. Tipton-26 is suspended for testing. No new result.
6 Mar 2007drilling result▼ BadMajor
Telowie-1 (Beach operator, 50%) was plugged and abandoned at 1,384 m. The Murta test recovered only 0.5 litres of oil, not commercial. Another dry PEL 94 hole after Tunkalilla-1. Focus shifts to the Dunoon Horst.
2 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 is at 1,384 m and preparing a drill-stem test of the Murta formation at 1,078-1,081 m. Result pending.
2 Mar 2007investor presentation● Neutral
Beach's March 2007 investor presentation repeats the half-year result and 101 mmboe reserves. It adds Basker-Manta-Gummy producing about 18,500 bopd on 1 March, against 10,000 bopd average in Jan-Feb, with gas sanction targeted for Q2 2007.
1 Mar 2007drilling progress report● Neutral
Magellan's weekly report shows Telowie-1 (Beach operator, 50%) at 1,321 m with minor Murta oil shows, heading to 1,367 m. The rest covers Magellan's own Muthero-5 well. No result yet.
1 Mar 2007joint venture update● Neutral
Beach extended Claymore's call option over its 29 million Great Artesian shares at 51 cents from 26 February to 2 April 2007. The sale of this roughly 19.9% stake is still undecided.
1 Mar 2007joint venture update● Neutral
Drillsearch confirms its option to buy Beach's 29 million Great Artesian shares was extended to 2 April 2007, and says it is doing technical due diligence on Great Artesian's assets. Matches Beach's own notice.
1 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 reached 1,384 m, deeper than the 1,367 m planned, and is running wireline logs. No result yet on whether oil is present.
28 Feb 2007drilling progress report● Neutral
Beach weekly report: Telowie-1 at 1,306 m drilling in the Namur Sandstone. Coonaberry-2 and Dullingari-59 have production casing set, and Fly Lake-22 reached 2,941 m. Tipton-26 is being logged. No new result.
28 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 (Beach operator, 50%) at 1,306 m and drilling ahead. The report repeats earlier prospect details. No new result.
27 Feb 2007security holder rights change● Neutral
The FIELDS issuer says too few holders remain to keep the securities listed, so they must be redeemed in full at A$96.60 plus interest. It will seek repayment via the Delhi Notes, drawing on the CBA letter of credit expiring 28 February 2007. Ties to the Delhi acquisition funding.
27 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 (Beach operator, 50%) at 958 m and drilling ahead toward a planned 1,367 m. It cites 6.6 million barrels of potential if oil is present. No new result.
27 Feb 2007half year report● Neutral
Press release on the interim result: oil and gas sales rose to A$214m from A$44m on the Delhi acquisition, with pre-tax profit A$32.26m. Beach expects Basker-Manta oil to average 15,000-20,000 bopd once gas compression issues are resolved. Immediate output is below pre-production estimates.
27 Feb 2007dividend declaration● Neutral
Beach sets a 5% discount on its dividend reinvestment plan for the 0.75 cent interim dividend. Record date is 30 March and payment 16 April 2007. This corrects the record date from 31 March given in the half-year report.
27 Feb 2007security holder rights change● Neutral
Beach said the remaining FIELDS notes from the Delhi acquisition will be redeemed in full at A$96.60 per note and delisted from the ASX. Westpac, the issuer, advised too few holders remained to keep the listing, and some holders had used redemption proceeds to buy Beach shares.
27 Feb 2007half year report● NeutralMajor
Beach's half-year report to December 2006 shows revenue up 251% to A$247m but profit after tax down 35% to A$20.3m, reflecting Delhi acquisition and financing costs. Interim dividend is 0.75 cents. Reserves are 101 mmboe, with Basker-Manta oil 2P up 168% to 39.2 mmbbl.
26 Feb 2007resource reserve update● Neutral
Great Artesian published its own reserves and resources statement for its South Australian permits, including those Beach operates. Beach holds a call-option-linked stake of about 19.9% in Great Artesian. Figures are net to Great Artesian, not Beach.
26 Feb 2007drilling spud● Neutral
Beach spudded Telowie-1 in PEL 94 on 23 February, operator with 50%. It reached 586 m. Victoria Petroleum cites 6.6 million barrels potential if oil is present, to 1,367 m. Follows the dry Tunkalilla-1.
22 Feb 2007drilling progress report● Neutral
Magellan's weekly report confirms Tunkalilla-1 was dry with no shows at 1,422 m. Beach (operator, 50%) moves the rig to Telowie-1 in PEL 94, with a mean 2.1 million barrel Namur oil potential. Spud is expected later this week.
21 Feb 2007drilling progress report● Neutral
Beach weekly report: Tunkalilla-1 plugged and abandoned at 1,422 m. Coonaberry-2 reached 2,833 m and is being prepared for logging. Dullingari-59 reached 1,828 m and Fly Lake-22 is at 2,939 m in basement. No new result.
20 Feb 2007joint venture update▲ Good
Petratherm has been offered a A$5m federal grant for the Paralana geothermal project, which counts toward its share of the joint venture. Beach's earn-in terms are unchanged: A$10m for 21%, with an option to 36% for A$20m more.
19 Feb 2007drilling result▼ BadMajor
Tunkalilla-1 (Beach operator, 50%) reached 1,422 m with no hydrocarbon shows and will be plugged and abandoned. Another dry Cooper exploration hole. The rig moves to Telowie-1.
16 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Tunkalilla-1 is nippling up the blowout preventer at 651 m after setting casing. No new result.
15 Feb 2007drilling progress report● Neutral
Magellan's weekly report repeats that Tunkalilla-1 (Beach operator, 50%) spudded 13 February and was at 226 m. The rest covers Magellan's own Muthero wells. No new result for Beach.
15 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Tunkalilla-1 is preparing to run surface casing at 651 m. No new result.
14 Feb 2007drilling spud● Neutral
Victoria Petroleum reports Beach, as operator, spudded Tunkalilla-1 in PEL 94 on 13 February. Beach holds 50%. The well targets 1.8 million barrels of potential oil to 1,405 m. Drilling at 226 m.
