10 Sept 2007well test result▲ GoodMajor
Callawonga-2 (Beach 75% operator) flowed about 4,992 barrels of oil a day, with negligible water. It will be tied in and add to Callawonga production from October, confirming the field discovered in July 2006.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2007drilling progress report● Neutral
Drillsearch weekly update: Muchacho-1 (Beach 38.5%) had oil shows but recovered no oil on test and was abandoned. Piniata-1 spudded. Mulberry 34 is a Santos-operated well, not Beach's.
5 Sept 2007drilling progress report● Neutral
Beach weekly report: Granchio-1 cased as an oil producer (oil in two zones), Muchacho-1 plugged and abandoned. Callawonga-2 (Beach 75%) has oil shows in the Namur and is drilling ahead; Hawkins-1 in progress.
5 Sept 2007investor presentation● Neutral
Good Oil Conference presentation repeating known facts: FY07 results, 90 mmboe 2P reserves, Cooper Oil Program targeting up to 15 mmbbl net to Beach over 3-5 years. Callawonga appraisal drilling in September. No new information.
29 Aug 2007dividend declaration▲ Good
Details of the 1.0c unfranked final dividend: record date 31 October, payment 23 November 2007. The dividend reinvestment plan carries a 5% discount, and its rules are tweaked (rounding up shares, no minimum participation).
29 Aug 2007investor presentation● Neutral
Amended version of the FY07 results presentation. Figures repeat the earlier briefing; no new substance is evident in the readable text.
29 Aug 2007annual report▲ GoodMajor
Preliminary final report for FY07: net profit A$103.3m (up from A$44.0m) on total revenue A$566.8m; oil and gas sales A$472m. Final dividend 1.0c, full-year 1.75c. 2P reserves 89.6 mmboe, up from 36.2. Debt A$296m, cash A$74.7m.
29 Aug 2007drilling progress report▲ Good
Beach weekly report: McKinlay-6 (Beach 20.21%) cased as an oil producer with a 15 m oil column (9 m net pay). Callawonga-2 (Beach 75%), first of three appraisal wells, spudded 25 August. Scratchy-1 plugged and abandoned.
29 Aug 2007investor presentation● Neutral
Results briefing repeating FY07 figures: NPAT A$103.25m, 2P reserves 90 mmboe, A$71m gain on the BMG sale. Cites over 62 mmboe of potential reserve upside in existing projects over 3-5 years. No new information.
29 Aug 2007other▲ Good
Media release on the record FY07 result: profit A$103.3m, revenue A$566.8m, 2P reserves 90 mmboe versus 36. Management expects production of 10 mmboe or more annually over the next three years from existing projects. Repeats the accounts.
24 Aug 2007drilling progress report● Neutral
Drillsearch's weekly update confirms Naccowlah-3 (Beach 38.5%) reached 1470 m and the test recovered water only, so it will be plugged and abandoned. Mulberry 31 is a Santos-operated Tintaburra well, not Beach's.
22 Aug 2007drilling progress report● Neutral
Beach weekly report: McKinlay-5 is a successful oil well, with about 14 m of oil interpreted. Naccowlah-3 plugged and abandoned after testing water, and Tindilpie-5 plugged and abandoned. Rig moves to Callawonga for three appraisal wells, Callawonga-2 to spud 24 August.
21 Aug 2007farm in farm out agreement▲ GoodMajor
Beach announces three offshore farm-ins: 20% of NZ's PEP 38482 (Kopuwai-1, Sept/Oct 2007), 80% of part of T/38P and 50% of T/39P in the Bass Basin (wells second half 2008). It says each could yield over 20 mmb net, with Beach operating the Bass Basin wells.
21 Aug 2007farm in farm out agreement● Neutral
Cue Energy confirms Beach will earn 80% of a defined part of Bass Basin permit T/38P by paying for the Spikey Beach-1 well, to be operated by Beach in the second half of 2008. Subject to formal documentation and regulatory approval.
21 Aug 2007investor presentation▲ Good
Beach's media release on its largest offshore campaign: at least four offshore wells in 15 months, about A$50m for the three new wells funded from cashflow and reserves. Targets a roughly 50% lift in net reserves over three to four years. Full-year results due by 31 August.
21 Aug 2007farm in farm out agreement▲ GoodMajor
AWE confirms Beach will earn 20% of New Zealand permit PEP 38482 by funding part of the Kopuwai-1 well, expected September-October 2007. The prospect is said to hold potential for over 100 million barrels of recoverable oil. Subject to government approval.
16 Aug 2007drilling progress report▼ Bad
Drillsearch confirms Carney South 1 (Beach 38.5%) found no oil pay and was plugged and abandoned. Naccowlah 3 spudded 13 August. Mulberry 32 cased as a future oil producer; not a Beach block.
15 Aug 2007joint venture update▲ Good
Beach, Great Artesian and Cool Energy signed a feasibility study for a 20 mmscfd gas processing plant in PEL 106 using carbon-capturing technology, possibly operating in 2009. Depends on study results and gas reserves. Beach can drill two more wells to earn 50% of its farmin block.
15 Aug 2007drilling progress report● Neutral
Beach weekly report: McKinlay-5 logs indicate oil at two levels, Carney South-1 plugged and abandoned. Bodalla South-18 (Beach 100%) is cased as a Hutton producer after a DST recovered 9 barrels of oil and 9 of water.
10 Aug 2007farm in farm out agreement● Neutral
Re-release of the joint Anzon/Beach notice that ITOCHU becomes a 20% participant in Basker-Manta-Gummy for A$123m paid to each of Anzon and Beach. Same content as the earlier announcement; no new information.
10 Aug 2007other● Neutral
Anzon's own press release on selling 10% of Basker-Manta-Gummy to ITOCHU for A$123m. It is Anzon-focused and calls Anzon effectively debt free; it adds nothing new on Beach beyond the 40% interest.
10 Aug 2007farm in farm out agreement▲ GoodMajor
Beach sells 10% of the Basker-Manta-Gummy project to Japan's ITOCHU for A$123m cash, valuing it at A$1.23bn. Beach drops from 50% to 40%, with Anzon also 40% and ITOCHU 20%. Subject to Designated Authority approval; effective 1 June 2007.
10 Aug 2007asset acquisition disposition▲ Good
Beach's media release on the A$123m sale of 10% of Basker-Manta-Gummy to ITOCHU, leaving it with 40%. It expects a material positive effect on FY07 profit, and reserves of about 90 mmboe after completion. Repeats the joint announcement.
9 Aug 2007drilling progress report● Neutral
Drillsearch weekly update: Carney South 1 (Beach 38.5%) has only trace Hutton oil shows and is drilling to total depth. Takyah 5 cased as an oil producer and Mulberry 32 spudded, neither a Beach block.
8 Aug 2007drilling progress report● Neutral
Beach weekly report: Jena-28 cased as a Murta oil producer, Tonno-1 plugged and abandoned, Carney South-1 drilling. Bodalla South-18 (Beach 100%) spudded 5 August, target expected this week.
7 Aug 2007regulatory community update▲ GoodMajor
The Basker-Manta-Gummy JV (Beach 50%) was awarded production licences VIC/L27 and VIC/L28, converting former retention leases. They cover gas resources, so this is a step toward the gas development deferred earlier, though no gas contract or final investment decision is announced.
2 Aug 2007quarterly activities report● Neutral
Amended June quarter report repeats the 31 July figures: sales 2.54 mmboe, revenue A$125.3m, FY07 revenue A$472.2m, 2P reserves 93.4 mmboe. Realised oil price A$93.03/bbl shown correctly. Cooper Oil Program at 38 wells, 76% success. No new information.
2 Aug 2007drilling progress report▲ Good
Drillsearch reports Naccowlah West 21 (Beach 38.5%) found about 5.5 m net oil pay in the Hutton and is cased as a future producer. Carney South 1 spudded 30 July. Takyah 5 and Talgeberry 20 are not Beach blocks.
1 Aug 2007admin correction● Neutral
Beach corrects its 31 July media release: the A$93.03 figure was the average realised oil price per barrel, up 18% from A$78.60, not sales revenue. Wording fix only.
1 Aug 2007drilling progress report● Neutral
Beach weekly report: Naccowlah West-21 (38.5%) cased as a potential oil producer, and Big Lake 17DW1 found 22 m of gas pay. The rig moves from Warragon-1 to Bodalla South-18. Beach skipped completing Comic-1.