Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2007drilling progress report● Neutral
Beach weekly report: Tunkalilla-1 (Beach 50%) is drilling surface hole at 226 m. Dullingari-58 is cased and suspended after a Murta test recovered 5 barrels of oil. Fly Lake-22 is stuck and Coonaberry-2 is drilling again.
8 Feb 2007director officer appointment● Neutral
Director Franco Moretti has appointed Dr Neville Alley as his alternate on the Beach board from 7 February 2007. Administrative change only.
8 Feb 2007material agreement▲ Good
Arrow reports the agreements with Australian Pipeline Trust to fund, own and operate the Tipton West gas processing plant are now unconditional. APA reimburses construction costs already incurred and runs the plant for 15 years. Completes first-stage funding for Beach's 40% project.
7 Feb 2007production update▲ GoodMajor
Arrow, operator of Tipton West, reports first gas sold on 6 February, almost two months ahead of the 31 March contract deadline. Beach holds 40%. Sales are intermittent during commissioning and ramp to 16 TJ/day by 1 October 2007.
7 Feb 2007drilling progress report● Neutral
Beach weekly report: Dullingari-58 reached 1,822 m and is being logged, Fly Lake 22 is drilling surface hole, and Coonaberry-2 and Moorari 12 remain suspended. Tipton-26 is installing blowout preventers. No new result.
1 Feb 2007asset acquisition disposition● Neutral
Drillsearch confirms its adviser Claymore negotiated the extension of the call option over Beach's 29 million Great Artesian shares to 26 February 2007. Repeats Beach's 31 January announcement.
31 Jan 2007asset acquisition disposition● Neutral
Beach extends Claymore's call option over its 29 million Great Artesian shares at 51 cents from 12 February to 26 February 2007. Beach's possible sale of its stake stays open for two more weeks.
31 Jan 2007drilling progress report● Neutral
Beach weekly report: Appadare-1 plugged and abandoned at 1,922 m; Wilpinnie-4 cased and suspended at 1,587 m. Coonaberry-2 and Moorari 12 are suspended by road closures.
30 Jan 2007farm in farm out agreement● Neutral
Re-release of the 30 January Petratherm-Beach geothermal joint venture news release, repeating the Paralana farm-in terms of 21% for A$10m, with up to 36% for a further A$20m. No new information.
30 Jan 2007farm in farm out agreement● NeutralMajor
Beach farms into Petratherm's Paralana geothermal project in South Australia, earning 21% for A$10m across two wells, with an option for a further 15% for A$20m. Beach can withdraw after the first well. First geothermal move for the company.
30 Jan 2007farm in farm out agreement● Neutral
Petratherm's media release repeats the Paralana farm-in: Beach earns 21% for A$10m, up to 36% with A$20m more. Drilling is due in the second half of 2007. Beach's MD calls it a strategic expansion toward alternative energy.
24 Jan 2007drilling progress report● Neutral
Beach weekly report: heavy rain and road closures have delayed Cooper-Eromanga drilling. Appadare-1 reached 1,922 m, Coonaberry-2 is at 2,297 m, and Wilpinnie-4 is at 1,587 m after a DST tool plugged.
22 Jan 2007drilling result▼ BadMajor
Appadare-1 is being plugged and abandoned after only minor gas shows in the Patchawarra that looked water-wet. It is the fourth dry hole in the five-well PEL 107 program. Rawson may take up to two more wells in the block.
19 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 at 1,768.5 m, drilling in the Poolowanna after a bit change, just above the Patchawarra target. No new result.
19 Jan 2007drilling progress report● Neutral
Appadare-1 (Beach operator) found no shows in the Poolowanna at 1,727 m and is drilling toward the Patchawarra, expected at 1,772 m. A decision on testing or continuing to total depth is still to come.
18 Jan 2007production update▲ GoodMajor
Anzon said Basker Manta commissioning was completed, with all four oil wells tested and about 220,000 barrels produced since 17 December. Peak steady output was 16,000 bopd, below the over 20,000 bopd the wells can deliver, because heat hampered gas cooling. Beach holds 50%.
18 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 drilling ahead at 1,562 m in the Adori Formation. No new result.
17 Jan 2007drilling progress report● Neutral
Beach weekly report: Appadare-1 drilling at 919 m; Coonaberry-2 preparing surface casing; Wilpinnie-4 preparing to core; Cowralli 8 cased and suspended at 3,223 m. No new results.
17 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 drilling ahead at 975 m. No new result.
17 Jan 2007drilling result▲ GoodMajor
Beach reports two new Cooper Basin oil discoveries: Itchy-1 (20.21%) flowed 2,174 bopd and Ramses-2 (28.8%) 588 bopd. The nine-well Yanda oil program should lift output to about 500 bopd gross by April. Beach expects up to 130 Cooper Oil wells in 2007.
16 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 at 654 m, pressure testing before drilling resumes. No new result.
15 Jan 2007drilling spud● Neutral
Appadare-1 spudded 12 January in PEL 107 and surface casing is set at 654 m. It is the fifth and final well of the PEL 107 program, after three dry holes, and targets 1.2m barrels. Beach operates with 20% of a commercial discovery.
15 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 (Beach operator, 20% of a commercial discovery) is at 640 m running surface casing, 2,095 m planned. No result yet.
10 Jan 2007drilling progress report▲ Good
Beach weekly report shows oil flows from two wells: Ramses-2 flowed 588 bopd from the Poolowanna and is cased and suspended; Itchy-1 (Beach 20.21%) flowed 2,174 bopd from the Hutton. Cowralli 8 reached 3,223 m.
9 Jan 2007drilling scheduled● Neutral
Rawson says Appadare-1, the last PEL 107 well, will spud around 15-16 January to 2,095 m, with mean recoverable reserves of 1.2m barrels. Beach operates with 20% in a commercial discovery. Also notes the Spinel 3D survey is under way.
8 Jan 2007production update▲ Good
All four Basker Manta wells are now producing and the gas compressor is commissioned. A peak of 13,500 bopd was reached on 7 January, with ramp-up to 25,000 bopd under way; 135,000 barrels produced since 17 December. Beach holds 50%.
3 Jan 2007drilling progress report● Neutral
Beach weekly report: Ramses-2 (Beach 23%) reached 2,935 m and is logging; Wackett-13 cased and suspended after Murta test recovered 8.2 bbl oil; Cowralli 8 and Itchy 1 drilling ahead.
2 Jan 2007production update● Neutral
Basker Manta has produced about 90,000 barrels (6,000 bopd) since 17 December, from Manta 2A, Basker 2 and 5. Full rates of up to 25,000 bopd await compressor tuning, expected to finish about the coming weekend. Beach holds 50%.
22 Dec 2006asset acquisition disposition● NeutralMajor
Beach granted Claymore Capital a call option over its 29 million Great Artesian shares at 51 cents, exercisable by 12 February 2007, and sold its ~6.3 million Anzon shares at A$1.61 to Anzon Energy. Both reduce Beach's strategic holdings.
22 Dec 2006asset acquisition disposition● Neutral
Drillsearch (via Claymore) discloses the call option over Beach's 29m Great Artesian shares at 51c, exercisable to 12 Feb 2007, equal to 19.3% of GOG. Drillsearch wants South Australian Cooper exposure. Repeats Beach's 22 Dec option; adds the buyer's intent.
