Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2007quarterly activities report● Neutral
Beach's June quarter media release reported sales of 2.5 mmboe and revenue of $125m, with sales revenue of $93.03m. FY07 sales were 10.55 mmboe, 2P reserves were 93.4 mmboe, and Cooper/Eromanga oil reserves rose to 12.3 mmb.
31 July 2007quarterly activities report● NeutralMajor
June quarter: sales 2.54 mmboe, revenue A$125.3m; FY07 revenue A$472.2m, up from A$124m. 2P reserves were reassessed at 93.4 mmboe at 30 June 2007, down from 101 mmboe a year earlier, though Cooper oil reserves rose 1.0 mmb to 12.3 mmb.
27 July 2007investor presentation● Neutral
Beach's July 2007 corporate presentation restates known facts: 2P reserves of 101 mmboe at 1 July 2006, more than 65 mmboe upside over 3-5 years, FY07 production around 10 mmboe, and the Cooper Oil Project plan of 100+ wells. No new information.
26 July 2007drilling progress report● Neutral
Drillsearch reports Naccowlah West 20 (Beach 38.5%) cased and suspended for future testing after Hutton oil shows, and Naccowlah West 21 spudded with Murta oil shows. Talgeberry 20 is in the Tintaburra block, not a Beach block.
25 July 2007drilling result▼ BadMajor
Beach confirms Hurricane-2 (10%) found about 9 m net oil pay, an 18 m gross column, too small to develop now, and will be plugged and abandoned. Warragon-1's Toolachee test misran and it will be cased for testing. Beach declined to join Naccowlah West-20.
25 July 2007contract award● NeutralMajor
The Basker-Manta JV (Beach 50%) contracted the Havila Harmony vessel to repair the mooring, mobilising mid-September, with full production back late September/early October. It also secured the Kan Tan IV rig for 135 days from mid-2008, in addition to Basker-6 in Q1 2008.
23 July 2007drilling result● NeutralMajor
Hurricane-2 (Beach 10%) found about 20 m gross oil column (about 10 m net pay, 30 API) and is classed a new field discovery. Mosaic's MD says it is unlikely to be commercial stand-alone now. Falls well short of the 16-40 MMB hoped for.
19 July 2007drilling progress report● Neutral
Mosaic reports Hurricane-2 (Beach 10%) reached total depth of 3,253 m. Hydrocarbon shows in the main reservoir are being evaluated by wireline logging; no result yet.
18 July 2007drilling progress report▲ Good
Beach weekly report: Warragon-1 (46.95%) reached 1,996 m with Toolachee hydrocarbon shows and is under drill stem test. Hurricane-2 also shows hydrocarbons in its primary target. Mudlalee-4 is cased for completion.
17 July 2007drilling progress report▲ Good
Mosaic reports Hurricane-2 (Beach 10%) hit the Eliassen reservoir near prognosis at 3,206 m, with elevated gas readings and up to 80% hydrocarbon fluorescence. Significance awaits logging; planned depth is about 3,280 m.
12 July 2007drilling progress report● Neutral
Mosaic reports Hurricane-2 (Beach 10%) is cementing casing at 2,169 m and about to reach its Eliassen target. Hurricane is described as having 40-50 million barrels of recoverable oil potential. No new result yet.
11 July 2007drilling progress report▲ Good
Beach reports three successful Cooper Oil Project wells: Naccowlah South-15, Gambero-1 (12 m oil column) and Mudlalee-4 (15 m column). Program total is 38 wells at 76% success, with wells due online in August. Warragon-1 is drilling; Hurricane-2 nears its 3,280 m target.
11 July 2007production update▼ BadMajor
The Basker-Manta mooring failure was a dislodged shackle pin; the mooring is otherwise sound. A specialist vessel is expected in late August. Meanwhile ship-to-ship shuttling should hold about 3,000 bopd, well below full capacity. Follows the 5 July mooring failure.
6 July 2007production update▼ BadMajor
Basker-Manta (Beach 50%) vessels reconnected 5 July, but the Basker Spirit's single point mooring parted that evening and the tanker drifted. No injuries or spill. Production is expected to be curtailed for weeks; business interruption insurance is available.
6 July 2007director officer appointment● Neutral
Glenn Davis, a lawyer experienced in capital raisings and listing rules, and Dr Neville Alley, previously an alternate director, are appointed to Beach's board from 6 July 2007.
6 July 2007drilling spud● Neutral
Entek reports Warragon-1 (ATP 269P, Beach 46.95% operator) spudded 5 July, the third and final well of the program. Planned depth is 1,992 m, with a mean 1.33 MMB Basal Jurassic oil target, after the Marcoola-1 discovery.
4 July 2007other● Neutral
Red Sky Energy (ROG), listed 23 May 2007 after a $6m raise, profiles itself as a junior explorer with farm-ins from Beach and others. It lists four leads in Beach's PEL 110. Beach is only a counterparty; nothing new for Beach.
4 July 2007drilling progress report● Neutral
Beach weekly report: Marcoola 1 (46.95%) is cased and suspended as a potential oil producer at 1,349 m after two test recoveries (6 bbl and 2 bbl oil). Big Lake 84 and Hurricane 2 continue drilling.
2 July 2007drilling result▲ Good
Entek reports Marcoola-1 (Beach 46.95% operator) recovered oil on a second test in the Murta (about 2.4 bbl), after the Hutton misrun. The well is cased and suspended pending a completion plan. Warragon-1 is next, with a 1.33 MMB mean target.
28 June 2007production update▼ Bad
Basker-Manta-Gummy (Beach 50%) production resumed after the Manta swivel was corrected. Severe 7 m seas then forced both production vessels to disconnect from their moorings, with reconnection expected that Sunday. This is the first such weather disconnection in over 12 months.
28 June 2007drilling result▲ Good
Drillsearch reports Naccowlah South 16 (Beach 38.5%) found Hutton oil pay and was cased and suspended as a future oil producer, a Cooper Oil Program success. Talgeberry 19 in Tintaburra is not a Beach block.
27 June 2007drilling progress report● Neutral
Beach weekly report: Marcoola 1 is pulling test tools after the misrun Hutton test (6 bbl oil, no water). Naccowlah South 16 is being cased as an oil producer. Hurricane 2 has stuck pipe at 153 m, and Tipton-128 is on weather standby.
27 June 2007drilling result▲ GoodMajor
Beach announces Marcoola-1 (ATP 269P, Beach 46.95% operator) as a new field oil discovery. A Hutton test recovered 6 barrels of oil with no water before the packers failed. It is a first success after the dry Nudgee-1, but flow rates are not yet known.
26 June 2007drilling result▲ Good
Entek reports Marcoola-1 (ATP 269P, Beach 46.95% operator) reached 1,348 m with multiple oil shows, including 50-100% fluorescence at the basal Birkhead and Hutton. Logging and testing follow. This is encouraging after the dry Nudgee-1.
26 June 2007material agreement termination▼ BadMajor
The Basker-Manta-Gummy JV (Beach 50%) deferred the gas-phase investment decision, so the 15-year Alinta gas sales agreement of 16 March lapses. Oil expansion continues, with Basker-6 scheduled for Q1 2008. A gas commitment is expected within 12 months. This reverses the Q2 2007 gas plan.
26 June 2007material agreement termination▼ Bad
Anzon's cover release of the same joint announcement: the Basker-Manta-Gummy gas decision is deferred and the Alinta gas agreement lapses. Oil expansion continues, with Basker-6 in Q1 2008. It duplicates Beach's release.
26 June 2007material agreement termination▼ Bad
Alinta says the lapse of the Basker-Manta-Gummy gas agreement, on 28 June, is a significant setback to its proposed 200 MW Tamar Valley power station in Tasmania. It is assessing staging the project or deferring it. It confirms the effect on Beach's gas customer.
25 June 2007drilling spud● NeutralMajor
Beach reports Hurricane-2 spudded 24 June in WA-208-P, offshore Carnarvon Basin, testing for an oil leg beneath the Hurricane-1 gas discovery of 2005. Beach holds 10%. The mean prospect is 16 million barrels gross, with a 40 million barrel high side. Drilling is expected to take about 15 days.
20 June 2007drilling progress report● Neutral
Beach's weekly report showed Nudgee 1 plugged and abandoned and Marcoola 1 drilling surface hole at 130 m. Bodalla South 17 was completed at an initial 882 bopd with 4% water cut, with a pump due next week. Moomba 178 and Big Lake 85 were cased as potential gas producers.
18 June 2007drilling result▼ Bad
Entek reports Nudgee-1 (ATP 269P, Beach 46.95%), the first of three exploration wells, was plugged and abandoned after logging. The rig moved to Marcoola-1, expected to spud 19 June.
