Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2006capital raising announcement● Neutral
Re-release of Beach's 19 December press release on the FIELDS redemption, distributed under another company's code. About 40 million shares at A$1.39 are issued 21 December, taking Beach to about 883m shares.
What it means for a shareholder
40.0m new shares at A$1.39 to raise about A$55.6m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (719 at the issue price), your slice goes from 0.0000853% to 0.0000814% of the company. To keep it you'd need 34 more shares - about A$47 at the issue price.
Beach weekly report: Cabbots-1 plugged and abandoned; Dunoon-2 cased and suspended after recovering 1.5 bbls oil and 4.5 bbls mud on a Murta test; Psyche-5, Yanda-25, Biala-14 cased and suspended.
Cabbots-1 (Beach operator 40%) reached 2,421 m; logs showed no commercial hydrocarbons and it is being plugged and abandoned. It is the third dry hole in PEL 107 after Keeley-1 and Talia-1; Appadare-1 is now expected early January.
19 Dec 2006capital raising announcement▲ GoodMajor
About 40 million Beach shares (about A$55.6m at A$1.39) will be issued 21 December to FIELDS holders who redeemed. This is far below the up-to-90.6m maximum. Shares on issue rise to about 883m; only 4.5% of FIELDS remain.
Great Artesian says the ~500 sq km Spinel 3D seismic survey in PELs 106 and 91 began 15 December, costing about A$8m over four months. Beach funds ~150 sq km and must fund 2 wells, with drilling in the latter half of 2007.
Magellan confirms Cabbots-1 reached 2,421 m with no significant oil or gas shows and is being plugged and abandoned. Repeats the Great Artesian result; Beach operates with 40%.
First production from Basker-Manta began 17 December, with Manta 2A oil reaching the Crystal Ocean FPSO; the other oil producers start this week. The A$330m project is 50% Beach. Ends the build phase; full rates not yet announced.
Cabbots-1 reached total depth of 2,421 m on 14 December; logs will evaluate shows seen while drilling, with results expected that night. Beach operates with 40%. No result yet.
Dunoon 2 (Beach 33.3%) drill stem testing is delayed: tool failures stopped two tests of the Murta Member. New tools are awaited, with testing planned for 15 December.
Beach weekly report: Cabbots-1 at 2,248 m; Dunoon-2 at TD 1,456 m, first Murta test misrun; Yanda-22 cased as Murta oil producer; Tipton West wells 106, 111, 112 completed and the year's program there is finished.
Dunoon 2 (Beach 33.3%) reached total depth of 1,460 m with oil shows in the Murta and McKinlay members; logs and possibly drill stem tests will evaluate them. Shows only, not a discovery yet.
Great Artesian reports Cabbots-1 at 854 m, running surface casing. Pre-drill estimate is mean recoverable 420,000 barrels, up to 800,000 if filled to spill. Beach operates with 40%. No result yet.
Magellan reports Cabbots-1 (Beach operator, 40%) spudded 5 December and was at 521 m drilling surface hole, planned to 2,440 m. Magellan will hold 30% of any discovery. Repeats known progress; no result.
Beach morning report: Cabbots-1 (Beach 40%) drilling at 521 m; Talia-1 plugged and abandoned at 1,855 m; Dunoon-2 at 603 m; Yanda-21 cased as a Murta oil producer; Tipton West wells being completed.
Dunoon 2 in PEL 113 has drilled to 603 m, spudded 3 December, and is pulling out before running surface casing. Planned depth 1,470 m. Beach holds 33.3%. No result.
Talia-1 reached 1,854 m with no significant hydrocarbon shows and will be plugged and abandoned. Beach operates with 40%. It is the second dry hole in the PEL 107 program after Keeley-1.
Magellan, 20% partner, confirms Talia-1 reached 1,854 m with no significant hydrocarbon shows and will be plugged and abandoned. Repeats the Great Artesian and Beach result.
Beach weekly report: Rising Fast-1 plugged and abandoned after water-only tests; Talia-1 at 1,755 m; Yanda-24 cased as a future Murta producer; Tipton West wells 103 and 105 completed as gas producers.
