Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 June 2007drilling result▼ Bad
Drillsearch reports Jalapeno 1 (Naccowlah, Beach 38.5%) found its Hutton and Murta targets low to prognosis and water wet, and was plugged and abandoned. This is another dry hole in the Cooper Oil Program exploration. Takyah 2 is not a Beach block.
13 June 2007drilling progress report● Neutral
Beach weekly report: Nudgee 1 reached 1,533 m and is being prepared for logging. Jalapeno 1 reached 1,652 m and abandonment plugs are being set. Moomba 178 is at total depth, and Tipton-128 is drilling.
7 June 2007drilling progress report● Neutral
Drillsearch reports Jalapeno 1 (Naccowlah, Beach 38.5%) is drilling ahead at 94.5 m. Enoggara 1 in Tintaburra was dry, but that block is not Beach's.
6 June 2007drilling progress report● Neutral
Beach weekly report: Bodalla South 17 is completed as an oil producer, Nudgee 1 (Beach 46.95%) is drilling its surface hole, and Golah Singh 1 is being plugged. Jalapeno 1 is still waiting on rig repairs. Tipton-110 is a potential gas producer.
5 June 2007investor presentation● Neutral
ABN AMRO conference presentation repeating known facts: 884m shares, A$1.15bn market cap, 101 mmboe 2P reserves, about 65 mmboe upside, Bodalla South-17 flow of 4,617 bopd. No new results.
4 June 2007joint venture update● Neutral
Petratherm, for the Paralana JV in which Beach is earning up to 36%, started deep well design and rig selection for two wells, due in about two months. Drilling is still targeted for early 2008, with up to A$10m coming from Beach initially.
4 June 2007joint venture update● Neutral
Media release repeating Petratherm's Paralana update: Global Power Solutions appointed as geothermal adviser, well design due by end of July, drilling from early 2008. Beach earns 21% for A$10m under the January 2007 farm-in, with an option for 15% more for A$20m.
1 June 2007drilling result▲ GoodMajor
Beach's two Bodalla South appraisal wells (100%) flowed oil: Bodalla South-17 at 4,617 bopd and -16 at 230 bopd on clean-up. They add an estimated 250,000 barrels of reserves, and production is expected within a month.
1 June 2007debt financing▲ GoodMajor
Beach refinanced the A$650m Commonwealth Bank bridge loan used for the Delhi purchase with a A$300m three-year syndicated term facility plus a A$25m working capital facility. It states debt is now A$300m versus A$650m at acquisition.
1 June 2007other● Neutral
Press release restating the June refinancing (A$300m term facility from CBA and Societe Generale, A$25m working capital) and known results: record March quarter 2.31 mmboe and A$130.9m revenue, 31 Cooper Oil Program wells at 77% success. No new figures.
31 May 2007drilling progress report● Neutral
Drillsearch reports Jalapeno 1 (Naccowlah, Beach 38.5%) spudded on 25 May and is waiting on rig repairs. Inspector 1 in Tintaburra was dry, but that is not a Beach block.
30 May 2007drilling progress report● Neutral
Beach weekly report: Bogala Central-1 and Narcoonowie 5 are cased and suspended as potential oil producers. Burke 10 is cased pending a review of well integrity. Bodalla South 17 is cementing casing, and Jalapeno 1 is waiting on rig repairs.
25 May 2007drilling progress report▲ Good
Drillsearch reports Bogala Central 1 (Naccowlah, Beach 38.5%) found oil pay in the Murta and was cased and suspended as a future oil producer. Kooroopa 2 and Inspector 1 in Tintaburra are not Beach wells.
23 May 2007drilling progress report● Neutral
Beach weekly report: Moomba 31ST1 is cased and suspended as a gas producer, and Bogala Central-1 reached 1,658 m. Boongala 2 and Narcoonowie 5 are logging, and Bodalla South 17 is preparing to drill.
17 May 2007drilling progress report● Neutral
Drillsearch reports Bogala Central 1 (Naccowlah, Beach 38.5%) has spudded and is preparing to drill ahead. Kooroopa 3 in Tintaburra reached about 16 m combined oil pay, but that block is not Beach's.
16 May 2007drilling progress report● Neutral
Beach weekly report: Bodalla South 16 is cased and completed as a Hutton oil producer. Nuata East 1 is plugged and abandoned, and Burke 10 was cased and suspended after a misrun test. Bogala Central-1 and other Cooper wells continue.
15 May 2007material agreement▲ Good
Santos announced the South Australian Cooper Basin producers extended their ethane supply contract with Qenos, adding up to 56 PJ from late 2007 to 2013. Beach holds 20.21% of the producers, so it shares in the extension. Price is linked to world oil prices.
10 May 2007drilling progress report▼ Bad
Drillsearch reports Nuata East 1 (Naccowlah, Beach 38.5%) found only trace oil shows and no pay on logs, and is being plugged and abandoned. Kooroopa 3 in Tintaburra found 7.5 m of oil pay, but is not a Beach block.
9 May 2007drilling progress report● Neutral
Beach weekly report: Goyder 5 and Moomba 177 are cased as potential gas producers. Burke 9 and Narcoonowie 6 are suspended or cased, with Narcoonowie 6 a potential oil producer. Nuata East 1 is preparing a test, and Bodalla South 16 is drilling.
4 May 2007investor presentation● Neutral
Managing director's Macquarie conference presentation repeats known facts: 884m shares, market cap A$1.15bn at A$1.30, 101 mmboe 2P reserves, Basker-Manta-Gummy oil and the Alinta gas plan with sanction aimed for Q2 2007. It cites about 65 mmboe of upside, with no new results.
3 May 2007drilling progress report▲ Good
Drillsearch reports Wilson 9 (Naccowlah, Beach 38.5%) found oil pay in the Murta and was cased and suspended as a potential producer. Takyah 4 in Tintaburra found about 2.5 m of oil pay, but that is not a Beach block.
2 May 2007drilling progress report▲ Good
Beach weekly report: Caroowinnie 1 tested 45.5 bbl oil in a 4-hour flow and was cased as a potential oil producer. Moomba 176 flowed 11.3 mmcfd and was suspended as a gas producer. Goyder 5 and Cooba 2 are progressing, and Wilson 9 has been cased as a potential oil producer.
26 Apr 2007other▲ Good
Beach's news release repeats the quarterly figures: record revenue of A$130.9m and production of 2.31 million boe. The managing director says the Delhi purchase is justified and cites 5 of 7 Cooper Oil wells successful. It adds no new information.
26 Apr 2007drilling progress report● Neutral
Drillsearch reports Graham 2 (Naccowlah, Beach 38.5%) found oil pay and was cased and suspended as a future producer. Fajita 1 was water wet and plugged and abandoned. Ipundu North 12 is also suspended, but it is not a Beach well.
26 Apr 2007quarterly activities report▲ Good
March quarter revenue was A$130.9m, up 39%, with production of 2.31 million boe. First Bass Strait oil sales and first Tipton West coal seam gas sales came in, and FIELDS Notes were redeemed. Nine-month revenue exceeded A$345m, about three times last year's.
24 Apr 2007drilling progress report● Neutral
Beach weekly report: Thurakinna 6 and Moomba 39 ST1 are successful gas wells, Graham 2 is a successful oil well, and Fajita 1 is plugged and abandoned. Caroowinnie 1 is preparing a drill stem test after an earlier test recovered 2.6 bbl oil. Bodalla South 16 is drilling.
20 Apr 2007drilling progress report● Neutral
Drillsearch reports Jackson South 11 (Naccowlah, Beach 38.5%) was cased and suspended as a future oil producer. Fajita 1 is drilling at 813 m and Graham 2 is being logged after oil shows. Endeavour 37 is dry but is not a Beach well.
18 Apr 2007drilling progress report● Neutral
Beach weekly report: Kewarra-1 (Beach 85%) is plugged and abandoned at 1,630 m, closing out that well. Fly Lake 21 and Jackson South 11 are cased and suspended, Tostada 1 is a successful oil well, and Moomba 39 ST1 is a successful gas well.
13 Apr 2007half year report● Neutral
Beach's half-yearly shareholder update repeats the December half result: record revenue of A$214m, production of 4,696 kboe, 101 mmboe reserves and a 0.75c interim dividend. It also notes hedging guarantees a minimum of US$60 a barrel on much of its production.
12 Apr 2007drilling progress report▲ Good
Drillsearch reports Jackson South 10 and Tostada 1 in Naccowlah (Beach 38.5-39%) were cased and suspended as future oil producers, Tostada with about 4.5 m of possible net pay. Jackson South 11 is drilling.
