11 Dec 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 4,362 m, with the 16.5-inch hole finished and casing being prepared. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 3,801 m, still drilling the 16.5-inch hole. Target depth is ~5,668 m; no results yet.
27 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 3,040 m, with the 18-inch liner installed and cemented. No results yet; Beach holds 21%.
20 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 2,410 m, still drilling the large upper hole section. No results yet; Beach holds 21%.
19 Nov 2020resource reserve update● Neutral
Red Sky (not Beach) published contingent resources for Killanoola, the field Beach is selling: 2C of 2.8 million barrels (1C 0.8, 3C 5.4). No reserves are claimed. No new information on Beach itself.
13 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 1,811 m, with the blowout preventer installed and larger hole section under way. Still around 85 days expected in total.
10 Nov 2020drilling result▲ GoodMajor
Beach made a gas discovery at Enterprise 1 in the Victorian Otway Basin (Beach 60%, O.G. Energy 40%): 115 m net gas pay at 4,974 m total depth, about 10% CO2. First Otway exploration success after Black Watch-1; to be cased as future producer, volume estimate by February 2021.
6 Nov 2020asset acquisition disposition● Neutral
Red Sky Energy (not Beach) signed a binding agreement to buy Beach's 100% of the Killanoola oil field (PRL 13) and will raise about $4m by rights issue. Completes the pending PRL13 sale thread; price not stated here.
6 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 1,583 m after spud and the 26-inch section. Well expected to take around 85 days to reach a ~5,668 m target. Beach holds 21%.
3 Nov 2020asset acquisition disposition● Neutral
Senex (not Beach) announced the sale of its South Australian Cooper Basin assets to Beach for $87.5m cash, effective 1 July 2020, completion expected early 2021. Counterparty view of the deal Beach announces separately.
3 Nov 2020asset acquisition disposition▲ GoodMajor
Beach will buy Senex's Cooper Basin assets for $87.5m cash, adding 6.8 MMboe of 2P reserves and ~0.6 MMboe FY21 production, and becoming sole Western Flank operator. Beach cites about $5m a year of savings; settlement expected by March 2021 quarter.
2 Nov 2020drilling spud● NeutralMajor
Cue Energy (not Beach) reported Ironbark-1 began drilling on 31 October 2020, expected to take 70-90 days. Targets a 15 Tcf prospective gas resource (unrisked, undiscovered). Beach holds 21% of WA-359-P.
19 Oct 2020annual report● Neutral
2020 Sustainability Report restating the 25% absolute emissions cut by FY25 (vs FY18) and the refreshed purpose. Names FY21 projects: flaring reduction, Bauer hybrid renewable supply and leak detection. Mostly repeats earlier disclosures.
12 Oct 2020drilling progress report● Neutral
Cue Energy (not Beach) reported the Ocean Apex rig was handed to BP and is moving to the Ironbark-1 location, taking about 10 days. Beach holds 21% of WA-359-P; the well has not yet started drilling.
22 Sept 2020regulatory community update▲ Good
Cue Energy (not Beach) reported all approvals for Ironbark-1 are complete, with drilling expected to start late October 2020 after the Ocean Apex rig handover. Beach holds 21% of WA-359-P; the well targets about 5,500 m.
17 Aug 2020annual report● Neutral
Full 2020 Annual Report covering the year to 30 June 2020, with a new stated purpose of sustainably delivering energy for communities. It repeats the results and operations announced alongside the FY20 results on the same day.
17 Aug 2020material agreement▲ GoodMajor
Beach signed a new Ocean Onyx rig contract with Diamond for up to 9 Victorian Otway wells (6 firm, 3 options), drilling from December 2020 to March 2021, starting with Artisan-1. A settlement will dismiss the legal dispute over the April termination, subject to Bankruptcy Court approval and conditions precedent.
17 Aug 2020annual report● Neutral
2020 Corporate Governance Statement, current at 14 August 2020, describing board roles and composition (nine directors, seven men and two women). Administrative disclosure with no new business information.
17 Aug 2020annual report● Neutral
Appendix 4G, the checklist pointing to where Beach's corporate governance disclosures are found. Administrative filing with no new information.
17 Aug 2020annual report● NeutralMajor
FY20 results: underlying NPAT $461m, statutory $501m, net cash $50m, 2P reserves 352 MMboe (214% replacement), final dividend 1c. Growth plan continues at slower pace with over $300m of FY21 capex deferred; targets 37-43 MMboe in FY25. Waitsia Stage 2 FID expected December 2020 quarter.
17 Aug 2020annual report● Neutral
Appendix 4E for FY20: revenue down 17% to $1,728.2m, statutory NPAT down 13% to $500.8m, underlying NPAT down 18% to $461.0m. Final dividend 1.0c, record date 31 August, paid 30 September 2020.
17 Aug 2020investor presentation● Neutral
Slides accompanying the FY20 results, restating $50m net cash, $500m liquidity and the revised growth outlook. Outlook assumes US$41.25/bbl Brent in FY21 and is stated not to be guidance. Mostly repeats the results release.
7 Aug 2020other● Neutral
Notice that FY20 full-year results and presentation will be released on 17 August 2020, followed by a conference call. No new business information.
17 July 2020regulatory community update▲ Good
Cue Energy (not Beach) reported the Ironbark-1 environment plan was approved, with drilling planned from October 2020. Beach holds 21% of WA-359-P (BP operator 42.5%), so the well it expected in late 2020 stays on track.
1 June 2020director officer appointment● Neutral
Ian Grant, formerly Chief Operating Officer of Quadrant Energy and a Santos production executive, was appointed Chief Operating Officer, joining 20 July 2020. Dawn Summers previously held the COO role in the context; the text doesn't say what happened to her.
7 May 2020investor presentation● Neutral
Macquarie conference presentation restating Beach's COVID-19 response and financial strength: $80m net cash, $530m liquidity at 31 March 2020, and a $450m credit facility. No new announcements evident.
28 Apr 2020material agreement termination▼ BadMajor
Diamond Offshore filed for US Chapter 11 and sued, claiming Beach's Ocean Onyx contract termination is invalid, or alternatively seeking damages to be determined. Beach denies the claim and will defend it, while continuing without-prejudice talks about the rig.
20 Apr 2020material agreement termination▼ BadMajor
Beach terminated the Ocean Onyx rig contract with Diamond Offshore because the rig arrived later than agreed. Offshore Victorian Otway drilling is now unlikely before FY21. Black Watch-1 was completed in line with expectations; Enterprise is planned for second half 2020.
27 Mar 2020investor presentation▼ BadMajor
Responding to lower oil prices and COVID-19, Beach targets up to 30% deferral of FY21 capital investment and cut FY20 underlying EBITDA guidance to $1.175-1.250bn. Net cash was $151m at end-February, with over $600m liquidity including a $450m credit facility.
2 Mar 2020director officer appointment● Neutral
Daniel Murnane, Beach's senior legal counsel since May 2018, became Company Secretary on 2 March 2020, replacing Peter Kupniewski, who resigned.