Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2014farm in farm out agreement▲ GoodMajor
Beach agrees to farm into Drillsearch's ATP 924 in the Queensland Cooper Basin, funding about 150 km of 3D seismic and an exploration well, then a second well and past costs to earn 45%. Drillsearch stays permit operator.
23 July 2014drilling spud● Neutral
Cooper Energy reports the Elliston-2 oil development well in PPL 249 (Beach 75% operator, Cooper 25%) spudded 22 July, targeting the Namur Sandstone to about 1,655m. Intended to accelerate production and improve recovery; about a week to drill.
16 July 2014drilling result▼ BadMajor
Shelly-1, final well of the PEL 92 campaign (Beach 75% operator, Cooper 25%), was plugged and abandoned at 1,942m with non-commercial hydrocarbons. All three campaign wells failed to find commercial oil. Rig moves to Elliston-2 development well.
14 July 2014farm in farm out agreement▲ Good
Woodside announces it has agreed to acquire a 70% interest in Beach's Lake Tanganyika South Block in Tanzania, subject to government approvals. Work program includes seismic, with options for drilling and operatorship.
14 July 2014farm in farm out agreement▲ GoodMajor
Beach farms out 70% of its 100% Lake Tanganyika South Block to Woodside, ending the farm-out talks. Woodside reimburses back costs, funds seismic over 12 months and contributes to a capped first well. Beach stays operator; Tanzanian consents required.
8 July 2014drilling spud● Neutral
Cooper Energy reports Shelly-1, final well of the PEL 92 campaign (Beach 75% operator), spudded 7 July targeting the Namur Sandstone to about 1,938m. Expected to take about a week.
2 July 2014drilling result▼ Bad
Senex reports Tornado-1 in PEL 111 (Senex 60% operator, Beach 40%) was plugged and abandoned at 2,170m, finding good sands but no hydrocarbons. Sabre-1 is next in July. Another dry hole in the Senex JV.
2 July 2014drilling progress report● Neutral
June report: Al Jahraa-2 ST1 and El Salmiya-4 ST2 in Egypt completed as Abu Roash C producers. Bungaloo-1 cased and suspended, Morgan-1 and Fishery-1 dry, Tornado-1 dry, and further SACB gas wells cased.
30 June 2014drilling result▼ Bad
Fishery-1 in PEL 92 (Beach 75% operator) was plugged and abandoned at 2,022m after hydrocarbons in the primary target were judged non-commercial. Second consecutive miss in the three-well campaign; Shelly-1 is next.
23 June 2014drilling spud● Neutral
Cooper Energy reports Fishery-1, second of three PEL 92 wells (Beach 75% operator), spudded 21 June targeting the Namur Sandstone to about 1,958m. Expected to take about a week.
19 June 2014resource reserve update▲ GoodMajor
Icon reports a DeGolyer & MacNaughton best estimate of 28 Tcf gross unconventional prospective gas resource in ATP 855 (Beach 46.9% operator), Icon's share 10 Tcf. It is prospective, not contingent; stimulation of four wells is needed first.
17 June 2014drilling result▲ GoodMajor
Bungaloo-1 in PRL 32 (Beach 70% operator) was cased and suspended at 3,713m with encouraging gas shows. Core results support unconventional potential, and good Sawpit Sandstone reservoir quality in Jolly-1 shifts focus to conventional gas in the Penola Trough. No flow test yet.
17 June 2014drilling result▲ Good
Cooper Energy confirms Bungaloo-1 cased and suspended at 3,713m, with 103m of core and elevated gas readings. The joint venture (Beach 70%, Cooper 30%) will analyse data from both wells before deciding next steps. Repeats Beach's own announcement.
17 June 2014drilling result▼ Bad
Cooper Energy reports Morgan-1, first of three PEL 92 exploration wells (Beach 75% operator, Cooper 25%), was plugged and abandoned at 2,070m with no significant hydrocarbon shows. A dry hole; rig moves to Fishery-1.
10 June 2014drilling spud● Neutral
Cooper Energy reports Morgan-1 spudded 6 June, starting a three-well exploration campaign in PEL 92 (Beach 75% operator, Cooper 25%) along Western Flank oil migration paths. Fishery-1 and Shelly-1 follow, with completion expected by early July.
4 June 2014drilling progress report▲ Good
Senex's May report: Mustang-2 (PPL 243, Beach 40%) cased as a future oil producer after 6.4m net pay. Tornado-1 (PEL 104, Beach 40%) is drilling toward 2,200m. Senex completed its FY14 program of 30 oil wells.
4 June 2014drilling progress report● Neutral
Beach's May report: Pennington North-1 cased as a future Birkhead producer (~125 bopd test) and Mustang-2 as a producer. Tornado-1 is drilling at 2,147m. Cullen-1 (Bonaparte, Beach 75%) spudded 23 May. Bungaloo-1 and Cooper gas wells also reported.
2 June 2014resource reserve update▲ GoodMajor
Beach books preliminary Stunsail-1 gross 2P reserves of 1.6 MMbbl (1P 1.0, 3P 2.5), Beach 40% share. This upgrades the March discovery, which Drillsearch had put at 0.67 MMbbl 2P. A ~$4m standalone development is targeted for June quarter 2015, pending JV approval.
2 June 2014resource reserve update▲ GoodMajor
Pennington field gross 2P oil reserves rise from 1.7 to 2.7 MMbbl after Pennington-2 and Pennington North-1 (Beach 40% operator). A ~$6m tie-back to the Bauer facility is targeted for June quarter 2015, pending JV approval.
2 June 2014resource reserve update● Neutral
Drillsearch forwarded Beach's announcements, which put Stunsail-1 gross reserves at 1.6 MMbbl 2P (1.0 1P, 2.5 3P) and a standalone development at about $4m in the June quarter 2015. Drillsearch said its audited 30 June 2014 reserves update would reflect the results.
30 May 2014drilling progress report▲ Good
Drillsearch's May report: Pennington North-1 (PEL 91, Beach 40% operator) tested about 120 bopd from the lower Birkhead and was suspended as a new oil discovery. Charal-1 (ATP 940P) shows elevated gas, with stimulation planned for the September quarter. Small discovery.
7 May 2014drilling progress report● Neutral
April report: Hardwicke-1 in PEL 91 was dry (water-bearing Namur) and abandoned, while Pennington-2 is being cased as a producer. Spitfire-3 and -6 cased as producers, Mustang-3 was dry, and Bungaloo-1 was at 2,409m.
7 May 2014drilling progress report● Neutral
Drillsearch's April report repeats the PEL 91 results: Hardwicke-1 plugged and abandoned, and Pennington-2 cased as a future oil producer with Pennington North-1 next. Remainder covers Drillsearch's own unconventional wells.
22 Apr 2014drilling spud● Neutral
Cooper Energy reports Bungaloo-1 spudded 19 April in PEL 494, second Otway shale and tight gas well after Jolly-1. Planned depth is 3,677m with over 100m of core. Beach operates with 70%. It ends the current Otway program.
3 Apr 2014drilling progress report● Neutral
Drillsearch's March drilling report repeats Stunsail-1 as a cased and suspended future producer in PEL 91. The rest covers Drillsearch's own wells. No new Beach information.
2 Apr 2014drilling result● Neutral
Icon repeats that Etty-1 in ATP 855 reached 3,807m with gas-saturated target interval and will be cased and suspended. It expects stimulation of Hervey-1, Geoffrey-1, Redland-1 and Etty-1 in Q3 2014, subject to joint venture approval. No new information.
2 Apr 2014resource reserve update▲ Good
Drillsearch gives detail on Stunsail-1: second test recovered only water, well cased as a future producer. Preliminary gross 2P reserves are 0.67 MMbbl (1P 0.23, 3P 2.06), with the Birkhead classed as contingent resource. Standalone development estimated at about $3.5m.
2 Apr 2014drilling progress report▲ Good
March report: Stunsail-1 oil discovery confirmed, with the second Birkhead test recovering only water. Etty-1 completes the six-well ATP 855 campaign. Spitfire-5 cased as a producer, and Big Lake and Gooranie gas wells succeeded. Jolly-1 ST1 reached 4,026m.
28 Mar 2014drilling result▲ Good
Drillsearch, Beach's 60% partner in PEL 91, republishes Beach's Stunsail-1 announcement, calling it the twelfth discovery in the permit. It adds that a further update with volumes will follow the second drill stem test. No new Beach information.
28 Mar 2014drilling result▲ GoodMajor
Stunsail-1, a new oil discovery in PEL 91 (Beach 40% operator, Drillsearch 60%), found a 10m oil column in the McKinlay/Namur, 4m in the Mid-Namur, and oil at over 250 bopd from the Birkhead. Beach's most northerly PEL 91 find; volumes still being assessed.
