1 Mar 2007joint venture update● Neutral
Beach extended Claymore's call option over its 29 million Great Artesian shares at 51 cents from 26 February to 2 April 2007. The sale of this roughly 19.9% stake is still undecided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2007joint venture update● Neutral
Drillsearch confirms its option to buy Beach's 29 million Great Artesian shares was extended to 2 April 2007, and says it is doing technical due diligence on Great Artesian's assets. Matches Beach's own notice.
1 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 reached 1,384 m, deeper than the 1,367 m planned, and is running wireline logs. No result yet on whether oil is present.
28 Feb 2007drilling progress report● Neutral
Beach weekly report: Telowie-1 at 1,306 m drilling in the Namur Sandstone. Coonaberry-2 and Dullingari-59 have production casing set, and Fly Lake-22 reached 2,941 m. Tipton-26 is being logged. No new result.
28 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 (Beach operator, 50%) at 1,306 m and drilling ahead. The report repeats earlier prospect details. No new result.
27 Feb 2007security holder rights change● Neutral
The FIELDS issuer says too few holders remain to keep the securities listed, so they must be redeemed in full at A$96.60 plus interest. It will seek repayment via the Delhi Notes, drawing on the CBA letter of credit expiring 28 February 2007. Ties to the Delhi acquisition funding.
27 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Telowie-1 (Beach operator, 50%) at 958 m and drilling ahead toward a planned 1,367 m. It cites 6.6 million barrels of potential if oil is present. No new result.
27 Feb 2007half year report● Neutral
Press release on the interim result: oil and gas sales rose to A$214m from A$44m on the Delhi acquisition, with pre-tax profit A$32.26m. Beach expects Basker-Manta oil to average 15,000-20,000 bopd once gas compression issues are resolved. Immediate output is below pre-production estimates.
27 Feb 2007dividend declaration● Neutral
Beach sets a 5% discount on its dividend reinvestment plan for the 0.75 cent interim dividend. Record date is 30 March and payment 16 April 2007. This corrects the record date from 31 March given in the half-year report.
27 Feb 2007security holder rights change● Neutral
Beach said the remaining FIELDS notes from the Delhi acquisition will be redeemed in full at A$96.60 per note and delisted from the ASX. Westpac, the issuer, advised too few holders remained to keep the listing, and some holders had used redemption proceeds to buy Beach shares.
27 Feb 2007half year report● NeutralMajor
Beach's half-year report to December 2006 shows revenue up 251% to A$247m but profit after tax down 35% to A$20.3m, reflecting Delhi acquisition and financing costs. Interim dividend is 0.75 cents. Reserves are 101 mmboe, with Basker-Manta oil 2P up 168% to 39.2 mmbbl.
26 Feb 2007resource reserve update● Neutral
Great Artesian published its own reserves and resources statement for its South Australian permits, including those Beach operates. Beach holds a call-option-linked stake of about 19.9% in Great Artesian. Figures are net to Great Artesian, not Beach.
26 Feb 2007drilling spud● Neutral
Beach spudded Telowie-1 in PEL 94 on 23 February, operator with 50%. It reached 586 m. Victoria Petroleum cites 6.6 million barrels potential if oil is present, to 1,367 m. Follows the dry Tunkalilla-1.
22 Feb 2007drilling progress report● Neutral
Magellan's weekly report confirms Tunkalilla-1 was dry with no shows at 1,422 m. Beach (operator, 50%) moves the rig to Telowie-1 in PEL 94, with a mean 2.1 million barrel Namur oil potential. Spud is expected later this week.
21 Feb 2007drilling progress report● Neutral
Beach weekly report: Tunkalilla-1 plugged and abandoned at 1,422 m. Coonaberry-2 reached 2,833 m and is being prepared for logging. Dullingari-59 reached 1,828 m and Fly Lake-22 is at 2,939 m in basement. No new result.
20 Feb 2007joint venture update▲ Good
Petratherm has been offered a A$5m federal grant for the Paralana geothermal project, which counts toward its share of the joint venture. Beach's earn-in terms are unchanged: A$10m for 21%, with an option to 36% for A$20m more.
19 Feb 2007drilling result▼ BadMajor
Tunkalilla-1 (Beach operator, 50%) reached 1,422 m with no hydrocarbon shows and will be plugged and abandoned. Another dry Cooper exploration hole. The rig moves to Telowie-1.
16 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Tunkalilla-1 is nippling up the blowout preventer at 651 m after setting casing. No new result.
15 Feb 2007drilling progress report● Neutral
Magellan's weekly report repeats that Tunkalilla-1 (Beach operator, 50%) spudded 13 February and was at 226 m. The rest covers Magellan's own Muthero wells. No new result for Beach.
15 Feb 2007drilling progress report● Neutral
Victoria Petroleum reports Tunkalilla-1 is preparing to run surface casing at 651 m. No new result.
14 Feb 2007drilling spud● Neutral
Victoria Petroleum reports Beach, as operator, spudded Tunkalilla-1 in PEL 94 on 13 February. Beach holds 50%. The well targets 1.8 million barrels of potential oil to 1,405 m. Drilling at 226 m.
14 Feb 2007drilling progress report● Neutral
Beach weekly report: Tunkalilla-1 (Beach 50%) is drilling surface hole at 226 m. Dullingari-58 is cased and suspended after a Murta test recovered 5 barrels of oil. Fly Lake-22 is stuck and Coonaberry-2 is drilling again.
8 Feb 2007director officer appointment● Neutral
Director Franco Moretti has appointed Dr Neville Alley as his alternate on the Beach board from 7 February 2007. Administrative change only.
8 Feb 2007material agreement▲ Good
Arrow reports the agreements with Australian Pipeline Trust to fund, own and operate the Tipton West gas processing plant are now unconditional. APA reimburses construction costs already incurred and runs the plant for 15 years. Completes first-stage funding for Beach's 40% project.
7 Feb 2007production update▲ GoodMajor
Arrow, operator of Tipton West, reports first gas sold on 6 February, almost two months ahead of the 31 March contract deadline. Beach holds 40%. Sales are intermittent during commissioning and ramp to 16 TJ/day by 1 October 2007.
7 Feb 2007drilling progress report● Neutral
Beach weekly report: Dullingari-58 reached 1,822 m and is being logged, Fly Lake 22 is drilling surface hole, and Coonaberry-2 and Moorari 12 remain suspended. Tipton-26 is installing blowout preventers. No new result.
1 Feb 2007asset acquisition disposition● Neutral
Drillsearch confirms its adviser Claymore negotiated the extension of the call option over Beach's 29 million Great Artesian shares to 26 February 2007. Repeats Beach's 31 January announcement.
31 Jan 2007asset acquisition disposition● Neutral
Beach extends Claymore's call option over its 29 million Great Artesian shares at 51 cents from 12 February to 26 February 2007. Beach's possible sale of its stake stays open for two more weeks.
31 Jan 2007drilling progress report● Neutral
Beach weekly report: Appadare-1 plugged and abandoned at 1,922 m; Wilpinnie-4 cased and suspended at 1,587 m. Coonaberry-2 and Moorari 12 are suspended by road closures.
30 Jan 2007farm in farm out agreement● Neutral
Re-release of the 30 January Petratherm-Beach geothermal joint venture news release, repeating the Paralana farm-in terms of 21% for A$10m, with up to 36% for a further A$20m. No new information.