Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2007quarterly activities report▲ Good
Beach reports record half-year revenue of A$165m, almost triple the prior half, driven by the Delhi acquisition. December quarter production was 2,278 kboe, down 6%. It joined 25 wells at a 68% success rate, with all 11 Cooper Oil wells successful.
30 Jan 2007farm in farm out agreement● NeutralMajor
Beach farms into Petratherm's Paralana geothermal project in South Australia, earning 21% for A$10m across two wells, with an option for a further 15% for A$20m. Beach can withdraw after the first well. First geothermal move for the company.
30 Jan 2007farm in farm out agreement● Neutral
Petratherm's media release repeats the Paralana farm-in: Beach earns 21% for A$10m, up to 36% with A$20m more. Drilling is due in the second half of 2007. Beach's MD calls it a strategic expansion toward alternative energy.
24 Jan 2007drilling progress report● Neutral
Beach weekly report: heavy rain and road closures have delayed Cooper-Eromanga drilling. Appadare-1 reached 1,922 m, Coonaberry-2 is at 2,297 m, and Wilpinnie-4 is at 1,587 m after a DST tool plugged.
22 Jan 2007drilling result▼ BadMajor
Appadare-1 is being plugged and abandoned after only minor gas shows in the Patchawarra that looked water-wet. It is the fourth dry hole in the five-well PEL 107 program. Rawson may take up to two more wells in the block.
19 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 at 1,768.5 m, drilling in the Poolowanna after a bit change, just above the Patchawarra target. No new result.
19 Jan 2007drilling progress report● Neutral
Appadare-1 (Beach operator) found no shows in the Poolowanna at 1,727 m and is drilling toward the Patchawarra, expected at 1,772 m. A decision on testing or continuing to total depth is still to come.
18 Jan 2007production update▲ GoodMajor
Anzon said Basker Manta commissioning was completed, with all four oil wells tested and about 220,000 barrels produced since 17 December. Peak steady output was 16,000 bopd, below the over 20,000 bopd the wells can deliver, because heat hampered gas cooling. Beach holds 50%.
18 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 drilling ahead at 1,562 m in the Adori Formation. No new result.
17 Jan 2007drilling progress report● Neutral
Beach weekly report: Appadare-1 drilling at 919 m; Coonaberry-2 preparing surface casing; Wilpinnie-4 preparing to core; Cowralli 8 cased and suspended at 3,223 m. No new results.
17 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 drilling ahead at 975 m. No new result.
17 Jan 2007drilling result▲ GoodMajor
Beach reports two new Cooper Basin oil discoveries: Itchy-1 (20.21%) flowed 2,174 bopd and Ramses-2 (28.8%) 588 bopd. The nine-well Yanda oil program should lift output to about 500 bopd gross by April. Beach expects up to 130 Cooper Oil wells in 2007.
16 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 at 654 m, pressure testing before drilling resumes. No new result.
15 Jan 2007drilling spud● Neutral
Appadare-1 spudded 12 January in PEL 107 and surface casing is set at 654 m. It is the fifth and final well of the PEL 107 program, after three dry holes, and targets 1.2m barrels. Beach operates with 20% of a commercial discovery.
15 Jan 2007drilling progress report● Neutral
Great Artesian daily report: Appadare-1 (Beach operator, 20% of a commercial discovery) is at 640 m running surface casing, 2,095 m planned. No result yet.
10 Jan 2007drilling progress report▲ Good
Beach weekly report shows oil flows from two wells: Ramses-2 flowed 588 bopd from the Poolowanna and is cased and suspended; Itchy-1 (Beach 20.21%) flowed 2,174 bopd from the Hutton. Cowralli 8 reached 3,223 m.
9 Jan 2007drilling scheduled● Neutral
Rawson says Appadare-1, the last PEL 107 well, will spud around 15-16 January to 2,095 m, with mean recoverable reserves of 1.2m barrels. Beach operates with 20% in a commercial discovery. Also notes the Spinel 3D survey is under way.
8 Jan 2007production update▲ Good
All four Basker Manta wells are now producing and the gas compressor is commissioned. A peak of 13,500 bopd was reached on 7 January, with ramp-up to 25,000 bopd under way; 135,000 barrels produced since 17 December. Beach holds 50%.
3 Jan 2007drilling progress report● Neutral
Beach weekly report: Ramses-2 (Beach 23%) reached 2,935 m and is logging; Wackett-13 cased and suspended after Murta test recovered 8.2 bbl oil; Cowralli 8 and Itchy 1 drilling ahead.
2 Jan 2007production update● Neutral
Basker Manta has produced about 90,000 barrels (6,000 bopd) since 17 December, from Manta 2A, Basker 2 and 5. Full rates of up to 25,000 bopd await compressor tuning, expected to finish about the coming weekend. Beach holds 50%.
22 Dec 2006asset acquisition disposition● NeutralMajor
Beach granted Claymore Capital a call option over its 29 million Great Artesian shares at 51 cents, exercisable by 12 February 2007, and sold its ~6.3 million Anzon shares at A$1.61 to Anzon Energy. Both reduce Beach's strategic holdings.
22 Dec 2006asset acquisition disposition● Neutral
Drillsearch (via Claymore) discloses the call option over Beach's 29m Great Artesian shares at 51c, exercisable to 12 Feb 2007, equal to 19.3% of GOG. Drillsearch wants South Australian Cooper exposure. Repeats Beach's 22 Dec option; adds the buyer's intent.
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.
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20 Dec 2006drilling progress report● Neutral
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.
19 Dec 2006drilling result▼ BadMajor
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.
19 Dec 2006joint venture update● Neutral
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.
19 Dec 2006drilling result▼ Bad
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%.
18 Dec 2006production update▲ GoodMajor
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.
15 Dec 2006drilling progress report● Neutral
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.
