23 Nov 2006drilling progress report● Neutral
Re-release of Stuart's Rising Fast 1 report, adding that mud log shows also indicate possible oil. McKinlay drill stem test is being set up. Beach holds 33.3%. No test result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2006drilling progress report● Neutral
Magellan, a 20% partner, reports Talia-1 at 735 m preparing to run surface casing. Repeats the Great Artesian report; mean Namur resource 320,000 barrels. No new result.
23 Nov 2006production update▲ Good
Operator Anzon says the upgraded Crystal Ocean production vessel has arrived at Basker-Manta and is being reconnected. First oil from the full field, up to 25,000 bopd, is now expected in the second week of December. Beach holds 50%.
23 Nov 2006drilling progress report● Neutral
Stuart reports Rising Fast 1 at 1,550 m, with wireline logs suggesting possible oil in the Birkhead, McKinlay and Murta zones. A McKinlay drill stem test is being set up. Beach holds 33.3%. Results pending.
23 Nov 2006admin correction● Neutral
Amended re-release of the 'joins the big league' press release, changing 'yesterday's' AGM to 'today's'. Content is otherwise identical.
23 Nov 2006drilling progress report● Neutral
Great Artesian reports Talia-1 at 735 m, running surface casing. Beach operates with 40%. Namur target of 0.32-0.8 million barrels. No new result.
23 Nov 2006security holder rights change▲ Good
Shareholders unanimously approved at the AGM the offer and issue of shares to FIELDS holders under the 27 October prospectus. This clears the approval condition for FIELDS holders taking Beach shares at A$1.39.
22 Nov 2006drilling progress report● Neutral
Rising Fast 1 reached its planned 1,550 m and is making a wiper trip before wireline logging. Beach holds 33.3%. Test results still to come.
22 Nov 2006drilling progress report● Neutral
Beach weekly report: Talia-1 at 663 m drilling surface hole. Rising Fast-1 reached 1,550 m and is on a wiper trip before logging. Yanda-24 is being wireline logged, with Tipton West coal seam wells being completed.
22 Nov 2006drilling progress report● Neutral
Talia-1 is at 663 m, drilling surface hole toward 725 m before casing. Beach operates with 40%. No new result.
21 Nov 2006drilling progress report▲ Good
Rising Fast 1 is drilling at 1,371 m and has recorded oil shows in the Murta and McKinlay formations. These will be checked by logs and tests after reaching total depth. Beach holds 33.3%. An encouraging early sign.
21 Nov 2006drilling spud● Neutral
Talia-1 spudded on 20 November and is at 207 m. It is the third well in a back-to-back five-well program and targets 0.32-0.8 million barrels in the Namur. Beach operates with 40%.
21 Nov 2006production update▲ GoodMajor
Callawonga-1 began oil production on 18 November, flowing about 2,100 bopd. The discovery of July 2006 is now producing, as flagged for 4Q2006. Beach (75%) puts P50 reserves at 1.5 million barrels gross, 1.1 million net.
21 Nov 2006production update▲ Good
Cooper Energy, Beach's 25% partner, confirms Callawonga-1 started on 18 November at 2,100 bopd, giving it 525 bopd. Repeats Beach's announcement, though it quotes P50 reserves of 1.6 million barrels.
20 Nov 2006drilling progress report● Neutral
Rising Fast 1 is at 1,117 m, running back in with a new bit. Planned depth is 1,550 m. Beach holds 33.3%. No new result.
20 Nov 2006drilling scheduled● Neutral
Talia-1 is due to spud on 20 November in PEL 107, targeting oil updip of the Sturt and Tantanna fields. Planned depth is 1,840 m. Namur reserves are estimated at 0.32-0.8 million barrels. Beach operates with 40%.
17 Nov 2006drilling progress report● Neutral
Rising Fast 1 is at 605 m testing blowout preventers before drilling the 8½-inch hole. Beach holds 33.3%. No new result.
16 Nov 2006resource reserve update● Neutral
Magellan repeats Beach's Udacha-1 reserves: 1.7 PJ proved and 3.4 PJ proved plus probable sales gas. Development needs a gas sales or access deal. Repeats the earlier Beach announcement.
16 Nov 2006drilling progress report● Neutral
Rising Fast 1 remains at 605 m, installing blowout preventers after setting surface casing. Beach holds 33.3%. No new result.
16 Nov 2006drilling result▼ Bad
Magellan confirms Keeley-1 found no significant hydrocarbons and is being plugged and abandoned. Two tests showed low permeability. Talia-1 is next, with Magellan at 20% under a farm-in. Repeats Great Artesian's announcement.
16 Nov 2006resource reserve update● Neutral
Rawson, a 10% Udacha-1 partner, repeats Beach's preliminary Udacha reserves: 2.8 Bcf (3.4 PJ) proved plus probable sales gas. Development depends on gas sales or tolling deals. Repeats the earlier Beach announcement.
15 Nov 2006resource reserve update▲ Good
Great Artesian relays Beach's preliminary reserves: Middleton 5.2 Bcf (6.3 PJ) and Udacha 2.8 Bcf (3.4 PJ) sales gas at proved plus probable. Adds a 500 sq km 3D seismic plan, with Beach funding about 140 sq km and Energy Investments about 300 sq km.
15 Nov 2006drilling result▼ BadMajor
Keeley-1 will be plugged and abandoned on Beach's recommendation after logs and side-wall cores. It was a dud for the 40% operator against a roughly 10 Bcf mean prospect. The rig moves to Talia-1, an oil prospect, starting late this week.
15 Nov 2006drilling progress report● Neutral
Beach weekly report: Keeley-1 is running abandonment plugs after two tight tests. Yanda-23 was cased as a Murta oil producer. Cutter-1 is plugged and abandoned. Might and Power-1 is completed. Rising Fast-1 is at 605 m.
15 Nov 2006drilling progress report● Neutral
Rising Fast 1 has drilled to 605 m and is pulling out to run surface casing. Beach holds 33.3%. No result yet.
14 Nov 2006drilling spud● Neutral
Stuart spudded Rising Fast 1 in PEL 113 on 13 November, planned depth 1,550 m, now at 125 m. Beach holds 33.3%. Follows Might and Power 1 in the same permit; no result yet.
14 Nov 2006resource reserve update▲ GoodMajor
Beach books gross proved and probable sales gas reserves of 6.3 PJ at Middleton and 3.4 PJ at Udacha, from extended testing. Development needs gas sales or access deals. A 180 sq km 3D seismic survey is planned for early 2007.
14 Nov 2006other▲ Good
Press release says Beach's market value now exceeds A$1 billion after the A$247m rights issue, with about 790 million shares on issue. Restates FY06 profit of A$43.99m and the A$590m Delhi purchase; no new operating news.
14 Nov 2006drilling progress report● Neutral
Great Artesian repeats that Keeley-1 reached 3,059 m and is running wireline logs, with elevated gas and fluorescence in some sands still being assessed. Beach operates with 40%. Repeats known facts.
13 Nov 2006well test result▼ Bad
Keeley-1 reached 3,059 m, deeper than planned. A second test (2,978-2,996.5 m) found the zone tight, with no flow. Gas readings and fluorescence in other sands will be assessed by logs. Beach operates with 40%.