31 Oct 2006drilling progress report● Neutral
AWE reports Cutter-1 at 2,027 m with 13-3/8 inch casing set, about one week from the target depth of about 2,800 m. Prospect potential 70 to 80 million barrels; Beach holds 20%. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2006drilling progress report● Neutral
Great Artesian reports Keeley-1 drilling ahead at 1,917 m in the Adori Sandstone, toward planned 3,023 m. Beach operates with 40%. No results yet.
30 Oct 2006drilling progress report▲ Good
Might and Power 1 is at 1,371 m with oil shows noted in the Murta and McKinlay Formations, the primary objectives. These will be evaluated with logs and possibly tests. Beach holds 33.3%. Shows only, not a confirmed result.
27 Oct 2006drilling progress report● Neutral
Great Artesian reports Keeley-1 still at 958 m, nippling up blowout preventers before drilling ahead. Beach operates with 40%. No results yet.
27 Oct 2006drilling progress report● Neutral
Stuart reports Might and Power 1 is installing well control equipment at 608 m before drilling ahead. Beach holds 33.3%. No results yet.
27 Oct 2006other● Neutral
Bow Energy reports its own Cooper-Eromanga drilling plans, with three wells to start in the second half of December on Hunt Rig 2 under a rig-sharing agreement with Beach. No Beach well result or interest change; Beach's involvement is only the shared rig.
27 Oct 2006capital raising announcement● Neutral
ASX cover announcement for the FIELDS holder prospectus: up to 90.6m shares at A$1.39, up to A$126m, for working capital. Conditional on AGM approval on 23 November; allotment expected 21 December. Duplicates the prospectus.
What it means for a shareholder
90.6m new shares at A$1.39 to raise about A$126m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (719 at the issue price), your slice goes from 0.000108% to 0.0000954% of the company. To keep it you'd need 98 more shares - about A$136 at the issue price.
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27 Oct 2006capital raising announcement● NeutralMajor
Beach lodges a prospectus offering eligible FIELDS holders up to 90.6m new shares at A$1.39, raising up to A$126m, closing 11 December. Subject to shareholder approval at the 23 November AGM. Follows the Delhi acquisition funding arrangements.
26 Oct 2006drilling progress report● Neutral
Stuart reports Might and Power 1 is cementing 9 5/8 inch surface casing at 608 m. Beach holds 33.3%. No results yet.
26 Oct 2006drilling progress report● Neutral
Great Artesian reports Keeley-1 at 958 m, running surface casing. Beach operates with 40%; target is about 10 Bcf mean (29 Bcf maximum) to about 3,023 m. No results yet.
25 Oct 2006annual report▲ Good
Beach publishes its 2006 annual report: FY06 net profit A$44.0m, record production of 1.4 mmboe and 2P reserves up 235% to 36.2 mmboe. It notes the post-year-end A$574m Delhi acquisition and the AGM on 23 November 2006. Largely repeats known results.
25 Oct 2006drilling progress report● Neutral
Keeley-1 is at 958 m, doing a wiper trip before running surface casing. No results yet.
25 Oct 2006drilling progress report● Neutral
Stuart reports Might and Power 1 at 608 m, doing a wiper trip before running surface casing. Beach holds 33.3%. No results yet.
25 Oct 2006drilling progress report● Neutral
Weekly report: Keeley-1 at 958 m, Cutter-1 at 1,787 m, Glenaire-1ST1 at 3,688 m. Champagne Creek-2 is cased and suspended. Might and Power-1 is at 608 m. No new results.
24 Oct 2006drilling spud● Neutral
Magellan confirms Keeley-1 spudded 22 October in PEL 107 and was at 289 m. It targets about 10 Bcf of gas, taking roughly 16 days to reach about 3,023 m. Repeats known information.
24 Oct 2006drilling progress report● Neutral
Keeley-1 is at 803 m, drilling ahead toward surface casing at about 950 m. No results yet.
24 Oct 2006drilling spud● Neutral
Stuart Petroleum reports the Might and Power 1 oil exploration well in PEL 113 spudded 23 October and was at 108 m, planned to 1,480 m. Beach holds 33.3%. Stuart is operator.
24 Oct 2006drilling progress report● Neutral
Tap reports Cutter-1 at 1,762 m and proceeding as programmed, expected to reach about 3,000 m within two weeks. Beach holds 20%. No result yet.
24 Oct 2006drilling progress report● Neutral
AWE reports Cutter-1 at 1,762 m after 1,048 m of progress in the week, about 2 weeks from the planned 3,000 m. Target is 70-80 million barrels; Beach holds 20%. No result yet.
23 Oct 2006drilling spud● Neutral
Great Artesian reports Keeley-1 spudded 22 October and was at 289 m. The gas exploration well targets about 10 Bcf mean (29 Bcf maximum) to about 3,023 m. Beach operates with 40%. It follows the dry Kiana-2.
18 Oct 2006drilling progress report● Neutral
Weekly report: Kiana-2 is being plugged and abandoned after finding no commercial hydrocarbons. Glenaire-1ST1 is at 3,386 m. Champagne Creek-2's test was aborted by mechanical failure. Cutter-1 is at 714 m. New wells include Byrock-2 and Yanda-19.
18 Oct 2006joint venture update▲ Good
Arrow Energy, Beach's Tipton West partner, signs an underwriting for its A$67m option expiry and gives an operations update. Tipton West has 66 of 75 wells drilled, 40 on pump, with first gas in Q1 2007. Beach is funding the first A$35m for 40%.
18 Oct 2006drilling result▼ Bad
Magellan (30% partner) confirms Kiana-2 found no hydrocarbons in any of three tests and will be plugged and abandoned. Keeley-1, targeting about 10 Bcf of gas (29 Bcf maximum), is next. Repeats the Great Artesian news.
17 Oct 2006drilling result▼ BadMajor
Kiana-2's third test recovered only muddy water and no hydrocarbons, so the Kiana oil field does not extend west of a fault. The well will be abandoned and the rig moves to Keeley-1. Reserves tied to Kiana-1 are said not to be materially downgraded.
17 Oct 2006drilling progress report● Neutral
AWE reports Cutter-1 drilled to 714 m and cased, preparing to drill ahead toward about 3,000 m in around 3 weeks. Target is 70-80 million barrels. Beach holds 20%. No result yet.
17 Oct 2006drilling progress report● Neutral
Operator Tap reports Cutter-1 at 714 m, casing run and cemented, ready to drill ahead. Expected to reach total depth in about three weeks. Repeats the AWE update; no result yet.
16 Oct 2006drilling progress report▼ Bad
Great Artesian reports the second test at Kiana-2 (Murta, 1,409.5-1,419 m) had no flow and no recovery. A third test in the Patchawarra (1,878-1,892 m) was being prepared. Follows the weak first test.
13 Oct 2006well test result▼ Bad
Great Artesian reports Kiana-2's first test (1,116-1,127 m) recovered only 6 barrels of muddy water. A second test in the Murta Formation (1,409.5-1,419 m) is planned next. Not an encouraging start for the appraisal.
13 Oct 2006drilling result▼ Bad
Sunshine Gas says the first test of the Clematis Sandstone at Champagne Creek 2 was aborted by equipment failure. Fishing for the test string continues, and a retest depends on that. No gas result yet; Beach's 50% option is still pending.
13 Oct 2006investor presentation● Neutral
Partner Rawson Resources gives an activities update. It says Appadare (PEL 107, Rawson earning 30%) is the fourth well in Beach's program, due to spud early December. Udacha-1 is shut in 20 days for pressure build-up after about 1 mmcfd. Mostly repeats known information.