Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2006security holder rights change● Neutral
Beach's subsidiary Delhi Holdings lodged a prospectus offering new shares at A$0.90 (up to A$85.1m) to FIELDS holders, closing 11 December. It follows the Delhi acquisition. Prospectus warns the unlisted shares are illiquid and the price exceeds net tangible assets per share.
13 Oct 2006capital raising announcement▲ GoodMajor
Beach says 97% of its last 50.6 million options were exercised, adding A$49m of working capital. Shares on issue are now about 664 million. The A$247m rights issue at A$1.39 for the Delhi acquisition is still to come.
13 Oct 2006dividend declaration● Neutral
Beach sets the dividend reinvestment plan discount at 5% for the 2006 final dividend (1.0c), giving a share issue price of A$1.320375. Confirms the previously announced discount.
12 Oct 2006drilling progress report● Neutral
Magellan (30% partner) reports Kiana-2 at 1,962 m in basement on 11 October, with logging and possible testing to follow. Repeats known information.
12 Oct 2006investor presentation● Neutral
Beach presents at a Karratha conference, repeating known points: the A$590m Delhi acquisition (~21% of Cooper Basin JVs), FY06 profit of A$44m, Basker-Manta start in early November, and Tipton West first gas in early 2007. Also lists Hurricane-2 (10%) for Q2 2007.
12 Oct 2006drilling progress report● Neutral
Kiana-2 reached total depth of 1,992 m. A first drill stem test is planned over 1,116-1,127 m. No result yet.
11 Oct 2006drilling progress report▲ Good
Champagne Creek 2 reached 2,633 m. Logs show a zone of interest in the Clematis Sandstone, and a drill stem test is planned for 12 October. Beach holds the 50% earn-in option.
11 Oct 2006security holder rights change● Neutral
Beach reports 1,646,220 of its 2006 bonus options expired unexercised on 30 September. Issued capital is 663,649,067 ordinary shares, before the rights issue.
11 Oct 2006drilling progress report● Neutral
Kiana-2 is at 1,962 m, drilling in basement. About 30 m more is planned, then logging to pick sandstones for possible testing. No results yet.
11 Oct 2006drilling progress report● Neutral
Weekly report: Kiana-2 was at 1,968 m drilling in basement, and the Glenaire-1 sidetrack was at 3,119 m awaiting rig repairs. Champagne Creek-2 reached 2,633 m and was preparing a test. Yanda-17's first test was a misrun from packer damage and the well was suspended. Cutter-1 was at 131 m setting the surface conductor.
10 Oct 2006drilling spud● NeutralMajor
Beach confirms Cutter-1, a high-risk offshore well in New Zealand's Canterbury Basin, spudded 9 October. It targets ~70-80 million barrels of oil at about 3,000 m, with Beach holding 20%, a first result due in about 30 days.
10 Oct 2006drilling spud● Neutral
AWE says Cutter-1 spudded 9 October in New Zealand's Canterbury Basin, targeting 70-80 million barrels of oil to about 3,000 m in ~30 days. Beach holds 20% in the PEP 38259 permit. Repeats the partner-side news of the spud.
10 Oct 2006drilling spud● Neutral
Anzon confirms Cutter-1 spudded, targeting 70-80 million barrels. Anzon is earning its 15% by funding part of the well; Beach holds 20%. Repeats known information.
10 Oct 2006drilling progress report● Neutral
Kiana-2 is at 1,875 m, at the top of the Patchawarra Formation, pulling out to change the bit. No results yet.
10 Oct 2006drilling spud● Neutral
Operator Tap Oil confirms Cutter-1 spudded 9 October; the rig is on location and a pilot hole is drilled to 538 m. Target about 3,000 m in roughly 30 days. Beach holds 20%.
9 Oct 2006drilling progress report● Neutral
Kiana-2 is at 1,645 m, drilling in the Adori Sandstone, after a deviation-correction tool change. No results yet.
9 Oct 2006drilling progress report● Neutral
Sunshine Gas reports Champagne Creek 2 drilling at 2,630 m in Triassic sediments, near the 2,700 m planned depth. Beach has the option to earn 50% after the well.
6 Oct 2006drilling progress report● Neutral
Kiana-2 is drilling ahead at 1,170 m (target 2,020 m). No results yet.
5 Oct 2006drilling progress report● Neutral
Kiana-2 remains at 788 m, drilling through cement after setting surface casing. No results yet.
4 Oct 2006drilling progress report▼ Bad
Weekly report: Glenaire-1 plugged back to 3,028 m and preparing to sidetrack due to deviation problems. Kiana-2 at 788 m; Champagne Creek at 2,505 m; Cutter-1 not yet drilling; Tipton West wells continuing.
4 Oct 2006drilling progress report● Neutral
Great Artesian reports Kiana-2 at 788 m, preparing to cement surface casing. No results yet; repeats known well details (Beach 40% operator, 520,000-870,000 barrels potential).
4 Oct 2006drilling progress report▲ Good
Sunshine Gas says Champagne Creek 2 is at 2,505 m, about 500 m below the original depth, with encouraging gas shows in the Triassic. A planned sidetrack was abandoned after equipment failure. Beach retains its option to earn 50% after the well.
3 Oct 2006capital raising announcement● NeutralMajor
Beach lodged the prospectus for its 2-for-7 renounceable rights issue at A$1.39, raising about A$247m from ~178m new shares, underwritten by Euroz and CommSec. Closes 31 Oct; proceeds repay part of the debt used for the Delhi acquisition.
3 Oct 2006other● Neutral
Administrative notice: Beach's weekly drilling report moves from Tuesdays to Wednesdays, starting 4 October 2006. No operational substance.
3 Oct 2006drilling progress report● Neutral
Magellan (30% partner) confirms Kiana-2 spudded 1 October and was at 307 m, with about 14 days to drill and evaluate. Kiana-1 had produced over 81,000 barrels to end August. Repeats known information.
3 Oct 2006drilling progress report● Neutral
Kiana-2 is at 788 m, preparing to run 9 5/8" surface casing. Planned depth is 2,020 m. No results yet.
2 Oct 2006drilling spud● Neutral
Kiana-2 appraisal well spudded 1 October and is at 307 m after a bit change at 157 m. It is the first of five back-to-back wells in PEL 107 (Beach 40% operator).
29 Sept 2006drilling scheduled● Neutral
Great Artesian says Kiana-2 (Beach 40% operator) will spud around 30 September to 1 October to 2,020 m, appraising a sub-culmination with 520,000-870,000 barrels potential. Kiana-1 currently flows about 400 bopd, below the 443 bopd earlier reported.
28 Sept 2006production update▼ BadMajor
Anzon reports the Basker manifold installed, but the FPSO Crystal Ocean is still in Singapore. It is now expected back in the first week of November, with full 25,000 bopd production later that month. This pushes back the mid-October start previously expected.
26 Sept 2006drilling result▼ BadMajor
Somerton-1 reached 1,835 m with no shows in the Birkhead, Hutton or Poolowanna, and logs show all objectives water-bearing. It will be plugged and abandoned. A second dry hole in PEL 92 after Snowden-1 (Beach 75%, Cooper 25%).
