13 June 2006drilling progress report● Neutral
Beach weekly report: Sellicks-3 at 2126 m, preparing a Patchawarra test; Kenmore-35 spudded 13 June (Beach 100%); Basker-4 completion continuing; 16 Tipton West wells done. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 June 2006drilling scheduled● Neutral
Stuart announces Rimfire-1, 3 km north-east of Harpoono in PEL 113, to spud about 12 June. Pre-drill mean oil in place is 1.7 million barrels across Murta, McKinlay and Hutton, to 1,540 m. Beach 33.3%.
8 June 2006drilling result● Neutral
Stuart plugs and abandons Dalray-1 in PEL 93, which found no economic hydrocarbons, and moves the rig to Rimfire-1 in PEL 113, where Beach holds 33.3%. Beach is not named as a Dalray participant; Stuart says Dalray lowers its oil expectations for the Padulla/Dalray complex.
6 June 2006drilling progress report● Neutral
Beach weekly report: Sellicks-2 cased and completed, on production July 2006; Sellicks-3 at 775 m. Basker-3 and -5 completed as oil producers, Basker-4 being completed. 15 Tipton West wells done of 85 planned. No new result.
6 June 2006drilling progress report● Neutral
Cooper reports Sellicks-3 at 775 m, the 9 5/8-inch casing point, conditioning the hole before running casing. No results yet.
5 June 2006asset acquisition disposition▲ Good
Media release on Beach's A$14.5m, 19.9% Great Artesian purchase at A$0.50 a share, a 35% premium to the A$0.37 close. Internally funded; Beach calls it a strategic alliance in the Cooper Basin. Repeats the ASX announcement.
5 June 2006asset acquisition disposition▲ GoodMajor
Beach buys 29 million shares, a 19.9% stake in Great Artesian Oil and Gas, from its three founding directors at A$0.50 each (A$14.5m, off-market). Three Beach nominees including COO Hector Gordon join the Great Artesian board; Dr Shaw stays as managing director.
5 June 2006asset acquisition disposition▲ Good
Great Artesian's own release on Beach's 19.9% purchase at 50c a share. It expects farminees to largely fund its planned 8 exploration wells and 1 appraisal well, with up to A$47m of farminee spending over 18 months.
5 June 2006drilling progress report● Neutral
Cooper reports Sellicks-3, spudded 4 June, at 493 m drilling ahead, to appraise the Patchawarra west of Sellicks-1. Beach 75% operator, Cooper 25%. No results yet.
30 May 2006drilling progress report▲ Good
Beach weekly report: Sellicks-2 TD with about 7 m Patchawarra oil pay and 3-6 m Poolowanna pay; Sellicks-3 to follow from the same pad. Basker-4 suspended; 15 Tipton West wells done.
30 May 2006farm in farm out agreement● Neutral
Great Artesian signs a farm-in with Red Sky Energy, which will fund an airborne geochemical survey and 60% of up to three wells to earn 20% of a block in PEL 91. Beach holds 40% of PEL 91 and operates it.
30 May 2006drilling result▲ Good
Sellicks-2 reached 2,160 m; logs show oil zones in the Poolowanna and Patchawarra, with further zones untested. The well will be completed as a multi-zone producer and expected on production in July 2006. Beach 75%, Cooper 25%.
30 May 2006joint venture update▲ Good
Operator Arrow reports 15 Tipton West wells drilled and first sales gas scheduled for Q1 2007. The first ten wells are to be on pump within a week. A letter of intent is signed for processing facilities, and APA funding is targeted before June 2006 year-end. Beach holds 40%.
26 May 2006farm in farm out agreement▲ GoodMajor
Beach and Great Artesian amend their farm-in: Beach funds three exploration wells and 142 sq km of 3D seismic, about A$7.5-8m, to earn 50% of a 180 sq km block of PEL 106. Tennyson-1 is due July 2006. Earlier terms gave no block interest.
24 May 2006well test result▲ Good
Cooper confirms the Sellicks-2 Poolowanna test rate of 2,250-2,700 bopd with about 25% water, expected to be a new pool discovery. Same information as Beach's release.
24 May 2006drilling result▲ GoodMajor
Sellicks-2 test of the Poolowanna flowed oil at a preliminary 2,250-2,700 bopd with about 25% water. This is a new oil pool in the Sellicks field, which has so far produced only from the deeper Patchawarra. Beach 75%.
23 May 2006drilling progress report● Neutral
Cooper reports Sellicks-2 at 2,007 m with oil shows in several formations. The first test of the Poolowanna was a misrun, and a rerun is planned. Beach 75%.
23 May 2006drilling progress report● Neutral
Beach weekly report: Sellicks-2 at 2007 m, first test misrun and to be rerun; Basker-4 at 3535 m; 12 Tipton West wells completed. No new result.
22 May 2006production update▲ Good
Anzon says Basker-4 reached 3480 m with 34 m of pay, and Basker-2's extended test ended 14 May after 870,000 barrels. Full field development stays at A$304m, with 25,000 bopd forecast from the second half of 2006.
19 May 2006other● Neutral
Computershare share registry cover page for a mailing to Beach securityholders, with only address and contact details. It contained no substantive content.
16 May 2006drilling progress report● Neutral
Cooper reports Sellicks-2 at 1,386 m after setting surface casing, drilling towards the Patchawarra target. No results yet.
16 May 2006drilling progress report● Neutral
Beach weekly report: Sellicks-2 at 1386 m; Basker-4 at 3284 m; Basker-3 to be a gas injector; 11 Tipton West wells done, three rigs working. No new results.
11 May 2006drilling spud● Neutral
Beach spudded Sellicks-2 on 11 May, the first of two appraisal wells at the Sellicks field, testing for undrained oil near Sellicks-1, which has produced over 250,000 barrels. Planned depth is 2147 m. Beach 75%, Cooper 25%.
11 May 2006drilling spud● Neutral
Cooper reports Sellicks-2 spudded 11 May, 120 m south of Sellicks-1, targeting up-dip oil. Same information as Beach's release. Beach operates with 75%.
5 May 2006resource reserve update● NeutralMajor
Great Artesian reports Beach, as operator, estimates Kiana oil field recoverable reserves at 280,000 to 1.17 million barrels, 570,000 barrels at the middle estimate. Free-flow ceased in April with water; a pump is being installed. Beach holds 40%.
2 May 2006drilling progress report● Neutral
Beach weekly report: Silver Sands-1 reached 1967 m and will be cased as a future oil producer; Basker-3 logs show 75 m of pay; seven Tipton West wells done of 85. Repeats known results.
2 May 2006well test result● Neutral
Silver Sands-1 second test in the Birkhead/Hutton implied about 202 bopd and 233 bwpd. The well will be cased as a future Namur and Birkhead/Hutton producer; this is the final release. Beach 75%, Cooper 25%.
1 May 2006drilling progress report● Neutral
Cooper reports Silver Sands-1 reached total depth of 1,967 m, with no shows in the deeper Poolowanna. A second test of the Birkhead/Hutton is under way. Beach operates with 75%.
1 May 2006drilling result▲ Good
Anzon reports Basker-3 reached 4125 m with 75.3 m of hydrocarbon pay, the thickest of the four wells, and structure about 20 m high. Basker-2's extended test ends 14 May. Full field development cost is stated as A$304m (previously A$280m), targeting 25,000 bopd.
28 Apr 2006drilling progress report▲ Good
Cooper reports Silver Sands-1 at 1,637 m with strong oil fluorescence in the Birkhead/Hutton target section. Logs will confirm the extent, and a production test may follow. Beach operates with 75%.