Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2006joint venture update● Neutral
Great Artesian reports Middleton-1 flowing at a stabilised 12 million cubic feet a day of gas on test, with Udacha-1 shut in after about 1 mmcfd. Beach's five-well PEL 107 program, starting with Kiana-2, begins around 4 October.
26 Sept 2006drilling progress report● Neutral
Weekly report: Somerton-1 is dry at 1,836 m and being abandoned. Glenaire-1 is at 3,002 m with 7" casing cemented. Champagne Creek-2A is drilling at 1,609 m. Tipton West has 55 of 75 wells done.
22 Sept 2006drilling progress report● Neutral
Cooper Energy reports Somerton-1 at 1,426 m with no shows in the Namur Sandstone. Drilling continues toward the Birkhead/Hutton target at about 1,600 m.
19 Sept 2006drilling scheduled● Neutral
Bow Energy says Beach has released Hunt Rig 2 to it to drill Banff-1, spud about 25 September to 1,650 m. This is Bow's well; Beach's role is supplying the rig, consistent with the earlier rig arrangement.
19 Sept 2006other● Neutral
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19 Sept 2006drilling scheduled● Neutral
Sunshine Gas says Champagne Creek 2A in ATP 768P will begin drilling by the end of the week to test the Clematis Sandstone, with up to ~60 bcf potential. Beach can earn 50% of the permit after the well. This follows the farm-in option.
19 Sept 2006drilling progress report● Neutral
Weekly report: Somerton-1 spudded 17 September and is cased at 656 m. Kenmore-41 reached 1,452 m with oil recoveries and was cased for later completion as an oil producer. Glenaire-1 is at 2,154 m. Tipton West has 50 of 75 wells done.
18 Sept 2006drilling progress report● Neutral
Cooper Energy reports Somerton-1 spudded at midnight Saturday and drilled to the 9 5/8" casing point at 655 m. Casing is about to be run. No results yet.
18 Sept 2006other▲ Good
Press release on Beach joining the S&P/ASX 200 index from 18 September 2006, citing a A$850m market capitalisation. It expects some institutional buying; it repeats the known results and Delhi deal and adds no new operating information.
15 Sept 2006capital raising announcement● Neutral
Beach confirms it has issued the 81,074,064 placement shares and gives the required compliance notice. Shares on issue now total 624,897,671, with 40.4m listed bonus options outstanding. Completes the placement announced 13 September.
14 Sept 2006security holder rights change● Neutral
Beach writes to FIELDS holders after the Delhi deal: they can redeem at A$100 per note, redeem and apply up to A$42 to Beach shares (needs shareholder approval at the 23 November AGM), take Delhi Holdings shares, or retain. Beach urges the first two options.
14 Sept 2006dividend declaration● Neutral
Beach will discount the 1.0 cent final dividend reinvestment plan price by 5%. Record date is 11 October and payment 25 October 2006; the issue price is to be announced 13 October.
13 Sept 2006admin correction● Neutral
Re-release of the Somerton-1 spud notice with the date corrected to 13 September 2006 (the first copy said August). The content is otherwise unchanged; no new information.
13 Sept 2006half year report▲ GoodMajor
Beach reports FY2006 pre-tax profit more than doubled to A$59.46m and net profit A$43.99m, with oil and gas sales A$123.99m. Final dividend 1.0 cent, full-year 1.5 cents. Management expects Delhi to lift reserves from 36 to over 95 mmboe, and full Basker/Manta production next month.
13 Sept 2006drilling scheduled● Neutral
Cooper Energy says Somerton-1 in PEL 92 (Beach 75% operator, Cooper 25%) will spud 17 September to 1,852 m. It estimates P50 recoverable oil of 0.6 mmbbl in the Namur and 0.4 mmbbl in the Birkhead/Hutton, with a 29% chance of success.
13 Sept 2006annual report▲ GoodMajor
Preliminary FY2006 report: net profit A$43.99m (up 161%), revenue A$158.4m, record production 1.37 mmboe, and proved and probable reserves 36.2 mmboe. Final dividend 1.0 cent. Confirms the headline results, and notes the Delhi acquisition as a subsequent event.
13 Sept 2006capital raising announcement● NeutralMajor
Beach placed about 81 million shares at A$1.39 to raise A$112.7m from Euroz clients, to pay down the Delhi acquisition debt and fund FIELDS note redemptions. This is the placement part of the funding, alongside the A$247m underwritten 2-for-7 rights issue.
12 Sept 2006drilling progress report● Neutral
Weekly report: Snowden-1 abandoned as dry after reaching 1,906 m. Kenmore-41 is at 1,185 m. Glenaire-1, spudded 8 September, is at 448 m. Tipton West has 47 of 75 wells done.
12 Sept 2006drilling result▼ BadMajor
Snowden-1 in PEL 92 reached 1,906 m and recorded no significant hydrocarbon shows in the Birkhead, Hutton or Poolowanna objectives. It was being plugged and abandoned, and the rig was to move to Somerton-1 (Beach 75%, Cooper 25%).
12 Sept 2006farm in farm out agreement▲ Good
Arrow Energy says Beach has elected to spend up to A$3m to farm into Arrow's Dalby South Block in ATP 683P, to appraise the Meenawarra field. Beach has two further A$2m elections available over 24 months. This builds on the Tipton West partnership, where Beach holds 40%.
8 Sept 2006drilling spud● NeutralMajor
Beach spudded Glenaire-1 on 8 September, a gas exploration well in the onshore Otway Basin, Victoria (PEP 160). Beach operates with 50%, Santos 30%, Origin 20%. Planned depth is 3,945 m, taking about 63 days, with mean potential of 68 BCF.
8 Sept 2006drilling progress report▼ Bad
Cooper Energy reports Snowden-1 at 1,548 m. The Namur Sandstone was reached at 1,331 m as predicted but showed no hydrocarbons. Drilling continues toward the Birkhead and Hutton targets.
6 Sept 2006drilling progress report● Neutral
Weekly report: Snowden-1 spudded 1 September and was at 666 m. Kenmore-40 was drilled to 1,452 m and abandoned after recovering only 8 barrels of mud, water and oil. Kenmore-37 was cased with connection imminent, and Tipton West had 43 of 75 wells done.
6 Sept 2006asset acquisition disposition▲ GoodMajor
Beach buys the Delhi Petroleum group, giving an average 21% interest in over 200 Cooper/Eromanga fields, for A$44m plus about A$230m of assumed senior debt. Reserves are expected to rise from 36 to over 95 mmboe. Funding is a A$650m bridge, a A$113m placement at A$1.39 and a 2-for-7 rights issue at A$1.39 raising about A$247m.
6 Sept 2006asset acquisition disposition● Neutral
Westpac, as manager of the FIELDS notes, says Beach's Delhi acquisition triggers redemption at A$100 per note plus a A$3.26 special payment. Holders may redeem, take Beach or Delhi Holdings shares, or retain. A A$300m letter of credit backs redemption until 28 February 2007.
1 Sept 2006other▲ Good
S&P announces Beach Petroleum will be added to the S&P/ASX 200 index, effective close of trade 15 September 2006. This is an index change, not a company operating event.
31 Aug 2006drilling scheduled● Neutral
Cooper Energy says Snowden-1 in PEL 92 (Beach 75% operator, Cooper 25%) will spud 1 September to 1,906 m. It estimates P50 undiscovered oil of 0.8 mmbbl in the Namur and 0.4 mmbbl in the Birkhead/Hutton, with a 25% chance of success.
30 Aug 2006drilling result● Neutral
Sunshine Gas reports its UK Wellington 1 well found no hydrocarbons and will be abandoned. It says the Champagne Creek 2 Deep well, part of the Beach farm-in, will be drilled in September. This is not a Beach well.
29 Aug 2006drilling progress report● Neutral
Weekly report: Tennyson-1 plugged and abandoned after DST-2 gave only 0.03 mmcfd. Kenmore-40 spudded 26 August. Revenue-1's Birkhead flowed 1,100 bopd, with first oil expected mid-September. Tipton West has 43 of 75 wells done.
28 Aug 2006well test result▲ GoodMajor
Stuart Petroleum reports Revenue-1 (Beach 33.3%) flowed about 1,100 bopd from the Birkhead Formation, a zone with only weak shows while drilling. The well will be completed as a three-zone producer, with first oil from mid-September. This follows the earlier McKinlay oil find.
