28 Apr 2006admin correction● Neutral
Cooper amends its earlier Silver Sands-1 update to give more detail on the oil fluorescence in the basal Birkhead/top Hutton section (1,628-1,637 m). No change in depth or direction.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2006well test result▲ Good
Cooper reports the Silver Sands-1 Namur open-hole test flowed about 860 bopd and 340 bwpd. Drilling continues to the main Birkhead and Hutton targets. Beach operates with 75%.
27 Apr 2006well test result▲ GoodMajor
Beach reports Silver Sands-1 DST-1 in the upper Namur flowed 859 bopd with 340 bwpd through a quarter-inch choke. Drilling continues to deeper targets. Beach operates with 75%, Cooper 25%.
27 Apr 2006security holder rights change● Neutral
Prospectus dated 17 March 2006 for the free 1-for-10 bonus options at $1.00, expiring 30 Sept 2006, up to about 53 million. Funds would go to exploration, production and working capital. Restates terms already announced.
26 Apr 2006other● Neutral
Bow Energy says a native title agreement clears the way for permit ATP 752P and a farm-in by Avery Resources. Bow plans Banff-1 in June using Beach's Hunt Rig 2. Third-party news; no direct change to Beach's holdings.
26 Apr 2006drilling progress report▲ Good
Cooper reports Silver Sands-1 at 1,358 m with strong oil fluorescence in the Namur. An open-hole production test is next. Beach operates with 75%.
26 Apr 2006drilling progress report● Neutral
Beach weekly report: Silver Sands-1 at 1358 m with Namur oil shows; Harpoono-3 cased as a future injection well; Basker-3 at 3855 m; six Tipton West wells done. Repeats known results.
26 Apr 2006drilling progress report● Neutral
Beach says Silver Sands-1 reached 1358.3 m with oil shows at the top of the Namur, and is pulling out to run DST-1. Result to follow. Same information as Cooper's release.
21 Apr 2006drilling spud● Neutral
Cooper reports Silver Sands-1 spudded on 20 April, a near-field exploration well 1.5 km southeast of Christies, targeting Namur and Birkhead/Hutton oil to 1920 m. Beach operates with 75%.
20 Apr 2006drilling result▼ Bad
Stuart reports the second Harpoono #3 Murta test recovered 25 bbl water and 1 bbl oil. The well will be cased and suspended as a future injection well for pressure maintenance. Final drilling release; Beach holds 33%.
20 Apr 2006production update▲ Good
Stuart says Harpoono #2 is on stream, flowing over 200 bopd naturally from the new McKinlay pool, with a pump due next month. Rimfire and Revenue wildcats follow in late May or June. Beach holds 33.3%.
19 Apr 2006drilling progress report● Neutral
Stuart reports Harpoono #3 is running in with test tools for a second Murta test at 1161-1164 m. Beach holds 33%. Routine, no result.
19 Apr 2006admin correction● Neutral
Beach confirms 50,595,409 bonus options were allotted on 18 April and lists the top holders and holder distribution. Administrative detail on the option issue already announced.
19 Apr 2006material agreement▲ GoodMajor
Arrow announces a Heads of Agreement for Australian Pipeline Trust to fund, own and operate Tipton West gas processing facilities (est. A$50m, up to 17 PJ a year). Beach holds 40%. Final documents targeted before June; first gas early 2007.
18 Apr 2006drilling progress report● Neutral
Beach weekly report: Christies-5 cased as an oil producer after tests of 85 and 318 bopd; Silver Sands-1 rigging up; Harpoono-3 at 1490 m with a water-bearing first test; Basker-3 at 3730 m. Mostly repeats known results.
18 Apr 2006security holder rights change● Neutral
Beach despatched the 50,595,409 bonus options (1 for 10, $1.00, expiring 30 Sept 2006); quotation requested from 1 May. Shares on issue are 508,546,049, with 23.4m 60c options still outstanding. Completes the issue announced in March.
18 Apr 2006well test result▲ Good
Cooper reports Christies-5 reached 1,853 m; tests flowed 85 bopd (Birkhead) and 318 bopd (Namur) with water. The well was cased as a producer and the rig moved to Silver Sands. Beach operates with 75%.
18 Apr 2006admin correction● Neutral
Beach clarifies that its 60c options do not expire until 30 June 2006; about 23 million remain and can still be converted. Clarifies the 13 April release; no new information.
18 Apr 2006drilling result● Neutral
Stuart reports Harpoono #3 reached 1490 m; the first Murta test recovered water with a trace of oil. The well defines the eastern edge of the McKinlay oil pool found in Harpoono-2. Second test to follow; Beach holds 33%.
13 Apr 2006drilling progress report● Neutral
Stuart reports Harpoono #3 at 354 m, running surface casing. Beach holds 33%. Routine progress, no result.
13 Apr 2006capital raising announcement▲ GoodMajor
About 57 million of 80 million 60c options were exercised, raising over A$38m for Beach; shares on issue rise to 508.5m. About 23m 60c options remain to 30 June, plus 50m new $1.00 bonus options. Full conversion would add $64m by 30 Sept.
12 Apr 2006drilling spud● Neutral
Stuart reports Harpoono #3 spudded 11 April and is drilling surface hole at 81 m, targeting Murta and McKinlay oil to 1480 m. Beach holds 33%. Follow-up to the Harpoono-2 discovery; no result yet.
11 Apr 2006production update● Neutral
Anzon reports Basker-3 at 2915 m and Basker-5 cased awaiting completion. Basker-2 made 183,077 bbl in March (5905 bopd), cumulative 757,316 bbl; its extended test runs to 14 May. Crystal Ocean then sails to Singapore for a gas compressor.
11 Apr 2006drilling progress report● Neutral
Beach weekly report: Christies-5 at 1647 m nearing total depth; Harpoono-3 about to spud; Basker-3 drilled to 2915 m; Tipton West wells progressing (four of 85 done). Repeats known activity, no new result.
11 Apr 2006drilling progress report● Neutral
Cooper reports Christies-5 at 1,742 m, with Top Hutton at 1,637 m and fluorescence in the Birkhead target. Total depth of 1840 m expected that day, then logging. No test result yet.
11 Apr 2006other● Neutral
Bow Energy, Beach's Hunt Rig #2 sharing partner, won 100% of Queensland permit ATP 809P and plans Banff-1 on the rig, spud June 2006. Third-party news; no direct change to Beach's interests.
10 Apr 2006drilling progress report● Neutral
Cooper reports Christies-5 repaired and drilling resumed on 9 April, now at 1,468 m. Namur showed good oil fluorescence; total depth about 1850 m is expected in two days.
5 Apr 2006drilling progress report▼ Bad
Cooper reports Christies-5 drilling suspended at 1376 m after a rig hoisting-system fault, awaiting repairs and safety inspection. The Namur was reached as expected. A delay, not a result.
4 Apr 2006drilling result▲ Good
Stuart reports the Harpoono 2 Murta test flowed 240 bopd. The well will be cased as a dual McKinlay and Murta oil producer and tied into existing facilities. Final drilling report; Beach holds 33.33%.
4 Apr 2006drilling progress report● Neutral
Beach weekly report: Christies-5 at 1270 m; Harpoono-2 discovery and dual completion; Basker-5 cased and suspended, Basker-3 at 1163 m; two more Tipton West wells completed. Repeats known results.