Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2006drilling result▼ BadMajor
Tennyson-1's second test flowed only about 37,000 cubic feet a day of gas, which was judged uneconomic, so the well is being plugged and abandoned. It is a dry hole for Beach, which was funding it to earn 50%. Great Artesian says Middleton-1 and Udacha-1 tests start later this month; a Cooper Basin oil drilling program from mid-October is also outlined.
23 Aug 2006security holder rights change● Neutral
Letter to option holders about expiry of the options on 30 September 2006. Only the address block is readable, so no terms or figures are available. These are the A$1.00 options already known to expire on that date.
23 Aug 2006drilling progress report● Neutral
Great Artesian report: Tennyson-1 logs show a possible gas-bearing sand at 2,695-2,706 m in the Patchawarra. A second test (DST-2) is expected on 24 August. No result yet.
22 Aug 2006drilling progress report● Neutral
Great Artesian report: Tennyson-1 reached its planned total depth of 2,860 m on 21 August and wireline logs are being run. Zones with elevated gas readings will be assessed. No result yet.
22 Aug 2006drilling progress report● Neutral
Weekly report: Tennyson-1 reached 2,860 m; DST 1 recovered only gas-cut mud, and a second test is set for 24 August. Kenmore-39 found 3 m of oil pay and flowed 2,400 bopd in a clean-up. Kenmore-35 is producing 180 bopd; Tipton West has 39 of 75 wells done.
21 Aug 2006drilling progress report▼ Bad
Great Artesian report: Tennyson-1's first test (DST-1) at about 2,722-2,724 m produced no gas to surface, only gas-cut muddy water and 6 barrels of fluid. Drilling continues to total depth, with other gassy zones to be logged.
18 Aug 2006drilling progress report▲ Good
Tennyson-1 at 2,724 m in the Patchawarra hit a sand with elevated gas readings and fluorescence. A drill stem test (DST #1) will be run over the weekend. Result pending.
17 Aug 2006resource reserve update▲ GoodMajor
Independent audit lifts Basker-Manta proved-plus-probable oil reserves 33% to 39.2 million barrels; with gas and condensate contingent resources, total is 118 mmboe, up 240% from 49.3. Capital cost now A$330m; oil production of 25,000 bopd expected mid-October.
17 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 2,575 m in the Patchawarra, drilling ahead to total depth while evaluating all reservoirs. No result yet.
16 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 reached the top of the Patchawarra at 2,474 m and is pulling out for a bit change. No result yet.
15 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 2,310 m in the Nappamerri Formation, nearing the Patchawarra target. Routine progress.
15 Aug 2006drilling progress report● Neutral
Weekly report: Tennyson-1 at 2,289 m; Kenmore-39 spudded 11 August, at 1,118 m. Sellicks-2 connected, stabilised at 250 bopd, expected to exceed 500 bopd after artificial lift by end August. Tipton West 35 of 75 wells done.
14 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 2,071 m, drilling ahead in the Hutton Sandstone toward the Patchawarra. Routine progress.
11 Aug 2006farm in farm out agreement▲ GoodMajor
Anzon, Beach's 50% Basker-Manta partner, agrees to earn 15% of New Zealand permit PEP 38259 by funding part of the Cutter-1 well. Beach is listed with 20%, though the announcement does not say when it acquired this. Ocean Patriot will drill around October; subject to documentation.
11 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 1,052 m, drilling ahead in the Allaru Mudstone toward the Patchawarra. Routine progress.
10 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 956 m, waiting on cement after setting surface casing. Routine, no new result.
9 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 956 m, pulling out to run 9 5/8 inch surface casing. Routine progress, no new result.
8 Aug 2006drilling result● Neutral
Weekly report: Callawonga-1 completed in the Namur and flowed 2,640 bopd on a 2-hour clean-up; rig released. Kenmore-38 had no net pay and was plugged and abandoned (dry). Kenmore-39 due to spud ~10 August; Tipton West has 31 of 75 wells completed.
8 Aug 2006drilling progress report● Neutral
Great Artesian daily report: Tennyson-1 at 868 m drilling surface hole, with casing planned at 950 m. No new result.
7 Aug 2006drilling spud● Neutral
Tennyson-1 spudded 6 August in PEL 106, Beach operating and funding it fully to earn 50% under the May 2006 farm-in. Targets Patchawarra, likely gas/condensate; in-place estimate 2-15 bcf; planned depth 2,840 m. First of three wells plus 3-D seismic.
2 Aug 2006resource reserve update▲ GoodMajor
Cooper reports Callawonga-1 cased as a future Namur oil producer, with P50 recoverable of 1.6 million barrels (100% basis), range 1.1-2.3. Production expected mid-4Q2006. Snowden-1 and Somerton-1 follow. Beach 75% operator.
2 Aug 2006resource reserve update▲ Good
Cooper Energy, Beach's 25% partner in Callawonga, put its own P50 estimate for Callawonga-1 at 1.6 million barrels (0.4 million its share), lifting its discovered reserves 50% to about 1.2 million barrels. It expected production in the final quarter of 2006 and Snowden-1 to spud in about three weeks.
1 Aug 2006other● Neutral
Westpac, responsible entity of the Australian Onshore Energy Fund, confirms Beach's expression of interest is the unsolicited offer it told Santos about. It regards the offer as incomplete.
1 Aug 2006other▲ Good
Great Artesian expects A$3-4m revenue in the first half and says Beach resumed Kiana production. Udacha-1 and Middleton-1 will be production tested this month; Tennyson-1 spuds this month. Beach holds 19.9% of Great Artesian.
1 Aug 2006drilling result▲ Good
Weekly report: Callawonga-1 reached 1,936 m with about 8 m net oil pay; most likely recoverable 1.5 million barrels (range 1.0-2.1). 3-D seismic planned Nov-Dec. Kiana-1 flowing 500 bopd; Tipton West 25 wells completed.
1 Aug 2006other● Neutral
Beach says it has expressed some interest in Delhi Petroleum assets and the FIELDS loan notes and is evaluating its position, but has made no offer. An expression of interest does not mean an offer will follow.
28 July 2006production update▲ Good
Great Artesian reports Kiana oil production resumed after pump installation, the upper Patchawarra zone free-flowing about 400 barrels a day with no water. Total about 800 a day expected once the lower zone is added. Beach operates with 40%.
28 July 2006drilling progress report● Neutral
Cooper reports Callawonga-1 at 1,713 m. Oil shows persist to 1,351 m, possibly a 10 m oil column pending logs. The Hutton was entered at 1,638 m with no shows. Beach 75%.
28 July 2006quarterly activities report▲ Good
June quarter oil production was 271 kbbl, down 44%, mainly from Basker-2 test ending. Financial year production was a record 1,347 kboe. Proved and probable reserves at 30 June are 31.2 mmboe, up 20.4 mmboe (189%).
27 July 2006debt financing▲ GoodMajor
Beach secures an unsecured A$100 million corporate facility from Commonwealth Bank, against current debt of A$1 million. It can fund Basker-Manta start-up, new opportunities and possible faster gas/condensate development. Beach says the 69-well program is funded from cashflow.
