Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2020drilling result▼ BadMajor
Tawhaki-1 in offshore New Zealand (Beach 30%, OMV operator) reached 2,980 m with no hydrocarbons in the target reservoir and is being plugged and abandoned. This is a dry hole for the frontier well Beach farmed into in December at about $25m net cost.
11 Feb 2020half year report● Neutral
Half-year report to 31 December 2019: statutory NPAT $278.5m (-2%), underlying NPAT $273.5m, sales revenue $900m (-6%). Interim dividend 1.0c, same as last year. Operating cash flow fell 27% to $351.4m.
11 Feb 2020investor presentation● Neutral
Slides accompanying the half-year result, repeating the 105 wells at 83% success, $274m underlying NPAT, $60m net cash and the updated guidance. No new announcements evident.
11 Feb 2020half year report● NeutralMajor
Half-year results: underlying NPAT $274m, net cash $60m, 1.0c interim dividend. FY20 capex guidance raised to $875-950m (from $750-850m) for added Tawhaki and SA Otway activity, and production guidance narrowed to 27-28 MMboe.
3 Feb 2020other● Neutral
Notice that half year results and a conference call will be released on 11 February 2020. Administrative only, no substance.
28 Jan 2020well test result● Neutral
Cooper Energy (not Beach) reported the Dombey-1DW1 production test in PEL 494 (Beach 70% operator) exceeded 18 MMscf/d, showing good productivity. Pressure data suggest a small pool, possibly connected to a larger one; 3D seismic is being considered. Resource size is not yet established.
21 Jan 2020drilling result● Neutral
Cooper Energy (not Beach) reported the Rincon appraisal concluded, ending the 13-well PEL 92 program. Rincon-3 found a 1.2 m net oil column and is suspended as a future producer; Rincon-2 had oil shows. Field reviews precede any development drilling.
6 Jan 2020drilling result● Neutral
Cooper Energy (not Beach) reported the Butlers appraisal in PEL 92 finished: two wells dry, Butlers-10 and -11 had oil shows in the McKinlay Member, and the Namur was water-wet or swept. Rincon-2 spudded 4 January; a Butlers-11 test is pending.
19 Dec 2019farm in farm out agreement● NeutralMajor
Beach agreed with OMV to acquire 30% of offshore New Zealand permit PEP50119, which holds the undrilled Tawhaki prospect (closure up to 470 km2). It funds 30% of Tawhaki-1, about $25m, drilling early 2020; subject to NZ approval.
16 Dec 2019flow test result▲ GoodMajor
Beharra Springs Deep-1 flow test reached up to 46 MMscfd, tubing constrained, with stable rates over 96 hours, confirming the October Kingia gas discovery. Tie-in is expected by end-2020. The 17% sell-down to Mitsui completed 29 November, giving 50:50; Trieste 3D seismic has started.
5 Dec 2019drilling spud● Neutral
Cooper Energy (not Beach) reported a four-well Butlers appraisal in PEL 92 (Beach operator 75%) began on 3 December 2019 with Butlers-10. It follows Callawonga and aims to test field limits; Rincon is next.
3 Dec 2019drilling result● Neutral
Cooper Energy (not Beach) reported the four-well Callawonga appraisal in PEL 92 (Beach operator) finished. Three wells had oil shows and came in high to prognosis, which may increase field size; Callawonga-22 was dry. Butlers appraisal follows.
26 Nov 2019other● Neutral
New constitution document adopted at the AGM (resolution 9 passed). The extracted text is garbled and largely unreadable. Text not readable.
6 Nov 2019drilling spud● Neutral
Cooper Energy (not Beach) reported a 10-well appraisal program in PEL 92 (Beach operator 75%, Cooper 25%) began with Callawonga-22 on 5 November 2019. Four Callawonga wells come first, then Butlers and Rincon, following the Parsons campaign.
5 Nov 2019drilling progress report● Neutral
Cooper Energy (not Beach) reported the rig released from Dombey-1DW1 in PEL 494 (Beach operator 70%) after drilling to 3,384 m. The Pretty Hill gas find is cased and suspended, with a well test planned for December to confirm deliverability and gas volumes.
29 Oct 2019investor presentation● Neutral
Presentation for Beach's US and Canada roadshow, sent for information. Reserves figures are those already released with the FY19 annual report on 19 August 2019; the extracted text shows no new announcements.
28 Oct 2019drilling result▲ GoodMajor
Beach announced a gas discovery at Beharra Springs Deep-1 in the Perth Basin (Beach 50% and operator, Mitsui 50%, pending the 17% sell-down). It found an estimated 36 m net pay in the Kingia Sandstone, comparable to Waitsia-4. Recoverable volumes are still to be assessed.
28 Oct 2019annual report● Neutral
2019 Sustainability Report covering FY19: safest year on record, TRIFR 3.4, and community investment of about $1m across 38 organisations. It restates the FY19 story; no new financial or operational news.
15 Oct 2019drilling result▲ GoodMajor
Cooper Energy (not Beach) reported a gas discovery at Dombey-1DW1 in PEL 494 (Beach 70% operator). It found a 44.5 m gross gas column with about 25 m net pay in the Pretty Hill Formation. Commerciality is not yet established; testing is required.
24 Sept 2019investor presentation● Neutral
Presentation for the 24-25 September Victorian Otway Basin site visit, covering strategy and portfolio with FY19 figures (29.4 MMboe production, 326 MMboe 2P). The extracted text shows no new announcements.
11 Sept 2019drilling spud● Neutral
Cooper Energy (not Beach) reported Dombey-1 spudded on 10 September 2019 in PEL 494 (Beach operator 70%, Cooper 30%). The conventional gas well targets Pretty Hill and Sawpit sandstones to about 3,226 m, with a $6.9m SA Government grant. This is the Dombey-1 well planned after Haselgrove-4.
2 Sept 2019investor presentation● Neutral
Presentation for Beach's UK and Europe roadshow, sent for information. Based on the FY19 results material and the same disclaimers; the extracted text shows no new announcements.
22 Aug 2019drilling result● Neutral
Cooper Energy (not Beach) reported the three-well Parsons appraisal in PEL 92 (Beach operator, 75%) finished. Parsons-6 found a 2 m net oil column and is suspended as a future producer; Parsons-7 and -8 found no oil but extended field size. Development drilling is likely.
19 Aug 2019annual report▲ Good
The 2019 Annual Report repeats the FY19 results: record production of 29.4 MMboe, sales revenue of $1,925m and underlying NPAT of $560m. It also reports a safest year on record and sets out the 26 November 2019 AGM date. No new announcement in the extracted text.
19 Aug 2019other● Neutral
Appendix 4G, the standard key to Beach's corporate governance disclosures for FY19, lodged with the annual report. Administrative filing with no substance.
19 Aug 2019half year report▲ GoodMajor
FY19 results: production 29.4 MMboe, underlying NPAT $560m, net cash two years early. 2P reserves rose to 326 MMboe (204% replacement). FY20 guidance is 27-29 MMboe; the five-year target was lifted to 34-40 MMboe (from 30-36) and FCF to $2.7bn.
19 Aug 2019annual report▲ Good
Appendix 4E for FY19: revenue rose 64% to $2,078m and NPAT rose 190% to $577m, with underlying NPAT up 86% to $560m. A 1.0 cent fully franked final dividend is payable 30 September 2019.
19 Aug 2019other● Neutral
2019 Corporate Governance Statement, approved by the board on 16 August 2019. It describes board roles and skills; the board has nine directors. Administrative disclosure with no operational or financial news.
19 Aug 2019investor presentation● Neutral
FY19 results presentation repeating the same-day results: 29.4 MMboe, underlying NPAT $560m, 194 wells targeted in FY20 and the raised five-year outlook. No new information evident in the text provided.
7 Aug 2019other● Neutral
Notice that Beach will release its FY19 results on 19 August 2019, followed by a conference call. Administrative notice with no substance.
