25 Nov 2020agm notice● Neutral
Chairman and Managing Director addresses and slides for the 25 November 2020 virtual AGM. Text provided is largely procedural; no new business information visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 2,410 m, still drilling the large upper hole section. No results yet; Beach holds 21%.
19 Nov 2020resource reserve update● Neutral
Red Sky (not Beach) published contingent resources for Killanoola, the field Beach is selling: 2C of 2.8 million barrels (1C 0.8, 3C 5.4). No reserves are claimed. No new information on Beach itself.
13 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 1,811 m, with the blowout preventer installed and larger hole section under way. Still around 85 days expected in total.
10 Nov 2020drilling result▲ GoodMajor
Beach made a gas discovery at Enterprise 1 in the Victorian Otway Basin (Beach 60%, O.G. Energy 40%): 115 m net gas pay at 4,974 m total depth, about 10% CO2. First Otway exploration success after Black Watch-1; to be cased as future producer, volume estimate by February 2021.
6 Nov 2020asset acquisition disposition● Neutral
Red Sky Energy (not Beach) signed a binding agreement to buy Beach's 100% of the Killanoola oil field (PRL 13) and will raise about $4m by rights issue. Completes the pending PRL13 sale thread; price not stated here.
6 Nov 2020drilling progress report● Neutral
NZ Oil & Gas (not Beach) reported Ironbark-1 at 1,583 m after spud and the 26-inch section. Well expected to take around 85 days to reach a ~5,668 m target. Beach holds 21%.
3 Nov 2020asset acquisition disposition● Neutral
Senex (not Beach) announced the sale of its South Australian Cooper Basin assets to Beach for $87.5m cash, effective 1 July 2020, completion expected early 2021. Counterparty view of the deal Beach announces separately.
3 Nov 2020asset acquisition disposition▲ GoodMajor
Beach will buy Senex's Cooper Basin assets for $87.5m cash, adding 6.8 MMboe of 2P reserves and ~0.6 MMboe FY21 production, and becoming sole Western Flank operator. Beach cites about $5m a year of savings; settlement expected by March 2021 quarter.
2 Nov 2020drilling spud● NeutralMajor
Cue Energy (not Beach) reported Ironbark-1 began drilling on 31 October 2020, expected to take 70-90 days. Targets a 15 Tcf prospective gas resource (unrisked, undiscovered). Beach holds 21% of WA-359-P.
23 Oct 2020quarterly activities report● Neutral
Q1 FY21 production 6.8 MMboe (1% below prior quarter), revenue $361m (+13%), net cash $9m, down from $50m at June. FY21 guidance unchanged. Enterprise 1 spudded 1 October; Waitsia Stage 2 FID still on track for December quarter.
19 Oct 2020annual report● Neutral
2020 Sustainability Report restating the 25% absolute emissions cut by FY25 (vs FY18) and the refreshed purpose. Names FY21 projects: flaring reduction, Bauer hybrid renewable supply and leak detection. Mostly repeats earlier disclosures.
12 Oct 2020drilling progress report● Neutral
Cue Energy (not Beach) reported the Ocean Apex rig was handed to BP and is moving to the Ironbark-1 location, taking about 10 days. Beach holds 21% of WA-359-P; the well has not yet started drilling.
1 Oct 2020agm notice● Neutral
Beach's 2020 AGM will be a virtual meeting on 25 November 2020 because of COVID-19 rules. The Notice of Meeting is due 19 October 2020.
22 Sept 2020regulatory community update▲ Good
Cue Energy (not Beach) reported all approvals for Ironbark-1 are complete, with drilling expected to start late October 2020 after the Ocean Apex rig handover. Beach holds 21% of WA-359-P; the well targets about 5,500 m.
26 Aug 2020agm notice● Neutral
Beach received a shareholder request to put two resolutions to the 25 November 2020 AGM, including a plan to wind down oil and gas operations in line with Paris climate goals. Beach is assessing validity and points to its 25% emissions reduction target by FY25.
17 Aug 2020annual report● Neutral
Full 2020 Annual Report covering the year to 30 June 2020, with a new stated purpose of sustainably delivering energy for communities. It repeats the results and operations announced alongside the FY20 results on the same day.
17 Aug 2020material agreement▲ GoodMajor
Beach signed a new Ocean Onyx rig contract with Diamond for up to 9 Victorian Otway wells (6 firm, 3 options), drilling from December 2020 to March 2021, starting with Artisan-1. A settlement will dismiss the legal dispute over the April termination, subject to Bankruptcy Court approval and conditions precedent.
17 Aug 2020annual report● Neutral
2020 Corporate Governance Statement, current at 14 August 2020, describing board roles and composition (nine directors, seven men and two women). Administrative disclosure with no new business information.
17 Aug 2020annual report● Neutral
Appendix 4G, the checklist pointing to where Beach's corporate governance disclosures are found. Administrative filing with no new information.
17 Aug 2020annual report● NeutralMajor
FY20 results: underlying NPAT $461m, statutory $501m, net cash $50m, 2P reserves 352 MMboe (214% replacement), final dividend 1c. Growth plan continues at slower pace with over $300m of FY21 capex deferred; targets 37-43 MMboe in FY25. Waitsia Stage 2 FID expected December 2020 quarter.
17 Aug 2020annual report● Neutral
Appendix 4E for FY20: revenue down 17% to $1,728.2m, statutory NPAT down 13% to $500.8m, underlying NPAT down 18% to $461.0m. Final dividend 1.0c, record date 31 August, paid 30 September 2020.
17 Aug 2020investor presentation● Neutral
Slides accompanying the FY20 results, restating $50m net cash, $500m liquidity and the revised growth outlook. Outlook assumes US$41.25/bbl Brent in FY21 and is stated not to be guidance. Mostly repeats the results release.
7 Aug 2020other● Neutral
Notice that FY20 full-year results and presentation will be released on 17 August 2020, followed by a conference call. No new business information.
22 July 2020quarterly activities report● Neutral
June quarter production was 6.84 MMboe, taking FY20 to 26.7 MMboe (+2% pro forma), about 1% below guidance as COVID-19 slowed Western Flank well connections. Realised oil price fell 37% to $46.90/bbl; net cash $50m. Black Watch-1 began producing, adding 45 TJ/d to the Otway Gas Plant.
17 July 2020regulatory community update▲ Good
Cue Energy (not Beach) reported the Ironbark-1 environment plan was approved, with drilling planned from October 2020. Beach holds 21% of WA-359-P (BP operator 42.5%), so the well it expected in late 2020 stays on track.
1 June 2020director officer appointment● Neutral
Ian Grant, formerly Chief Operating Officer of Quadrant Energy and a Santos production executive, was appointed Chief Operating Officer, joining 20 July 2020. Dawn Summers previously held the COO role in the context; the text doesn't say what happened to her.
7 May 2020investor presentation● Neutral
Macquarie conference presentation restating Beach's COVID-19 response and financial strength: $80m net cash, $530m liquidity at 31 March 2020, and a $450m credit facility. No new announcements evident.
28 Apr 2020material agreement termination▼ BadMajor
Diamond Offshore filed for US Chapter 11 and sued, claiming Beach's Ocean Onyx contract termination is invalid, or alternatively seeking damages to be determined. Beach denies the claim and will defend it, while continuing without-prejudice talks about the rig.
22 Apr 2020quarterly activities report● Neutral
March quarter production rose 8% to 6.94 MMboe, but revenue fell 7% to $431m as realised oil price dropped 30% to $74.0/bbl. Net cash was $80m. Black Watch-1 completed as expected; FY20 guidance unchanged with EBITDA at the lower end.