26 June 2006drilling spud● Neutral
Cooper Energy reports Boomer-1 spudded in PEL 92 (Beach 75% operator, Cooper 25%), targeting the Namur Sandstone to 1796 m. Pre-drill P50 recoverable of 2.72 million barrels, with a 10% chance of success.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2006production update▲ Good
Anzon reports Basker-5 cleaned up at an average 5,924 barrels a day, limited by rig test facilities. The rig moves to Basker-3, then the wells are suspended until FPSO Crystal Ocean returns in September. Beach 50%.
23 June 2006well test result▲ Good
Rimfire-1's second Murta test recovered 7.5 barrels of oil, equal to about 45 bopd, which Stuart says extends the Harpoono area and lowers risk at the next well, Revenue-1. A third test follows. Beach holds 33.3%.
22 June 2006drilling progress report● Neutral
Stuart reports Rimfire-1 is running test tools in the hole for a second Murta test over 1153-1167.5 m. Beach holds 33.3%. No new result.
21 June 2006drilling progress report▼ Bad
Stuart reports the first Rimfire-1 Murta test recovered nothing, and a second test of the lower Murta (1162-1167.5 m) is being prepared. Beach holds 33.3%.
20 June 2006drilling result▲ GoodMajor
Cooper reports Sellicks-3 reached 2,215 m with two Patchawarra oil zones, one 8 m deeper than previous oil in the field. The well is being cased for completion; a Sellicks reserves upgrade will follow once Sellicks-2 and -3 results are included. Beach 75%.
20 June 2006investor presentation● Neutral
June 2006 investor presentation recaps known facts: half-year profit A$31.3m, cash A$72.2m, Basker-Manta P+P oil reserves 30.1 mmbbl, full-field production due late third quarter 2006. Market value about A$800m at A$1.42. No new announcements evident.
20 June 2006drilling progress report● Neutral
Stuart reports Rimfire-1 reached 1509 m total depth and is running logs; a first test of the Murta sand (1154-1162 m) is next. Beach holds 33.3%. No test result yet.
20 June 2006drilling progress report▲ Good
Weekly report: Sellicks-3 logs show two oil sands with about 7 m net pay; it will be completed as a producer, connected early July. Kenmore-35 found 2 m of unswept Hutton oil pay. Basker-4 flow figures repeat earlier news.
19 June 2006farm in farm out agreement▲ GoodMajor
Sunshine Gas signs a binding heads of agreement giving Beach an option to earn 50% of ATP 768P in Queensland by funding a well at Champagne Creek. Sunshine stays operator, with drilling targeted for Q3 2006.
19 June 2006production update▲ GoodMajor
Anzon reports Basker-4 cleaned up at about 6,120 bopd from its lower section, with upper section gas at 22.6 mmscf/d; rates were limited by rig test facilities. Basker-3 and -5 are next, then the wells are suspended awaiting FPSO Crystal Ocean's return in September.
19 June 2006drilling progress report▲ Good
Stuart reports Rimfire-1 drilled to 1509 m total depth with oil shows in the Murta and McKinlay. Logs, and possibly drill stem tests, will assess the shows. Beach 33.3%.
19 June 2006farm in farm out agreement▲ Good
Beach details its option to earn 50% of ATP 768P by contributing to a gas well at Champagne Creek, estimated 2700 m, and reimbursing past costs. It sees 30-60 BCF recoverable in the deep target. Sunshine operates; drilling Q3 2006.
16 June 2006well test result▲ Good
Cooper reports the Sellicks-3 Patchawarra test, 2,130-2,146 m, recovered 85 barrels of oil with no water in 90 minutes, equivalent to about 1,365 bopd. This differs slightly from Beach's preliminary figure of about 94 barrels. Drilling continues to 2,195 m.
16 June 2006well test result▲ Good
Beach reports a preliminary result for the second Sellicks-3 test, 2130-2146 m: no fluid to surface in 90 minutes, but about 94 barrels of oil recovered from the drill pipe with no water. This is an encouraging contrast with the first test's water.
16 June 2006drilling progress report▲ Good
Cooper reports Sellicks-3 drilled to 2,146 m with oil shows in sandstones at 2,137.5-2,142 m. A production test across 2,130-2,146 m is next.
16 June 2006drilling progress report● Neutral
Beach says a second test of Sellicks-3, over 2130-2146 m in the Patchawarra, will run that day because of oil shows. Results to follow.
16 June 2006drilling progress report● Neutral
Stuart reports Rimfire-1 surface casing cemented and blowout preventers being tested at 368 m. The main Murta, McKinlay and Hutton targets are expected to be drilled over the weekend. Beach 33.3%.
15 June 2006drilling progress report● Neutral
Stuart reports Rimfire-1 surface hole drilled to 368 m and surface casing being run. Beach 33.3%. No results yet.
15 June 2006drilling result▼ Bad
Cooper reports the first Sellicks-3 Patchawarra test, 2,119-2,126 m, recovered only 37 barrels of water. Drilling continues to evaluate deeper Patchawarra sands.
15 June 2006well test result▼ Bad
Beach confirms the first Sellicks-3 test, 2119-2126 m in the Patchawarra, had no flow to surface and recovered 37 barrels of water. It will drill ahead to evaluate the rest of the Patchawarra.
14 June 2006joint venture update● Neutral
Bow says Beach's latest schedule makes Hunt Rig 2 available in the second half of July, so Bow's Banff-1 slips to late July. This is later than the June timing in earlier context; Beach's Wompi wells are planned for September.
14 June 2006drilling progress report● Neutral
Cooper reports Sellicks-3 at 2,126 m, running in to test the Patchawarra, 2,119-2,126 m. No result yet.
14 June 2006drilling spud● Neutral
Stuart spuds Rimfire-1 at 04:00 on 14 June in PEL 113, planned to 1,542 m. Beach holds 33.3%. Drilling surface hole at 33 m.
13 June 2006drilling progress report● Neutral
Cooper reports Sellicks-3 drilled to 2,126 m with oil shows at the top of the Patchawarra, 2,120-2,126 m. An open-hole production test is next.
13 June 2006drilling progress report● Neutral
Beach weekly report: Sellicks-3 at 2126 m, preparing a Patchawarra test; Kenmore-35 spudded 13 June (Beach 100%); Basker-4 completion continuing; 16 Tipton West wells done. No new result.
8 June 2006drilling scheduled● Neutral
Stuart announces Rimfire-1, 3 km north-east of Harpoono in PEL 113, to spud about 12 June. Pre-drill mean oil in place is 1.7 million barrels across Murta, McKinlay and Hutton, to 1,540 m. Beach 33.3%.
8 June 2006drilling result● Neutral
Stuart plugs and abandons Dalray-1 in PEL 93, which found no economic hydrocarbons, and moves the rig to Rimfire-1 in PEL 113, where Beach holds 33.3%. Beach is not named as a Dalray participant; Stuart says Dalray lowers its oil expectations for the Padulla/Dalray complex.
6 June 2006drilling progress report● Neutral
Beach weekly report: Sellicks-2 cased and completed, on production July 2006; Sellicks-3 at 775 m. Basker-3 and -5 completed as oil producers, Basker-4 being completed. 15 Tipton West wells done of 85 planned. No new result.
6 June 2006drilling progress report● Neutral
Cooper reports Sellicks-3 at 775 m, the 9 5/8-inch casing point, conditioning the hole before running casing. No results yet.