Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2006other▲ Good
Beach's company update restates the 40% Tipton West reserve rise (2P 174 PJ) and the Harpoono-2 oil discovery. It also confirms a drilling schedule of more than 30 wells in 2006, and says Braemar power station gas sales from March 2007.
3 Apr 2006dividend declaration● Neutral
Beach sets a 5% discount for the dividend reinvestment plan on the 2006 interim dividend, giving a share issue price of $1.16192. Administrative detail on the 0.5c dividend already declared.
31 Mar 2006drilling spud● Neutral
Cooper Energy reports Christies-5 spudded 30 March and is at 369 m. Beach operates with 75%, Cooper 25%. Routine appraisal spud.
31 Mar 2006drilling result▲ GoodMajor
Anzon reports Basker-5 reached 3640 m with better-than-expected logs: 57.4 m of hydrocarbon pay (18.3 m oil, 33.5 m gas), and the structure top over 20 m higher than expected. Wells are due to be perforated in early May; a reserves review follows drilling.
31 Mar 2006drilling progress report● Neutral
Stuart reports Harpoono 2 at 1128 m, with the primary Murta target expected to be drilled that day. Beach has 33.33%. Routine, no result yet.
31 Mar 2006drilling spud● Neutral
Beach confirms Christies-5 spudded 30 March, drilling at 369 m toward a planned 1840 m. It appraises the north-west extent of the 2003 Birkhead/Hutton oil pool and is the second Christies well; Beach 75%.
30 Mar 2006drilling progress report● Neutral
Stuart reports Harpoono 2 drilling ahead at 690 m. Beach has 33.33%. Routine, no new result.
29 Mar 2006production update▲ Good
Anzon (operator, Beach 50%) delivered a second Basker-Manta cargo of about 400,000 barrels, worth about $35m, to a Victorian refiner. Basker-2 averages about 7,000 bopd; full five-well development is expected to average 25,000 bopd.
29 Mar 2006drilling progress report● Neutral
Stuart reports Harpoono 2 still at 354 m, making up a new drilling assembly. Beach has 33.33%. Routine, no new result.
28 Mar 2006drilling progress report● Neutral
Beach's weekly report: Christies-4 cased and suspended, with Christies-5 due to spud around 31 March. Basker-5 reached 3640 m; Harpoono-2 at 354 m; Tipton West wells progress (3 of 85 completed). No new significant results.
28 Mar 2006drilling progress report● Neutral
Stuart reports Harpoono 2 at 354 m, preparing to run surface casing. Beach has 33.33%. Routine, no new result.
27 Mar 2006drilling result▲ Good
Beach reports Christies-4 will be cased and suspended after finding oil pay. A repeat test (DST 2) flowed 653 bopd of oil plus 1150 barrels of water a day. It extends the 2003 Birkhead/Hutton discovery south-east; Christies-5 is the second well in the program.
27 Mar 2006drilling result▲ Good
Partner Cooper Energy reports Christies-4 reached 1859 m, with oil on logs and an open-hole test flowing 650 bopd with 1150 barrels of water a day. The well will be cased and suspended for completion and tie-back. Cooper's final release on this well.
27 Mar 2006drilling spud● Neutral
Stuart Petroleum spudded Harpoono 2 on 27 March, with Harpoono 3 to follow. Beach holds 33.33% and Stuart is operator. The wells target Murta oil (pre-drill P50 oil in place 0.69 million barrels) and a possible McKinlay oil pool; success could add two more exploration wells.
24 Mar 2006farm in farm out agreement▲ Good
Media release on the VIC/P46 farm-in (17.5% to 50%, Beach operator; Mitsui subsidiary Mittwell holds 25%). Management says the Fermat prospect could hold over one trillion cubic feet of gas, which is a pre-drill estimate. Next Basker cargo is over 410,000 bbl.
24 Mar 2006farm in farm out agreement▲ GoodMajor
Beach agrees to farm in to acquire a further 32.5% of Otway Basin permit VIC/P46, lifting its stake from 17.5% to 50% and taking over as operator. 3D seismic is planned later in 2006, with one well in 2007; subject to documentation and assignment.
24 Mar 2006farm in farm out agreement▲ GoodMajor
Essential Petroleum (the permit's current operator) says it accepted Beach's offer to lift Beach's stake in offshore Otway Basin permit VIC/P46 from 17.5% to 50%. Beach becomes operator; Essential keeps 25% and is substantially carried through a 3D seismic and drilling program costing over $20m.
21 Mar 2006drilling progress report● Neutral
Beach starts weekly drilling reports. Christies-4 at 911 m; Basker-5 at 3191 m with Basker-3 and 4 cased at the surface; Tipton West wells being drilled. No new results.
21 Mar 2006drilling progress report● Neutral
Cooper Energy reports Christies-4 at 911 m, with 9 5/8-inch casing set. Drilling continues toward 1684 m, with a possible open-hole production test. Routine progress.
17 Mar 2006drilling spud● Neutral
Beach confirms Christies-4 spud on 17 March, targeting the Birkhead/Hutton oil pool south-east extension to 1684 m. Beach is switching to weekly drilling reports on Tuesdays.
17 Mar 2006security holder rights change● Neutral
Beach lodges the prospectus for the free bonus options: 1 per 10 shares held at 31 March, up to about 53 million, exercisable at A$1.00 until 30 September 2006. Full exercise would raise roughly A$53m (inference).
17 Mar 2006drilling spud● Neutral
Christies-4 spudded at midnight on 17 March and has drilled to 47 m. Beach holds 75% and Cooper Energy 25%. Routine appraisal well in the existing Christies oil field.
15 Mar 2006drilling scheduled● Neutral
Cooper Energy says Christies-4, an oil appraisal well in the Christies field, should spud 17 March using Century 3. Planned depth is 1684 m, taking 8-10 days.
10 Mar 2006other● Neutral
Strike Oil, a partner, says Beach's ATP633P permit entitles it to a 15% interest. It plans 3D seismic in Q2 and a follow-up well on the Gidgee oil discovery around year-end. Repeats the known permit award.
10 Mar 2006drilling scheduled● Neutral
Beach's final Middleton-1 report: rig being released and moving about 30 km west to Christies-4, expected to spud around 17 March. Beach holds 75% of Christies, Cooper Energy 25%.
10 Mar 2006other● Neutral
Arrow Energy's operations update says Tipton West development drilling has begun, with 75 wells planned in the initial program and first gas scheduled for Q1 2007. It restates Beach's farm-in for 40% by funding the first A$35m.
9 Mar 2006drilling progress report● Neutral
Great Artesian's final Middleton-1 report: casing is being run before rig release. Gas zones, including the 11.8 mmcf/d interval, may get cased-hole testing within 2-3 months depending on equipment.
9 Mar 2006security holder rights change● Neutral
Beach clarifies bonus options (1 per 10 shares at 31 March) will be entered on 18 April but not listed until 1 May 2006, after the prospectus is mailed around 26 April. Timing clarification only.
9 Mar 2006drilling progress report● Neutral
Beach reports Middleton-1 at 2841 m, running 7-inch production casing. Routine, no new result.
8 Mar 2006well test result▲ Good
Great Artesian repeats the final Middleton-1 test: 11.8 mmcf/d, minor condensate, no water. The well will be cased and suspended pending completion equipment.
