8 Mar 2006well test result▲ Good
Final Middleton-1 test result: gas flowed at 11.8 mmcf/d through a 5/8-inch choke at 1170 psi, with 0.1 barrels of condensate and no water. Slightly above the 11 mmcf/d preliminary figure.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2006flow test result▲ GoodMajor
Middleton-1's second test flowed gas at 11 million cubic feet a day over 2653-2663 m, with about 7 m of net gas pay. The well will be cased and suspended. This resolves the earlier misrun with a strong gas result.
7 Mar 2006well test result▲ GoodMajor
Beach confirms Middleton-1 DST 2 flowed gas at 11 mmcf/d at 1170 psi, with about 7 m net pay and a likely 3-9 m more in other sands. The well will be cased and suspended.
7 Mar 2006other▲ Good
Beach's media release calls Middleton-1 one of the Cooper Basin's strongest gas flows (11 mmcf/d), calling it a new discovery. Managing Director Reg Nelson says more evaluation is needed to size the reserves. Repeats the known test result.
7 Mar 2006other▲ Good
Great Artesian's media release repeats the Middleton-1 gas result (11 mmcf/d, 50:50 with Beach) and calls it its third success in three wells. It also notes Kiana oil, Smegsy gas starting. Nothing new on Beach.
6 Mar 2006drilling progress report● Neutral
Beach says Middleton-1 is preparing a second drill stem test (DST 2) over 2653-2663 m in the Patchawarra Formation. Results will follow; the earlier test had misrun.
6 Mar 2006drilling progress report● Neutral
Great Artesian says weekend wireline logs on Middleton-1 indicate several possible gas zones in the Patchawarra. An inflate-straddle test (DST-2) will run over 2653-2663 m. No result yet.
6 Mar 2006security holder rights change● Neutral
Beach writes to holders of options expiring 30 June 2006 (A$0.60 exercise). To receive the 1-for-10 bonus options and 0.5c dividend, they must exercise with payment by 31 March 2006.
3 Mar 2006drilling progress report● Neutral
Beach reports Middleton-1 still at 2841 m total depth, preparing to run wireline logs. No new information.
3 Mar 2006drilling progress report● Neutral
Great Artesian repeats Beach's update: Middleton-1 at 2841 m, preparing to log, with several sands showing elevated gas readings. Routine, no result yet.
3 Mar 2006joint venture update▲ Good
Anzon says Manta-2A has been tested and suspended for future production, and the rig has moved to Basker to batch-drill Basker-3, 4 and 5. Basker-2 produced 165k barrels in February (~5,900 bopd); about 380k barrels to be sold around 23 March.
2 Mar 2006drilling progress report● Neutral
Great Artesian repeats that Middleton-1 reached total depth of 2841 m in the Merrimelia Formation, with several sands showing elevated gas readings. Wireline logs are about to run; no test result yet.
2 Mar 2006drilling progress report● Neutral
Middleton-1 reached total depth of 2841 m, shy of the planned 2895 m, and Beach is preparing to run wireline logs. Whether the well found hydrocarbons is not yet stated.
1 Mar 2006security holder rights change▲ Good
Beach will give shareholders one bonus option per 10 shares held at 31 March 2006, exercisable at A$1.00 until 30 September 2006, alongside a 0.5c dividend paid 26 April with a 5% discount reinvestment plan.
1 Mar 2006investor presentation● Neutral
Beach's March investor presentation restates known facts: about 458.2m shares and 73.7m options, fully diluted market cap about A$570m at A$1.15, cash A$72.2m and debt A$1.1m at 31 Dec. It also notes the ATP633P award after an eight-year native title delay.
1 Mar 2006half year report▲ GoodMajor
Beach's half-year to 31 Dec 2005: revenue A$78.8m (up 159%) and net profit A$31.3m (up 227%). Cash 'other revenue' of A$34.7m includes the Anzon share sale and revaluation. Interim dividend 0.5 cents.
1 Mar 2006admin correction● Neutral
Amended re-release of the 1 March profit release, with the Gippsland equity wording changed per the title. The visible text matches the original (A$31.2m profit, 0.5c dividend, 1-for-10 bonus option); the exact amendment is not visible.
1 Mar 2006drilling progress report● Neutral
Beach reports Middleton-1 at 2749 m, drilling ahead in the Patchawarra Formation. Routine progress.
1 Mar 2006half year report▲ Good
Beach reports record half-year profit of A$31.2m, including a one-off A$19.4m from the Anzon share sale; excluding it, profit rose 24% to A$11.8m. Declares a 0.5c dividend and a 1-for-10 bonus option at A$1.00. P+P reserves 28.1 mmboe.
1 Mar 2006drilling progress report● Neutral
Great Artesian reports Middleton-1 at 2749 m, drilling ahead in the Patchawarra Formation towards a planned 2895 m. Routine progress.
28 Feb 2006drilling result● Neutral
Middleton-1's first drill stem test over 2653.0-2666.6 m was misrun because the tool plugged, so there is no flow result. The sand will be evaluated from wireline logs instead, and drilling resumes.
28 Feb 2006drilling progress report● Neutral
Great Artesian repeats Beach's report that Middleton-1's DST-1 misran due to tool plugging. Drilling ahead resumes at 2667 m, with the sand to be evaluated from logs.
27 Feb 2006drilling progress report● Neutral
Great Artesian reports Middleton-1 at 2667 m after Patchawarra sandstones showed elevated gas readings. A drill stem test is planned over 2653.0-2666.6 m. Routine progress, no result yet.
27 Feb 2006drilling progress report● Neutral
Beach reports Middleton-1 at about 2666 m, preparing to run DST-1 over 2653.0-2666.6 m in the Patchawarra Formation. No result yet.
24 Feb 2006drilling progress report● Neutral
Beach reports Middleton-1 at 2445 m, preparing to drill ahead after a bit change. Routine progress.
23 Feb 2006well test result▲ GoodMajor
Manta-2A tested at a stabilised 6,370 bopd of oil and 4.4 MMscf/d of gas with no water, with 32.9 m of net oil pay. Anzon calls it confirmation of a second oil field. The well stays shut in until Q3 2006; the rig moves on to Basker-3, 4 and 5. Beach holds 50%.
23 Feb 2006drilling progress report● Neutral
Beach reports Middleton-1 at 2385 m, drilling ahead in the Epsilon Formation. Routine progress.
22 Feb 2006drilling progress report● Neutral
Beach reports Middleton-1 at 2190 m, drilling ahead in the Poolowanna Formation. Routine progress.
21 Feb 2006drilling progress report● Neutral
Beach reports Middleton-1 at 1931 m, drilling ahead in the Adori Sandstone. Routine progress.
21 Feb 2006flow test result▲ Good
Magellan repeats Beach's Kiana-1 result: the second Patchawarra sand lifts combined flow to about 750 bopd, with 1,000 bopd expected in coming weeks. Magellan holds 30% of the joint venture. Nothing new.