Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2019drilling spud● Neutral
Cooper Energy (not Beach) reported the Parsons-6 spud, the first of three oil appraisal wells in PEL 92, operated by Beach (75%, Cooper 25%). The wells test the field's extent, and successful wells could produce in Q4 2019.
3 July 2019joint venture update▲ GoodMajor
Beach agreed to sell a 17% interest in Beharra Springs, EP 320 and PL 18 to Mitsui's MEPAU, moving to 50:50 and keeping operatorship. It also signed a 20 TJ/day Waitsia gas deal with Alinta from July 2020 for 4.5 years, with Stage 1 expansion approved.
14 June 2019other▲ Good
S&P Dow Jones Indices announced Beach will be added to the S&P/ASX 100 from 24 June 2019. An index change that does not alter the company's operations or assets.
7 June 2019farm in farm out completion▲ GoodMajor
Cue (not Beach) announced completion of the Ironbark agreements. Beach now holds 21% of WA-359-P alongside BP (42.5%, operator), Cue (21.5%) and NZOG (15%). The Ironbark-1 well is scheduled for late 2020. This completes the thread open since October 2018.
31 May 2019asset acquisition disposition▲ GoodMajor
The sale of 40% of Beach's Victorian Otway assets to O.G. Energy completed, with a $262m payment received ($344m price less $82m adjustments). Beach keeps 60% and operatorship, moves to net cash, and will transfer 40% of La Bella to O.G. Energy.
23 May 2019regulatory community update▲ Good
Cue (not Beach) reported NOPTA approved the WA-359-P title transfers, satisfying the final conditions of the Ironbark agreements. Beach's 21% interest is set, with completion expected shortly and the well due late 2020.
1 May 2019investor presentation● Neutral
Macquarie conference presentation repeating known targets: FY23 production of 30-36 MMboe, over 100% reserves replacement and over $2.6bn cumulative free cash flow. Otway sale completion is still assumed. No new announcements evident in the text provided.
16 Apr 2019other● Neutral
Beach advised that 414,547 shares held in voluntary escrow will be released on 3 May 2019. Administrative notice with no substance beyond the share count.
10 Apr 2019regulatory community update▲ Good
Cue (not Beach) announced a 24-month suspension and extension for WA-359-P was granted, to 25 April 2021. This satisfies the permit condition in the Ironbark farm-in, in which Beach is to hold 21%. Drilling is planned for late 2020.
21 Mar 2019asset acquisition disposition▲ GoodMajor
Red Sky (not Beach) received South Australian ministerial consent and completed the transfer of the Innamincka Dome licences from Beach's subsidiary. This closes the exit from these shut-in Cooper Basin assets, pending since January 2019. No sale price is stated.
11 Mar 2019material agreement● Neutral
Key Petroleum (not Beach) signed a non-binding MoU with Santos and Beach subsidiaries for processing its Tanbar gas at Moomba. Beach is a counterparty as Moomba co-owner; terms are confidential and no direct impact on Beach is stated.
8 Mar 2019asset acquisition disposition● Neutral
Red Sky (not Beach) amended its Innamincka Dome purchase so Beach keeps providing financial security for the licences, and applied for Ministerial consent. All SPA conditions are then satisfied. Red Sky is raising about $342,000 at 0.18 cents per share.
28 Feb 2019investor presentation● Neutral
Asia roadshow presentation for Singapore and Hong Kong investors, repeating known themes such as the 30-36 MMboe FY23 target and the Otway sale assumed to complete at end Q3 FY19. No new announcements evident in the text provided.
26 Feb 2019director officer appointment● NeutralMajor
Sally-Anne Layman joined the board as an independent non-executive director from 25 February 2019, meeting the long-sought female director goal. CEO Matt Kay was also made a director and Managing Director from the same date.
18 Feb 2019joint venture update▲ GoodMajor
Santos announced it will align interests with Beach as 50/50 partners across four Bonaparte Basin permits (NT/P82, NT/P85, NT/P84, WA-454-P), with Santos operating. This resolves the open Bonaparte farm-down thread. Next step is seismic evaluation, with drilling possible within a few years.
13 Feb 2019half year report▲ Good
Half-year report for the six months to 31 December 2018: revenue up 169% to $1,057m and NPAT up 196% to $283m. Interim dividend is 1.0 cent fully franked, unchanged from the prior year. Full-report detail matches the results release.
13 Feb 2019half year report▲ GoodMajor
H1 FY19 underlying NPAT rose 199% to $279m on sales revenue of $955m, with a 1.0 cent interim dividend. FY19 EBITDA guidance was lifted by $200m to $1.25-1.35bn. Net cash is expected by end Q3 FY19; La Bella gas field was secured.
7 Feb 2019other● Neutral
Notice that Beach will release its half-year results and presentation on 13 February 2019, with a conference call at 11am AEDT. Administrative notice with no substance.
5 Feb 2019asset acquisition disposition● Neutral
Red Sky (not Beach) again extended its deadline, to 14 February 2019, to buy Beach subsidiary Acer's Innamincka Dome tenements. Completion is now conditional on Ministerial consent. Beach's exit from these shut-in Cooper Basin assets is still not complete.
31 Jan 2019production update▲ GoodMajor
FY19 production guidance raised to 28-29 MMboe (from 25-27) on strong H1 output of 15.2 MMboe and higher Bauer oil. Capex narrowed to $450-500m. Otway sale completion now expected 31 March 2019, not 31 December 2018, adding 0.7-0.9 MMboe.
29 Jan 2019well test result● Neutral
Real Energy (not Beach) reported a 2.5 mmcf/d initial flow from Tamarama 3 and lodged a pipeline application to Santos' Mt Howitt facility. Beach is only a counterparty under the October 2018 Moomba processing and tie-in agreement; no direct impact stated.
15 Jan 2019asset acquisition disposition● Neutral
Red Sky Energy (not Beach) extended to 31 January 2019 the deadline to complete buying Beach subsidiary Acer's Innamincka Dome tenements in the Cooper Basin. Completion still needs royalty and native title conditions met. Beach's exit from these shut-in assets remains pending.
23 Nov 2018other● Neutral
Chairman and CEO addresses and slides for the 23 November 2018 AGM. They repeat known points: debt-free within 12 months, $664m liquidity, and Jim McKerlie's retirement. Routine meeting material.
29 Oct 2018quarterly activities report▲ GoodMajor
September quarter production rose 7% to 7.76 MMboe, revenue hit $514m and free cash flow $152m. Net debt fell to $486m (gearing 20%), with $250m repaid early. FY19 production and EBITDA now expected near the top of guidance; a further Western Flank rig is approved.
26 Oct 2018farm in farm out agreement▲ GoodMajor
Cue, BP, Beach and NZ Oil & Gas signed a conditional agreement to form a joint venture and drill Ironbark-1 in WA-359-P. Beach would hold 21%, BP 42.5% as operator. Title transfer is targeted for Q2 2019. Advances Beach's pending farm-in.
23 Oct 2018other● Neutral
Appendix 4G, the standard checklist pointing to where Beach's corporate governance disclosures are found, lodged with the annual report. Administrative filing with no new substance.
23 Oct 2018other● Neutral
2018 Sustainability Report covering FY18 safety, environment and community performance. The CEO notes a 67% fall in time lost to injuries since FY13 and the lowest crude spillage on record. No financial or operational news.
23 Oct 2018annual report● Neutral
Beach's 2018 Annual Report, covering FY18 results and the Lattice acquisition already reported in August. Notes the AGM on 23 November 2018. Text is largely repeat of known facts.
23 Oct 2018other● Neutral
Corporate Governance Statement for FY18, approved by the board on 21 September 2018. It describes board roles and composition (eight directors) and four strategic pillars. Administrative disclosure with no new substance.
15 Oct 2018material agreement● Neutral
Real Energy (not Beach) announced binding gas processing and tie-in agreements with Santos and Beach, for Moomba processing of its Windorah gas. Beach is a counterparty providing services. Terms are confidential and conditional. Little direct impact on Beach shareholders is stated.
