Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2020material agreement termination▼ BadMajor
Beach terminated the Ocean Onyx rig contract with Diamond Offshore because the rig arrived later than agreed. Offshore Victorian Otway drilling is now unlikely before FY21. Black Watch-1 was completed in line with expectations; Enterprise is planned for second half 2020.
27 Mar 2020investor presentation▼ BadMajor
Responding to lower oil prices and COVID-19, Beach targets up to 30% deferral of FY21 capital investment and cut FY20 underlying EBITDA guidance to $1.175-1.250bn. Net cash was $151m at end-February, with over $600m liquidity including a $450m credit facility.
2 Mar 2020director officer appointment● Neutral
Daniel Murnane, Beach's senior legal counsel since May 2018, became Company Secretary on 2 March 2020, replacing Peter Kupniewski, who resigned.
20 Feb 2020drilling result▼ BadMajor
Tawhaki-1 in offshore New Zealand (Beach 30%, OMV operator) reached 2,980 m with no hydrocarbons in the target reservoir and is being plugged and abandoned. This is a dry hole for the frontier well Beach farmed into in December at about $25m net cost.
11 Feb 2020half year report● Neutral
Half-year report to 31 December 2019: statutory NPAT $278.5m (-2%), underlying NPAT $273.5m, sales revenue $900m (-6%). Interim dividend 1.0c, same as last year. Operating cash flow fell 27% to $351.4m.
11 Feb 2020investor presentation● Neutral
Slides accompanying the half-year result, repeating the 105 wells at 83% success, $274m underlying NPAT, $60m net cash and the updated guidance. No new announcements evident.
11 Feb 2020half year report● NeutralMajor
Half-year results: underlying NPAT $274m, net cash $60m, 1.0c interim dividend. FY20 capex guidance raised to $875-950m (from $750-850m) for added Tawhaki and SA Otway activity, and production guidance narrowed to 27-28 MMboe.
3 Feb 2020other● Neutral
Notice that half year results and a conference call will be released on 11 February 2020. Administrative only, no substance.
29 Jan 2020quarterly activities report▲ Good
December quarter production was 6.41 MMboe (-2%), with Western Flank oil up 13% to 1.8 MMbbl and revenue up 6% to $462m. Beach took up the Easternwell 106 rig option for extra SA Otway and Perth Basin wells after the Dombey-1 and Beharra Springs Deep-1 discoveries.
28 Jan 2020well test result● Neutral
Cooper Energy (not Beach) reported the Dombey-1DW1 production test in PEL 494 (Beach 70% operator) exceeded 18 MMscf/d, showing good productivity. Pressure data suggest a small pool, possibly connected to a larger one; 3D seismic is being considered. Resource size is not yet established.
21 Jan 2020drilling result● Neutral
Cooper Energy (not Beach) reported the Rincon appraisal concluded, ending the 13-well PEL 92 program. Rincon-3 found a 1.2 m net oil column and is suspended as a future producer; Rincon-2 had oil shows. Field reviews precede any development drilling.
6 Jan 2020drilling result● Neutral
Cooper Energy (not Beach) reported the Butlers appraisal in PEL 92 finished: two wells dry, Butlers-10 and -11 had oil shows in the McKinlay Member, and the Namur was water-wet or swept. Rincon-2 spudded 4 January; a Butlers-11 test is pending.
19 Dec 2019farm in farm out agreement● NeutralMajor
Beach agreed with OMV to acquire 30% of offshore New Zealand permit PEP50119, which holds the undrilled Tawhaki prospect (closure up to 470 km2). It funds 30% of Tawhaki-1, about $25m, drilling early 2020; subject to NZ approval.
16 Dec 2019flow test result▲ GoodMajor
Beharra Springs Deep-1 flow test reached up to 46 MMscfd, tubing constrained, with stable rates over 96 hours, confirming the October Kingia gas discovery. Tie-in is expected by end-2020. The 17% sell-down to Mitsui completed 29 November, giving 50:50; Trieste 3D seismic has started.
5 Dec 2019drilling spud● Neutral
Cooper Energy (not Beach) reported a four-well Butlers appraisal in PEL 92 (Beach operator 75%) began on 3 December 2019 with Butlers-10. It follows Callawonga and aims to test field limits; Rincon is next.
3 Dec 2019drilling result● Neutral
Cooper Energy (not Beach) reported the four-well Callawonga appraisal in PEL 92 (Beach operator) finished. Three wells had oil shows and came in high to prognosis, which may increase field size; Callawonga-22 was dry. Butlers appraisal follows.
26 Nov 2019agm notice● Neutral
All resolutions passed on a poll at the 26 November 2019 AGM, including the remuneration report, director elections and a new constitution. Colin Beckett's re-election drew the highest vote against, at about 5.5% of proxy-directed votes.
26 Nov 2019other● Neutral
New constitution document adopted at the AGM (resolution 9 passed). The extracted text is garbled and largely unreadable. Text not readable.
26 Nov 2019agm notice● Neutral
AGM addresses and slides for 26 November 2019. They restate a strong FY19 (record safety and production, $577m statutory profit, debt-free) and FY20 spend of roughly $250m Western Flank, $220m Cooper Basin JV and $220m Victorian Otway. No new announcements evident.
6 Nov 2019drilling spud● Neutral
Cooper Energy (not Beach) reported a 10-well appraisal program in PEL 92 (Beach operator 75%, Cooper 25%) began with Callawonga-22 on 5 November 2019. Four Callawonga wells come first, then Butlers and Rincon, following the Parsons campaign.
5 Nov 2019drilling progress report● Neutral
Cooper Energy (not Beach) reported the rig released from Dombey-1DW1 in PEL 494 (Beach operator 70%) after drilling to 3,384 m. The Pretty Hill gas find is cased and suspended, with a well test planned for December to confirm deliverability and gas volumes.
29 Oct 2019investor presentation● Neutral
Presentation for Beach's US and Canada roadshow, sent for information. Reserves figures are those already released with the FY19 annual report on 19 August 2019; the extracted text shows no new announcements.
28 Oct 2019drilling result▲ GoodMajor
Beach announced a gas discovery at Beharra Springs Deep-1 in the Perth Basin (Beach 50% and operator, Mitsui 50%, pending the 17% sell-down). It found an estimated 36 m net pay in the Kingia Sandstone, comparable to Waitsia-4. Recoverable volumes are still to be assessed.
28 Oct 2019annual report● Neutral
2019 Sustainability Report covering FY19: safest year on record, TRIFR 3.4, and community investment of about $1m across 38 organisations. It restates the FY19 story; no new financial or operational news.
28 Oct 2019quarterly activities report▲ Good
September quarter production was 6.55 MMboe, down 6% after the Otway sale but up 1% pro forma. Western Flank oil rose 9% to 1.6 MMbbl. Drilling success was 83% across 59 wells, with positive Bauer appraisal results and the Dombey-1 gas discovery after quarter end.
15 Oct 2019drilling result▲ GoodMajor
Cooper Energy (not Beach) reported a gas discovery at Dombey-1DW1 in PEL 494 (Beach 70% operator). It found a 44.5 m gross gas column with about 25 m net pay in the Pretty Hill Formation. Commerciality is not yet established; testing is required.
24 Sept 2019investor presentation● Neutral
Presentation for the 24-25 September Victorian Otway Basin site visit, covering strategy and portfolio with FY19 figures (29.4 MMboe production, 326 MMboe 2P). The extracted text shows no new announcements.
11 Sept 2019drilling spud● Neutral
Cooper Energy (not Beach) reported Dombey-1 spudded on 10 September 2019 in PEL 494 (Beach operator 70%, Cooper 30%). The conventional gas well targets Pretty Hill and Sawpit sandstones to about 3,226 m, with a $6.9m SA Government grant. This is the Dombey-1 well planned after Haselgrove-4.
2 Sept 2019investor presentation● Neutral
Presentation for Beach's UK and Europe roadshow, sent for information. Based on the FY19 results material and the same disclaimers; the extracted text shows no new announcements.
22 Aug 2019drilling result● Neutral
Cooper Energy (not Beach) reported the three-well Parsons appraisal in PEL 92 (Beach operator, 75%) finished. Parsons-6 found a 2 m net oil column and is suspended as a future producer; Parsons-7 and -8 found no oil but extended field size. Development drilling is likely.
