Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2013drilling progress report● Neutral
September report: Rapid-1 reached 4,208m and was suspended, with the rig moving to Geoffrey-1. Neaves-1 was dry, ending the three-well Birkhead campaign with no oil. Windmill-2 was cased as a producer, and Boston-3 horizontal started drilling.
30 Sept 2013drilling result▲ Good
Windmill-2 in PEL 92 found 4m of net oil in the Namur sandstone and was cased as a producer at 1,743m. It is a good start to the four-well program, after Hooper-1 was the fourth dry exploration hole in a row in the permit.
23 Sept 2013drilling spud▲ Good
Cooper Energy reports a four-well oil development campaign has begun in PEL 92 (Beach 75% operator), starting with Windmill-2. It aims to speed up oil from existing fields, with the program due to finish by end of October 2013.
6 Sept 2013drilling progress report● Neutral
Drillsearch (Beach's 60% partner in PEL 91) reports August activity: Chiton-2 cased as a Namur oil producer, Guichen-1 and Pondalowie-1 plugged and abandoned. Repeats Beach's own drilling report; no new Beach-specific information.
4 Sept 2013drilling progress report● Neutral
August report: Keppel-1 safely suspended after gas influx and the rig moved to PEL 218. Chiton-2 found a 5.5m oil column; Guichen-1 and Pondalowie-1 had no hydrocarbons. El Salmiya-2 Kharita test of 3,530 bopd confirmed; North Shadwan NS 394-4 was dry.
3 Sept 2013drilling spud● NeutralMajor
The Cobalcescu South well spudded offshore Romania (Beach 30%), targeting 3,100m. The operator's gross P50 prospective resource is 262 Bcf in the upper Pontian and 142 Bcf in the lower Pontian. Two more wells are planned for 2014.
26 Aug 2013resource reserve update● NeutralMajor
At 30 June 2013, 2P reserves are 92.7 MMboe (100% replacement) and 2C resources 448.9 MMboe, down 4%. This is lower than the 466 MMboe earlier, owing to the Chevron farm-out and revised booking rules. A material unconventional upgrade is expected at FY14 end.
21 Aug 2013drilling progress report● Neutral
Icon update on ATP 855 (Beach 46.9% operator): Halifax-1 is flowing 0.7 MMscfd after six months. Hervey-1 stimulation is expected December 2013. Keppel-1 had strong gas influx and is suspended. Geoffrey-1 is due to spud late September or early October.
7 Aug 2013drilling progress report● Neutral
July report: Hervey-1 cased and suspended after 800m+ of Patchawarra, and Keppel-1 suspended at about 3,900m on high pressure gas. Hooper-1 plugged and abandoned. Bauer-11 cased as a future producer. Rapid-1 started in PEL 218, and El Salmiya-2 is testing.
16 July 2013drilling result● Neutral
Icon reports Hervey-1 in ATP 855 (Beach 46.9% operator) reached total depth of 4,269m, and Keppel-1 is at 3,897m, both with gas shows. Geoffrey-1 is next, subject to approvals. No flow rates yet.
11 July 2013drilling result▼ Bad
Hooper-1 in PEL 92 (Beach 75% operator) was dry at 1,809m, the fourth dry exploration well in a row there. Cooper says central permit prospectivity is unaffected, with more exploration planned early 2014 and development drilling later this year.
8 July 2013drilling spud● Neutral
Cooper Energy reports Hooper-1 spudded 6 July in north-west PEL 92 (Beach 75% operator), targeting the Namur Sandstone to 1,820m, 9 km from the Rincon field and testing oil migration from Rincon North-1.
5 July 2013drilling progress report● Neutral
Icon says Hervey-1 is at 4,020m and Keppel-1 has cut its first core, both with gas shows, in ATP 855 (Beach 46.9% operator). Geoffrey-1 is planned for mid-July. No flow results yet.
3 July 2013drilling progress report● Neutral
Beach's June report: Hervey-1 at 3,969m and Keppel-1 coring at 3,535m in ATP 855 (Beach now 46.9%). Congony-1 cased as an oil producer (239 bopd). Mills-1 and Euler-1 dry; Van der Waals-1 reached 3,726m and was suspended.
3 July 2013drilling progress report▲ Good
Drillsearch's June report says PEL 91 (Beach 40% operator) hit a new record of 12,620 bopd gross, above the 10,000 bopd pipeline capacity with extra trucked. Congony-1 found 4m net oil; Euler-1 dry; Moruya-1 (not Beach) a wet gas discovery.
14 June 2013drilling result▲ GoodMajor
Beach reports four Western Flank oil discoveries (Kalladeina-2, Sceale-1, Congony-1 in PEL 91; Rincon North-1 in PEL 92) potentially adding up to 1 million bbl gross. Net production hit a record above 10,000 bopd, meeting its June quarter target.
13 June 2013drilling result▼ Bad
Mills-1 in PEL 92 (Beach 75% operator) was dry at 1,900m, the third dry exploration well after Sharples-1 and Wyomi-1. Next is Hooper-1, expected late July, near the Rincon discoveries.
7 June 2013drilling spud● Neutral
Cooper Energy reports Mills-1 spudded 6 June in PEL 92 (Beach 75% operator), targeting the Namur Sandstone to 1,845m in the south of the permit, ahead of the November 2013 50% relinquishment.
5 June 2013drilling progress report▲ Good
Drillsearch's May report (Beach's PEL 91 partner) repeats Sceale-1 oil discovery (830 bopd, ~200,000 bbl gross 2P) and Bauer-10 (11m oil). Congony-1 was drilling at 1,987m with shows. Smoky-1 dry. Largely confirms Beach's own update.
5 June 2013drilling progress report▲ Good
Beach's May report: Sceale-1 in PEL 91 is an oil discovery, with a 6m column and 830 bopd tested. Callawonga-7 and -8 are cased as producers. Hervey-1 and Keppel-1 are drilling. PEL 218 is now shown as Beach 70%, Chevron 30%.
3 June 2013drilling spud● Neutral
Icon reports Keppel-1 in ATP 855 spudded 3 June, targeting more than 4,500m, 25 km north-east of Halifax-1. Hervey-1 is drilling at 1,404m. Beach is 42% operator.
27 May 2013drilling spud● Neutral
Icon reports Hervey-1 in ATP 855 spudded 26 May, targeting about 4,200m, 30 km east of Halifax-1. Interests are Icon 40%, Beach 42% operator, Chevron 18% (subject to approval). Repeats Beach's update.
27 May 2013drilling progress report● Neutral
Beach updates its deep gas program: Boston-2 (3,803m) and Dashwood-1 (4,021m) are drilled, and Moonta-1 is down to 0.5 MMscfd. Halifax-1 is at 1.1 MMscfd, down from 1.7. Hervey-1 spudded 26 May, and the second frac program began at Marble-1.
23 May 2013farm in farm out agreement▲ GoodMajor
Beach agrees key terms to farm into 50% of Bengal Energy's ATP 732 (Tookoonooka) in Queensland's Cooper Basin. Beach funds 100% of two wells and about 300 km2 of 3D seismic up to a cap. Subject to documentation and due diligence.
23 May 2013drilling result▲ Good
Cooper Energy reports Callawonga-8 in PEL 92 (Beach 75% operator) found 7m of gross oil and will be cased as a producer. The rig returns to drill two more exploration wells in the permit before the end of June.
13 May 2013drilling result▲ Good
Cooper Energy reports Callawonga-7 in PEL 92 (Beach 75% operator) reached 1,705m and will be cased as an oil producer. It is the first of two development wells meant to speed up Callawonga field production.
13 May 2013farm in farm out completion▲ GoodMajor
Chevron's first-stage farm-in is settled: 30% of PEL 218 and 18% of ATP 855, with cash paid. Beach now has about A$400m cash. Formal state approvals are still pending. This completes the deal signed 25 February.
8 May 2013drilling progress report● Neutral
Beach's April report: Kalladeina-2 tested 986 bopd and is cased as a producer, Rincon North-1 found a 7m oil column, and Smoky-1 was dry. Callawonga-7 is drilling; Dashwood-1 reached 4,021m. Confirms the earlier results.
2 May 2013drilling result▲ GoodMajor
Drillsearch reports Kalladeina-2 in PEL 91 (Beach 40% operator) is a new oil discovery, with 5m net pay confirmed and about 400,000 bbl gross 2P estimated. Smoky-1 spudded 28 April. The Bauer pipeline is operating.
2 May 2013drilling result▼ Bad
Cooper Energy reports Wyomi-1 in PEL 92 (Beach 75% operator) was plugged and abandoned at 1,816m with no significant shows. Second dry well after Sharples-1; the rig now moves to Callawonga-7 and -8 development wells.
