Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Nov 2007drilling progress report● Neutral
Third-party Beach weekly report: Jackson-51 (Santos operator) was cased and suspended as a future oil producer, and Bugito-2 was plugged and abandoned. Merrimelia-59 and Jackson-50 are in progress; Coonatie-8 is awaiting rig parts.
2 Nov 2007drilling progress report▲ Good
Third-party Drillsearch update: Tostada 2 (Santos 55.5% operator) found Murta and Hutton oil pay and was cased as a future producer. Jackson 51, the first of five Westbourne development wells at Jackson, spudded 29 October.
31 Oct 2007drilling progress report● Neutral
Third-party Beach weekly report: Tostada-2 and Ulandi-16 (Santos operator) were cased as future oil producers, and Merrimelia-58 was plugged and abandoned. Merrimelia-59, Jackson-51 and Montegue-1 are in progress; Coonatie-8 has stuck pipe.
30 Oct 2007drilling result▼ BadMajor
Mutineer-13 appraisal well found its main reservoir low to prognosis and water saturated, and will be plugged and abandoned. No change to 2P reserves, but some possible 3P upside is removed. Workovers on existing wells follow; more drilling planned from Q2 2008.
25 Oct 2007drilling progress report● Neutral
Third-party Drillsearch update: Tostada 2, an oil appraisal well in the Naccowlah Block (Santos 55.5% operator), spudded 21 October targeting the Hutton Formation. It was drilling at 1,161 m.
24 Oct 2007drilling progress report▲ Good
Third-party Beach weekly report: Moomba-181 (Santos operator) reached 2,699 m with preliminary 15.5 m net gas pay in Toolachee and 4.5 m in Daralingie, and is being cased and suspended. Tostada-2, Ulandi-16 and Merrimelia-58 continue.
19 Oct 2007drilling result▲ Good
Third-party Magellan notice: Maxwell 5 appraisal (PL 50, Santos operator 61.006%) reached 1,001 m with good Murta oil shows and is being cased as a future oil producer. This completes the two-well Nockatunga program after dry Burundi 1.
19 Oct 2007drilling progress report● Neutral
Third-party Drillsearch update: Jackson 46 (Santos 55.5% operator) was cased and suspended as an oil producer after a test recovered 12.5 bbls of oil. It ends the current Naccowlah round; five Westbourne infill wells at Jackson are to follow.
17 Oct 2007farm in farm out agreement● Neutral
Third-party Vicpet notice repeating the signed ATP 752P farm-in with Santos and Avery: up to 7 wells, minimum 300 km2 3D, about $18.5m, Vicpet carried to 15%. Adds that the program must finish before end February 2009.
17 Oct 2007farm in farm out agreement▲ GoodMajor
Bow signed the formal ATP 752P farm-in with Santos and Avery, following the 28 August letter of intent. Up to 7 oil wells and 300 km2 of 3D seismic (about $18.5m); Bow carried and keeps 15%. Santos becomes operator, first wells early 2008.
17 Oct 2007drilling progress report● Neutral
Third-party Beach weekly report: Ragno-1 and Jackson-46 (Santos operator) cased and suspended as Cooper oil producers. Seccante-1 and Merrimelia-58 drilling. Beach's own Kopuwai-1 in New Zealand was a sub-commercial oil discovery.
12 Oct 2007drilling progress report● Neutral
Third-party Pan Pacific update: remedial work for the water influx at Maitland (WA-33-R, Santos 18.71%) is complete. Testing is being tailored to get gas flow data; results will set development production rates.
12 Oct 2007drilling progress report▲ Good
Third-party Tap update: Maitland-3H flow testing (WA-33-R, Santos 18.71%) restarted after the water-influx fix. Gas is flowing to surface, within expectations, with no stable rate yet. Test runs about a week, then the well is plugged and abandoned.
11 Oct 2007drilling progress report▲ Good
Third-party Drillsearch update: Jackson 47 (Santos 55.5% operator) was cased and suspended as a future oil producer. Jackson 46 reached depth with pay indicated in the Westbourne and lower Birkhead/Hutton, and a test is being prepared.
11 Oct 2007drilling result▼ Bad
Third-party Magellan notice: Burundi 1 (PL 33, Santos operator 61.006%) reached 1,443 m with no commercial hydrocarbons and is being plugged and abandoned. A dry exploration hole in the Nockatunga area; Maxwell 5 follows.
10 Oct 2007drilling progress report▲ Good
Third-party Beach weekly report: Moomba-182 and Jackson-47 (Santos operator) were cased and suspended as future oil producers; Moomba-180 was cased as a future gas producer. Ragno-1 and Jackson-46 are drilling.
9 Oct 2007drilling scheduled▲ Good
Third-party Cue notice: a 320 km 2D seismic survey has begun in the Sampang PSC (Santos operator 45%) over the Wortel gas discovery and three leads. Wortel-3 appraisal is expected in Q1 2008.
8 Oct 2007drilling spud● Neutral
Third-party Magellan notice: Burundi 1, a near-field exploration well in PL 33 operated by Santos (61.006%, Magellan 38.994%), spudded 4 October. Planned depth about 1,436 m; Maxwell 5 follows.
4 Oct 2007drilling progress report● Neutral
Third-party Drillsearch update: Jackson South 12A (Santos 55.5% operator) failed to recover oil on test and was plugged and abandoned. Chilla 2 found Murta oil and was suspended as a producer. Jackson 47 has spudded.
3 Oct 2007drilling progress report▼ Bad
Third-party Tap update: Maitland-3H flow test (Santos 18.71%) was interrupted by water from above the reservoir, which Tap calls a mechanical isolation issue. Drilling data matched prognosis; testing is to resume once fixed.
3 Oct 2007drilling progress report● Neutral
Third-party Beach weekly report: Chilla-2 (Santos operator) was cased as a future oil producer and Jackson South-12A plugged and abandoned after a test recovered little oil. Callawonga-3 (not Santos) flowed about 5,660 bopd.
3 Oct 2007drilling progress report▼ Bad
Third-party Pan Pacific update: Maitland-3H flow testing (WA-33-R, Santos 18.71%) was interrupted by water coming from an open zone above the reservoir. A fix is expected in a few days, then testing resumes.
27 Sept 2007drilling progress report▲ Good
Third-party Drillsearch update: Pitchery 3 (Santos 55.5% operator) found oil in the Murta Formation and was suspended as a future producer. Jackson South 12A found an oil show and is being tested. Chilla 2 spudded.
26 Sept 2007drilling progress report● Neutral
Third-party Beach weekly report: Big Lake-86 and Pitchery-3 (Santos operator) were cased as future oil producers; Bronzewing-1 was plugged and abandoned. Jackson South-12 was respudded as 12A after a cementing problem. Callawonga-3 (not Santos) had oil shows.
26 Sept 2007drilling progress report▲ Good
Third-party Tap update repeating that Maitland-3H (WA-33-R, Santos 18.71%) drilled over 500 m of gas-charged reservoir, consistent with expectations. Flow testing to start in about a week.
26 Sept 2007drilling progress report▲ Good
Third-party Pan Pacific update: Maitland-2 evaluation is complete, core recovered, and the 500 m+ horizontal Maitland-3H (Santos 18.71%) reached depth with good gas shows. Flow testing is expected to start in about a week.
21 Sept 2007drilling progress report▲ Good
Third-party Drillsearch update: Jackson South 13 (Santos 55.5% operator) had oil shows in four formations and was cased and suspended as a future oil producer. Jackson South 12 and Pitchery 3 have spudded. Follows the earlier logging-next note.
19 Sept 2007drilling progress report● Neutral
Third-party Beach weekly report: Jackson South-13 (Santos 55.5% operator) was cased as a potential oil producer and Piniata-1 plugged and abandoned. Bronzewing-1, Pitchery-3, Jackson South-12 and Big Lake-86 are in progress. Callawonga-3 (not Santos) spudded.
18 Sept 2007drilling progress report▲ Good
Third-party Entek update on ATP 269P (Beach operator, Santos 4.9%): Marcoola-1 oil discovery expected to start production in November 2007. Warragon-1 will be flow tested from early October. Nudgee-1 was dry.
17 Sept 2007drilling progress report▲ Good
Third-party Tap update: Maitland-2 (WA-33-R, Santos 18.71%) reached total depth on prognosis; preliminary analysis indicates a gas-charged reservoir. Coring and horizontal Maitland-3H sidetrack with flow testing follow in about two weeks.
