24 July 2017drilling progress report● Neutral
Waitsia-4 (Origin 50%) was at 2,595m, drilling ahead to the next section depth of 3,065m. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2017drilling progress report● Neutral
Waitsia-4 (Origin 50%) was at 1,512m after surface casing was set at 1,166m, drilling ahead toward a planned 3,834m. No result yet.
10 July 2017drilling spud▲ GoodMajor
AWE spudded Waitsia-4 on 9 July (Origin 50%), planned to 3,834m over about five weeks. It is the last appraisal well before the Stage 2 FID. AWE says Waitsia-3 and -4 data should support a 2P reserves upgrade before end 2017.
5 July 2017drilling progress report● Neutral
Beach's June report covers Cooper JV wells. In the Queensland JV (Origin 16.74%), Cougar-1 was plugged and abandoned and Snefru-1 was cased as a producer with about 3m net gas pay. In the SA JV (Origin 13.19%), Dullingari-42 DW1 found about 62m net gas pay.
5 July 2017drilling progress report● Neutral
Senex's June report confirms Silver Star-1 DW1 reached 4,969m with a 1,180m horizontal section, but casing was damaged when unstable coals collapsed and the well is suspended. Further drilling, frac and testing are planned in FY18. Other wells listed are not Origin's.
30 June 2017production update▲ Good
AWE reports the BassGas Yolla compression project (Origin 42.5% operator) is complete, with compression started 12 June and output reaching the 67 TJ/d nameplate on 24 June. This delivers the compression flagged earlier; BassGas is part of the planned Lattice Energy.
20 June 2017drilling result▲ Good
Waitsia-3 (Origin 50%) reached total depth of 3,612m, hitting basement 105m high to prognosis. All primary and secondary targets were intersected with elevated gas shows in the Kingia and High Cliff. Wireline logging comes next, so reserves and flow results are still pending.
19 June 2017drilling result▼ BadMajor
Silver Star-1 DW-1 (Origin 33.75%): while running production casing, unstable coals in the 1,180m horizontal section collapsed and damaged it. The well is suspended pending replacement casing. The JV still plans frac and testing in first half FY18; weekly reporting is paused.
19 June 2017drilling progress report▲ Good
Waitsia-3 (Origin 50%) was at 3,578m heading to 3,706m. All primary and secondary targets intersected, with elevated gas shows in the Kingia and High Cliff. Three cores cut and sent for analysis. Log evaluation is still needed, so no reserves result yet.
14 June 2017drilling progress report● Neutral
Planet Gas confirms the Silver Star-1 lateral was drilled to 1,180m with gas saturation in line with expectations, and production casing is being set. Fracture stimulation and testing follow, so no flow result yet.
13 June 2017drilling progress report● Neutral
Waitsia-3 (Origin 50%) intersected the Kingia formation on depth prognosis at 3,211m. Coring is under way, with cores sent for analysis. Drilling continues to 3,706m. No flow or reserves result yet.
8 June 2017joint venture update▲ Good
The Waitsia JV (Origin 50%) starts the design competition phase of Stage 2 FEED, with four contractors shortlisted for a 100 TJ/d gas plant. FEED is targeted for completion by end CY2017, and FID depends on gas sale agreements.
7 June 2017drilling result● Neutral
Senex says Silver Star-1 DW1 reached 4,969m on 1 June with a 1,180m horizontal section in the Patchawarra. Gas saturation was in line with expectations. Fracture stimulation and testing are expected in early FY18, so flow results are still pending.
7 June 2017drilling progress report● Neutral
Beach's May report covers Cooper JV wells. In the South Australian JV (Origin 13.19%), Dullingari-43 DW1 found about 25m net gas pay and was cased as a producer. In the Queensland JV (Origin 16.74%), Lepard-3 was cased as a producer with a low-side outcome.
5 June 2017drilling progress report● Neutral
Waitsia-3 (Origin 50%) was at 2,782m on 5 June, with intermediate casing set and drilling ahead toward the Kingia and High Cliff targets. Planned depth is 3,706m. No result yet.
29 May 2017drilling progress report● Neutral
Planet Gas repeats the prior Silver Star-1 DW-1 position of 4,490m with no change. Fracture stimulation and testing remain to follow. No new substance.
22 May 2017drilling progress report● Neutral
Silver Star-1 DW-1 lateral is at 4,490m. Fracture stimulation and testing will follow. No new result.
22 May 2017drilling spud● NeutralMajor
AWE spudded the Waitsia-3 appraisal well on 19 May 2017 (Origin 50%), planned to 3,706m over about seven weeks. It is the first of two appraisal wells before the Stage 2 final investment decision. Reserves will be reviewed afterwards.
19 May 2017asset acquisition disposition▲ GoodMajor
Origin sells the Darling Downs Pipeline Network to Jemena for $392m, taking its divestment program to $1bn against the original $800m target. Completion is due by 30 June 2017. Origin says it is on track for net debt well below $9bn by that date.
15 May 2017drilling progress report● Neutral
Silver Star-1 lateral has advanced to 4,224m. Fracture stimulation and testing remain to follow. No new result.
9 May 2017drilling progress report● Neutral
Planet Gas reports the Silver Star-1 lateral (started 25 April) is now at 3,839m, drilling ahead toward up to 1,500m. Fracture stimulation and testing will follow. No new result.
8 May 2017asset acquisition disposition▲ GoodMajor
Origin sells the Stockyard Hill Wind Farm project (up to 530MW) to Goldwind for $110m and will buy all its output from 2019 to 2030 at below $60/MWh. Proceeds go to debt reduction. Renewables commitments reach 1,200MW against a 1,500MW target.
5 May 2017asset acquisition disposition▲ GoodMajor
Origin buys Sasol's 35% of the Beetaloo Joint Venture, lifting its stake to 70% (Falcon holds 30%), following the Feb 2017 discovery with 6.6 TCF gross contingent resource. Price is not stated, the deal has conditions, and no immediate capital is needed.
3 May 2017drilling progress report● Neutral
Senex says Silver Star-1 met the joint venture's reservoir criteria, so a horizontal section (Silver Star-1 DW1) began, with a planned 5,200m depth. Fracture stimulation and testing are expected in early FY18. Origin carries Senex's costs under the farm-in.
3 May 2017drilling progress report● Neutral
Beach's April report covers the Queensland Cooper JV (Origin 16.74%): Gallan-1 was plugged and abandoned, while Hector South-1 (6.7m net gas pay) and Inca-1 DW1 were cased as future gas producers. Both results were in line with pre-drill estimates.
2 May 2017investor presentation● Neutral
CEO Frank Calabria's Macquarie conference presentation repeats known priorities: IPO of the conventional business, now named Lattice Energy, asset sales and debt reduction. It also cites the ENGIE gas agreements and APLNG's role in east coast supply.
2 May 2017drilling progress report● Neutral
Planet Gas repeats that Silver Star-1 (PEL 638, Origin 33.75%) reached 3,770m with gas shows, and a lateral of up to 1,500m is being drilled before fracture stimulation and testing. No new result; flow rates still unknown.
1 May 2017director officer appointment● Neutral
Teresa Engelhard, a technology and energy venture investor, joins the board as an independent non-executive director and the Remuneration and People Committee. She fills the vacancy left by Helen Nugent's March resignation (inference).
1 May 2017asset acquisition disposition▲ GoodMajor
Origin sells its Darling Downs Solar Farm project to APA and will buy all its output from 2018 to 2030, ending the pending FID thread. Origin recoups its development costs; completion is expected in May 2017. Sale price is not stated.
1 May 2017asset acquisition disposition● Neutral
APA announces it is buying the 110MW Darling Downs Solar Farm for about $200m, with a $20m ARENA grant and an offtake deal with Origin to 2030. This is the buyer's side of Origin's sale announced the same day.