26 Aug 2010drilling progress report● Neutral
AWE's Yemen Block 7 well Jebel Al Milh-1 is at 3,896m in basement. It has no Origin interest; it is an AWE partner announcement with no relevance to Origin's holdings.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2010other▲ Good
Media release for the FY2010 result: underlying profit rose 10% to $585m; statutory profit was $612m versus $6.9bn, when the prior year included a $6.7bn gain on diluting Origin's APLNG interest. Final dividend 25c, full-year 50c. Cover note only otherwise; adds underlying detail to the 24 Aug result.
24 Aug 2010annual report● NeutralMajor
Origin's FY2010 revenue rose 6% to $8,534m; statutory profit fell 91% to $612m, against $6,941m a year earlier. Final dividend is 25c fully franked, paid 28 September. (Inference: the prior-year figure appears to include a large one-off gain, not stated here.)
24 Aug 2010investor presentation● Neutral
Analyst presentation for the FY2010 result, repeating the headline figures already released: underlying profit $585m (+10%), statutory profit $612m (-91%), full-year dividend 50c. Text is truncated, so no new substantive items can be confirmed.
20 Aug 2010half year report▼ Bad
Contact Energy (Origin 51.80% of quoted shares) reported FY2010 underlying earnings of NZ$150m (down 6%) and EBITDAF of NZ$427m (down 4%), citing a wet year and gas inflexibility. Distribution of 14c per share, record date 3 September.
19 Aug 2010drilling result● Neutral
Wolf 1 (Origin 67%) reached total depth of 4,122m and intersected the target Wagina reservoir at 4,050m (3,809m sub-sea). Wireline logs are being run to evaluate it. Whether the Redback South gas extends 2.5km away is not yet stated.
19 Aug 2010drilling result● Neutral
AWE (33% partner) repeats Origin's update: Wolf-1 reached 4,122m total depth and intersected the Wagina reservoir at about 4,050m. Logging is under way. Nothing new.
18 Aug 2010material agreement▲ GoodMajor
Origin signed a contract to sell up to 25 PJ of Perth Basin gas to an AWE subsidiary, onsold to Synergy, for over five years, starting in August. It commercialises the Redback discoveries via spare Beharra Springs plant capacity. Subject to reserves confirmation by November 2010.
18 Aug 2010material agreement▲ Good
AWE signed a Perth Basin gas sale to WA retailer Synergy of up to 38 PJ over more than five years. Up to 25 PJ is to be sourced from Origin's Perth Basin interests including Redback. Subject to reserves confirmation by end-2010 and WA ministerial approval.
12 Aug 2010drilling progress report● Neutral
Wolf 1 (Origin 67%) was drilling ahead at 3,398m after 693m in the week. The target Wagina reservoir is still ahead at about 3,876m sub-sea. No result yet.
12 Aug 2010drilling progress report● Neutral
AWE (33% partner) repeats Origin's update: Wolf-1 drilling ahead at 3,398m, 693m in the week. Nothing new.
4 Aug 2010drilling result▼ BadMajor
Bang Nouan-1 in Laos (Origin 30%) was plugged and abandoned as a dry hole after the drill stem test found no significant hydrocarbon flow. This is the third dry well in the Salamander farm-in, after the two Vietnam wells, and resolves the earlier gas-show hope.
4 Aug 2010drilling progress report● Neutral
Beach's monthly report shows Santos-operated Coonatie wells (Origin 10.54%) suspended by rain. Coonatie-19 reached 3,263m and is to be cased as a Permian gas producer; Coonatie-20 sits at 1,949m. Minor Origin interest; no new result of note.
30 July 2010resource reserve update▲ GoodMajor
Origin's net 2P reserves rose 38% to 6,207 PJe, driven by APLNG's 2P reserves rising 40% to 10,143 PJ (Origin share 5,071 PJe), plus gains at Kupe and Otway. This lifts the earlier 4,484 PJe figure from 30 June 2009. Annual production was 104 PJe.
30 July 2010resource reserve update▲ Good
The full 2010 reserves report confirms 2P of 6,207 PJe, up 1,723 PJe from 4,484, a replacement ratio over 1700%. Otway added 277 PJe after the stake rose to 67.23%; Kupe added 13 PJe net; Redback area added 11.4 PJe in Western Australia.
29 July 2010drilling progress report● Neutral
AWE (33% partner) repeats Origin's update: Wolf-1 at 2,047m with 9-5/8" casing being run, 1,648m drilled in the week. Nothing new.
29 July 2010drilling progress report● Neutral
Wolf 1, the appraisal well of the 2009 Redback South 1 gas discovery (Origin 67%), had reached 2,047m with 9 5/8" casing being set. Weekly progress was 1,648m. Target Wagina reservoir still about 3,876m sub-sea; no result yet.
27 July 2010other● Neutral
Contact Energy (Origin 51.80% of quoted shares) June data: storage at 112% of mean in the North Island, June Haywards average $39/MWh. July wholesale price forecast is $65/MWh. Routine data release.
23 July 2010drilling result▼ BadMajor
Tom Hum Xanh-1X in Vietnam's Block 31 (Origin earning 25%) was plugged and abandoned as a dry hole, with no significant hydrocarbons found. This is the second dry Vietnam well in the Salamander farm-in, after Tom Su Lua-1X in June.
22 July 2010drilling spud● Neutral
Wolf 1 spudded on 17 July to appraise the Redback South 1 gas discovery of 2009. Origin holds 67%. 13 3/8" casing is set at 399m; the Wagina target is about 3,876m sub-sea.
22 July 2010drilling progress report● Neutral
AWE repeats Origin's update: Wolf-1 spudded 17 July and 13-3/8" casing is set at 399m. Origin operates with 67%. Nothing new.
16 July 2010joint venture update● Neutral
Geodynamics reports work has restarted at Jolokia 1 in the Innamincka Deeps JV (Origin 30%). The plug has been removed and 7" casing is to be run. Fracture stimulation is planned from late July through August.
15 July 2010drilling scheduled● Neutral
AWE repeats Origin's notice: Wolf-1 will appraise the Redback South-1 gas discovery, with drilling due to start around 17 July. Origin operates with 67%. Nothing new.
15 July 2010drilling scheduled● Neutral
Rig 826 is rigging up to drill Wolf 1, an appraisal well 2.5 km south-south-east of the 2009 Redback South 1 gas discovery. Origin holds 67%. Drilling is due to start around 17 July; target about 3,876m sub-sea.
14 July 2010resource reserve update▲ Good
Partner NZOG reports Kupe initial 2P reserves rose: sales gas 8%, LPG 5%, light oil 27%. Revised totals are 273 PJ gas, 1,114 kt LPG and 18.6 million barrels of oil. The release also says later capex will include two more wells and compression.
14 July 2010resource reserve update▲ GoodMajor
Origin, as Kupe operator, confirmed the 2P reserve increase: gas up 8% to 273 PJ, LPG up 5%, light oil up 27% to 18.6 million barrels, or 74.2 million BOE total. Origin holds 50%. This revises the earlier life-of-project estimate of 254 PJ gas and 14.7 million barrels.
8 July 2010drilling result● Neutral
Redback 2 (Origin 67%) had its 4½" liner cemented to 3,966m and is being suspended. Perforating and completing the Wagina interval is planned for August with another rig. Rig 826 moves to Wolf 1 to appraise the Redback South discovery.
8 July 2010material agreement● Neutral
Contact Energy (Origin 51.80% of quoted shares) said its SAP systems overhaul is on track, first phase due late 2010. Contact will use Origin for IT infrastructure hosting, under an NZX listing rule waiver. No financial terms given.
8 July 2010drilling progress report● Neutral
AWE repeats Origin's update: Redback-2 is suspended at 3,966m with the liner cemented, and perforation and completion are expected in August. Rig 826 moves to Wolf-1. Nothing new.
7 July 2010drilling progress report● Neutral
Beach's first monthly report shows Coonatie-16 cased and suspended as a future multi-zone gas well, and Coonatie-19 drilling at 2,111m. A new well in the same Cooper Basin field, with Origin at 10.54%, is also covered. Routine update.