3 Mar 2010drilling progress report● Neutral
Beach weekly report: Santos-operated Coonatie-16 (Origin 10.54%) still at 1,132m, waiting on weather. Cooper Basin drilling remains suspended after heavy rain. Nothing new for Origin.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Feb 2010material agreement▲ GoodMajor
Australia Pacific LNG and QGC agreed a joint development framework and conditional gas sales for ATP 648P and ATP 620P. APLNG expects to sell about 190 PJ over the first two years, then an average of 25 PJ a year over 20 years. This depends on QGC's final investment decision.
25 Feb 2010investor presentation● Neutral
Media presentation for the half-year result, repeating the same decade-of-growth and result material as the analyst presentation. Nothing new in the visible text.
25 Feb 2010half year report▲ Good
Media release on the half-year result: underlying profit up 28% to $355m, driven by lower financing costs and higher EBITDA. Interim dividend 25 cents, paid 1 April. Somerset well cost $9m expensed; Northland Basin well is next in the exploration program, expected late in the financial year.
25 Feb 2010other● Neutral
Administrative notice: Origin will issue 20 free shares to each eligible employee (about 3,400 people) under the Employee Share Plan, on or before 31 March 2010.
25 Feb 2010investor presentation● Neutral
Analyst presentation for the half-year result, marking ten years since Origin's ASX listing. Repeats the 28% rise in underlying profit and the results already released; the visible text shows nothing new.
25 Feb 2010half year report▲ GoodMajor
Half-year to December 2009: underlying profit up 28% to $355m; statutory profit $371m versus $6,663m a year earlier, when the APLNG dilution gain was booked. Interim dividend held at 25 cents fully franked. Full-year underlying profit still expected around 15% higher.
25 Feb 2010farm in farm out agreement▲ GoodMajor
Origin farmed out 50% of New Zealand Canterbury Basin permit PEP 38262 to Anadarko, which becomes operator and funds the first US$30m of an exploration well. The Carrack/Caravel prospect could hold over 500 million boe if hydrocarbons are found. Drilling is most likely in 2011.
24 Feb 2010joint venture update▲ Good
Origin's own release of the Innamincka Shallows geothermal JV with Geodynamics: 50:50, Origin operator, two slim wells to about 2,200m costing about $10m. Origin contributes $4.5m extra for a 20% increase. Same deal as Geodynamics' announcement.
24 Feb 2010drilling progress report● Neutral
Beach's weekly report: Santos-operated Coonatie-16 (Origin 10.54%) still at 1,132m, waiting on weather. Cooper Basin operations remain suspended after heavy rain. Nothing new for Origin.
24 Feb 2010joint venture update▲ Good
Geodynamics signed an MoU with Origin for a new 50:50 Innamincka Shallows JV, operated by Origin, targeting shallow geothermal to about 3,000m. Two slim wells (about $10m) are planned within 12 months. Origin adds $4.5m for a 20% interest increase in the Shallows area. The existing Deeps JV stays 70:30.
23 Feb 2010half year report● Neutral
Contact Energy half-year to December 2009: EBITDAF $225.0m and underlying profit $80.1m, both unchanged on a year earlier. Interim distribution is held at 11 cents a share. Stratford peaker is on track for winter 2010 and Ahuroa storage for Q4 2010.
23 Feb 2010drilling spud● NeutralMajor
Salamander, operator, spudded the Bang Nouan-1 gas exploration well in Laos's Savannakhet PSC, where Origin holds 30% under its December 2009 farm-in. The mean pre-drill resource estimate is about 1.1 Tcf, with a high-risk target and about 75 days to drill.
22 Feb 2010joint venture update▲ Good
Contact Energy (Origin 51.66% of quoted shares) signed a joint venture with Taheke 8C landowners to explore and appraise the Taheke geothermal field near Rotorua over two years. A power station would follow if successful. No financial terms stated.
18 Feb 2010drilling result● Neutral
Rockhopper sidetrack testing finished: several sands were too tight to yield fluids, and two gave only filtrate and formation water. The well is being plugged and abandoned. Volumes will take some months to work out; commercial significance remains too early to call.
18 Feb 2010drilling progress report● Neutral
Innamincka (5%) forwarded Origin's 18 February Rockhopper update: testing complete, well being plugged and abandoned. Duplicate of the operator's release.
18 Feb 2010drilling progress report● Neutral
AWE (47.5%) relayed Origin's 18 February Rockhopper update, with plugging under way. Rig Kan Tan IV moves to New Zealand, where AWE will operate about four months of drilling starting with the Hoki-1 well.
17 Feb 2010drilling progress report● Neutral
Beach's weekly report: Santos-operated Coonatie-16 (Origin 10.54%) still at 1,132m, waiting on weather. Cooper Basin drilling suspended after heavy rain. Nothing new for Origin.
17 Feb 2010production update● Neutral
Contact Energy (Origin 51.66% of quoted shares) January 2010 data: generation 765 GWh, national wholesale price $40.39/MWh versus $25.79 a year earlier, electricity customers 481,000, up from 478,000 in December.
11 Feb 2010drilling result▲ Good
Innamincka (5%) relayed Origin's 11 February Rockhopper 1 sidetrack update: oil recovered from two sands. It adds that a volumetric assessment will take about six months and that the Gentoo structure is upgraded in its view (Innamincka's opinion, not Origin's).
11 Feb 2010drilling progress report● Neutral
AWE (47.5%) relayed Origin's 11 February update: Rockhopper 1 sidetrack sampling recovered oil from two sandstones, with more sampling to come. Duplicate of the operator's release.
11 Feb 2010drilling result● Neutral
Rockhopper 1 sidetrack sampling recovered oil from two sandstones and water from another. The reservoirs were 40-60m deeper than in Rockhopper 1, with sands 1-9m thick. Other, possibly tighter, sands are still to be sampled. Origin says commercial significance is still too early to call.
10 Feb 2010drilling progress report● Neutral
Beach's weekly report: Santos-operated Coonatie-16 (Origin 10.54%) was at 1,132m, waiting on weather after heavy rain. Beach's own Egyptian well hit the top of an oil column. Nothing of note for Origin.
4 Feb 2010drilling progress report● Neutral
The Rockhopper 1 sidetrack reached total depth of 3,482m on 3 February after cutting three cores of about 37m in total. Wireline logging and sampling will now help establish fluid contents and column heights. Origin says it is too early to speculate on commercial significance.
4 Feb 2010drilling progress report● Neutral
AWE (47.5%) relayed Origin's 4 February update: the Rockhopper 1 sidetrack reached total depth of 3,482m and is preparing to log. Duplicate of the operator's release.
4 Feb 2010drilling progress report● Neutral
Innamincka (5%) forwarded Origin's 4 February update: the Rockhopper 1 sidetrack reached total depth of 3,482m and is preparing to log. Duplicate of the operator's release.
3 Feb 2010drilling progress report● Neutral
Beach's weekly report: Santos-operated Coonatie-17 (Origin 10.54%) reached 3,104m TD and is to be cased as a future multi-zone Permian gas producer. Coonatie-16 (Origin 10.54%) was at 1,132m, preparing to run surface casing. Minor update.
29 Jan 2010regulatory community update▲ GoodMajor
Australia Pacific LNG, Origin's 50:50 venture with ConocoPhillips, lodged its draft environmental impact statement with the Queensland Government. It covers the gas fields, the 450km pipeline and a four-train LNG plant on Curtis Island. Final investment decision is expected by December 2010, first export late 2014. The EIS milestone comes ahead of that decision.
28 Jan 2010drilling progress report● Neutral
The Rockhopper 1 sidetrack drilled 1,090m in the week, to 3,196m, and is running in to take core. No reservoir results were given. Continues the appraisal, with the volume of oil and gas still to be evaluated.
28 Jan 2010drilling progress report● Neutral
AWE (47.5%) relayed Origin's 28 January Rockhopper 1 sidetrack update: drilled to 3,196m, about to core. Duplicate of the operator's release.