Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2009drilling progress report● Neutral
Beach's weekly report: Santos-operated Cooper Basin wells where Origin holds 13.19% were cased and suspended, including one as a future gas producer at 2,581m TD. Oil wells Narcoonowie-8 and Tickalara-21 are cased and suspended as oil producers. Minor update.
18 Dec 2009material agreement● NeutralMajor
Origin, as BassGas operator, approved the $345m Yolla Mid-Life Enhancement: two new wells (Yolla-5, -6), crew accommodation and compression, with Origin's share $147m. Wells and accommodation due June quarter 2011, compression mid 2012. BassGas is offline for maintenance until late February 2010.
18 Dec 2009material agreement● Neutral
AWE announced the same $345m Yolla Mid-Life Enhancement decision, plus a BassGas maintenance campaign costing about $56m gross. AWE's 50% share assumes it buys a further 7.5% from CalEnergy, with Innamincka also buying part of CalEnergy's 15%.
17 Dec 2009drilling progress report● Neutral
Rockhopper 1 (Origin 39.0%, operator) drilled 722m of 12.25in hole in the week and set 9 5/8in casing at 1,965m. It was preparing to pressure test equipment before drilling the 8.5in section. No results yet.
17 Dec 2009drilling progress report● Neutral
Innamincka (5%) forwarded Origin's 17 December Rockhopper 1 update: casing set at 1,965m, preparing to drill the next hole section. Duplicate of the operator's release.
16 Dec 2009drilling progress report● Neutral
Beach's weekly report listed Cooper Basin wells in Santos-operated joint ventures where Origin holds 13.19%, including Burke-11 and Narcoonowie-8; Tickalara-21 is not an Origin well. It reported no new result for Origin.
16 Dec 2009other● Neutral
Contact Energy (Origin 51.66% of quoted shares) reported November average national wholesale price of $69.47/MWh, up from $44.48 a year earlier. Electricity customers held at 478,500. Routine monthly data, no new Origin-specific news.
15 Dec 2009material agreement▲ GoodMajor
Origin completed its gas transport agreement with Epic: up to 1,200 PJ over 22 years from January 2012, with extension options of up to 10 more years on some capacity. Origin did not exercise its option to help fund the expansion. Follows the conditional June 2009 deal.
15 Dec 2009material agreement▲ GoodMajor
Hastings (HDF) said financing for Epic Energy's South West Queensland Pipeline expansion is signed, with a total cost of $858m. Epic says Origin's gas transport contract is now firm and binding. Completion is targeted by 1 January 2012. Resolves the earlier conditional agreement.
11 Dec 2009production update▲ Good
Origin officially opened the $110m Mt Stuart power station expansion in Townsville, adding a 126MW gas turbine for a total of 414MW. It runs on kerosene initially but can use natural gas. Part of the plan to reach 2,800MW capacity by end-2010.
10 Dec 2009drilling progress report● Neutral
Rockhopper 1 (Origin 39.0%, operator) was drilling at 1,243m on 10 December, up 789m on the week, against a planned 3,487m. No results yet. Follows the 30 November spud.
10 Dec 2009drilling progress report● Neutral
Innamincka (5%) forwarded Origin's weekly Rockhopper 1 update: drilling at 1,243m on 10 December, up 789m on the week. Duplicate of the operator's release.
10 Dec 2009drilling progress report● Neutral
AWE (47.5%) relayed that Rockhopper-1 was at 1,243m on 10 December, up 789m on the week. No results yet. Duplicate of the operator's release.
10 Dec 2009production update▲ Good
The first of three 120MW gas turbines at Origin's 630MW Darling Downs power station was synchronised to the grid on 9 December. Full commissioning is on schedule for the June quarter 2010. Origin's capacity is expected to reach 2,800MW by end-2010.
7 Dec 2009asset acquisition disposition● NeutralMajor
Benaris will exercise pre-emption on part of Woodside's Otway stake and CalEnergy will not. Origin's price falls from $712.5m to $507.2m, lifting it to 67.23% of the main joint venture and 82.30% in T/34P. Completion is still expected by end-2009.
4 Dec 2009production update▲ GoodMajor
Kupe (Origin 50%, operator) began commissioning on 4 December, with first gas and liquids piped ashore to Hawera. Full steady production is expected in the next couple of months. This delivers the first gas flagged for the December quarter 2009.
4 Dec 2009production update▲ Good
New Zealand Oil & Gas (15% partner) reported Kupe's wells opened on 4 December, with first gas and liquids flowing ashore. Full steady production is expected within a couple of months. Repeats Origin's announcement from the partner's side.
4 Dec 2009farm in farm out agreement▲ GoodMajor
Origin agreed a planned farm-in with Salamander Energy to take 25-40% in five exploration blocks across Thailand, Laos and Vietnam, funding the next US$50m of spending (up to US$40m more on success). Wells start January 2010; completion is subject to final terms and approvals.
3 Dec 2009drilling spud● Neutral
Rockhopper 1 in T/18P (Origin 39.0%, operator) began drilling at 23:30 on 30 November and was at 454m on 3 December. Planned depth is 3,487m, targeting Paleocene sandstones. Follows the Trefoil 2 appraisal, as the next well in the program.
3 Dec 2009drilling progress report● Neutral
AWE (47.5%) repeated that Rockhopper-1 began drilling on 30 November and was at 454m on 3 December, targeting gas in Eastern View Coal Measures sands. The Kan Tan IV rig then goes to AWE's New Zealand campaign. Duplicate of the operator's release.
3 Dec 2009drilling spud● Neutral
Innamincka (5%) relayed Origin's Rockhopper 1 start and said the well will test possible missed gas pay in the lower sands and oil potential in the upper sand, near the 1974 Aroo-1 well. Largely repeats the operator's release.
2 Dec 2009drilling progress report▲ Good
Beach's weekly report shows Santos-operated Dullingari-36DW1 (Origin 13.19%) reached 2,607m and is being cased and suspended as a future Patchawarra gas producer. Other wells listed carry no Origin interest. Not an Origin announcement.
26 Nov 2009drilling progress report▲ Good
Innamincka Petroleum forwarded Origin's Trefoil 2 update (gas-bearing sandstones intersected, well being abandoned) and endorsed AWE's accompanying statement. Duplicate of the operator's release.
26 Nov 2009drilling result▲ Good
AWE (47.5%) says Trefoil-2 intersected several gas-bearing sandstones and is being plugged as planned. Its managing director says it confirmed reservoir continuity between Trefoil-2 and Trefoil-1; resource size awaits evaluation. Repeats the operator's result.
26 Nov 2009drilling result▲ GoodMajor
Trefoil 2 reached 3,235m, intersected several gas-bearing sandstones in the target coals and is being plugged and abandoned. Significance will be determined over coming months after analysis; the rig then moves to Rockhopper-1. Appraisal of the 2004 discovery (Origin 39.0%), size not yet stated.
25 Nov 2009drilling progress report● Neutral
Beach's weekly report shows Santos-operated Dullingari-36DW1 (Origin 13.19%) re-entering and deepening an earlier oil producer, drilling at 1,586m. Other wells listed carry no Origin interest. Not an Origin announcement.
23 Nov 2009security holder rights change● Neutral
Contact Energy cancelled 2,571,104 treasury shares (0.43% of its capital), leaving 596,852,318 listed shares. The shares were non-voting and bought back in March 2009. No tax implications; Origin's holding is not stated to change.
19 Nov 2009drilling progress report● Neutral
Origin's final Somerset 1 update says the Ocean Patriot rig left the location on 14 November after the well was plugged and abandoned. Closes out the dry exploration well (Origin 30.75%).
19 Nov 2009drilling progress report▲ Good
Innamincka Petroleum forwarded Origin's Trefoil 2 update: total depth 3,235m, hydrocarbon shows in the target coals. Duplicate of the operator's release.
19 Nov 2009drilling progress report▲ Good
AWE relayed that Trefoil-2 reached 3,235m with hydrocarbon shows in the Eastern View Coal Measures, significance still to be determined. Duplicate of the operator's release.
