Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
13 July 2010agm notice● Neutral
Contact Energy (Origin 51.80% of quoted shares) will release annual results on 20 August 2010 and hold its annual meeting on 27 October. Record date for the final distribution is 3 September. Administrative notice.
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.
2 July 2010regulatory community update▲ GoodMajor
Origin welcomed the Federal Government's decision to apply the existing Petroleum Resource Rent Tax to onshore oil and gas instead of the proposed RSPT, saying it gives more certainty. Starting asset value would use market value. Details still to be finalised.
2 July 2010production update▲ GoodMajor
Origin completed final commissioning of the 630MW Darling Downs gas power station in Queensland, an investment of over $1 billion. Origin starts booking revenue and earnings from 1 July 2010. It also bought an adjacent 77-hectare block for possible expansion.
1 July 2010drilling spud● Neutral
Salamander spudded Tom Hum Xanh-1X in Block 31 offshore southern Vietnam, part of the December 2009 farm-in where Origin earns 25%. Target depth is about 2,500m; mean gross pre-drill estimate is c. 80 million barrels of oil; about 32 days expected.
1 July 2010director officer appointment● Neutral
Contact Energy director John Milne retired from its Board effective 30 June 2010; he served since 1995 and chaired the Audit Committee. Origin's Grant King is Contact's Chairman. No replacement was named.
1 July 2010drilling progress report● Neutral
Redback 2 (Origin 67%, operator) had 7" casing set at 3,861m and a 4½" liner was to be run across the Wagina reservoir to 3,966m TD. Hole was being cleaned out. No new gas result or volume.
1 July 2010drilling progress report● Neutral
AWE's release repeats Origin's: Redback-2 has 7" casing set at 3,861m, with a 4½" liner to run to 3,966m TD. Origin holds 67%; Wolf-1 follows. Nothing new.
30 June 2010regulatory community update● Neutral
Contact Energy (Origin 51.80% of quoted shares) said its emissions trading scheme pricing will lift average residential electricity prices 3.2%, in line with the Government's 5% estimate. Managing Director David Baldwin rejected suggestions Contact was using the scheme to inflate prices.
29 June 2010drilling result▼ BadMajor
Tom Su Lua-1X in Vietnam's Block DBSCL-01 (Origin earning 25%) was plugged and abandoned as a dry hole. It found good reservoir sandstones and seals, but they were water-bearing. Rig moves to Block 31 for the Tom Hum Xanh-1X well (Origin 25%).
24 June 2010drilling result● NeutralMajor
Redback 2 (Origin 67%) reached 3,966m, but pressure data could not be acquired from the Wagina reservoir because of hole conditions. The well is being cased and suspended for later completion and tie-in to Beharra Springs, allowing further assessment of the accumulation's size.
23 June 2010drilling progress report▲ Good
Beach Energy's weekly report shows Coonatie-17 (Origin 10.54%) reached 3,105m TD and is being cased and suspended as a future Permian gas producer. Coonatie-16 is drilling at 2,524m. Beach is moving to monthly drilling reports.
17 June 2010other● Neutral
Contact Energy (Origin 51.80% of quoted shares) May 2010 operating data: North Island storage rose to 60% of mean from 49%, and the average Haywards price was $49/MWh. The forecast June wholesale price fell to $50/MWh from $72/MWh at 30 April. Routine data release.
17 June 2010drilling progress report● Neutral
AWE's update repeats Origin's: Redback-2 running wireline logs at 3,966m after recovering the logging tool, 55m progress in the week. Wolf-1 still to follow. Nothing new.
17 June 2010drilling progress report● Neutral
Redback 2 reached total depth of 3,966m on 16 June after an unsuccessful wireline attempt due to difficult hole conditions. Wireline logs were being acquired on 17 June. No volumes or flow results yet.
10 June 2010drilling spud● Neutral
Salamander spudded Tom Su Lua-1X in Block DBSCL-01 offshore southern Vietnam, part of the December 2009 farm-in where Origin earns 25%. Target depth is about 1,400m; mean gross pre-drill estimate is c. 60 million barrels of oil.
10 June 2010drilling progress report● Neutral
Redback 2 (Origin 67%) hit Wagina at 3,861m (3,664m sub-sea), but wireline logging was impeded by difficult hole conditions. Rig repairs were underway at 3,913m, 6m progress in the week. Gas result not yet confirmed.
