Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2009drilling result▲ Good
Trefoil 2 reached total depth of 3,235m and hydrocarbon shows were identified in the targeted Eastern View Coal Measures. Their significance awaits logging, pressure testing and sampling. Early encouraging sign for the 2004 Trefoil discovery appraisal (Origin 39.0%).
18 Nov 2009drilling progress report● Neutral
Beach's weekly report shows Santos-operated Dullingari-40DW1 (Origin 13.19%) cased and suspended at 2,623m as a future Patchawarra gas producer. Other wells listed carry no Origin interest. Not an Origin announcement.
18 Nov 2009flow test result▲ GoodMajor
Redback South 1 (Origin 67%, operator) began flow testing on 17 November, with initial gas rates up to 38.4 mmscf/day on a 1-inch choke. Origin says flow rate alone does not show discovery size; pressure build-up data will indicate commercial significance. Follows the 22 September discovery.
18 Nov 2009flow test result▲ Good
AWE (33% partner) relayed Origin's release: Redback South 1 initial test rates up to 38.4 mmscf/day, with the full test and pressure build-up still to come. Duplicate of the operator's announcement.
18 Nov 2009production update● Neutral
Contact Energy (Origin 51.66% of quoted shares) reported October data: average national wholesale price $32.50/MWh (Oct 2008: $44.83), total generation 730 GWh (838), electricity customers 478,500 (479,000 at September). Routine monthly data.
12 Nov 2009drilling progress report● Neutral
AWE relayed that Trefoil-2 is at 2,983m, pulling out before coring, with 463m drilled in the week. Rockhopper-1 follows. Duplicate of the operator's release.
12 Nov 2009drilling progress report● Neutral
Innamincka Petroleum forwarded Origin's Trefoil 2 update: 2,983m, pulling out of hole prior to coring. Duplicate of the operator's release.
12 Nov 2009drilling progress report● Neutral
Origin's update on Somerset 1 (Origin 30.75%, Woodside operator) says the well is at 2,912m and being plugged and abandoned. Confirms the earlier disappointing result; no new information.
12 Nov 2009drilling progress report● Neutral
Trefoil 2 (Origin 39.0%, operator) was at 2,983m, pulling out of hole prior to coring, after drilling resumed following last week's casing repair. Planned depth is 3,221m; Rockhopper-1 follows. No results yet.
11 Nov 2009drilling progress report● Neutral
Beach's weekly report lists Santos-operated Dullingari-40DW1, where Origin holds 13.19%, drilling ahead at 2,465m in the Patchawarra Formation. Other wells listed carry no Origin interest. Not an Origin announcement; no result.
11 Nov 2009asset acquisition disposition● Neutral
Innamincka (5% partner in Origin's T/18P) agreed to buy 7.5% of BassGas for A$40m via AWE's option over CalEnergy's 15%. Origin keeps 42.5% and operatorship. Completion unlikely before 28 Feb 2010; effective 1 July 2009. Origin is not buying.
5 Nov 2009drilling progress report● Neutral
Trefoil 2 remained at 2,520m after the stuck casing was retrieved and successfully patched. Rig maintenance is under way before drilling ahead to the planned 3,221m. Resolves last week's casing problem; no results yet.
5 Nov 2009drilling result▼ BadMajor
Somerset 1 (Origin 30.75%) reached 2,912m and found only minor gas shows in thin sands that appear water-bearing on logs. Deeper targets were not reached for operational reasons, and the well is being plugged and abandoned. A disappointing exploration result.
5 Nov 2009drilling progress report● Neutral
AWE relayed that Trefoil-2 is at 2,520m, with the casing retrieved and patched and rig maintenance before drilling ahead. Rockhopper-1 follows. Duplicate of the operator's release.
5 Nov 2009drilling progress report● Neutral
Innamincka Petroleum forwarded Origin's Trefoil 2 update: 2,520m, casing retrieved and patched, rig maintenance before drilling ahead. Duplicate of the operator's release.
4 Nov 2009regulatory community update▲ Good
Contact Energy spudded the first of three more wells at its $250m Ahuroa gas storage project; Origin manages the drilling. Gas has been injected at about 40 TJ/day since a new compressor was commissioned in early October. Continues the Ahuroa build-out.
4 Nov 2009drilling progress report● Neutral
Beach's weekly report shows Origin (13.19%) in Santos-operated wells: Daralingie-40 re-entry and deepening, and Kercummurra-2 (10%) cased and suspended as a potential oil producer. Other wells listed have no Origin interest. No Origin-specific announcement.
2 Nov 2009asset acquisition disposition▲ GoodMajor
Origin agreed to buy Woodside's 51.55% of the Otway Gas Project for $712.5m, lifting its stake from 30.75% to about 82%. Funded from existing capacity ($4.4bn). Completion expected by end-2009; subject to pre-emptive rights of Benaris and CalEnergy.
2 Nov 2009asset acquisition disposition● Neutral
Woodside confirmed it is selling its 51.55% of the Otway Gas Project to Origin for A$712.5m, effective 1 July 2009, with transfer expected in December 2009. It describes the sale as consistent with its review of non-core assets. Mirrors Origin's announcement.
29 Oct 2009contract award● Neutral
Partner Pancontinental said Origin, as Kenya L8 operator, signed a contract with Fugro Geoteam for an 800 sq km 3D seismic survey costing US$10m. Start is planned for November, finishing by year-end. This follows the earlier L8 seismic plan; no drilling result.
29 Oct 2009drilling progress report▼ Bad
Trefoil 2 stayed at 2,520m after the 9 5/8-inch casing stuck 12m off bottom; crews were trying to retrieve it. Somerset 1 (Origin 30.75%, Woodside operator) was at 2,912m with no result yet reported.
29 Oct 2009drilling progress report▼ Bad
AWE repeated Origin's report: Trefoil-2 at 2,520m, casing stuck 12m off bottom, retrieval under way. Rockhopper-1, about 12km north, follows. Duplicate of the operator's release.
29 Oct 2009drilling progress report● Neutral
Innamincka Petroleum forwarded Origin's weekly Trefoil 2 update: well at 2,520m, 9 5/8-inch casing stuck 12m off bottom, retrieval under way. Duplicate of the operator's release.
28 Oct 2009drilling progress report● Neutral
Beach's weekly report lists Origin (13.19%) only as a partner in Santos-operated Daralingie-27, at 2,294m TD and to be cased as a future Patchawarra gas producer. Kercummurra-2 (10%) was at 1,535m TD, logging. No Origin-specific announcement.
27 Oct 2009investor presentation● Neutral
Contact Energy's October 2009 investor presentation gives an overview of its business and the New Zealand market. It covers 600,000 customers, nine power stations and about 26% of national generation; visible text shows nothing new.
22 Oct 2009drilling progress report● Neutral
AWE relayed that Trefoil-2 was at 2,520m on 22 October, with 1,585m drilled in the week and casing about to be run as planned. Duplicate of the operator's release.
22 Oct 2009other● Neutral
At Contact's AGM, management said three projects worth $600m (Stratford 200MW peaker, Ahuroa gas storage, Tauhara) will operate by mid-2010. Grant King noted FY09 EBITDAF fell 21% to $445.3m and underlying earnings fell 31% to $160.6m. Distributions held at 28c.
22 Oct 2009drilling progress report● Neutral
Trefoil 2 reached 2,520m on 22 October, preparing to set 9.625-inch casing; no results yet. Separately, Somerset 1 (Origin 30.75%, Woodside operator) began drilling 19 October and was at 1,284m, targeting 3,305m in the Otway Basin.
21 Oct 2009other● Neutral
Beach Petroleum's weekly drilling report lists Origin only as a partner in Santos-operated Cooper Basin wells. Daralingie-27 (13.19%) was at 756m and Kercummurra-2 (10%) at 191m, both drilling. No Origin-specific result.
19 Oct 2009investor presentation● Neutral
Grant King presented to the Citi Australian Investment Conference in Sydney. It is a 36-page deck on strategy, Australia Pacific LNG, carbon and outlook; the visible text shows no new figures.
