Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 July 2009farm in farm out agreement● Neutral
AWE bought a further 5% of Bass Basin permit T/18P from CalEnergy, lifting it from 42.5% to 47.5%, for about $9m including drilling costs. Origin remains operator at 39.0%. Trefoil-2 and Rockhopper-1 are planned, with the rig mobilising late July.
8 July 2009drilling progress report▲ Good
Beach's weekly report showed Origin's 16.74% Theta-2 cased and suspended at 2,381m as a Toolachee and Epsilon Formation gas producer. Origin's 13.19% Cowralli-11 was drilling ahead at 2,957m in the Patchawarra Formation.
7 July 2009other● Neutral
Origin signed a three-year GST Annual Compliance Arrangement with the Australian Taxation Office, effective 1 July 2009, to reduce compliance costs. Origin is only the second company to do so. No financial impact is stated.
6 July 2009joint venture update▼ Bad
Geodynamics says the Habanero 3 investigation should finish by mid August 2009, later than the earlier 'at least six weeks'. The 1MW pilot plant is still delayed six to nine months. Origin holds 30% of the joint venture.
6 July 2009joint venture update● Neutral
Origin lodged Geodynamics' 6 July Habanero 3 update. Duplicate of the operator's release.
6 July 2009drilling result▼ BadMajor
AWE reported Apium North-1 (Origin 50%) reached 2,655m with no significant hydrocarbons in the Irwin River Coal Measures. It is being plugged and abandoned, a dry hole. The rig moves to Jingemia-12.
6 July 2009drilling result● Neutral
Origin lodged AWE's 6 July Apium North-1 release. Duplicate of the operator's dry-hole report.
6 July 2009security holder rights change● Neutral
Origin sent shareholders a letter on the reactivated dividend reinvestment plan, with a form to change elections before the record date, scheduled 31 August 2009. Administrative; no new terms.
1 July 2009drilling result▼ Bad
AWE reported Apium North-1 (Origin 50%) reached 2,445m with no significant hydrocarbons in the primary target. The joint venture will deepen it to test the Irwin River Coal Measures. A disappointing first result for the second well of the campaign.
1 July 2009capital raising announcement● Neutral
Hastings Diversified Utilities Fund is raising about $250m at $0.90 per security, with about $50m going to the Epic South West Queensland Pipeline expansion. That expansion is the one Origin's conditional gas deal underpins; it is not an Origin raising.
1 July 2009drilling progress report● Neutral
Origin lodged AWE's 1 July Apium North-1 update. Duplicate of the operator's release.
1 July 2009drilling progress report● Neutral
Beach's weekly report showed Origin's 13.19% Cowralli-11 drilling ahead at 1,573m in the Early Cretaceous section. The headline items were Beach's own wells, including Cheetima-1 spudding, with no result for Origin.
30 June 2009investor presentation● Neutral
Origin released presentations from a 30 June–1 July investor site visit to the Darling Downs power station and Queensland CSG assets, including Talinga and Spring Gully. The visible text repeats known background with no new figures.
29 June 2009security holder rights change● Neutral
Origin will reactivate its dividend reinvestment plan, suspended since 31 October 2008, without a discount. It applies from the full-year dividend due to be announced 19 August 2009.
24 June 2009drilling progress report▲ Good
Beach's weekly report shows Origin's 13.19% Cowralli-13 cased and suspended as a future gas producer at 3,228m. Origin has 16.74% in Theta-2, drilling at 764m. The rest is Beach's own wells.
23 June 2009drilling progress report● Neutral
Origin lodged AWE's 23 June Apium North-1 update. Duplicate of the operator's release.
23 June 2009drilling progress report● Neutral
AWE reported Apium North-1 (Origin 50%) began drilling 21 June and reached 1,316m, preparing to run casing. Target depth is 2,811m in the Dongara Sandstone. It is the second well of the four-well Perth Basin campaign. No result yet.
17 June 2009investor presentation● Neutral
Grant King presented to the UBS resources conference under the title 'Ongoing Growth'. It recaps last year's BG bid defence and the APLNG deal that transformed the balance sheet. The visible text shows no new figures or announcements.
16 June 2009material agreement● Neutral
Hastings announced Epic Energy's conditional pipeline deal with Origin, underpinning a South West Queensland Pipeline expansion from 168 to about 380 TJ/day. It is conditional on Epic securing funding; Origin may fund a significant part.
16 June 2009material agreement● Neutral
APA Group welcomed the Epic pipeline expansion underpinned by Origin's conditional agreement, saying it adds 212 TJ/day capacity from 2012. A third party's comment, with no new Origin terms.
16 June 2009drilling result▲ Good
AWE reported Hovea-13 ST1 (Origin 50%) completed as an oil producer, flowing into the Hovea facility shortly. The rig is moving to Apium North-1, a 2,811m gas exploration well in L1 and the second of the four-well campaign.
16 June 2009drilling progress report● Neutral
Origin lodged AWE's 16 June Perth Basin update. Duplicate of the operator's release.
16 June 2009material agreement▲ GoodMajor
Origin signed a conditional agreement with Epic Energy to ship up to 1,200 PJ of gas over 22 years from January 2012 on an expanded South West Queensland Pipeline. It depends on Epic securing funding, which Origin may help provide.
12 June 2009production update▼ BadMajor
Origin, as Kupe operator (50%), said first gas ashore is now expected in the December quarter 2009, with testing and pre-commissioning running later than planned. This pushes back the earlier September-quarter timing. Capital costs remain in line.
12 June 2009production update▼ BadMajor
NZ Oil & Gas, a Kupe partner, relayed Origin's update: first Kupe gas ashore is now in the fourth quarter of 2009, later than the September-quarter expectation. Capital costs are unchanged and December-quarter output is likely reduced.
10 June 2009drilling progress report● Neutral
Beach weekly report: its own Perlubie South-1 spudded 8 June. Origin's 13.19% Cooper gas wells Cowralli-13 (3,146m) and Tindilpie-9 (3,088m) continue drilling. Routine, no result.
9 June 2009drilling result▲ Good
AWE reported Hovea-13 ST1 (Origin 50%) reached 2,200m through the target Dongara Sandstone, has been cased and is being completed as an oil producer. The rig then moves to Apium North-1. It is the first well of the 4-well campaign.
9 June 2009other▼ BadMajor
Origin lodged Contact Energy's 8 June guidance: full-year underlying earnings after tax are expected 30-33% below last year, from low wholesale prices after high hydro inflows. Origin holds 51.42% of Contact, so this feeds into Origin's own guidance.
9 June 2009regulatory community update● Neutral
The Queensland regulator's revised decision put the 2008-09 benchmark tariff rise at 9.06%, not 5.38%. Origin estimates about $40m of margin foregone this year and cannot recover it, but welcomes a better benchmark for 2009-10 prices from 1 July 2009.
9 June 2009other▼ BadMajor
Origin cut its full-year outlook: underlying profit is now unlikely to be more than 20% higher than last year, versus 20-25% previously. It cites Contact's weaker guidance and about $40m of retail margin foregone in Queensland. Results are due 19 August 2009.
