Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2009agm notice● Neutral
Origin sent shareholders the written report of its 30 October 2009 AGM, including the chair's and managing director's addresses. It restates FY09 underlying profit of $530m and the target dividend of at least 50 cents a year. No new announcement.
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.
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.
