27 Apr 2009joint venture update▼ Bad
Origin lodged Geodynamics' release on the Habanero 3 well incident at the Innamincka JV (Origin 30%). Duplicates the Geodynamics announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2009joint venture update▼ BadMajor
Geodynamics, operator of the Innamincka JV (Origin 30%), reported a well incident at Habanero 3: water and steam flowing to surface on 24 April. No injuries; a well control team was mobilised. A setback for the geothermal project.
24 Apr 2009production update▼ Bad
Contact Energy (51.42% Origin) reported March-quarter operating data: total generation 2,236 GWh (down from 2,389), average wholesale price $33.28/MWh versus $107.47 a year earlier, and electricity customers 487,000 (from 499,000 in December).
22 Apr 2009drilling progress report● Neutral
Beach weekly report: Origin's 13.19% Cooper Basin wells continue. Nephrite-2 is cased and suspended as a gas producer at 3,258m, Cowralli-12 is at 2,106m and Tindilpie-10 is drilling surface hole. Routine update.
22 Apr 2009asset acquisition disposition▲ GoodMajor
Origin agreed to buy 100% of ATP 788P, southern Undulla Nose CSG permit in Queensland, from Pangaea for $660m cash, expecting about 1,150 PJ of 3P reserves (~57c/GJ) at 30 June. APLNG can take the interest before completion; conditions apply.
21 Apr 2009asset acquisition disposition● Neutral
Origin contracted to buy Bounty's 24.748% interest in ATP471P (Bainbilla Block, Surat Basin) excluding Spring Grove Field for $412,500 cash, subject to other partners' pre-emptive rights. A small CSG-area acquisition.
21 Apr 2009drilling spud▲ Good
AWE started drilling the Hovea-13 oil development well in L1, Perth Basin (Origin 50%, AWE 50% operator), planned to about 2,200m. It is the first of a four-well campaign, ending the wait for a rig noted earlier.
21 Apr 2009drilling spud● Neutral
Origin lodged AWE's release that Hovea-13 has started drilling in the Hovea oilfield (Origin 50%). Duplicates the AWE announcement.
16 Apr 2009joint venture update● Neutral
Geodynamics (Origin 30% of Innamincka JV) redeployed its rig at Jolokia 1 for clean-out and logging, with the 1MW pilot plant hot commissioning now due 27 April, and applied for $90m of federal funding. Pilot plant timing slips from end April only slightly.
15 Apr 2009drilling progress report● Neutral
Beach weekly report: Origin's 13.19% Cooper Basin wells continue, with a well at 3,258m preparing to log, Cowralli-12 drilling surface hole at 295m. South July-1ST1 in Egypt (no Origin interest) is plugged and abandoned. Routine update.
8 Apr 2009drilling progress report● Neutral
Beach weekly report: Origin's Tindilpie-7 (13.19%) was cased and suspended as a future Patchawarra gas producer at 3,223m, and Nephrite-2 (13.19%) was drilling at 1,929m. Egypt's South July-1ST1, with no Origin interest, reached 3,473m and was plugged and abandoned as water-saturated.
8 Apr 2009regulatory community update▲ GoodMajor
The Queensland Co-ordinator General declared the Australia Pacific LNG project (Origin 50%, ConocoPhillips 50%) 'significant', allowing environmental impact statement terms to be set. The project is described as around $35bn of investment, up to four trains and 14-16 Mtpa.
3 Apr 2009debt financing▲ Good
Contact Energy (51.42% Origin) raised NZ$550m through a five-year, 8.00% bond, 83.3% oversubscribed against the original NZ$300m sought. Proceeds fund Taupo geothermal, Stratford peakers and gas storage. Completes the bond offer flagged in March.
1 Apr 2009drilling progress report▲ Good
Beach weekly report: Origin's Tindilpie-7 (13.19%) is cased and suspended as a future gas producer at 3,248m. Nephrite South-5 is at 3,060m and Nephrite-2 is drilling surface hole at 720m, all 13.19%. Routine update.
31 Mar 2009capital raising announcement▲ Good
Contact's profit distribution plan kept cash in the company: 77% of bonus shares were retained and 23% bought back, retaining about NZ$49m. Origin elected to retain shares and lifted its Contact holding by a further 0.06%.
25 Mar 2009director officer appointment● NeutralMajor
Karen Moses was appointed a director of Origin as Executive Director, Finance and Strategy. This completes the board seat flagged to follow the February half-year result.
25 Mar 2009drilling progress report● Neutral
Beach weekly report: Origin's Nephrite South-5 (13.19%) is drilling at 1,103m, and Tindilpie-7 (13.19%) reached 3,248m TD and is preparing to log. Routine Cooper Basin update.
25 Mar 2009material agreement▲ Good
AWE announced the same BassGas agreement with Air Liquide to capture CO2 at Lang Lang from 2010, cutting emissions 25%. Its table lists AWE 42.5%, Origin Energy Resources (operator) 37.5%, Origin Energy Northwest 5.0% and CalEnergy 15%.
25 Mar 2009half year report● Neutral
Half-year report sent to Origin shareholders who elect to receive it, restating $277m underlying profit, the 25c interim dividend paid 25 March and $6.4bn cash and undrawn facilities. A reprint of results already released on 26 February.
25 Mar 2009material agreement▲ Good
Origin, for the BassGas joint venture, signed an agreement with Air Liquide to supply CO2 to a recovery unit costing nearly $20m at Lang Lang. From 2010 it will cut the plant's emissions by 25%. Origin holds 42.5% of BassGas.
24 Mar 2009half year report▼ Bad
Contact Energy (51.36% Origin) released its half-year report to 31 December 2008, restating underlying profit of NZ$79.9m, down from NZ$116.1m, and noting the bond offer was capped at NZ$550m. Repeats the February result already known.
24 Mar 2009investor presentation● Neutral
Contact Energy investor offsite presentation covering transmission constraints, its projects under construction (Tauhara, Stratford peakers, Ahuroa storage, all expected operating in 2010) and its funding approach. Restates known facts; no new Origin-level figures.
18 Mar 2009drilling progress report▲ Good
Beach weekly report: Origin's Fly Lake-26 (13.19%) is cased and suspended as a future gas producer at 2,952m. Nephrite South-5 (13.19%) is drilling at 1,778m. The South July-1 Egypt well does not involve Origin.
16 Mar 2009contract award▲ GoodMajor
Construction began on Origin's 550MW, $640m gas-fired Mortlake Power Station in Victoria, with a first-sod ceremony. Bilfinger Berger is the main contractor, Siemens supplies the turbines, and AJ Lucas builds the pipeline carrying Otway Basin gas. Moves a pending project into construction.
11 Mar 2009drilling progress report● Neutral
Beach weekly report: Origin's Fly Lake-26 (13.19%) reached 2,952m TD and is preparing for logging. Nephrite South-5 (13.19%) is drilling surface hole at 258m. Routine Cooper Basin update.
9 Mar 2009investor presentation● Neutral
Grant King's presentation to Citi's London conference, titled on balance sheet strength providing room to grow. The readable text covers strategy and known themes; no new figures or decisions are visible in the extract.
6 Mar 2009capital raising announcement▲ Good
Contact Energy (51.36% Origin) capped its five-year, 8.00% retail bond offer at NZ$550m, up from the NZ$300m originally sought. Funds support its capital program and may repay debt. The offer is still due to close 31 March.
5 Mar 2009joint venture update● Neutral
Geodynamics says the Innamincka JV (Origin 30%) will move its rig to Jolokia 1 for deep stimulation. Savina 1 is secured with two cement plugs so it can be sidetracked later. This settles the earlier question of a sidetrack.
4 Mar 2009drilling progress report▲ Good
Beach weekly report: Origin's Mudrangie South-1 (13.19%) reached 3,223m TD, to be cased as a future gas producer. Fly Lake-26 (13.19%) is drilling at 1,071m. Routine update.
3 Mar 2009investor presentation● Neutral
Roadshow presentation for Contact Energy's $300m bond issue, covering its recent results, transmission constraints and growth projects. It restates known facts; no new Origin-level figures are visible in the readable text.