10 Apr 2008drilling progress report▼ Bad
Origin says efforts to recover the stuck pipe in Kupe KS-7 are abandoned and the reservoir section will be sidetracked and redrilled. This resolves the 2 April fishing attempt, but adds work to the campaign.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2008drilling progress report● Neutral
Beach weekly report: in Santos-operated Cooper wells, Cook-10 (Origin 25%) was plugged and abandoned at 2,042m. Mudera-12 (13.19%) is now cased as a gas producer after strong gas shows, and Coonatie-13 is suspended as a future gas producer.
8 Apr 2008joint venture update● Neutral
Geodynamics says Jolokia 1 is progressing well, with 18 5/8 inch casing cemented and the 16 inch section now at 1,862m. Target depth is 4,250m. Origin holds 30% of the joint venture.
3 Apr 2008drilling progress report▼ Bad
Origin reports pipe stuck at 3,454m in Kupe KS-7's reservoir section after the Farewell top was reached with gas shows; a fishing assembly is being run. The third and last Kupe development well is therefore delayed.
3 Apr 2008drilling progress report▼ Bad
NZOG reports Kupe KS-7 hit the Farewell reservoir top on 29 March with gas shows, but pipe stuck at 3,454m in the 8-1/2 inch section; fishing is under way. Mid-2009 completion unchanged. Duplicates Origin's release.
2 Apr 2008drilling progress report● Neutral
Beach weekly report: in Santos-operated Cooper wells, Fly Lake-24 (Origin 13.19%) is cased as a gas producer with 27m of gas pay, and McKinlay-8 was unsuccessful. Coonatie-13 (Origin 10.54%) reached 3,091m. Mudera-12 is still under rig repairs.
2 Apr 2008investor presentation● Neutral
Origin forwards Contact Energy's (51.36% owned) investor presentation on strategy: Te Mihi 225MW geothermal from late 2008, 550MW wind from 2011, up to 300MW of gas peakers, and Swift gas storage in 2010. Largely repeats known plans.
1 Apr 2008joint venture update● Neutral
Geodynamics says the open flow test is complete, apparently within budget, but Origin has yet to review costs. Origin's extra $9.6m contribution is decided by about May. A further test is set for 21 April and a six-week closed loop test from mid May.
1 Apr 2008drilling progress report● Neutral
QGC weekly report: Matilda-John #1 (Origin CSG 40.625%) finished at 804.6m with 32.8m of coal, was released 29 March and is suspended for possible conversion to a monitoring well. Other wells listed are QGC-only.
28 Mar 2008drilling scheduled▲ GoodMajor
The Kupe JV (Origin 50% operator) will drill the Momoho exploration well from May, 6km south of the Kupe field, to about 3,150m, before the Ensco 107 rig is released. A discovery could possibly connect to the Kupe platform.
28 Mar 2008dividend declaration● Neutral
Origin set the dividend reinvestment price at $8.92 per share for the 12c interim dividend payable 4 April 2008. No discount applies, so reinvesting shareholders receive shares at the 10-day average price after the record date.
27 Mar 2008drilling progress report▲ Good
NZOG reports Kupe KS-8's 5 inch liner is set and cemented and the well suspended. The rig moves to KS-7 to drill its reservoir section. Mid-2009 completion unchanged. Duplicates Origin's release.
27 Mar 2008drilling progress report▲ Good
Origin reports Kupe KS-8 has its 5 inch liner set and cemented and is suspended; the rig moves to KS-7. Two of three development wells now have their reservoir sections drilled.
27 Mar 2008drilling progress report● Neutral
QGC weekly report: Jen #2 (Origin 31.25%) reached 625m with 37.8m coal and awaits a workover rig. Matilda-John #1 (Origin 40.625%) reached 804.6m with 32.8m coal and is logging. Woleebee Creek wells are QGC-only.
26 Mar 2008drilling progress report▲ Good
Beach weekly report: Santos-operated Cook-11 (Origin 25%) cased as a future oil producer with a 24m gross oil column, and Squalo-1 (13.19%) with 4.5m oil pay. Mudera-12 still awaits top drive parts.
26 Mar 2008half year report● Neutral
Origin forwards Contact Energy's (Origin 51.36%) half-year report to 31 December 2007. It repeats the previously released EBITDAF of NZ$281.9m and an 11.0c interim dividend; nothing materially new on the text shown.
20 Mar 2008drilling progress report▲ Good
Origin reports Kupe KS-8 hit the Farewell reservoir top with elevated gas shows, finished coring and reached its 3,834m planned depth. Logs and a 5 inch liner follow. Second Kupe development well nearing completion.
20 Mar 2008debt financing▲ GoodMajor
Origin raised $1.54bn, including $420m of oversubscriptions, from syndicating the 3-year credit facility announced on 11 February. Margin is 65 basis points over base rate; it is senior unsecured, A$1.32bn plus a US$200m tranche, to fund growth capex.
20 Mar 2008drilling progress report▲ Good
NZOG reports Kupe KS-8 intersected the Farewell reservoir top with elevated gas shows and reached 3,834m. Logging then a 5 inch liner come next. Mid-2009 completion unchanged. Duplicates Origin's release.
19 Mar 2008drilling progress report● Neutral
Beach weekly report: Santos-operated Cooper wells Cook-11 and Squalo-1 (Origin 25% and 13.19% respectively per the table) are in progress, with Fly Lake-24 and Mudera-12 also listed. Mudera-12 is still awaiting top drive repair parts.
18 Mar 2008joint venture update● Neutral
Geodynamics spudded Jolokia 1, targeting 4,250m in granites about 10°C hotter than the Habanero wells. Origin holds 30% of the Innamincka JV, from the December 2007 geothermal deal. Fortnightly updates are promised.
13 Mar 2008drilling progress report▲ Good
Origin reports Kupe South 6 reached its planned 3,385m, with logs completed and the 5 inch liner cemented, and the well suspended. First of three development wells is finished; KS-8's 8-1/2 inch section is starting.
13 Mar 2008drilling progress report▲ Good
NZOG reports Kupe KS-6 reached its planned 3,385m, was logged, had its 5 inch liner set and cemented, and was suspended. Rig now drilling out KS-8's shoe-track. Mid-2009 completion unchanged. Duplicates Origin's release.
12 Mar 2008drilling progress report● Neutral
Beach weekly report: Santos-operated Mudlalee-5 (Origin 13.19%) was plugged and abandoned after a water-heavy test. Coonatie-9 (10.54%) was cased as a future gas producer. Cook-12 was a success, and Murrippi-1 is not an Origin well.
12 Mar 2008drilling progress report● Neutral
QGC weekly report: Bellevue #15 (Origin 29.375%) reached 527m with 33.9m coal and awaits a workover rig. Matilda-John #1 (Origin 40.625%) is coring at 504.7m. Teviot #1 and Woleebee Creek #4 are QGC-only wells.
6 Mar 2008investor presentation● Neutral
Presentation by Grant King and Frank Calabria to investors in Asia and the UK, restating Origin's integrated generator-retailer strategy and 10-15% average EPS growth objective. Only the opening is readable; no new figures are evident.
6 Mar 2008drilling progress report▲ Good
NZOG reports Kupe South 6 (Origin 50% operator) drilled its 8-1/2 inch section to 3,313m with a hydrocarbon column in the Farewell Formation, as anticipated. Planned depth is 3,385m. Mid-2009 completion unchanged. Duplicates Origin's release.
6 Mar 2008drilling progress report▲ Good
Origin reports Kupe KS-6 coring finished and drilling at 3,313m, with the expected hydrocarbon column in the Farewell Formation. Planned section depth is 3,385m, then logging and a 5 inch liner. Continues the batch drilling of KS-6/7/8.
5 Mar 2008drilling progress report▲ Good
Beach weekly report: Cook-12 (Origin 13.19%, Santos-operated) is being cased as a future oil producer with 8.5m of net Hutton oil pay. Coonatie-9 (10.54%) reached 3,104m. Murrippi-1 is not an Origin well.
4 Mar 2008investor presentation● Neutral
Contact Energy (Origin 51.36%) presents at an ABN Amro NZ Day in Sydney, restating its half-year result (EBITDAF NZ$281.9m) and its geothermal and wind plans. Mostly repeats information released on 22 February.