Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2008business combination● Neutral
Origin issues its Target's Statement formally advising shareholders to reject BG's $15.50 offer, repeating the seven reasons. It says an Independent Expert's Report, including the outcome of the CSG monetisation process, will come before the offer closes. Largely repeats the board's earlier rejection.
19 Aug 2008business combination● NeutralMajor
Origin's board unanimously recommends shareholders reject BG's $15.50 offer, giving seven reasons including largest CSG reserves, a possible CSG-to-LNG project and a potential tax liability. The offer closes 26 September unless extended; results are due 28 August.
19 Aug 2008investor presentation● Neutral
Presentation accompanying the Target's Statement, setting out the board's seven reasons to reject BG's $15.50 offer. It repeats points already announced, with no new figures.
19 Aug 2008regulatory community update● Neutral
The ACCC will consult the market on undertakings BG offered to address competition concerns, including unwinding joint gas marketing with QGC. Comments are due 26 August and its decision is deferred to 10 September 2008, a regulatory step in BG's bid for Origin.
13 Aug 2008drilling progress report● Neutral
Beach Petroleum weekly report: Santos-operated James-2 (Origin 10.54%) is drilling ahead at 2,189m. Marabooka-13 is cased and suspended and Marabooka-14 (Origin 13.19%) is rigging to cement casing. Routine.
12 Aug 2008drilling progress report● Neutral
Origin, as Kupe operator, confirms the ENSCO 107 rig was released on 7 August once weather allowed. Duplicate of the NZOG notice, with no new results.
12 Aug 2008drilling progress report● Neutral
New Zealand Oil & Gas said the ENSCO-107 jack-up rig was released at 4.00pm on 7 August once suitable weather prevailed, ending operations at Momoho 1. The notice gave no new well results.
8 Aug 2008drilling scheduled● NeutralMajor
Origin (100%) will enter Year 4 of Canterbury Basin permit PEP38262 on 21 August, which commits it to drill. The Carrack/Caravel prospect has a mean 750 million barrels of oil or 2.7 tcf gas if charged; high risk and a deepwater rig is hard to source. It is seeking partners.
6 Aug 2008business combination● NeutralMajor
Chairman's letter urges shareholders to ignore BG and reject the $15.50 bid. It says a short-list of LNG companies are in detailed talks on accelerating CSG development, after significant responses in early July. Target's Statement is due mid-August; results 28 August.
6 Aug 2008regulatory community update▲ Good
Kenya grants a six-month extension to the First Additional Period for Blocks L8 and L9, so the decision to enter the Second Additional Period is now due 21 January 2009. Origin (75%) still seeks partners; Mbawa estimated at over 1 billion barrels recoverable, untested.
6 Aug 2008regulatory community update● Neutral
Chairman Kevin McCann speaks on climate policy, backing an emissions trading scheme and an independent regulator for decisions. General policy comment with no company-specific news.
5 Aug 2008business combination● NeutralMajor
BG has now sent shareholders its replacement Bidder's Statement. The $15.50 cash offer is dated 4 August and closes 26 September 2008 unless extended. This fills in the offer dates left blank earlier; the board recommends rejection.
5 Aug 2008joint venture update▼ Bad
Geodynamics says Jolokia 1 (Origin 30% of the JV) is at 4,344m, targeting up to 5,000m. The closed-loop test began 1 August but a pump seal failed on 2 August; 2 to 3 weeks of investigation and repairs are expected, delaying the six-week test.
4 Aug 2008regulatory community update● Neutral
Origin backs the 20% by 2020 Renewable Energy Target but urges that emerging technologies not be crowded out, and says the scheme should be phased out over time. Policy comment only, with no financial impact.
31 July 2008drilling progress report● Neutral
NZOG reports the Momoho 1 rig is still waiting for suitable weather to set the final surface plug and do a seabed survey; a window is expected early next week. Well depths unchanged at 3,145m. No new results.
31 July 2008business combination● Neutral
Origin says BG's two replacement statements (24 and 30 July) addressed all fifteen disclosure issues it raised, so it withdrew its Panel application. The board still intends to recommend rejecting the $15.50 bid; its Target's Statement is due mid-August.
31 July 2008quarterly activities report▲ Good
June quarter and FY08 production report: record annual production of 100.5 PJe (up 15%) and sales revenue of $530.9m (up 12%); CSG production up 75%. Swift Energy NZ assets purchase completed 12 June; Kupe on track for mid-2009 gas.
31 July 2008resource reserve update▲ GoodMajor
Origin lifts 2P reserves 66% to 5,770 PJe from 3,471 PJe, mostly Queensland CSG (4,751 PJe); CSG 3P reached 10,138 PJ (NSAI). Updates the May CSG figures. It is in talks with global energy companies about a CSG-to-LNG development.
31 July 2008regulatory community update● Neutral
The Takeovers Panel allows Origin to withdraw its 24 July application over BG's bidder's statement, as Origin says the issues are now resolved. This resolves the dispute raised on 25 July, with no Panel ruling made.
31 July 2008drilling progress report● Neutral
Origin, as Kupe operator, says the Momoho 1 rig was still waiting for weather on 30 July to set the final surface plug and do a seabed survey, with a window expected early next week. Depth unchanged at 3,145m. No new results.
30 July 2008business combination● Neutral
Mark-up version of BG's 30 July replacement Bidder's Statement showing changes from the 24 July version. Same $15.50 cash offer; offer dates still blank. Duplicate with no new terms.
30 July 2008business combination● Neutral
BG lodges a second replacement Bidder's Statement dated 30 July, superseding the 24 July version, still offering $15.50 cash per Origin share. Offer and closing dates remain blank.
30 July 2008material agreement▲ Good
Origin forwards Contact Energy's notice (Origin owns 51.36%) of a new OMV deal for an extra 32 PJ of Pohokura gas, from 31 March 2012 to 31 December 2013. Conditional on regulatory consents.
30 July 2008drilling progress report● Neutral
Beach Petroleum weekly report: Santos-operated Kirralee-2 is drilling ahead at 2,682m and Mudera-16 has reached 1,887m; James-2, where Origin holds 10.54%, is in surface hole. Origin holds 13.19% in the first two wells. Routine.
25 July 2008regulatory community update● NeutralMajor
The Takeovers Panel says Origin has applied about BG's bid documents, alleging misleading statements on the Santos/Petronas deal and CSG reversionary rights, and inadequate disclosure of BG's CSG intentions. Origin seeks interim orders and a corrected replacement statement.
25 July 2008regulatory community update● Neutral
Takeovers Panel notes BG has served supplementary and replacement bidder's statements, not yet sent to shareholders. Origin seeks a further interim order stopping their dispatch pending the Panel's decision. No ruling made.
25 July 2008regulatory community update● Neutral
Origin welcomes an industry (esaa) report on emissions trading showing over $30bn of new generation investment, and says it has committed to 2,000MW of low-emission generation, about $2.3bn. Policy comment; supports household assistance.
24 July 2008business combination● Neutral
BG lodges a replacement Bidder's Statement dated 24 July, replacing the 10 July version, still offering $15.50 cash per Origin share. Offer and closing dates remain blank. Price unchanged.
24 July 2008business combination● Neutral
BG lodges a first supplementary Bidder's Statement amending its $15.50 cash offer documents, including wording on Origin's board having stopped talks on a scheme at that price, and a $16.02 close on 23 July. The price is unchanged.
24 July 2008business combination● Neutral
Mark-up version of BG's 24 July replacement Bidder's Statement, showing changes from the 10 July original. Same $15.50 cash offer; offer dates still blank. Duplicate with no new terms.
