Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2008half year report▲ GoodMajor
Origin reports first-half underlying profit of $200m, down 3%, but statutory profit up 44% to $335m. Interim dividend rises 20% to 12 cents. Directors now expect full-year profit growth of at least 15%, up from the earlier 10-15% guidance, on a stronger second half.
28 Feb 2008drilling progress report● Neutral
NZOG reports Kupe KS-6 has intersected the top of the Farewell Formation reservoir with elevated gas shows, and the first of three cores is complete at 3,042m. Mid-2009 completion unchanged. Duplicates Origin's release.
28 Feb 2008investor presentation● Neutral
Media presentation repeating the half-year result: underlying profit $200m (-3%), statutory profit $335m, 12 cent interim dividend, and expected full-year profit growth of at least 15%. Gearing is shown at 38%. No new information beyond the results release.
28 Feb 2008dividend declaration● Neutral
Origin corrects the dates for its 12 cent fully franked interim dividend: ex-dividend date is 4 March 2008, not 5 March. Record date is 11 March and payment is 4 April 2008.
28 Feb 2008drilling progress report▲ Good
Origin reports Kupe KS-6 has reached the top of the reservoir (Farewell Formation) with elevated gas shows, and the first of three cores is done in the 8-1/2 inch section at 3,042m. Planned section depth is 3,381m. Encouraging; schedule unchanged.
27 Feb 2008drilling progress report▲ Good
Beach weekly report: Santos-operated Tirrawarra-75 (Origin 13.19%) at 3,090m was cased and suspended as a future gas/oil producer. Coonatie-9 (10.54%) is at 2,520m; Mudera-12 is in rig maintenance. Murrippi-1 is not an Origin well.
27 Feb 2008other● Neutral
Origin forwards to ASX the chairman's letter to shareholders on the unsolicited low-priced share offer, telling them not to take it without checking current market value and seeking advice. Repeats the 25 February warning.
26 Feb 2008drilling progress report● Neutral
QGC weekly report: Sean #3 (Origin 31.25%) reached 518m with 28.8m coal; Bellevue #13 and new Bellevue #17 (29.375%, 25.5m coal) are suspended awaiting workover rigs. Michelle #1 reached 804.5m with 46.1m coal and is running its third drill stem test.
25 Feb 2008other● Neutral
Origin warns shareholders that an unsolicited offer to buy their shares at a price substantially below market is being made, and that it does not endorse such offers. It is a caution only; no takeover bid is mentioned.
22 Feb 2008half year report● Neutral
Contact Energy (Origin 51.36%) reports half-year EBITDAF of NZ$281.9m, up from NZ$275.4m, with underlying after-tax earnings of NZ$116.1m versus NZ$117.2m. Gas costs per unit rose 20%. Te Mihi geothermal on track for 2011. Origin's own results follow.
21 Feb 2008drilling progress report● Neutral
Origin reports Kupe KS-6's 12-1/4 inch section reached 2,862m of a planned 2,935m, with 9-5/8 inch casing to follow. Origin operates with 50%; no change to schedule.
21 Feb 2008drilling progress report● Neutral
NZOG reports Kupe KS-6's 12-1/4 inch section reached 2,862m of a planned 2,935m, with 9-5/8 inch casing next. KS-7 and KS-8 unchanged; five-month plan and mid-2009 completion unchanged. Duplicates Origin's release.
20 Feb 2008drilling progress report● Neutral
Beach weekly report: Santos-operated Cooper wells (Origin 10.54-13.19%) continue, with Tirrawarra-75 at 3,090m logging and Mudera-12 still stopped for accident investigation. Murrippi-1 (no Origin interest) is about to spud. No new results.
19 Feb 2008drilling progress report● Neutral
QGC weekly report: Jordan #1 (Origin 31.25%) finished at 580m with 23.6m coal after three drill stem tests and is suspended awaiting a completion decision. Sean #3 and Bellevue #13 (Origin 29.375%) drilled; Michelle #1 coring at 795.5m.
18 Feb 2008drilling result▼ Bad
Mosaic Oil confirms Origin-operated Riverslea Southeast-1 will be plugged and abandoned as a dry hole, with the Boxvale Sandstone interpreted water wet. Repeats Origin's result; also notes Mosaic's own 2008 drilling program.
18 Feb 2008drilling result▼ BadMajor
Riverslea Southeast-1 reached 1,585m with only weak oil shows in poorly developed upper Boxvale Sandstone and will be plugged and abandoned. A dry hole for Origin (88.2% of the well incl. subsidiaries) in a small near-field exploration test.
14 Feb 2008drilling progress report● Neutral
Origin reports Kupe KS-7's 9-5/8 inch casing was cemented at 3,107m and the rig skidded to KS-6, which is starting its 12-1/4 inch section. Origin operates with 50%; schedule unchanged.
14 Feb 2008drilling progress report● Neutral
NZOG reports Kupe KS-7's 9-5/8 inch casing was cemented at 3,107m and the rig moved to KS-6, now starting its 12-1/4 inch section (planned 2,935m). Mid-2009 completion unchanged. Duplicates Origin's release.
13 Feb 2008drilling progress report▲ Good
Beach weekly report: Mudlalee-6 (Origin 13.19%) was cased and suspended as a future oil producer with 4.8m oil pay in the Birkhead and 1.2m in the Hutton. Tirrawarra-75 is coring; Mudera-12 still stopped; Coonatie-9 rigging up.
13 Feb 2008drilling progress report● Neutral
QGC weekly report: Lauren #48 (Origin 40.625%) hit 808m with 28m coal and is suspended awaiting a workover rig. Jordan #1 (31.25%) reached 580m with 23.6m coal; Sean #4 reached 501m with 24.7m coal.
13 Feb 2008drilling progress report● Neutral
Origin update on Riverslea Southeast-1 (Origin 88.2% of the well incl. subsidiaries, Mosaic 11.8%): surface casing set at 192m and drilling ahead at 210m. No result yet.
12 Feb 2008regulatory community update▲ Good
The Kupe joint venture, operated by Origin, completed the final stage of laying the 12-inch offshore gas pipeline to Hawera. The Apache vessel laid it in three 10km sections without serious delays.
11 Feb 2008drilling spud● Neutral
Mosaic Oil reports Origin-operated Riverslea Southeast-1 spudded 10 February, 1.4km from the Riverslea field. Targets Boxvale Sandstone, P10 up to 172,000 barrels, planned depth 1,625m. Mosaic holds 11.8% of the well; this is a small exploration well.
11 Feb 2008debt financing▲ GoodMajor
Origin signs an underwritten 3-year senior unsecured credit facility: A$900m revolving and term tranches plus a US$200m revolving tranche, with five banks. To fund growth projects including Darling Downs and coal seam gas. Ratings BBB+ stable; syndication due March 2008.
7 Feb 2008drilling progress report● Neutral
NZOG reports KS-8 9-5/8 inch casing was run and cemented, and KS-7's 12-1/4 inch section reached 2,176m of a planned 3,107m. KS-6 follows. Five-month plan and mid-2009 completion unchanged. Duplicates Origin's release.
7 Feb 2008asset acquisition disposition▲ GoodMajor
Origin buys Woodside's 62.5% of the VIC/P37(V) permit for $13.6m, taking 100% of the Halladale and Black Watch gas fields (55 PJe contingent resource, found 2005). Intended to support retail and the proposed Mortlake power station; subject to regulatory approval.
7 Feb 2008drilling progress report● Neutral
Origin reports Kupe KS-8's 9-5/8 inch casing was run and cemented, and KS-7's 12-1/4 inch section reached 2,176m of a planned 3,107m. KS-6 is next. Origin operates with 50%.
6 Feb 2008drilling progress report● Neutral
Beach weekly report: Coonatie-11 (Origin 10.54%) reached 3,114m and was cased and suspended as a future gas producer. Tirrawarra-75 is drilling ahead at 2,005m; Mudera-12 remains stopped for accident investigation; Mudlalee-6 is drilling.
6 Feb 2008drilling result▲ GoodMajor
Emu Apple 3 reached 1,484m with good oil shows and was cased as a future producer. A test of the Hutton Sandstone recovered 6.1 barrels of oil, a new oil pool for the Emu Apple field. Origin holds 90% via subsidiaries, Santos 10%.
5 Feb 2008drilling progress report● Neutral
QGC weekly report: Bellevue #9 (Origin 29.375%) reached 562m with 27.9m coal and Codie #9 (40.625%) reached 846m with 16.6m coal; both suspended awaiting workover rigs. Lauren #48 and Jordan #1 are new wells spudded.
