Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2008drilling progress report● Neutral
Origin, as Kupe operator, reports Momoho 1 plugging and abandonment is complete bar the final surface plug and seabed survey, awaiting weather. Well finished at 3,145m, as flagged earlier. No new results.
24 July 2008drilling progress report● Neutral
NZOG repeated that Momoho 1 plugging was under way: a two-stage cement plug was set from 3,145m back to 2,767m and the casing strings were cut below the seabed. The rig was waiting for weather to set the final surface plug and run a seabed survey.
23 July 2008drilling progress report● Neutral
Beach Petroleum weekly report: Santos-operated Cooper Basin gas wells Mudera-15 (TD 1,139m) and Mudera-14 RE1 are cased and suspended as future gas producers, and Kirralee-2 is being drilled. Origin holds 13.19%. Routine.
23 July 2008contract award● Neutral
Arrow Energy says the Braemar 2 450MW power station reached financial close on a $335m facility, with a 10-year-plus, 300MW electricity hedge with Origin. Same deal Origin announces separately; Origin also to supply some gas in 2009-10.
23 July 2008material agreement▲ GoodMajor
Origin buys 300MW of electricity hedges for at least 10 years from the Braemar 2 450MW gas-fired station (options over 150MW more), and may supply some of its gas in 2009-10. With Braemar 1, gives Origin up to 825MW of capacity.
21 July 2008other● Neutral
Origin forwards Contact Energy's notice (Origin owns 51.36%) that it is investigating the up to 177MW Waitahora wind farm in Hawke's Bay, about NZ$500m, resource consent filing expected second half 2008, generation targeted 2013. Early-stage investigation only.
17 July 2008drilling result● NeutralMajor
Momoho 1 found a small gas condensate pool in the Farewell Formation, with a gross column of 2,896 to 2,921m, after reaching 3,145m TD. The well will be plugged and abandoned. Origin calls it the third small hydrocarbon find on this trend; potential remains on the fault's downthrown side.
17 July 2008drilling result● Neutral
NZOG repeats Origin's Momoho 1 result: a small gas condensate pool in the Farewell Formation over 2,896 to 2,921m, TD 3,145m, with the well to be plugged and abandoned. Further studies will look at whether a combined development is possible.
16 July 2008regulatory community update● Neutral
Origin welcomes the federal Green Paper on climate change and backs an emissions trading scheme as the lowest-cost approach. It supports limited compensation for hardest-hit generators. A policy statement with no financial figures.
16 July 2008drilling progress report● Neutral
Beach Petroleum's weekly report: Santos-operated Deparanie-2 was cased and suspended pending evaluation, and Big Lake-88 (TD 2,048m) was plugged and abandoned as unsuccessful. Origin holds 13.19% in both. Routine.
15 July 2008joint venture update▲ Good
Origin's lodgement of the same Geodynamics release: milestone achieved, further $9.6m committed, total commitment about $150m, and Origin holds 30% of the JV and about 7.5% of Geodynamics. Duplicate of the Geodynamics announcement.
15 July 2008joint venture update▲ Good
Geodynamics and Origin say a first milestone in their Cooper Basin geothermal JV is achieved, so Origin commits a further $9.6m, taking its total commitment to about $150m. Origin has 30% of the JV and about 7.5% of Geodynamics. This settles the earlier cost-review item.
15 July 2008regulatory community update● Neutral
Origin media release: COO Karen Moses calls for household support during the move to emissions trading, backing the Garnaut draft recommendation. Policy comment ahead of the Green Paper, with no financial figures or company impact stated.
11 July 2008other● Neutral
Origin forwards a Contact Energy notice (Origin owns 51.36%): annual profit due 26 August 2008, annual meeting 23 October 2008, and final dividend record date 9 September, subject to board approval. Administrative only.
10 July 2008business combination● NeutralMajor
BG Group's Bidder's Statement formally sets out its conditional off-market cash offer of $15.50 per Origin share, dated 10 July 2008. Offer and closing dates are left blank in this text. The Origin board has said it intends to recommend rejecting it.
10 July 2008drilling progress report● Neutral
NZOG repeats Origin's Momoho 1 update: 12-1/4 inch section done at 2,898m, 9-5/8 inch casing being run, with the 8-1/2 inch section and logging due in the coming week. About 51 days expected. No new results.
10 July 2008drilling progress report● Neutral
Momoho 1 finished the 12-1/4 inch section at 2,898m and is running 9-5/8 inch casing. The 8-1/2 inch section and logging of the Farewell Formation come next. The 51-day estimate is unchanged. No new results.
10 July 2008other● Neutral
Covering letter from BG's lawyers lodging the Bidder's Statement for the Origin takeover offer with the ASX. It has no substance beyond confirming lodgement with ASIC on 10 July and delivery to Origin.
9 July 2008drilling progress report● Neutral
QGC weekly report: Michelle #2 (ATP 648P, Origin CSG 31.25%) reached 845.65m with 29.8m of coal and awaits a completion decision. Lauren #25 (700m) is awaiting a workover rig, and Lauren #33 (642m) is under-reaming. Routine.
9 July 2008drilling progress report● Neutral
Beach Petroleum's weekly report: Santos-operated Cooper Basin well Narcoonowie-7 was successful (TD 1,678m, to be cased as a future oil producer), with Deparanie-2 and Big Lake-88 still in progress. Origin holds 13.19% in the Cooper wells. Routine.
8 July 2008other● Neutral
Chairman Kevin McCann's letter to shareholders repeats the board's intention to reject BG's $15.50 cash bid as undervaluing Origin, reaffirms 3P CSG reserves of 10,122 PJ, and tells shareholders to take no action. A Target's Statement is to follow.
7 July 2008asset acquisition disposition● Neutral
Adelaide Energy agreed to buy the Katnook gas fields and processing facilities in the onshore Otway Basin from Origin Energy Resources and SAGASCO for A$2.175m total, subject to Ministerial approval. Origin's seller share is not stated. A small disposal of a minor asset.
7 July 2008drilling result▲ GoodMajor
Momoho 1 hit good gas shows at 2,896m in the primary Farewell Formation target, at a depth of 2,898m. NZOG says the commercial significance can't be judged until the full reservoir is drilled and logged. Encouraging but unproven for Origin's 50% Kupe partnership.
7 July 2008drilling result● Neutral
Same-day Origin release repeating the Momoho 1 good gas shows at 2,896m in the Farewell Formation, with the well at 2,898m before running 9-5/8 inch casing. Commercial significance can't be judged until the reservoir is drilled and logged. Origin operates with 50% of Kupe.
4 July 2008asset acquisition disposition● Neutral
Babcock & Brown Power confirms selling the Uranquinty Power Station to Origin for $700m on completion. This is the seller's side of the 640MW purchase Origin announced the same day; BBP receives net proceeds of $159m.
4 July 2008business combination▲ GoodMajor
Origin's board intends to recommend rejecting BG's $15.50 bid, citing higher CSG valuations and the ongoing process to invite proposals for its CSG assets. It also announced buying the 640MW Uranquinty power station for $700m enterprise value and committing to the 550MW Mortlake project at an expected $640m.
4 July 2008investor presentation● Neutral
Presentation by Grant King sets out why the board will recommend rejecting BG's $15.50 bid, calling its conditions restrictive, including a $100m cap on acquisitions and disposals. It repeats points from the same-day release; the text is truncated.
3 July 2008drilling progress report● Neutral
NZOG reports Momoho 1 drilled the 17 inch section to 1,845m and cemented 13-3/8 inch casing. The next section is the 12-1/4 inch hole. The 51-day estimate is unchanged; no results yet.
3 July 2008joint venture update▲ Good
Geodynamics reports Jolokia 1 has cased to 3,776m and hit its first small fracture at about 3,805m, earlier than expected. Target depth is 4,250m. The six-week closed-loop test starts within a week. Origin holds 30% of the Innamincka JV.
3 July 2008drilling progress report● Neutral
Origin's Momoho 1 update matches NZOG's: the 17 inch section reached 1,845m, slightly past plan, and 13-3/8 inch casing is cemented. The 12-1/4 inch section is next. Routine, no results.
