Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2008drilling progress report● Neutral
QGC weekly report: Jammat #3 (745.1m), Codie #14 (854m) and Codie #15 (854m) are suspended awaiting workover rigs. Michelle #2 and Lauren #25 are being prepared. Origin CSG holds 31.25% of ATP 648P and 40.625% of ATP 620P. Routine.
1 July 2008contract award▲ Good
Contact Energy, 51.36% owned by Origin, signed a contract with Ormat to build a 23.3MW geothermal binary power station at Taupo for $60m. Total cost is about $100m, with commissioning in 2010. It is the first stage of Contact's Tauhara development.
26 June 2008drilling progress report● Neutral
Origin's own Momoho 1 update matches NZOG's: the 17 inch section is being drilled at 1,355m after the 18-5/8 inch casing was cemented. About 51 days in total are expected. Routine, no results.
26 June 2008drilling progress report● Neutral
NZOG reports Momoho 1 is drilling the 17 inch section at 1,355m, behind the planned 1,830m for that section. Casing (18-5/8 inch) is set, and about 51 days in total are still expected. No results yet.
25 June 2008drilling progress report● Neutral
Beach Petroleum's weekly report says Big Lake-87 (Origin 13.19%, Santos operator) reached 2,046m and was cased and suspended as a future Hutton oil producer. Granchio-3 is drilling. Routine Cooper Basin progress.
25 June 2008other● Neutral
Chairman Kevin McCann's letter to shareholders repeats BG's intention to bid $15.50 cash per share. Directors advise taking no action. No new information beyond the 24 June announcement.
24 June 2008drilling progress report● Neutral
QGC weekly report: Jammat #4 (ATP 648P, Origin CSG 31.25%) is at 726m awaiting a workover rig. Jammat #3 reached 745.1m and is logging, and Codie #13 is at 854m awaiting a rig. Codie #14 is running casing. Routine.
24 June 2008business combination● NeutralMajor
BG Group advises it intends to make a conditional cash offer of $15.50 per share for all of Origin. This revives the price rejected on 30 May; shareholders are told to take no action for now.
19 June 2008drilling progress report● Neutral
Origin reports Momoho 1 (Kupe, Origin 50% operator) drilled to 561m, with casing next and the 17 inch section to follow. About 51 days of drilling are expected. Repeats the NZOG update of the same day; no results yet.
19 June 2008investor presentation● Neutral
Grant King's UBS conference presentation focuses on coal seam gas, restating the May 2008 certified reserves (2P 4,715 PJ, 3P 10,122 PJ). It repeats known facts; the text is truncated, so any new content is not visible.
19 June 2008drilling progress report● Neutral
NZOG says Momoho 1 (Kupe, Origin 50% operator) has drilled to 561m, with casing set and the next section to follow. Drilling began 13 June, with about 51 days expected in total. Routine progress, no results yet.
18 June 2008drilling progress report● Neutral
Beach Petroleum's weekly report says Santos' Mama-1 (Origin 13.19%) reached 1,544m and is being cased and suspended, described as a successful well. Big Lake-87 is drilling. Routine Cooper Basin progress.
17 June 2008drilling spud● NeutralMajor
Drilling has started on Momoho 1, an exploration well six kilometres southeast of the Kupe field that could hold oil, gas or both. It sits between two earlier wells that found sub-commercial gas and oil; about 40 days of drilling are planned. Origin holds 50%.
17 June 2008regulatory community update▲ Good
Partner Pancontinental reports a satellite survey commissioned by Origin interpreted oil seepage over Kenya Blocks L8 and L9 (Origin 75% operator). Origin calculates the Mbawa prospect could exceed 5 billion barrels oil-in-place; this is an indication only, not a discovery.
17 June 2008drilling progress report● Neutral
QGC weekly report: Isabella #1 and Codie #12 are suspended awaiting workover rigs; Jammat #4 (ATP 648P) reached 726m; Codie #13 is drilling at 760m. Origin CSG holds 31.25% of ATP 648P and 40.625% of ATP 620P. Routine.
12 June 2008drilling scheduled● Neutral
Origin says the ENSCO 107 rig is moving to the Momoho 1 exploration well in the Kupe permit, with spud expected around 15 June and about 51 days to drill on a dry-hole basis to 3,142.5m. Origin operates with 50%.
12 June 2008drilling scheduled● Neutral
NZOG says the rig is moving to Momoho after weather cleared, with spud expected about 15 June and roughly 51 days to drill to 3,142.5m. This follows completion of Kupe development well testing; Origin operates with 50%.
11 June 2008drilling progress report● Neutral
QGC weekly report: Glendower #1 finished at 726m and is suspended; Isabella #1 (ATP 648P) reached 617m with 32.5m of coal; Codie #11 reached 845m with 21.5m coal and awaits a workover rig; Codie #12 is drilling at 334m. Routine CSG progress.
11 June 2008drilling progress report● Neutral
Beach Petroleum's weekly report shows Cowralli-9 (Origin 13.19%) cased and suspended as a future gas producer at 3,234m. Santos is drilling Mama-1 at 542m. Routine Cooper Basin progress.
10 June 2008regulatory community update● Neutral
Contact Energy says Otahuhu B's repairs are complete and the plant is back in service, slightly later than expected because the boiler repair needed extra heat treatment. This resolves the outage reported on 6 June.
6 June 2008regulatory community update▼ Bad
Contact Energy, 51.36% owned by Origin, took its 400MW Otahuhu B gas power station offline for a boiler tube leak repair, expected back in service on Sunday evening. Contact says the system coped despite low hydro storage.
5 June 2008well test result● Neutral
NZOG confirms the three Kupe development wells are complete and suspended pending mid-2009 start-up, with results meeting expectations. Kupe South 6's condensate rate is corrected down to 5,130 barrels a day from the earlier 6,000, which is a correction to the previously reported figure.
5 June 2008well test result● Neutral
Origin confirms drilling and testing of the three Kupe development wells is complete, with wells suspended pending mid-2009 start-up and results meeting expectations. KS-6 condensate is corrected to 5,130 barrels a day (earlier 6,000). Rig awaiting weather to move to Momoho.
4 June 2008drilling progress report● Neutral
Beach Petroleum's weekly report shows Santos-operated Cooper wells where Origin holds 13.19%: Mitchie-2 cased and suspended for oil and gas, Cowralli-9 drilling at 3,107m, and Mia-1 being plugged and abandoned. Routine.
3 June 2008drilling progress report● Neutral
QGC weekly report: Glendower #1 reached 726m and is being logged; Codie #7 is suspended awaiting a workover rig; Codie #11 reached 845m. Origin CSG holds 31.25% of ATP 648P and 40.625% of ATP 620P. Routine CSG progress.
2 June 2008other● Neutral
Chairman Kevin McCann's letter to shareholders explains the board's rejection of BG Group's A$15.50 per share cash proposal (less any final dividend), citing the 91% rise in 2P CSG reserves and the Santos-Petronas Gladstone LNG deal. Repeats the 30 May announcement; no new terms.
30 May 2008resource reserve update▲ GoodMajor
Origin's independently assessed coal seam gas reserves rose: 2P up 91% to 4,715 PJ and 3P up 121% to 10,122 PJ as at 15 May 2008. It also reports 13,497 PJ of contingent resources. The review was brought forward given BG's proposal.
30 May 2008drilling result▼ Bad
Norwest relays Origin's confirmation that Freshwater Point 1 found no hydrocarbons and was plugged and abandoned on 29 May. Duplicate of Origin's release; Norwest held 1.278%.
30 May 2008drilling result▼ Bad
Victoria Petroleum relays Origin's report that Freshwater Point 1 reached 1,817m with no hydrocarbons interpreted in primary or secondary targets, then was plugged and abandoned. Duplicate of Origin's earlier release; Victoria holds 5% and shifts drilling to the Cooper Basin.
30 May 2008other● NeutralMajor
Origin's board rejected BG's revised A$15.50 cash scheme proposal, up from A$14.70. It cited the 121% jump in coal seam gas reserves and the Santos-Petronas Gladstone LNG deal, and says third-party approaches may create more value. This resolves the BG thread.
