Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2007asset acquisition disposition▲ GoodMajor
Origin and Contact (Origin 51.36%) will buy Swift Energy's New Zealand Taranaki oil and gas assets for about US$87.8m (NZ$115m), including two producing areas, processing stations and pipelines. Contact contributes about NZ$54m for the Ahuroa gas storage rights. Origin also gets 50% of two offshore permits near Kupe. Completion is expected in Q1 2008, subject to Overseas Investment Office consent.
12 Dec 2007drilling progress report▲ Good
Beach weekly report: Charo-2 (Origin 13.19%) was cased as a future oil producer, with about 3m of interpreted oil pay. Coonatie-10 (10.54%), Ogg-1 (13.19%) and Tartulla-8 (10%) are drilling. A small Cooper oil addition.
11 Dec 2007drilling progress report▲ Good
QGC weekly report: Bellevue, Argyle and Poppy wells are being drilled, with several awaiting workover rigs. Argyle #22 (Origin CSG 40.625%) shows excellent permeability between Argyle/Kenya and Argyle East. No certified reserves figure yet.
6 Dec 2007contract award▲ Good
Origin starts construction of the $80m, 120MW Quarantine peaking power station expansion in South Australia, due to be completed in the December quarter of 2008. This moves a previously approved project into construction; no new cost or timing change.
5 Dec 2007drilling progress report● Neutral
Beach weekly report: Ikarumba-1 (Origin 13.19%) was plugged and abandoned, and Wellington-6 (16.74%) was also plugged and abandoned. Coonatie-8/ST1 (10.54%) is being cased as a future gas producer, with about 17m of interpreted gas pay. Beach's Parsons-1 oil find is not Origin's.
3 Dec 2007other● Neutral
NZ Oil & Gas (Origin's Kupe partner, 15%) says the Kupe platform topsides have arrived in Taranaki and the project remains on target for production by mid-2009. The rest concerns NZOG's Tui field and an onshore permit round, not Origin.
28 Nov 2007drilling progress report▲ Good
Beach weekly report: Merrimelia-60 was cased as a future oil producer (Origin 13.19%). Jena-25 was cased as a potential producer, though Beach opted out. Coonatie-8 sidetrack is at 3,073m. Small Cooper oil additions.
23 Nov 2007asset acquisition disposition● Neutral
Contact Energy (Origin 51.36%) sells Mokai land over geothermal resources to Mighty River Power and Tuaropaki Trust for NZ$27.25m, including an exchange of gas development rights. Contact says Mokai is not core to its strategy, which focuses on Te Mihi and Tauhara.
21 Nov 2007drilling progress report▲ Good
QGC weekly report: Lauren Monitor #1 (Origin CSG 40.625%) ran three tests, with indications of excellent permeability between the Lauren and Argyle areas. Kate Monitor #1 is testing. Supports the pending reserves certification, but no certified figure yet.
21 Nov 2007drilling result▼ BadMajor
Moana 1 (Origin one third) reached 3,674m with no significant hydrocarbon shows in the primary reservoir and will be plugged and abandoned. A dry hole for Origin's New Zealand exploration.
21 Nov 2007drilling progress report▼ Bad
Beach weekly report: Jena-21 (Origin 13.19%) was plugged and abandoned, and Coonatie-8 sidetrack is drilling at 2,484m. Beach says Warragon-1 testing is sub-economic. Origin is not named in Warragon. Small Cooper setback.
19 Nov 2007regulatory community update▲ Good
Contact Energy (Origin 51.36%) confirms a roughly 20MW geothermal binary plant at Taupo, costing about $75m, targeted for 2009. It also plans a Tauhara station of up to 225MW by 2012. Adds to Contact's renewables programme.
16 Nov 2007drilling progress report● Neutral
Operator OMV reports Moana 1 (Origin one third) was drilling ahead at 2,771m, toward a proposed 3,995m. No results yet.
14 Nov 2007drilling progress report▲ Good
Beach weekly report: Montegue-1 (Origin 16.74%) was cased as a future gas producer, with the operator interpreting 5m gas pay in the Toolachee and 7m in the Patchawarra. Coonatie-8 (10.54%) is being sidetracked after stuck pipe. A small Cooper gas addition.
13 Nov 2007investor presentation● Neutral
CFO Frank Calabria presents to the Morgan Stanley summit in Singapore. The slides recap FY2007: underlying profit $370m (+10%), CSG 2P reserves up to 2,470 PJ, Darling Downs and Quarantine approved. Repeats known facts.
12 Nov 2007other● Neutral
APA notes a NSW Government inquiry found June 2007 gas load shedding resulted from shippers not supplying enough gas, not pipeline limits. Origin is named as one of the pipeline's customers, but the release does not say Origin was at fault.
9 Nov 2007drilling spud● Neutral
Operator OMV has begun drilling the Moana 1 exploration well offshore Taranaki Basin, New Zealand, to a proposed 3,995m. Origin holds one third of the permit. A new exploration well for Origin, with no result yet.
7 Nov 2007drilling progress report● Neutral
Beach weekly report: Coonatie-8 (Origin 10.54%) is waiting on rig parts after stuck pipe. Bugito-2 (13.19%) was plugged and abandoned, and Montegue-1 (16.74%) is drilling at 2,621m. No new positive Origin result.
5 Nov 2007drilling progress report● Neutral
QGC weekly report: Argyle #19 (673m) is cased awaiting a workover rig, and Argyle #18 is drilling at 65m (Origin CSG 40.625%). Poppy #1 core well (Origin 31.25%) is running casing. Berwyndale South wells have no Origin interest. Routine development drilling.
31 Oct 2007drilling progress report● Neutral
Beach weekly report: Merrimelia-58 (Origin 13.19%) was plugged and abandoned, a dry result; Coonatie-8 (10.54%) still has stuck pipe. Ulandi-16 (13.19%) was cased as a future oil producer. Small Cooper result for Origin.
30 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #32 (644m) and new Argyle #39 (640m) are suspended awaiting workover rigs (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
29 Oct 2007farm in farm out agreement▲ Good
Geodynamics confirms the binding heads of agreement: Origin farms into 30% of its South Australian geothermal tenements and Lightning rig, contributing up to $105.6m. Funds go to the next three to four wells and a pilot plant. Subject to shareholder approval at a December meeting.
29 Oct 2007farm in farm out agreement▲ GoodMajor
Origin signs a binding heads of agreement for a 30% stake in Geodynamics' South Australian geothermal tenements, committing $96m of project spending plus 30% of ongoing costs, and a further $9.6m if Stage One is met. It keeps its 10% Geodynamics shareholding. Needs Geodynamics shareholder approval in December.
29 Oct 2007farm in farm out agreement▲ Good
Geodynamics' media release repeats the Origin farm-in terms: 30% of its South Australian tenements for up to $105.6m of project costs, with Geodynamics operating at 70%. Its board unanimously supports it, pending a December shareholder vote. Nothing new for Origin.
26 Oct 2007asset acquisition disposition▲ Good
Origin has asked turbine makers to propose supply of the first 500MW of open-cycle equipment for its proposed 1,000MW Mortlake gas power station in Victoria. A go-ahead decision is expected around mid-2008, subject to costs, demand and carbon policy, with first stage operating late 2010.
26 Oct 2007other● Neutral
Beach Petroleum says it will keep drilling in the Cooper Basin despite Santos scaling back its 2008 Cooper Oil Project program. Santos, which operates Origin's 13.19% Cooper interests, flagged the reduction. Beach says its own exposure is limited. Origin's exposure is not stated.
24 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #31 (654m) is cased awaiting a workover rig, and Argyle #32 (644m) is being logged (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
24 Oct 2007regulatory community update▼ BadMajor
Contact says its New Plymouth power station will be closed at least six months over asbestos. Two units could return by May 2008 if remedial work goes ahead, but permanent closure cannot be ruled out. Escalates the outage from three to four weeks.
24 Oct 2007drilling progress report▲ Good
Beach weekly report: Moomba-181 (Origin 13.19%) reached 2,699m with 15.5m net gas pay in the Toolachee and 4.5m in the Daralingie per the operator, and is being cased. Coonatie-8 (10.54%) has stuck drill pipe. A small Cooper gas addition.
19 Oct 2007regulatory community update▼ Bad
A hapu has asked the Waitangi Tribunal to recommend that the Crown compulsorily acquire a significant share of Contact's Wairakei-Tauhara geothermal land rights, excluding existing stations. Contact (Origin 51.36%) says it is not a party and expects no impact on its geothermal plans.
