Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2007production update▼ BadMajor
Woodside reports the Otway plant produced 198 TJ from 16 September (Origin share 61 TJ) but has been shut in since 24 September for start-up issues, including a glycol pipeline leak. Steady production is expected by January. Delays the ramp-up after first gas on 17 September.
18 Oct 2007regulatory community update▼ Bad
Contact Energy (Origin 51.36%) extends a planned outage at its New Plymouth power station by three to four weeks after finding asbestos under pipe lagging not listed in the site's asbestos register. Regulators have been informed.
17 Oct 2007drilling progress report▲ Good
Beach weekly report: Ragno-1 (Origin 13.19%) cased and suspended as a future oil producer. Coonatie-8 (10.54%) is at 2,475m and Moomba-181 is drilling. Kopuwai-1 in New Zealand has no Origin interest. Resolves Ragno-1 as a small oil success.
16 Oct 2007regulatory community update▲ Good
Contact Energy (Origin 51.36%) unveils a Waikato wind farm of up to 650MW and plans a roughly $140m, 100MW gas peaking plant at Stratford, possibly operating by 2009. Otahuhu C remains on hold. Extends its $2bn renewables programme; wind farm size is not yet decided.
15 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #16 (654m) and #24 (644m) are cased awaiting workover rigs, and Argyle #31 is being set up (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
11 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #23 reached 664m and is suspended awaiting a workover rig; Argyle #16 is preparing for underreaming (Origin CSG 40.625%). Other wells are outside Origin's interest. Routine development drilling.
10 Oct 2007drilling progress report▲ Good
Beach weekly report: Moomba-180 and Moomba-182 (Origin 13.19%) cased and suspended as future gas and oil producers. Ragno-1 (13.19%) and Coonatie-8 (10.54%) are drilling. Small Cooper additions.
9 Oct 2007capital raising announcement● NeutralMajor
Origin's subsidiary completed the NZ$200m preference share issue on 9 October, with a 10.23% dividend rate to October 2008 (8.73% benchmark plus 1.50%). Trading on the NZ exchange starts 10 October. Closes the offer opened 4 September.
8 Oct 2007investor presentation● Neutral
Grant King presents 'Stepping on the Gas' to a JPMorgan coal seam gas event, restating 2,470 PJ of CSG 2P reserves, 4,578 PJ of 3P, and over 17,000 km2 of CSG leases. Repeats known facts; nothing new is evident from the text provided.
3 Oct 2007drilling progress report▲ Good
Beach's weekly report showed Moorari-12 (Origin 13.19%) cased and suspended as a future gas producer, while Moomba-180 reached 2,653m TD and was wireline logging. Moomba-182 was drilling ahead at 1,006m, and Callawonga-3 (no Origin interest) flowed about 5,660 bopd.
2 Oct 2007flow test result▲ GoodMajor
Beharra Springs 4 (Origin 67%, operator; ARC 33%) hit gas at 3,337m and stabilised at about 35 million cubic feet a day through a 1-inch choke. Early indications suggest partial pressure communication with the existing field. Drilling to 3,374m resumes.
2 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #28 (PL 229) reached 635m and is suspended awaiting a workover rig; Argyle #23 (PL 179) spudded 30 September (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
2 Oct 2007flow test result● Neutral
ARC Energy, Origin's 33% partner in Beharra Springs 4, re-lodges Origin's release: the well flowed about 35 million cubic feet a day, possibly in partial pressure communication with the existing field. No new information.
26 Sept 2007dividend declaration● Neutral
Origin sets the dividend reinvestment plan price at $10.12 per share, the 10-day average after the 10 September record date, with no discount. This applies to the 11c interim dividend payable 3 October 2007. Administrative.
26 Sept 2007drilling progress report● Neutral
Beach weekly report: Big Lake-86 (Origin 13.19%) cased as a future oil producer with 4.5m oil pay, and Bronzewing-1 (13.19%) was plugged and abandoned. Moomba-180 is drilling at 2,015m. Resolves two open Cooper wells, one small oil success and one dry hole.
26 Sept 2007drilling progress report● Neutral
QGC weekly report: Argyle #35 and #34 (Origin CSG 40.625%) reached 616m and 625m and are cased awaiting workover rigs. Berwyndale South wells have no Origin interest. Routine development drilling, no new results.
25 Sept 2007annual report● Neutral
Origin lodges Contact Energy's 2007 annual report, sustainability report and notice of its 26 October 2007 annual meeting (Origin holds 51.36%). Cover notice only; the figures repeat the FY07 results already reported.
20 Sept 2007regulatory community update● Neutral
Contact Energy (Origin 51.36%) says New Zealand's 90% renewables-by-2025 target is ambitious but achievable, and welcomes the emissions trading scheme announcement. It ties this to its $2bn renewables programme, depending on consenting reform.
19 Sept 2007drilling progress report● Neutral
Beach weekly report: Bronzewing-1 and Big Lake-86 (both Origin 13.19%) are in progress, and Moomba-180 is drilling surface hole. Callawonga-3 (no Origin interest) spudded. No new results on Origin-interest wells.
17 Sept 2007production update▲ GoodMajor
Woodside reports the Otway Gas plant has started gas export, with output expected to rise in coming weeks and condensate and LPG to follow. Origin holds 30.75%. This resolves the end-August first sales thread, about two weeks later than flagged.
17 Sept 2007production update▲ Good
Origin lodges Woodside's release that the Otway plant has begun gas export, with Origin holding 30.75%. Re-release of the same news as the Woodside announcement. Production is expected to increase in coming weeks.
17 Sept 2007drilling progress report● Neutral
QGC weekly report: Argyle #35 (PL 179, Origin CSG 40.625%) spudded on 14 September and is drilling at 270m. This is a development well, not a reserves-certification well. Berwyndale South wells have no Origin interest. Routine.
13 Sept 2007investor presentation● Neutral
Contact Energy (Origin 51.36%) presents at a Goldman Sachs conference, repeating its FY07 results: adjusted profit $231.2m, EBITDAF $543.7m, and its $2bn renewables programme. Nothing new for Origin shareholders.
12 Sept 2007drilling result▲ Good
Beach reports Tindilpie-6 (Origin 13.19%) cased as a potential gas producer with an estimated 15m net gas pay. Hawkins-1 (13.19%) was plugged and abandoned. Callawonga-2 (no Origin interest) flowed 4,992 bopd. A modest Cooper gas addition.
10 Sept 2007drilling progress report● Neutral
QGC weekly report: Lauren #6 reached 692m, was DST-tested for permeability, and is cased awaiting a workover rig, completing the Lauren five-spot (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. No results given.
5 Sept 2007drilling progress report▲ Good
Beach reports Granchio-1 (Origin 13.19%) cased as an oil producer with 4m pay in McKinlay and 2.5m in Birkhead. Muchacho-1 (no Origin interest) was plugged and abandoned. Hawkins-1 (13.19%) is at 1,561m. Small Cooper oil addition.
4 Sept 2007capital raising announcement● NeutralMajor
The NZ$200m preference share offer (NZ$50m oversubscriptions possible) opened 4 September and closes 5 October, with issue on 9 October. The dividend is at least 10%, and the shares are rated BBB-/BBB. Proceeds repay bank debt tied to Origin's 51.4% Contact stake.
3 Sept 2007drilling progress report● Neutral
QGC weekly report: Lauren #5 reached 702m and is suspended awaiting a workover rig; Lauren #6, the fifth and last well of the five-spot, is drilling at 442m (Origin CSG 40.625%). Routine, no new results.
31 Aug 2007material agreement● Neutral
AWE, a BassGas partner, re-releases Origin's announcement that the Clough arbitration has been settled. No new information and no terms disclosed.
31 Aug 2007material agreement● Neutral
Clough confirms a full and final settlement with the BassGas Joint Venture over the BassGas contract. This is the other side of Origin's announcement and confirms the arbitration is over. No terms or amounts are given.
