13 May 2008drilling spud● Neutral
Norwest Energy (1.278%) repeats Origin's release that Freshwater Point 1 spudded on 11 May. Duplicate with no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 May 2008drilling scheduled● NeutralMajor
NZOG says the Momoho exploration well, about 5.5km from the Kupe platform, is due to start in late May after the Kupe development wells. NZOG's P50 estimate is 200 BCF equivalent if hydrocarbons are found, with no-hydrocarbon or sub-commercial outcomes possible.
12 May 2008other● Neutral
Contact Energy (Origin 51.36%) says it has received no information from BG Group or Origin beyond BG's NZ announcement on its proposal to acquire Origin, and will update shareholders. A cover note with no new substance on the A$14.70 proposal.
12 May 2008drilling spud● Neutral
Victoria Petroleum (5%) repeats the Freshwater Point 1 spud. It adds that the prospect could hold a mean 9 BCF of gas or 6.1 million barrels of oil, if present, in a sandstone that is oil-productive at the offshore Cliff Head field.
12 May 2008drilling spud● Neutral
ARC Energy (44.141%) forwards Origin's release that Freshwater Point 1 spudded on 11 May in the Perth Basin. Duplicate of Origin's announcement.
12 May 2008drilling spud● Neutral
Origin spudded the Freshwater Point 1 exploration well in the onshore Perth Basin (EP413) on 11 May. Origin holds 49.189% as operator, ARC 44.141%. Planned depth is 1,761m, about 10 days, targeting the High Cliff Sandstone. Surface hole was at 414m.
9 May 2008resource reserve update● Neutral
Contact Energy (Origin 51.36%) says the Maui joint venture firmed 62 PJ of gas from P50 to P85 reserves, of which Contact's share is 38 PJ. Contact says it was expected and does not materially change supply outlook beyond about 2015.
8 May 2008investor presentation● Neutral
Transcript of Grant King's Macquarie talk. He declines to comment on BG's proposal but says it changes how Origin should be valued, as a resource company, and cites Otway online, Kupe next year and CSG growth. A transcript, not a formal response to BG.
8 May 2008drilling progress report● Neutral
NZOG reports production tubing and tree were installed on Kupe KS-6 on 7 May. The rig returns to KS-7 ST1 to finish completion, then moves to KS-8. Mid-2009 completion unchanged.
8 May 2008drilling progress report● Neutral
Origin reports Kupe KS-6 now has tubing and a production tree installed. The rig returns to KS-7 ST1, then KS-8. Duplicates NZOG's notice.
7 May 2008investor presentation● Neutral
Notice that an audio recording of Grant King's Macquarie conference presentation is on Origin's website. No new information.
7 May 2008investor presentation● Neutral
Contact Energy (Origin 51.36%) gives a conference presentation repeating known plans: Te Mihi and Tauhara geothermal, 550MW wind from 2011, Stratford peakers on contract and Swift gas storage. It reports 630,000 customers.
7 May 2008investor presentation● Neutral
Managing Director Grant King presents at the Macquarie conference, not as a response to BG's A$14.70 proposal. The slides argue that Origin's resource position, especially CSG, should be valued on resources rather than a utility earnings multiple. Pre-proposal market cap was $9.2bn.
7 May 2008drilling progress report● Neutral
Beach weekly report: Coonatie-12 (Origin 10.54%) is cased and suspended as a future gas producer, and Bindah-2 (13.19%) is drilling ahead. Beach's own Bodalla South-19 and Basker-6 ST1 are not Origin wells.
5 May 2008business combination● Neutral
Chairman Kevin McCann writes to shareholders confirming the BG Group A$14.70 cash proposal received on 29 April. The board and management are considering it and will discuss it with BG. Shareholders should take no action. It adds nothing new.
1 May 2008drilling progress report● Neutral
NZOG reports production tubing and monitoring gear were installed on Kupe KS-7 ST1 on 30 April and the tree fitted. The rig has moved to KS-6 for completion work. Mid-2009 completion unchanged.
1 May 2008drilling progress report● Neutral
Origin reports Kupe KS-7 ST1 completion is done, with tubing installed and the tree fitted. The rig has moved to KS-6. Duplicates NZOG's notice.
30 Apr 2008quarterly activities report● Neutral
Contact Energy (Origin 51.36%) posts March quarter operating data: total generation 2,389 GWh and electricity customers 517,000. The average wholesale price was $107.47, against $43.25 a year earlier.
30 Apr 2008quarterly activities report● Neutral
March quarter production rose 3% to 23.8 PJe (+17% on a year earlier), helped by CSG and Otway restarting, which offset BassGas maintenance and the Beharra Springs shutdown. The KS-7 sidetrack delayed Kupe about two weeks; first gas is still mid-2009.
30 Apr 2008business combination▲ GoodMajor
BG Group approaches Origin with a proposal to buy all shares for A$14.70 cash each, subject to shareholder and regulatory approvals. Origin has not yet considered it, and talks may not lead to a deal. Shareholders are told to take no action.
30 Apr 2008other● Neutral
Contact Energy (Origin 51.36%) relays Origin's news of the BG Group A$14.70 per share proposal. Contact says it has no information on what it would mean for Contact or its shareholders. It will update as things develop.
30 Apr 2008drilling progress report● Neutral
Beach weekly report: Santos-operated McKinlay-9 (Origin 13.19%) is cased and suspended as a future oil producer. Coonatie-12 (Origin 10.54%) reached 3,165m TD and is preparing a drill stem test. Bindah-2 is drilling ahead.
24 Apr 2008drilling progress report▲ Good
NZOG reports Kupe KS-7 ST1 was logged and its 5 inch liner set and cemented on 23 April, completing the drilling phase of all three wells. Completion work starts on KS-7 ST1, then KS-8. Mid-2009 completion unchanged.
24 Apr 2008drilling progress report▲ Good
Origin reports the Kupe drilling phase is complete, with KS-7 ST1 logged and its 5 inch liner cemented on 23 April. Completion work (tubing and monitoring gear) now begins. This closes out the sidetrack delay. Duplicates NZOG's notice.
23 Apr 2008drilling progress report● Neutral
Beach weekly report: in Santos-operated Cooper wells, Cooba-3 (Origin 13.19%) is cased as a future gas producer and Mudera-14 is plugged and suspended. Coonatie-12 (Origin 10.54%) is drilling ahead. Coolangatta-1 is Beach's own, not Origin's.
23 Apr 2008material agreement▲ GoodMajor
Origin signs a gas supply agreement with the Esso Australia–BHP Billiton Gippsland Basin joint venture to buy up to 250 PJ over 10 years, starting late 2009 as the Gascor contract ends. It supports retail demand and the proposed Mortlake power station.
17 Apr 2008drilling progress report▲ Good
Origin reports the Kupe KS-7 sidetrack reached 3,503m on 16 April, redrilling the reservoir section lost to the stuck pipe. This resolves the stuck-pipe problem; logging and a 5 inch liner follow.
17 Apr 2008drilling progress report● Neutral
NZOG reports the redrilled Kupe KS-7 sidetrack reached its final depth of 3,503m on 16 April, after the abandoned section was sidetracked. Logging and a 5 inch liner come next. Duplicates Origin's release.
16 Apr 2008drilling progress report● Neutral
Beach weekly report: Santos-operated McKinlay-7 (Origin 13.19%) will be a McKinlay oil producer, and Cook-13 (25%) found 13 feet of net oil pay. Mudera-13 is to be a gas producer. Beach's Basker-6 ST1 (not Origin) is a future oil producer.
16 Apr 2008half year report● Neutral
Origin sends shareholders its half-year report for the period to 31 December 2007, restating underlying profit of $200m (-3%) and a 12c interim dividend. It still expects full-year underlying profit growth of at least 15%.