31 Aug 2007material agreement● Neutral
ARC Energy re-releases Origin's announcement that the BassGas joint venturers settled the Clough arbitration. Nothing new is added and no terms are given.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2007material agreement● NeutralMajor
Origin and the BassGas joint venturers agreed to settle the Clough arbitration, and proceedings will be discontinued. This ends the dispute, with a hearing on the amount previously planned for April 2008. Settlement terms and any cost are not disclosed.
29 Aug 2007annual report▲ GoodMajor
Origin lodges its full-year 2007 accounts and management discussion: statutory profit $456.9m (up 38%), underlying profit $370.2m (up 10%), final dividend 11c fully franked, EBITDAF $1,201m. Cover letter; the detail is in the media release.
29 Aug 2007capital raising announcement● Neutral
Margin set for the NZ$200m preference share offer (NZ$50m oversubscriptions possible) by an Origin subsidiary: dividend the higher of 10% or swap rate plus 1.50%. Offer opens 4 September; issue expected 9 October. Follows the offer flagged on 13 August.
29 Aug 2007drilling result▲ Good
Beach reports McKinlay-6 (Origin 13.19%) cased as a future oil producer, with a 15m oil column (9m net pay). Scratchy-1 (13.19%) was plugged and abandoned. This turns McKinlay-6's earlier oil shows into a success and ends Scratchy-1.
29 Aug 2007annual report▲ GoodMajor
Origin reports FY07 statutory profit of $457m (up 38%) and underlying profit of $370m (up 10%), with total dividends of 21c (up 17%). Management targets about 15% underlying profit growth for 2007/08.
29 Aug 2007investor presentation● Neutral
Origin's FY07 results presentations to analysts and media repeat the already-reported figures: statutory profit $457m (up 38%), underlying profit $370m (up 10%), 21c dividends. They also recap the year's projects. No new announcement of substance.
28 Aug 2007annual report● Neutral
Contact Energy (Origin 51.36%) reports adjusted annual profit of $231.2m, down from $241.6m, with EBITDAF $543.7m versus $557.0m as wholesale prices fell 42%. Otahuhu C stays on hold while it pursues up to $2bn of renewables.
27 Aug 2007drilling progress report● Neutral
QGC weekly report: Lauren #7 reached 702m and the rig is moving to Lauren #5 (Origin CSG 40.625%). Berwyndale South wells (no Origin interest) continue. Routine, no new results.
22 Aug 2007drilling result▲ Good
Beach reports McKinlay-5 (Origin 13.19%) is a successful oil well with about 14m of oil, cased as a potential producer. Tindilpie-5 was plugged and abandoned at 3,277m. Oil shows in McKinlay-6 and Scratchy-1, both 13.19%.
20 Aug 2007drilling progress report● Neutral
QGC weekly report: Lauren #4 and #8 (Origin CSG 40.625%) are completed and awaiting workover rigs; Lauren #7 is next. Routine coal seam gas drilling, no new results.
16 Aug 2007financial restatement● Neutral
Contact Energy (Origin 51.36%) says NZ's corporate tax rate cut from 33% to 30% brings a one-off, non-cash $7m charge to its year profit. Net deferred tax liability falls $75m. It does not affect underlying performance or dividends.
15 Aug 2007drilling result▲ Good
Beach reports McKinlay-5 (Origin 13.19%) logged producible oil at two levels, and Carney South-1 (no Origin interest) was plugged and abandoned. Small Cooper Basin oil addition for Origin's Santos-operated interest.
13 Aug 2007capital raising announcement● NeutralMajor
A wholly-owned Origin subsidiary is considering a NZ$200m preference share offer in New Zealand (NZ$50m oversubscriptions), expected to open 3 September. Proceeds would refinance bank debt tied to Origin's 51.4% Contact Energy stake. This is the previously flagged possible hybrid-style funding.
13 Aug 2007drilling progress report● Neutral
QGC weekly report: Codie #6 reached 840m, the final well of the Codie five-spot (Origin CSG 40.625%). Lauren #4, first of a second five-spot, reached 682m. Routine drilling, no new results.
8 Aug 2007drilling progress report● Neutral
Beach weekly report: Jena-28 (Origin 13.19%) cased and suspended as a Murta oil producer; Tonno-1 (Origin 13.19%) plugged and abandoned at 1,569m. Tindilpie-5 gas appraisal is preparing to drill.
7 Aug 2007drilling progress report● Neutral
QGC reported Codie #4 and #5 (Origin CSG 40.625%) reached total depth, the third and fourth wells of a five-spot pattern for reserves certification. Codie #6, the fifth, was still drilling. Routine coal seam gas drilling.
1 Aug 2007drilling progress report▲ Good
Beach weekly Cooper Basin report: Big Lake 17DW1 (Origin 13.19%) cased as a potential gas producer with 22m gas pay in the Patchawarra and 7.5m in the Tirrawarra. Jena-28 logging; Tonno-1 drilling. Incremental Cooper news.
1 Aug 2007contract award▲ Good
Origin signed a construction contract with Leighton Contractors for the $80m, 120MW Quarantine Power Station expansion in South Australia, announced 10 May. Construction and commissioning are expected to finish at end-2008, ready for summer 2008/09.
31 July 2007resource reserve update▲ GoodMajor
Origin lifts 2P reserves 42% to 3,471 PJe from 2,436, with coal seam gas up 1,095 PJe (80%) to 2,470 PJe. Record FY07 sales revenue of $475m; Otway Gas Project first sales expected by end of August.
27 July 2007well test result● Neutral
Victoria Petroleum says Santos will perforate and production test Wilpinnie-4 (Tomcat, PPL 93; Origin 6.595%) over 1,482.5-1,492.3m. The earlier test flowed about 144 bopd. Results to follow.
26 July 2007well test result▲ Good
ARC reports Apium 2 (Origin 50%) was completed as a gas producer at 2,793m TD with shows in the Dongara Sandstone. The rig is leaving for the Canning Basin. No flow rate is given yet.
25 July 2007investor presentation● Neutral
COO Karen Moses presents to the Citi Climate Change Conference on emissions trading and Origin's carbon approach, including that gas-fired power has a significant role in cutting emissions. The visible text carries no new company figures.
25 July 2007drilling result▲ Good
Beach reported Alwyn-7 (1,295m) and Calvin-1 (1,590m; DST recovered 16 bbls oil) cased and suspended as potential oil producers, both with Origin at 13.19%. Origin has no interest in Hurricane-2, which found an oil accumulation too small to develop and was abandoned.
24 July 2007drilling progress report▲ Good
Origin reports Apium 2 (50%) was completed in the Dongara Sandstone and perforated at 2,760.7-2,765.7m. The rig was released 21 July and moves to ARC's Canning Basin program; surface facilities are being prepared for production testing.
19 July 2007drilling result▲ Good
ARC reports Apium 2 (Origin 50%) hit the Dongara Sandstone at 2,756.7m, about 7m higher than Apium 1, and reached total depth of 2,793m. Shows were seen from 2,757 to 2,781m; the well is preparing to run completion.
12 July 2007drilling progress report● Neutral
Origin repeats ARC's 12 July Apium 2 update: drilling ahead in Kockatea Shale at 2,547m measured depth, with the Dongara Sandstone target at 2,752m. No new information.
12 July 2007drilling progress report● Neutral
ARC reports the Apium 2 sidetrack (Origin 50%) was successful and is drilling ahead in the Kockatea Shale at 2,547m, above the Dongara Sandstone target at 2,752m. No hydrocarbon indications yet.
11 July 2007drilling result▲ Good
Beach reports Cooper Basin oil finds. Origin's 13.19% wells Gambero-1 (12m oil column) and Mudlalee-4 (15m oil column) were successful; Big Lake 84 reached 2,989m TD. Small additions to Origin's Cooper oil push.
9 July 2007drilling progress report● Neutral
QGC weekly report on Surat coal seam gas wells. Codie #2 (Origin CSG 40.625%) is not yet drilling, with the rig on site. Other wells reported are 100% QGC or QGC/SGA permits with no Origin interest stated.