Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 July 2007drilling progress report● Neutral
ARC reports Apium 2 (Origin 50%) is preparing the wellbore for the sidetrack, running a casing scraper into the hole. No hydrocarbon indications yet; the well started on 29 June and was planned to take about 13 days.
4 July 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells: Big Lake 84 (Origin 13.19%) is drilling ahead at 2,455m, Alwyn-7 is preparing to cement surface casing, and Gambero-1 is drilling at 888m. No results for Origin's interests yet.
3 July 2007contract award▲ GoodMajor
Origin signs a 20-year gas supply agreement with Rio Tinto Aluminium for 470 PJ of coal seam gas to its Yarwun refinery, starting between March and July 2010 and ramping to 22.8 PJ a year. Origin expects to spend about $260m developing Walloon gas fields.
2 July 2007drilling spud● Neutral
Origin repeats ARC's news that the Apium 2 gas appraisal sidetrack (Origin 50%) in L1 started on 29 June, targeting the Dongara Sandstone near 2,752m with planned total depth about 2,812m. No new information.
2 July 2007asset acquisition disposition▲ GoodMajor
Origin completes the sale of its Networks business to APA for $556.5m, including its 33.3% SEA Gas stake ($133.2m, completed 29 June) and its 17% Envestra stake. This resolves the sale agreed on 4 April, on the expected July timing.
29 June 2007drilling spud● Neutral
ARC reports Apium 2 (Origin 50%) started on 29 June as a sidetrack of Apium 1 in L1, targeting the Dongara Sandstone near 2,752m, about 10m updip of Apium 1. It is expected to take 13 days.
27 June 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells: Big Lake 84 (Origin 13.19%) is drilling ahead in the Bulldog Shale at 1,394m. No flow results for Origin's interests.
26 June 2007investor presentation● Neutral
MD Grant King presents to the UBS conference on the value of integration. It recaps known events, including the Darling Downs commitment and Quarantine expansion, and electricity cover for FY07 and FY08. No new figures are visible in the text provided.
20 June 2007drilling result▼ BadMajor
ARC reports Drakea 2 (Origin 50%) found hydrocarbons in the High Cliff and Kingia Sandstones but with low permeability, so commercial production at this location is unlikely. The well is suspended for possible re-entry. This resolves the sidetrack hope from Drakea 1.
20 June 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells: Big Lake 85 and Moomba 178 (Origin 13.19% each) have both reached total depth, at 2,917m and 2,727m, with no result stated. No flow results.
20 June 2007drilling result▼ Bad
Origin repeats the Drakea 2 result: hydrocarbons in the High Cliff and Kingia Sandstones, but all reservoir sections are low permeability and unlikely to produce commercially here. The well is suspended for possible re-entry, and the rig moves to Apium 2.
19 June 2007regulatory community update● Neutral
Origin's MD welcomes the Queensland Competition Authority's recommended increase in regulated electricity tariffs, expecting more competition ahead of full retail competition in July. This bears on the Sun Retail business bought in February; no financial effect is stated.
14 June 2007drilling progress report● Neutral
ARC reports the Drakea 2 sidetrack (Origin 50%) drilling ahead in the High Cliff Sandstone at 2,773m, with elevated gas readings and oil shows. Their significance will be assessed after total depth and logging.
13 June 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells: Big Lake 85 (Origin 13.19%) is drilling ahead in basement at 2,907m, and Moomba 178 (Origin 13.19%) is at 2,727m conditioning the hole before casing. No flow results.
13 June 2007farm in farm out agreement▲ GoodMajor
Origin agrees a heads of agreement for ARC to take 40% of Bass Basin permit T/44P (granted 100% to Origin in the March quarter) by reimbursing Origin's back-costs, with an option for a further 10%. It is subject to formal documents and approvals; seismic is planned for early 2008 and a well later.
12 June 2007drilling progress report● Neutral
QGC weekly report: Argyle #15 (Origin CSG 40.625%) reached 667m with 24.9m of gassy coal and is cased awaiting a workover rig. Other wells are QGC-only. No flow results.
12 June 2007material agreement▲ GoodMajor
Origin commits to build the 630MW Darling Downs gas-fired power station near Braemar, Qld, with $780m of contracts signed with GE and CH2M Hill. About $500m more goes to Spring Gully and Walloon gas development. Commissioning is due Q4 2009, resolving the pending decision on Darling Downs.
8 June 2007drilling progress report● Neutral
Origin repeats the Drakea 2 sidetrack update: drilled to 1,919m in the Eneabba Formation, with rig repairs under way. The target High Cliff Sandstone is expected near 2,716m. No new results.
7 June 2007drilling progress report● Neutral
ARC reports the Drakea 1 sidetrack, named Drakea 2 (Origin 50%), kicked off at 1,413m and was drilling the Eneabba Formation at 1,900m. This is the seven-day crestal sidetrack the joint venture was considering; no results yet.
6 June 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells; Big Lake 85 (Origin 13.19%) is drilling ahead in the Nappamerri Group at 2,159m. No flow results for Origin's interests.
6 June 2007investor presentation● Neutral
Origin's COO Karen Moses presents to the Citi conference on strategy as a fuel-integrated generator and retailer. It repeats known facts, including the Networks sale at $556m with completion expected by July; no new announcements are visible in the text provided.
4 June 2007joint venture update● Neutral
Clough says it received the first-phase BassGas arbitration ruling on 1 June 2007 and will meet Origin for discussions. Its board sees no change needed to its earlier guidance on the financial impact.
4 June 2007drilling progress report▲ Good
QGC weekly report: Argyle #15 (Origin CSG 40.625%) is about to start drilling, and Kenya East #3 (Origin 31.25%) hit 31.1m of gassy coal at 734m with encouraging permeability indications from drill stem tests. It is cased, awaiting a workover rig.
4 June 2007joint venture update● Neutral
AWE, a 30% BassGas partner, passes on Origin's release that the first stage of the Clough arbitration was decided in the joint venture's favour. Same content as Origin's announcement, with nothing new.
4 June 2007joint venture update● Neutral
ARC forwards Origin's BassGas arbitration release and notes it is buying Wandoo's 12.5% interest in the project. This is a re-release of known content, with no new information for Origin.
4 June 2007joint venture update▲ GoodMajor
The first stage of the BassGas arbitration favours the joint venture, which Origin operates (Origin 42.5%). It dismisses Clough's $95.7m Trade Practices claim and finds Clough liable for most first-tranche defects. Amounts are to be set at an April 2008 hearing, later than the earlier expectation of an award in the first half of 2007.
1 June 2007drilling result● Neutral
Origin repeats the Drakea 1 result: 3,080m depth and an oil column of about 3-5m in the 35m-thick High Cliff Sandstone. The joint venture is considering a seven-day sidetrack to a more crestal location where more oil may be found.
1 June 2007drilling result● NeutralMajor
ARC reports Drakea 1 (Origin 50%) reached 3,080m and found an oil column of about 3-5m at the top of the roughly 35m-thick High Cliff Sandstone. The joint venture is considering a seven-day sidetrack to a higher position.
30 May 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells: Narcoonowie 5 (Origin 13.19%) is cased and suspended as a potential oil producer, and Big Lake 85 (Origin 13.19%) is preparing to run surface casing. No flow results.
29 May 2007regulatory community update▲ Good
Contact Energy (Origin 51.36%) says the Environment Court confirmed consents for its Hawea, Roxburgh and Clyde hydro dams for a further 35 years, ending a process of more than six years. Contact accepts compensation for flooding damage.
