Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 May 2007drilling progress report● Neutral
ARC reports Drakea (Origin 50%) at 2,556m, close to the planned 2,589m target. Elevated gas and intermittent oil shows are seen in the shaly section above, and their significance will be assessed at total depth.
24 May 2007drilling progress report● Neutral
Origin's own report of Drakea 1 (Origin 50%) drilling in the Irwin River Coal Measures at 2,556m, with casing set at 800m. It repeats ARC's update and adds no new results.
23 May 2007drilling progress report● Neutral
QGC weekly report: Kenya #23 (Origin CSG 40.625%) reached 674m with 24.8m of gassy coal and is cased awaiting a workover rig. Argyle #13 reached 668m with 25.9m of coal. No flow results.
23 May 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells: Burke 10 (Origin 13.19%) is cased and suspended as a potential gas producer, and Boongala 2 (Origin 13%) is perforating casing. No flow rates are given for either.
21 May 2007regulatory community update▲ Good
Contact Energy (Origin 51.36%) says the Environment Court confirmed its Wairakei and Poihipi geothermal consents, ending a six-year process. They run to 2026 and allow an extra 20 MW of generation, with full output expected January 2008.
17 May 2007drilling progress report● Neutral
ARC reports Drakea (Origin 50%) at 1,426m on 17 May, with 244mm casing set at 800m and drilling ahead in the Cattamarra Coal Measures. No hydrocarbon indications yet.
16 May 2007drilling progress report● Neutral
Beach weekly report on Cooper Basin wells. Narcoonowie 6 (Origin 13%) was cased and completed as a Hutton oil producer, and Moomba 31ST1 flowed gas at 1.22 MMscfd. Burke 10 (Origin 13.19%) was plugged and abandoned.
15 May 2007drilling progress report● Neutral
QGC weekly report: Argyle #14 (Origin CSG 40.625%) reached 677m with 24.5m of gassy coal and is cased awaiting a workover rig. Kenya #23 is drilling at about 399m, and Berwyndale South #64 reached 624.7m. No flow results.
15 May 2007material agreement▲ Good
The Cooper Basin producers, including Origin with 13.19%, extend ethane supply to Qenos' Botany plant by up to 56 PJ, from late 2007 to the start of 2013. Price is linked to world oil prices.
14 May 2007investor presentation● Neutral
Grant King and Frank Calabria present to US investors, with a sustainability summary for FY2006. The visible slides restate Origin's strategy, track record and market capitalisation (about $7.9bn). The text is truncated, so no new figures can be confirmed.
14 May 2007drilling spud● NeutralMajor
Origin confirms its own notice that Drakea 1 (Origin 50%, ARC operator) started drilling 11 May 2007 in Perth Basin L1, targeting the High Cliff Sandstone at about 2,589m, with planned total depth of about 2,839m. Repeats ARC's release.
14 May 2007other● Neutral
Envestra says Origin, a major shareholder (about 17.2%, being sold to APA), elected to join its distribution reinvestment plan for the distribution paid 31 May. The plan raises $31.4m for Envestra. No new impact on Origin stated.
11 May 2007drilling spud● Neutral
ARC, operator of L1 (Origin 50%), reports the Drakea exploration well spudded 11 May 2007 after rig maintenance. Planned depth is about 2,839m, with the High Cliff Sandstone expected near 2,589m. Continues the Drakea 1 plan noted earlier.
10 May 2007material agreement▲ GoodMajor
Origin commits $80m to add a 120 MW gas peaking unit beside its existing 95 MW Quarantine Power Station near Adelaide, signing a General Electric turbine contract. Completion is expected in the December quarter 2008, in time for summer 2008/09.
9 May 2007drilling progress report● Neutral
Beach's weekly report showed Goyder 5 (Origin 13%) cased and suspended as a potential gas producer. Moomba 177 was cased and suspended as a gas producer and flowed 0.14 MMscfd of gas.
8 May 2007drilling progress report● Neutral
QGC weekly report: Kenya #12 and #21 (Origin CSG 40.625%) are cased with 25m of gassy coal each, awaiting workover rigs. Berwyndale South #64 is drilling and Argyle #14 is rigging up. No flow results.
4 May 2007drilling progress report● Neutral
Beharra Springs 4 (Origin 67%) reached intermediate depth of 3,269m on 26 April and was cased and suspended. The Century 18 rig is released. The underbalanced reservoir section to about 3,374m is now planned for June 2007, a month later than previously indicated.
3 May 2007investor presentation● Neutral
Grant King's Macquarie conference presentation recaps the year's deals and says Origin carries about 1,400 PJ of 2P CSG reserves and expects to book significant additions. Reserves will be reviewed in June 2007; no new figures.
2 May 2007investor presentation● Neutral
Contact Energy (Origin 51.36%) posts slides for the Macquarie conference, covering NZ market, carbon policy and gas oversupply. It says it is comfortable with consensus for the year (EBITDA NZ$534m) and repeats the completed Rockgas deal and delayed gas plant decision.
2 May 2007drilling progress report▲ Good
Beach weekly report on Santos-operated Cooper Basin wells: Moomba 176 (Origin 13%) flowed 11.3 MMscfd and was cased as a gas producer. Caroowinnie 1 is cased as a potential oil producer after a DST recovered 45.5 bbl oil.
1 May 2007contract award▲ Good
Kupe project (Origin 50% operator) signs a Picton spoolbase agreement, awards the civil and fabrication works to McConnell Dowell, and completes the shore-crossing tunnels. Project stays on schedule for mid-2009 completion at NZ$980m. Pipelaying is expected to start in early 2008.
1 May 2007drilling progress report● Neutral
QGC weekly report: Kenya #13 and #14 (Origin CSG 40.625%) reached about 687-688m with 21-22m of gassy coal, and both were cased and awaiting workover rigs. Kenya #12 reached 696m with 25m of coal and was preparing to underream. No flow results.
30 Apr 2007director officer appointment● Neutral
Gordon Cairns, former Lion Nathan CEO and current Westpac director, joins as independent non-executive director from 1 June 2007. The chair says his marketing expertise will suit the retail business; it follows Colin Carter's retirement the same day.
30 Apr 2007director officer appointment● Neutral
Foundation director Colin Carter retires from the Origin board (on the board since February 2000), citing the need to balance his other directorships and commitments. Chair Kevin McCann thanked him for his contribution.
30 Apr 2007resource reserve update▲ Good
Contact Energy (Origin 51.36%) gains 37.5 PJ of firmer reserves after the Maui JV moved 60.8 PJ from P50 to P85 status. This confirms the gas right Contact secured in October 2006 under its right of first refusal.
30 Apr 2007asset acquisition disposition▲ GoodMajor
Origin completes the sale of New Zealand LPG distributor Rockgas to Contact Energy, announced 6 March 2007, for a one-off NZ$156m. Origin says the sale will not materially affect its consolidated results.
27 Apr 2007investor presentation● Neutral
Grant King presents to the Industry INsights Forum on Origin's integrated find-to-sell strategy, 2,436 PJe 2P reserves, about 3 million customers and sustainability. It largely repeats known facts; no new figures for the business.
24 Apr 2007drilling progress report● Neutral
Beach weekly report on Santos-operated Cooper Basin wells: Thurakinna-6 and Moomba-39 ST1 (Origin 13%) are successful gas wells, cased and suspended. Cooba-2 and Goyder-5 (13%) are drilling or waiting on repairs. No flow rates.
19 Apr 2007drilling progress report● Neutral
ARC Energy (33% partner) re-releases Origin's 19 April Beharra Springs 4 update. No new information.
19 Apr 2007drilling progress report● Neutral
Beharra Springs 4 (Origin 67%) is drilling at 3,086m, 456m since the last report, close to the planned 3,240m intermediate casing point. The May coil tubing section to 3,374m is unchanged.
