Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2007drilling result▲ Good
Victoria Petroleum says Jingemia-11 reached total depth of 2,606m and is being prepared for wireline logging. Preliminary logs suggest the whole Dongara Sandstone is likely oil-saturated, with the top 10m updip of the best producing well. Repeats Origin's update.
14 Mar 2007drilling progress report● Neutral
Beach weekly report: Moomba-177 (Origin 13%) cased and suspended at 2,371m for later deepening by a specialised rig. Epsilon-11 (13%) drilling ahead at 1,890m. No flow results.
13 Mar 2007drilling result▲ GoodMajor
Origin says Jingemia 11 hit the Dongara Sandstone at 2,489m, about 10m updip of the field's previous highest well. Early logs suggest the full ~31m reservoir is likely oil-saturated. Well will be drilled to 2,614m and connected to the Jingemia facility.
13 Mar 2007drilling result▲ Good
ARC Energy (44.141% partner) re-releases Origin's Jingemia 11 update: top Dongara Sandstone at 2,489m, 10m updip of previous highest well, full ~31m likely oil-saturated. No new information.
13 Mar 2007drilling result▲ Good
Victoria Petroleum reports good oil shows in the Dongara Sandstone target at Jingemia-11 (Origin 49.189%) over 2,489-2,520m. It expects completion could lift field output from 3,200 to about 5,000 bopd. Early, pre-testing indication.
12 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 changing the drill bit at 2,396m, approaching the target sandstone. No results yet.
9 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 changing the drill bit at 1,711m. No results yet.
8 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 drilling ahead at 1,686m toward about 2,614m. No results yet.
7 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 drilling ahead at 1,149m toward about 2,614m. No results yet.
7 Mar 2007drilling progress report● Neutral
Beach weekly report: Dullingari-59 (Origin 13%) cased and suspended at 1,828m for future completion as an oil producer. Moomba-177 (13%) drilling ahead at 1,813m. No flow results.
7 Mar 2007business combination● NeutralMajor
AGL's managing director said AGL will not pursue its merger-of-equals proposal, saying Origin rejected it and refused to engage. This resolves the open question of whether AGL would return after Origin's 23 Feb rejection.
6 Mar 2007asset acquisition disposition● NeutralMajor
Origin agreed to sell Rockgas, New Zealand's largest LPG distributor, to its 51.36%-owned Contact Energy for NZ$156m, with completion due in the second quarter of 2007. Origin says the sale has no material impact on its consolidated results and it keeps LPG supply contracts with Rockgas.
6 Mar 2007joint venture update● Neutral
Origin says the NZ$980m Kupe project is on time and on budget, with first gas still mid-2009. The Ensco 107 rig is now expected in September 2007, versus June previously, because of its extended Vietnam commitments; Origin says critical milestones are unaffected.
6 Mar 2007joint venture update● Neutral
NZ Oil & Gas (Kupe 15%) re-issues the same Kupe update: on time and on budget, first gas mid-2009, Ensco 107 rig now due September 2007. Duplicates Origin's own release.
6 Mar 2007investor presentation● Neutral
Managing Director Grant King's presentation to a London investment conference, covering strategy, operations and financials. Text provided is truncated and appears to repeat known strategy and results; no new announcement identified.
6 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Jingemia-11 (Origin operator, 49.189%) drilling ahead at 853m, toward planned depth of about 2,614m. No results yet.
5 Mar 2007material agreement● Neutral
Clough says the BassGas JV (Origin 42.5%) has lifted its arbitration claim to about $250m, versus Clough's roughly $93m counterclaim. Clough expects an award in the first half of 2007, earlier than the late-2007 outcome previously noted. Figures differ from earlier context.
5 Mar 2007regulatory community update● Neutral
Partner AWE (BassGas 30%, Origin operator 42.5%) will fund a $19m, 700 sq km 3D seismic survey in Vic/P 44 (Otway Basin, Santos-operated, not Origin) from May 2007. Origin is not named as a participant in that survey; relevance to Origin is limited to the BassGas and Trefoil partners.
2 Mar 2007drilling progress report● Neutral
Victoria Petroleum update: Jingemia-11 (Origin operator, 49.189%) was preparing to set casing at 534m. Repeats earlier planned depth of about 2,614m; no results yet.
1 Mar 2007drilling spud● Neutral
ARC re-releases Origin's announcement that Jingemia 11 (Origin 49.189%, operator) has started drilling. No new information.
1 Mar 2007drilling spud▲ Good
Origin spudded the Jingemia 11 oil development well (Origin 49.189%, operator) in L14 on 28 Feb, targeting the Dongara Sandstone at about 2,490m. Planned depth about 2,614m, roughly 18 days to drill and complete.
1 Mar 2007drilling spud▲ Good
Victoria Petroleum (5% holder) reports Jingemia-11 in L14 started drilling, targeting about 2,614m depth. It says success could lift field output to roughly 5,000 bopd; Origin operates with 49.189%. Largely duplicates Origin's own release.
28 Feb 2007drilling progress report● Neutral
Beach weekly report: Coonaberry-2 (Origin 16%) rig released with production casing set at 2,833m TD; Fly Lake-22 (13%) rig released at 2,941m TD, casing set; Dullingari-59 (13%) casing set. No flow results.
28 Feb 2007half year report▲ GoodMajor
Half-year to 31 Dec 2006: net profit $233m (up 20%), EBITDA $640m (up 9%), EPS 29.0 cents. Fully franked 10 cent dividend (up 11%) payable 30 March. Exploration & Production EBITDA rose 38%; Mount Stuart contract termination added $19.6m.
28 Feb 2007business combination● Neutral
AGL sets out its side: its 16 Jan proposal was 1.860 Origin shares per AGL share (8.9% premium on 3-month VWAPs), and talks stalled over who would be CEO before any value discussion. Claims $150m pre-tax annual savings.
26 Feb 2007capital raising announcement▲ GoodMajor
Share Purchase Plan closed oversubscribed: $262m applied against a $75m target, scaled back to a 200-share cap, raising $83m at $7.10 (about 11.7m shares). Completes the equity funding for the Sun Retail acquisition.
26 Feb 2007regulatory community update▲ GoodMajor
Origin has been offered a new 100% Bass Basin permit (T06-4) next to Trefoil and White Ibis gas discoveries, committing to seismic and one well in three years. Also seismic plans in NZ Canterbury and Northland, and Kenya L8/L9 decision due 3Q 2007; seeking exploration partners.
23 Feb 2007half year report● Neutral
Forwards Contact Energy's half-year announcement (Origin 51.36%), which outlined a new renewable programme of around $2 billion. It included up to 260 MW of new geothermal power and four wind farm sites, and Contact said it could defer the Otahuhu C gas plant for up to 18 months.
23 Feb 2007business combination● Neutral
AGL says it is disappointed by Origin's rejection of the merger of equals and strongly disagrees with Origin's conclusions. It maintains its proposal was compelling; no new terms offered.
23 Feb 2007business combination● NeutralMajor
Origin's board rejected AGL's nil-premium merger of equals, citing relative value, value leakage from required divestments and its own growth outlook. Resolves the talks that began 5 Feb; Origin will focus on its existing business and Sun Retail integration.
