Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2007farm in farm out agreement▲ GoodMajor
Origin signs a binding heads of agreement for a 30% stake in Geodynamics' South Australian geothermal tenements, committing $96m of project spending plus 30% of ongoing costs, and a further $9.6m if Stage One is met. It keeps its 10% Geodynamics shareholding. Needs Geodynamics shareholder approval in December.
29 Oct 2007farm in farm out agreement▲ Good
Geodynamics' media release repeats the Origin farm-in terms: 30% of its South Australian tenements for up to $105.6m of project costs, with Geodynamics operating at 70%. Its board unanimously supports it, pending a December shareholder vote. Nothing new for Origin.
29 Oct 2007agm notice● Neutral
Contact Energy (Origin 51.36%) reports its annual meeting poll results. All resolutions passed, including re-election of Origin's Karen Moses (99.84% in favour) and Tim Saunders (83.43%). Administrative.
26 Oct 2007agm notice● Neutral
At Contact's AGM, chair Grant King (also Origin's MD) says gas costs rose 20% in FY07 and will likely rise similarly in FY08. Contact expects underlying EBITDA not materially different from last year, with higher depreciation and interest. Contact (Origin 51.36%) continues its $2bn renewables programme.
26 Oct 2007asset acquisition disposition▲ Good
Origin has asked turbine makers to propose supply of the first 500MW of open-cycle equipment for its proposed 1,000MW Mortlake gas power station in Victoria. A go-ahead decision is expected around mid-2008, subject to costs, demand and carbon policy, with first stage operating late 2010.
26 Oct 2007other● Neutral
Beach Petroleum says it will keep drilling in the Cooper Basin despite Santos scaling back its 2008 Cooper Oil Project program. Santos, which operates Origin's 13.19% Cooper interests, flagged the reduction. Beach says its own exposure is limited. Origin's exposure is not stated.
24 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #31 (654m) is cased awaiting a workover rig, and Argyle #32 (644m) is being logged (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
24 Oct 2007regulatory community update▼ BadMajor
Contact says its New Plymouth power station will be closed at least six months over asbestos. Two units could return by May 2008 if remedial work goes ahead, but permanent closure cannot be ruled out. Escalates the outage from three to four weeks.
24 Oct 2007drilling progress report▲ Good
Beach weekly report: Moomba-181 (Origin 13.19%) reached 2,699m with 15.5m net gas pay in the Toolachee and 4.5m in the Daralingie per the operator, and is being cased. Coonatie-8 (10.54%) has stuck drill pipe. A small Cooper gas addition.
19 Oct 2007regulatory community update▼ Bad
A hapu has asked the Waitangi Tribunal to recommend that the Crown compulsorily acquire a significant share of Contact's Wairakei-Tauhara geothermal land rights, excluding existing stations. Contact (Origin 51.36%) says it is not a party and expects no impact on its geothermal plans.
18 Oct 2007production update▼ BadMajor
Woodside reports the Otway plant produced 198 TJ from 16 September (Origin share 61 TJ) but has been shut in since 24 September for start-up issues, including a glycol pipeline leak. Steady production is expected by January. Delays the ramp-up after first gas on 17 September.
18 Oct 2007regulatory community update▼ Bad
Contact Energy (Origin 51.36%) extends a planned outage at its New Plymouth power station by three to four weeks after finding asbestos under pipe lagging not listed in the site's asbestos register. Regulators have been informed.
17 Oct 2007drilling progress report▲ Good
Beach weekly report: Ragno-1 (Origin 13.19%) cased and suspended as a future oil producer. Coonatie-8 (10.54%) is at 2,475m and Moomba-181 is drilling. Kopuwai-1 in New Zealand has no Origin interest. Resolves Ragno-1 as a small oil success.
16 Oct 2007regulatory community update▲ Good
Contact Energy (Origin 51.36%) unveils a Waikato wind farm of up to 650MW and plans a roughly $140m, 100MW gas peaking plant at Stratford, possibly operating by 2009. Otahuhu C remains on hold. Extends its $2bn renewables programme; wind farm size is not yet decided.
15 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #16 (654m) and #24 (644m) are cased awaiting workover rigs, and Argyle #31 is being set up (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
11 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #23 reached 664m and is suspended awaiting a workover rig; Argyle #16 is preparing for underreaming (Origin CSG 40.625%). Other wells are outside Origin's interest. Routine development drilling.
10 Oct 2007drilling progress report▲ Good
Beach weekly report: Moomba-180 and Moomba-182 (Origin 13.19%) cased and suspended as future gas and oil producers. Ragno-1 (13.19%) and Coonatie-8 (10.54%) are drilling. Small Cooper additions.
9 Oct 2007capital raising announcement● NeutralMajor
Origin's subsidiary completed the NZ$200m preference share issue on 9 October, with a 10.23% dividend rate to October 2008 (8.73% benchmark plus 1.50%). Trading on the NZ exchange starts 10 October. Closes the offer opened 4 September.
8 Oct 2007investor presentation● Neutral
Grant King presents 'Stepping on the Gas' to a JPMorgan coal seam gas event, restating 2,470 PJ of CSG 2P reserves, 4,578 PJ of 3P, and over 17,000 km2 of CSG leases. Repeats known facts; nothing new is evident from the text provided.
3 Oct 2007drilling progress report▲ Good
Beach's weekly report showed Moorari-12 (Origin 13.19%) cased and suspended as a future gas producer, while Moomba-180 reached 2,653m TD and was wireline logging. Moomba-182 was drilling ahead at 1,006m, and Callawonga-3 (no Origin interest) flowed about 5,660 bopd.
2 Oct 2007flow test result▲ GoodMajor
Beharra Springs 4 (Origin 67%, operator; ARC 33%) hit gas at 3,337m and stabilised at about 35 million cubic feet a day through a 1-inch choke. Early indications suggest partial pressure communication with the existing field. Drilling to 3,374m resumes.
2 Oct 2007drilling progress report● Neutral
QGC weekly report: Argyle #28 (PL 229) reached 635m and is suspended awaiting a workover rig; Argyle #23 (PL 179) spudded 30 September (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. Routine development drilling.
2 Oct 2007flow test result● Neutral
ARC Energy, Origin's 33% partner in Beharra Springs 4, re-lodges Origin's release: the well flowed about 35 million cubic feet a day, possibly in partial pressure communication with the existing field. No new information.
26 Sept 2007dividend declaration● Neutral
Origin sets the dividend reinvestment plan price at $10.12 per share, the 10-day average after the 10 September record date, with no discount. This applies to the 11c interim dividend payable 3 October 2007. Administrative.
26 Sept 2007drilling progress report● Neutral
Beach weekly report: Big Lake-86 (Origin 13.19%) cased as a future oil producer with 4.5m oil pay, and Bronzewing-1 (13.19%) was plugged and abandoned. Moomba-180 is drilling at 2,015m. Resolves two open Cooper wells, one small oil success and one dry hole.
26 Sept 2007drilling progress report● Neutral
QGC weekly report: Argyle #35 and #34 (Origin CSG 40.625%) reached 616m and 625m and are cased awaiting workover rigs. Berwyndale South wells have no Origin interest. Routine development drilling, no new results.
25 Sept 2007annual report● Neutral
Origin lodges Contact Energy's 2007 annual report, sustainability report and notice of its 26 October 2007 annual meeting (Origin holds 51.36%). Cover notice only; the figures repeat the FY07 results already reported.
20 Sept 2007regulatory community update● Neutral
Contact Energy (Origin 51.36%) says New Zealand's 90% renewables-by-2025 target is ambitious but achievable, and welcomes the emissions trading scheme announcement. It ties this to its $2bn renewables programme, depending on consenting reform.
19 Sept 2007drilling progress report● Neutral
Beach weekly report: Bronzewing-1 and Big Lake-86 (both Origin 13.19%) are in progress, and Moomba-180 is drilling surface hole. Callawonga-3 (no Origin interest) spudded. No new results on Origin-interest wells.
17 Sept 2007production update▲ GoodMajor
Woodside reports the Otway Gas plant has started gas export, with output expected to rise in coming weeks and condensate and LPG to follow. Origin holds 30.75%. This resolves the end-August first sales thread, about two weeks later than flagged.
