30 Nov 2006drilling progress report● Neutral
ARC reports Lyginia 1 (Origin 50%) drilling ahead at 949m after setting casing at 602m. No hydrocarbon indications are reported; the Dongara Sandstone target is expected around 2,215m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2006capital raising announcement● NeutralMajor
Origin completes its $400m placement of about 56.3m shares at $7.10, a 2.6% discount to the 24 November close. Proceeds part-fund Sun Retail. A share purchase plan of up to $5,000 per holder is planned for early 2007.
What it means for a shareholder
56.3m new shares at A$7.10 to raise about A$400m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
29 Nov 2006drilling progress report● Neutral
Beach's weekly report: Yanda-24 (Origin 25%) was cased and suspended as a future Murta oil producer. Yanda-21 reached 1,949m, and Big Lake-83 (Origin 13.19%) is drilling. Routine Cooper Basin development activity.
27 Nov 2006flow test result▲ GoodMajor
ARC reports Eremia 6 (Origin 50%) flowed 3,790 barrels of oil a day on test, with no water, from an 8m interval. It is the third strong Perth Basin development well after Jingemia 8 and Hovea 12; a permanent flowline is due in about three weeks.
27 Nov 2006asset acquisition disposition▲ GoodMajor
Origin agrees to buy Sun Retail from the Queensland Government for $1,202m: 833,000 retail customers, wholesale and LPG businesses. Settlement is 1 February 2007. Funded by a $400m placement and debt, with a share purchase plan, a possible hybrid and a Networks review. Resolves the Queensland tender.
27 Nov 2006flow test result▲ Good
Origin repeats the Eremia 6 test: 3,790 barrels of oil a day, no water, on a 1-inch choke. It is the third success after Jingemia 8 (3,520 bopd) and Hovea 12 (3,230 bopd). Origin holds 50%.
27 Nov 2006investor presentation● Neutral
Presentation on the Sun Retail acquisition: $1,202m for 833,000 customers ($916m), wholesale ($220m) and LPG ($66m). Margins are expected to match Origin's current retail margins of about 7%. Repeats the main announcement; the excerpt shows no new facts.
24 Nov 2006drilling spud● Neutral
Origin relays the start of Lyginia 1 (50%) in the Perth Basin: Dongara Sandstone target at about 2,215m, planned total depth about 2,325m, around 17 days. Duplicates ARC's release.
24 Nov 2006drilling spud● Neutral
ARC spudded Lyginia 1 (Origin 50%) in the Perth Basin L1 licence on 24 November. It targets the Dongara Sandstone, expected at about 2,215m, with total depth about 2,325m in roughly 17 days. First of the planned exploration wells.
22 Nov 2006asset acquisition disposition● Neutral
Envestra says Origin is taking up its distribution reinvestment plan, lifting its stake from 16.57% to about 17.2% and making it Envestra's largest shareholder. A small increase in an existing holding.
21 Nov 2006drilling progress report▲ Good
QGC's weekly report: Kenya #19 in PL 228 (Origin CSG 40.625%) spudded 17 November as the first of a ten-well program for the Incitec Pivot contract. It reached 667m with 24.6m of gassy coal and is being cleaned out before casing.
17 Nov 2006other● Neutral
Pure Energy Resources announces it has been granted Queensland coal seam gas permit ATP806P. It mentions that Origin mapped gas leads nearby that may extend into it. Origin has no stated interest, so no direct effect on it.
16 Nov 2006drilling result▲ Good
ARC re-releases Origin's 15 November Eremia 6 update: a 23m oil column in the Dongara Sandstone, with the well being cased for testing. Nothing new beyond the earlier releases.
15 Nov 2006drilling progress report● Neutral
Beach's weekly report lists Cooper Basin wells where Origin holds 25%: Yanda-23 was cased and suspended as a Murta oil producer. No new Origin-specific result; the other wells listed are not Origin's.
15 Nov 2006drilling result▲ Good
Origin repeats the Eremia 6 result: a 23m oil column in the Dongara Sandstone, 8m above the previous highest field intersection, in an area interpreted as undrained. Hole conditions blocked wireline logs; the well is being cased for testing.
14 Nov 2006drilling result▲ GoodMajor
ARC reports Eremia 6 (Origin 50%) reached 2,315m and, on early logging-while-drilling data, found a 23m oil column in the Dongara Sandstone, 8m higher than any prior field intersection. Suggests an undrained part of the field, resolving the Eremia 5 miss; wireline confirmation still needed.
14 Nov 2006investor presentation● Neutral
CFO Frank Calabria presents to the Morgan Stanley summit in Singapore. The excerpt recaps FY2006 results ($332m NPAT, revenue +21%), strategy and past returns. No new announcement is visible in the text provided.
13 Nov 2006drilling progress report● Neutral
QGC's weekly report: Kenya #1 in PL 228 (Origin CSG 40.625%) reached 743m with 20.5m of gassy coal and is cased, awaiting a workover rig. Berwyndale South #49 (no Origin interest) is also drilled. Adds data for reserves certification.
9 Nov 2006drilling progress report● Neutral
ARC reports the Eremia 5 sidetrack, now named Eremia 6 (Origin 50%), is drilling ahead at 1,652m after plugging back. No hydrocarbon indications are reported yet.
6 Nov 2006drilling progress report● Neutral
QGC's weekly report: Kenya East #2 (Origin CSG 31.25%) hit 740m with 29.5m of gassy coal and is cased, awaiting a workover rig. Berwyndale South #62 (no Origin interest) is also cased. Feeds QGC's reserves certification.
2 Nov 2006drilling progress report▼ Bad
ARC reports Eremia 5 (Origin 50%) reached 2,306m but landed about 45m east of, and on the low side of, the Eremia bounding fault. A sidetrack to a revised target is under way, which ARC says had been planned as a possibility.
1 Nov 2006admin correction▼ Bad
Origin corrects its quarterly report: BassGas production was shown at 100% rather than its 42.5% share. Total production falls to 21.2 PJe (+11%) from 23.3 PJe (+22%). Sales and revenue were already correct.
27 Oct 2006joint venture update● Neutral
The Ensco 107 rig for Kupe (Origin 50% operator) is now due June 2007, not March 2007. Origin says the critical path is unaffected and first gas stays in the first half of 2009. Onshore site works have started.
27 Oct 2006material agreement▲ Good
Origin relays that its 51.36%-owned Contact Energy secured a further 170 PJ of Maui gas for 2007-2014, 42% firm (P85) and 58% contingent on reserve firming. Contact says this supports its fuel supply into the middle of the next decade, easing the Maui legacy gas concern.
26 Oct 2006drilling progress report● Neutral
ARC's report: Eremia 5 (Origin 50%) drilled to 1,595m before a mechanical malfunction; the rig is awaiting repair, expected within 24 hours. No oil indications yet reported.
20 Oct 2006drilling spud● Neutral
ARC spudded the Eremia 5 development well in the Perth Basin's L1 licence on 19 October, with Origin holding 50%. It targets the Dongara Sandstone near the Eremia oil field crest, to 2,331m over about 18 days.
20 Oct 2006drilling spud● Neutral
Origin's release repeats that ARC spudded Eremia 5 (Origin 50%) on 19 October, planned to 2,331m in about 18 days, now drilling at 425m. Nothing new beyond the earlier spud announcement.
20 Oct 2006well test result▲ GoodMajor
Origin reports clean-up flows of 3,520 bopd at Jingemia 8 (49.189%) and 3,230 bopd at Hovea 12 (50%). Both are being tied in, and sustainable rates will be tested over two weeks. This resolves the open completion threads for both wells.
20 Oct 2006well test result▲ Good
Partner Victoria Petroleum reports Jingemia-8 (Origin operator, 49.189%) cleaned up at 3,250 bopd over a 21.5m interval and is being tied in. Targeted field output is about 4,500 bopd. Origin's own release gives 3,520 bopd, so the figures conflict.
20 Oct 2006well test result▲ Good
ARC re-releases Origin's announcement of the Jingemia 8 (3,520 bopd) and Hovea 12 (3,230 bopd) clean-up flows. No new information beyond the Origin release.