Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
