Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Oct 2006production update▼ BadMajor
Woodside says the Otway Gas Project (Origin 30.75%) is delayed by onshore gas plant construction. Start-up readiness moves to the end of the March quarter 2007, from the Q4 2006 expected earlier. Wells, platform and pipeline are finished.
19 Oct 2006investor presentation● Neutral
Origin relays Contact Energy's September quarter operating report. Wholesale price was $63.54/MWh (versus $72.14), generation 2,954 GWh (down 1%), and Port Taranaki is the preferred LNG import site. Contact is dropping permit PEP38493, as already reported.
18 Oct 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 sidetrack (Origin 20%) is at 3,386m on a wiper trip. Baryulah-11 reached 2,600m and Yanda-18 is cased and suspended (both Origin 25%). Kiana-2 is abandoned (Origin not a participant). No Glenaire result yet.
16 Oct 2006production update● Neutral
AWE's re-release of the same media release on the BassGas launch (Origin operator, 37.5% plus 5%). It adds nothing new for Origin beyond the earlier announcement.
16 Oct 2006farm in farm out agreement● Neutral
Victoria Petroleum's group will pay for Tomcat-1 in the Cooper Basin's PPL 93 to earn 50% of the Wilpinnie North Block if it is commercial. Origin's interest would fall to 6.595% from that block; the well is due late December 2006. Partner's release.
16 Oct 2006production update▲ GoodMajor
Origin marks the official opening of BassGas (Origin 42.5% in total, $750m cost), which reached contractual production levels after starting in June 2006. It expects about 23 PJ a year of gas. Endurance testing is nearly complete. This follows the earlier ramp-up.
12 Oct 2006drilling progress report▲ Good
ARC reports Hovea 12 (Origin 50%) has casing cemented at 2,473m and is being completed for clean-up and production testing. Logs show a 22m oil column, and the northern field looks less depleted than modelled. This continues the earlier result.
11 Oct 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 sidetrack (Origin 20%) is at 3,119m, waiting on rig repairs. Origin's 25% Yanda-17 is cased and suspended after a misrun test, and Baryulah-11 and Yanda-18 are drilling. No new result.
10 Oct 2006drilling progress report● Neutral
QGC's weekly report: Bellevue 7 (540m, 34.8m gassy coal) and Bellevue 6 (520m, 29.4m gassy coal) are cased and awaiting pumps. Origin holds 29.375% of the permit. Both feed QGC's reserves upgrade.
5 Oct 2006investor presentation● Neutral
Origin lodges a Citigroup Alternative Energy Conference presentation by Tony Wood. It restates the business (2,436 PJe 2P reserves, 78 PJe production, Contact 51.4%) and its approach to alternative energy. No new announcements are visible in the readable text.
4 Oct 2006drilling progress report▼ Bad
Beach's weekly report: Glenaire 1 (Origin 20%) is being sidetracked from a plugged-back 3,028m because of deviation problems. Origin also holds interests in Yanda-17, which is at 1,923m total depth and preparing a test. No result yet.
4 Oct 2006joint venture update● Neutral
Origin relays that Contact Energy (Origin 51.36%) and Genesis created a joint venture, Gasbridge, to seek consents for a possible LNG import terminal at Port Taranaki. Both say it only preserves options, as they prefer domestic gas.
3 Oct 2006farm in farm out completion▲ GoodMajor
Origin confirms Kenya approved the deeds for Blocks L8/L9, so its farm-in is complete and it holds 75%. It must fund at least US$4m of 2D seismic, due to start December 2006. A 3,000m well is required if it continues.
3 Oct 2006farm in farm out completion▲ GoodMajor
Pancontinental says Kenya's government executed the deeds for Blocks L8/L9, satisfying the farm-in condition so Origin now holds 75%. Origin must fund at least US$4m of 2D seismic by October 2007. It can drop out of drilling by 14 July 2007.
3 Oct 2006drilling result▲ Good
ARC reports Hovea 12 (Origin 50%) reached 2,473m, with logs showing a 22m oil column above the field's oil-water contact. The reservoir was deeper than expected, and water has risen less than predicted. The well will be completed for production.
3 Oct 2006drilling result▲ Good
Origin confirms Hovea 12 (50%) reached 2,473m and found a 22m oil column above the oil-water contact. The reservoir was deeper than expected, but water rise is less than predicted. It will be completed and tied into Hovea facilities.
29 Sept 2006material agreement termination▲ GoodMajor
Origin agreed with Enertrade to end the power purchase agreement for its 288 MW Mt Stuart peaking plant from 31 December 2006. Origin will then decide when the plant runs, and it will keep its peak and grid-support roles.
28 Sept 2006drilling progress report● Neutral
ARC reports Hovea 12 (Origin 50%) is drilling ahead at 1,908m after setting casing at 1,596m. Target is the Dongara Sandstone, with total depth planned at 2,476m. No hydrocarbon results yet.
27 Sept 2006regulatory community update● Neutral
Origin relays that Contact Energy will relinquish offshore Taranaki permit PEP38493 rather than drill, after seismic analysis. Contact says there is no financial impact, as costs were already written off.
26 Sept 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 (Origin 20%) reached 3,002m, with 7-inch casing set before drilling the final section toward 3,945m. No result yet. Beach's Somerton 1 found no hydrocarbons.
22 Sept 2006annual report● Neutral
Origin lodges its audited FY2006 financial statements, concise annual report and AGM notice, sent to shareholders. These document results already reported, so there is nothing new in the cover note.
20 Sept 2006drilling spud● Neutral
Origin announces the Hovea 12 oil development well (Origin 50%, ARC operator) began drilling on 19 September. It aims for the Dongara Sandstone at about 2,274m, with a planned total depth of about 2,476m, taking 24 days.
20 Sept 2006drilling spud● Neutral
ARC Energy, operator with Origin holding 50%, spudded the Hovea 12 development well in the Perth Basin on 19 September. It targets the Dongara Sandstone near the crest of the Hovea oil field, with about 24 days planned. Partner's release.
19 Sept 2006drilling scheduled▲ Good
QGC, operator of coal seam gas permits where Origin holds interests, plans at least 11 new wells plus core, monitoring and workover wells in the eastern Surat Basin. It aims to lift 2P reserves to at least 1,000 PJ.
19 Sept 2006regulatory community update▲ GoodMajor
Queensland's Co-ordinator General recommended approval of the 1,000 MW Spring Gully power station, a step before the Bungil Shire's development approval. The Origin board will consider it in the March 2007 quarter; it would be built in two 500 MW stages.
19 Sept 2006drilling progress report● Neutral
QGC weekly report: Bellevue 3, 4 and 5 (Origin 29.375%) hit 29-35m of gassy coal and were cased, awaiting a workover rig before pumping. Bellevue 2 is producing mostly water with small gas volumes. No reserve change yet.
19 Sept 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 (Origin 20%) has drilled from 448m to 2,154m, with a planned depth of 3,945m. Beach's Kenmore 41 appraisal was cased as a future oil well. No Origin-operated result.
18 Sept 2006investor presentation● Neutral
Origin's managing director presented to the Merrill Lynch conference in New York, covering strategy, growth and the FY2006 results. It repeats known facts, including a 42c EPS, 18c dividend and 29% a year total shareholder return since listing.
13 Sept 2006regulatory community update▲ GoodMajor
Origin issued tenders for the first 500 MW of a nominal 1,000 MW coal seam gas power station at Spring Gully. The board will decide whether to build around the end of the March 2007 quarter; construction would take two and a half years.
12 Sept 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 (Origin 20%) is at 448m, drilling ahead. Beach's Snowden 1 found no hydrocarbons and is being abandoned. No Origin-operated result.
