Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 May 2007investor presentation● Neutral
Contact Energy (Origin 51.36%) posts slides for the Macquarie conference, covering NZ market, carbon policy and gas oversupply. It says it is comfortable with consensus for the year (EBITDA NZ$534m) and repeats the completed Rockgas deal and delayed gas plant decision.
2 May 2007drilling progress report▲ Good
Beach weekly report on Santos-operated Cooper Basin wells: Moomba 176 (Origin 13%) flowed 11.3 MMscfd and was cased as a gas producer. Caroowinnie 1 is cased as a potential oil producer after a DST recovered 45.5 bbl oil.
1 May 2007contract award▲ Good
Kupe project (Origin 50% operator) signs a Picton spoolbase agreement, awards the civil and fabrication works to McConnell Dowell, and completes the shore-crossing tunnels. Project stays on schedule for mid-2009 completion at NZ$980m. Pipelaying is expected to start in early 2008.
1 May 2007drilling progress report● Neutral
QGC weekly report: Kenya #13 and #14 (Origin CSG 40.625%) reached about 687-688m with 21-22m of gassy coal, and both were cased and awaiting workover rigs. Kenya #12 reached 696m with 25m of coal and was preparing to underream. No flow results.
1 May 2007quarterly activities report▼ Bad
Contact Energy (Origin 51.36%) reports March quarter average wholesale price of NZ$43.25/MWh versus NZ$115.83 a year earlier, as hydro storage recovered to 105% of mean. Total generation fell 17%.
30 Apr 2007director officer appointment● Neutral
Gordon Cairns, former Lion Nathan CEO and current Westpac director, joins as independent non-executive director from 1 June 2007. The chair says his marketing expertise will suit the retail business; it follows Colin Carter's retirement the same day.
30 Apr 2007director officer appointment● Neutral
Foundation director Colin Carter retires from the Origin board (on the board since February 2000), citing the need to balance his other directorships and commitments. Chair Kevin McCann thanked him for his contribution.
30 Apr 2007resource reserve update▲ Good
Contact Energy (Origin 51.36%) gains 37.5 PJ of firmer reserves after the Maui JV moved 60.8 PJ from P50 to P85 status. This confirms the gas right Contact secured in October 2006 under its right of first refusal.
30 Apr 2007asset acquisition disposition▲ GoodMajor
Origin completes the sale of New Zealand LPG distributor Rockgas to Contact Energy, announced 6 March 2007, for a one-off NZ$156m. Origin says the sale will not materially affect its consolidated results.
30 Apr 2007quarterly activities report▲ Good
March quarter sales revenue of $118m was a record for the period, up 5%, with production up 6%. BassGas finished a 19-day shutdown, Otway gas is due into the plant in early June, and Kupe stays on schedule for first gas in the first half of 2009. Origin's T/18P interest is now 39.0%.
27 Apr 2007investor presentation● Neutral
Grant King presents to the Industry INsights Forum on Origin's integrated find-to-sell strategy, 2,436 PJe 2P reserves, about 3 million customers and sustainability. It largely repeats known facts; no new figures for the business.
24 Apr 2007drilling progress report● Neutral
Beach weekly report on Santos-operated Cooper Basin wells: Thurakinna-6 and Moomba-39 ST1 (Origin 13%) are successful gas wells, cased and suspended. Cooba-2 and Goyder-5 (13%) are drilling or waiting on repairs. No flow rates.
19 Apr 2007drilling progress report● Neutral
ARC Energy (33% partner) re-releases Origin's 19 April Beharra Springs 4 update. No new information.
19 Apr 2007drilling progress report● Neutral
Beharra Springs 4 (Origin 67%) is drilling at 3,086m, 456m since the last report, close to the planned 3,240m intermediate casing point. The May coil tubing section to 3,374m is unchanged.
18 Apr 2007drilling progress report● Neutral
Beach weekly report on Santos-operated Cooper Basin wells: Fly Lake-21 (Origin 13%) TD 2,965.5m, cased and suspended as a successful gas well; Thurakinna-6 (13%) cementing production casing at 2,417m. No flow rates.
18 Apr 2007drilling progress report● Neutral
QGC weekly report: Kenya #20 (Origin CSG 40.625%) reached 702m with 19.6m of gassy coal and awaits a workover rig; Kenya #13 is drilling at about 201m. No flow results.
13 Apr 2007drilling progress report● Neutral
Beharra Springs 4 (Origin 67%) is drilling at 2,630m, 1,300m deeper than the 5 April report, heading for intermediate casing at 3,240m. The May coil tubing section to 3,374m is unchanged.
13 Apr 2007drilling progress report● Neutral
ARC Energy (33% partner) re-releases Origin's 13 April Beharra Springs 4 update. No new information.
11 Apr 2007drilling progress report● Neutral
Beach weekly report on Santos-operated Cooper Basin wells: Fly Lake-21 (Origin 13%) drilling at 2,377m; Moomba-36 ST1 a successful sidetracked gas well; Thurakinna-6 (13%) drilling at 1,052m. No flow results.
11 Apr 2007drilling progress report● Neutral
QGC weekly report: Kenya #6 (Origin CSG 40.625%) reached 702m with 25.3m of gassy coal and awaits a workover rig; Kenya #20 is drilling at about 315m. Berwyndale #6 is cased, awaiting workover. No flow results.
10 Apr 2007farm in farm out agreement● NeutralMajor
AWE will take an extra 7.4% of the Trefoil/White Ibis T/18P permit from Origin, lifting it to 30% and carrying part of Origin's forward exploration spend. Origin also buys AWE's 24.29% onshore Otway Basin interests for $5m cash.
5 Apr 2007drilling progress report● Neutral
ARC Energy (33% partner) re-releases Origin's 5 April Beharra Springs 4 update. No new information.
5 Apr 2007drilling progress report● Neutral
Beharra Springs 4 (Origin 67%) has surface casing set at 1,004.6m and was drilling at 1,330m, 1,100m of progress in the week. Target is intermediate casing at about 3,240m, then a May coil tubing section to 3,374m.
4 Apr 2007investor presentation● Neutral
APA's presentation on buying Origin's Networks assets repeats the $556.5m price plus $15.4m costs, multiples and July completion. No new information about Origin.
4 Apr 2007drilling progress report● Neutral
Beach weekly report on Santos-operated Cooper Basin wells: Fly Lake-23 (Origin 13%) cased and suspended; Barina 8 (13%) reached 2,277.5m and was cased and suspended as a successful gas development well. No flow rates given.
4 Apr 2007asset acquisition disposition▲ Good
APA Group announces it will buy Origin's Networks assets for $556.5m plus $15.4m costs: OEAM $252.9m, 17.2% of Envestra $170.4m ($1.20/security), 33.3% of SEA Gas $133.2m. Completion expected July 2007.
4 Apr 2007asset acquisition disposition▲ GoodMajor
Origin agrees to sell its Networks business (Envestra management, 17% Envestra, 33.3% SEA Gas) to APA for $556.5m, resolving the sale process begun after Sun Retail. It is conditional on Envestra consents to transfer the management agreements.
3 Apr 2007production update▲ GoodMajor
Origin commits a further $53m to lift Spring Gully coal seam gas output by 20 TJ/d and build a water treatment plant, on top of the $114m expansion announced last July. It will serve Incitec Pivot contracts from the second half of 2007.
2 Apr 2007drilling progress report● Neutral
QGC weekly report: Berwyndale #7 and Berwyndale South #47 are cased, awaiting workover rigs; Berwyndale #6 is drilling at 564m. Kenya #6 (Origin CSG 40.625%) is rigging up for Incitec Pivot gas supply. No flow results.
30 Mar 2007regulatory community update● Neutral
Origin forwards Contact Energy's (51.36% owned) submission on New Zealand's draft energy strategy, setting a goal of cutting electricity emissions 40% within seven years. Contact says its Otahuhu C gas plant decision stays deferred.
