29 Mar 2007drilling spud● Neutral
ARC Energy (33% partner) re-releases Origin's announcement that Beharra Springs 4 began drilling on 28 March. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2007drilling spud● Neutral
Origin began Beharra Springs 4 (L11, Origin 67%, ARC 33%) on 28 March to appraise gas in a compartment seemingly separate from the main field. Target is the Wagina Sandstone; the final section is to be drilled in May 2007 to about 3,374m.
28 Mar 2007drilling progress report▼ Bad
Beach weekly report on Santos-operated Cooper Basin wells: Dullingari-60 (Origin 13%) plugged and abandoned after a Murta test recovered only 0.5 bbl of oil; Fly Lake-23 running logs at 2,944m; Barina 8 drilling. No commercial result.
27 Mar 2007investor presentation● Neutral
Origin forwards Contact Energy (51.36% owned) investor presentation slides from Taupo, covering strategy, renewables, geothermal and Rockgas. Largely repeats known Contact plans.
26 Mar 2007dividend declaration● Neutral
Origin sets the dividend reinvestment plan price at $8.8229 per share for the 10c interim dividend paid 30 March 2007. No discount applies.
26 Mar 2007half year report● Neutral
Origin sends shareholders its half-year report, repeating the 28 February results: NPAT $233m (+20%), EBITDA $640m, 10c dividend. It says second-half earnings will be lower, but full-year earnings should rise. No new information.
23 Mar 2007half year report● Neutral
Origin forwards the half-year report of Contact Energy (51.36% owned): EBITDAF NZ$275.4m, down 2%, 10c interim dividend, and a renewable program of up to NZ$2bn. Confirms Contact's Rockgas purchase from Origin. Mostly repeats known facts.
21 Mar 2007drilling result● Neutral
ARC Energy (44.141% partner) re-releases Origin's 21 March Jingemia 11 update: 31m of oil-saturated Dongara Sandstone, preparing to perforate and connect. No new information.
21 Mar 2007drilling progress report● Neutral
Beach weekly report on Santos-operated Cooper Basin wells: Epsilon-11 (Origin 13%) cased and suspended as a gas well at 2,221m; Fly Lake-23 and Dullingari-60 (13%) still drilling. No flow results.
21 Mar 2007drilling result▲ Good
Origin confirms Jingemia 11 (49.189%) intersected 31m of oil-saturated Dongara Sandstone, 14m updip of Jingemia 4, though the lower 8m looks partly swept by existing producers. It is preparing to perforate and connect to the facility. Production result still pending.
20 Mar 2007other● Neutral
Origin launched a Carbon Reduction Scheme for businesses, covering verification and offsets of emissions, with NAB, Transurban and Lend Lease among foundation supporters. No financial figures or earnings impact are given.
19 Mar 2007drilling progress report● Neutral
QGC weekly report: Kenya #5 (PL 228, Origin CSG 40.625%) reached 734.8m with 30.1m of gassy coal and is cased, awaiting a workover rig. Completes the reserves-certification five-spot drilling; earlier it was delayed by rig mast damage. Other QGC wells reported; no flow results.
19 Mar 2007drilling result▲ Good
Victoria Petroleum says Origin's Jingemia-11 logs show the full 31m Dongara Sandstone, with a 23m oil column over an ~8m partly swept zone, 14m updip of the best producer. Casing is being run to complete it as a producer; field target is about 5,000 bopd from 3,000.
15 Mar 2007drilling progress report▲ Good
Victoria Petroleum: wireline logging under way at Jingemia-11 after reaching 2,606m TD. Preliminary logs still indicate oil-saturated Dongara Sandstone from 2,489 to 2,520m. No new result.
14 Mar 2007drilling result▲ Good
Victoria Petroleum says Jingemia-11 reached total depth of 2,606m and is being prepared for wireline logging. Preliminary logs suggest the whole Dongara Sandstone is likely oil-saturated, with the top 10m updip of the best producing well. Repeats Origin's update.
14 Mar 2007drilling progress report● Neutral
Beach weekly report: Moomba-177 (Origin 13%) cased and suspended at 2,371m for later deepening by a specialised rig. Epsilon-11 (13%) drilling ahead at 1,890m. No flow results.
13 Mar 2007drilling result▲ GoodMajor
Origin says Jingemia 11 hit the Dongara Sandstone at 2,489m, about 10m updip of the field's previous highest well. Early logs suggest the full ~31m reservoir is likely oil-saturated. Well will be drilled to 2,614m and connected to the Jingemia facility.
13 Mar 2007drilling result▲ Good
ARC Energy (44.141% partner) re-releases Origin's Jingemia 11 update: top Dongara Sandstone at 2,489m, 10m updip of previous highest well, full ~31m likely oil-saturated. No new information.
13 Mar 2007drilling result▲ Good
Victoria Petroleum reports good oil shows in the Dongara Sandstone target at Jingemia-11 (Origin 49.189%) over 2,489-2,520m. It expects completion could lift field output from 3,200 to about 5,000 bopd. Early, pre-testing indication.
12 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 changing the drill bit at 2,396m, approaching the target sandstone. No results yet.
9 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 changing the drill bit at 1,711m. No results yet.
8 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 drilling ahead at 1,686m toward about 2,614m. No results yet.
7 Mar 2007drilling progress report● Neutral
Victoria Petroleum: Jingemia-11 drilling ahead at 1,149m toward about 2,614m. No results yet.
7 Mar 2007drilling progress report● Neutral
Beach weekly report: Dullingari-59 (Origin 13%) cased and suspended at 1,828m for future completion as an oil producer. Moomba-177 (13%) drilling ahead at 1,813m. No flow results.
7 Mar 2007business combination● NeutralMajor
AGL's managing director said AGL will not pursue its merger-of-equals proposal, saying Origin rejected it and refused to engage. This resolves the open question of whether AGL would return after Origin's 23 Feb rejection.
6 Mar 2007asset acquisition disposition● NeutralMajor
Origin agreed to sell Rockgas, New Zealand's largest LPG distributor, to its 51.36%-owned Contact Energy for NZ$156m, with completion due in the second quarter of 2007. Origin says the sale has no material impact on its consolidated results and it keeps LPG supply contracts with Rockgas.
6 Mar 2007joint venture update● Neutral
Origin says the NZ$980m Kupe project is on time and on budget, with first gas still mid-2009. The Ensco 107 rig is now expected in September 2007, versus June previously, because of its extended Vietnam commitments; Origin says critical milestones are unaffected.
6 Mar 2007joint venture update● Neutral
NZ Oil & Gas (Kupe 15%) re-issues the same Kupe update: on time and on budget, first gas mid-2009, Ensco 107 rig now due September 2007. Duplicates Origin's own release.
6 Mar 2007investor presentation● Neutral
Managing Director Grant King's presentation to a London investment conference, covering strategy, operations and financials. Text provided is truncated and appears to repeat known strategy and results; no new announcement identified.
6 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Jingemia-11 (Origin operator, 49.189%) drilling ahead at 853m, toward planned depth of about 2,614m. No results yet.