Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2007material agreement● Neutral
Clough says the BassGas JV (Origin 42.5%) has lifted its arbitration claim to about $250m, versus Clough's roughly $93m counterclaim. Clough expects an award in the first half of 2007, earlier than the late-2007 outcome previously noted. Figures differ from earlier context.
5 Mar 2007regulatory community update● Neutral
Partner AWE (BassGas 30%, Origin operator 42.5%) will fund a $19m, 700 sq km 3D seismic survey in Vic/P 44 (Otway Basin, Santos-operated, not Origin) from May 2007. Origin is not named as a participant in that survey; relevance to Origin is limited to the BassGas and Trefoil partners.
2 Mar 2007drilling progress report● Neutral
Victoria Petroleum update: Jingemia-11 (Origin operator, 49.189%) was preparing to set casing at 534m. Repeats earlier planned depth of about 2,614m; no results yet.
1 Mar 2007drilling spud● Neutral
ARC re-releases Origin's announcement that Jingemia 11 (Origin 49.189%, operator) has started drilling. No new information.
1 Mar 2007drilling spud▲ Good
Origin spudded the Jingemia 11 oil development well (Origin 49.189%, operator) in L14 on 28 Feb, targeting the Dongara Sandstone at about 2,490m. Planned depth about 2,614m, roughly 18 days to drill and complete.
1 Mar 2007drilling spud▲ Good
Victoria Petroleum (5% holder) reports Jingemia-11 in L14 started drilling, targeting about 2,614m depth. It says success could lift field output to roughly 5,000 bopd; Origin operates with 49.189%. Largely duplicates Origin's own release.
28 Feb 2007drilling progress report● Neutral
Beach weekly report: Coonaberry-2 (Origin 16%) rig released with production casing set at 2,833m TD; Fly Lake-22 (13%) rig released at 2,941m TD, casing set; Dullingari-59 (13%) casing set. No flow results.
28 Feb 2007half year report▲ GoodMajor
Half-year to 31 Dec 2006: net profit $233m (up 20%), EBITDA $640m (up 9%), EPS 29.0 cents. Fully franked 10 cent dividend (up 11%) payable 30 March. Exploration & Production EBITDA rose 38%; Mount Stuart contract termination added $19.6m.
28 Feb 2007business combination● Neutral
AGL sets out its side: its 16 Jan proposal was 1.860 Origin shares per AGL share (8.9% premium on 3-month VWAPs), and talks stalled over who would be CEO before any value discussion. Claims $150m pre-tax annual savings.
26 Feb 2007capital raising announcement▲ GoodMajor
Share Purchase Plan closed oversubscribed: $262m applied against a $75m target, scaled back to a 200-share cap, raising $83m at $7.10 (about 11.7m shares). Completes the equity funding for the Sun Retail acquisition.
26 Feb 2007regulatory community update▲ GoodMajor
Origin has been offered a new 100% Bass Basin permit (T06-4) next to Trefoil and White Ibis gas discoveries, committing to seismic and one well in three years. Also seismic plans in NZ Canterbury and Northland, and Kenya L8/L9 decision due 3Q 2007; seeking exploration partners.
23 Feb 2007half year report● Neutral
Forwards Contact Energy's half-year announcement (Origin 51.36%), which outlined a new renewable programme of around $2 billion. It included up to 260 MW of new geothermal power and four wind farm sites, and Contact said it could defer the Otahuhu C gas plant for up to 18 months.
23 Feb 2007business combination● Neutral
AGL says it is disappointed by Origin's rejection of the merger of equals and strongly disagrees with Origin's conclusions. It maintains its proposal was compelling; no new terms offered.
23 Feb 2007business combination● NeutralMajor
Origin's board rejected AGL's nil-premium merger of equals, citing relative value, value leakage from required divestments and its own growth outlook. Resolves the talks that began 5 Feb; Origin will focus on its existing business and Sun Retail integration.
22 Feb 2007drilling result▲ Good
ARC says Eremia 7 (Origin 50%) is completed as an oil producer, with a total original oil column of 24.5m, about 10m partly swept. Clean-up flow under way before tie-in to Hovea-Eremia facilities; rig moves to Jingemia 11.
21 Feb 2007drilling progress report● Neutral
Beach weekly report: Coonaberry-2 (Origin 16%) reached 2,833m TD and is preparing for logging; Dullingari-59 (13%) at 1,828m TD; Fly Lake-22 (13%) drilling in basement at 2,939m after the stuck pipe. No results given.
20 Feb 2007drilling progress report● Neutral
QGC weekly report: Kenya #4 (Origin CSG 40.625%) reached 735m with 25.7m of gassy coal and is cased, awaiting a workover rig. Rig mast damaged in a road slip, 7-10 days to repair, delaying Kenya #5. Woleebee Creek #3 also awaits workover rig.
16 Feb 2007drilling result▲ Good
Origin's own update on Eremia 7 (Origin 50%, ARC operator): total depth 2,296m measured on 14 Feb, Dongara Sandstone 2m above the best previous intersection (Eremia 6). Preliminary logs show an 11m oil column over ~16m partly swept zone; to be cased as producer.
15 Feb 2007drilling result▲ GoodMajor
Eremia 7 (Origin 50%) reached 2,996m and hit the Dongara Sandstone about 12m high to prognosis, with an 11m oil column. It will be cased as an oil producer; a good sign for Eremia field reserves.
14 Feb 2007drilling progress report● Neutral
Beach weekly report: Dullingari-58 (Origin 13%) is cased and suspended after a test recovered 5 barrels of oil. Fly Lake-22 is jarring to free stuck drill pipe; Coonaberry-2 (16%) resumed drilling.
12 Feb 2007drilling progress report● Neutral
QGC weekly report: Kenya #2 (Origin CSG 40.625%) reached 735m with 26.3m of gassy coal; Kenya #4 is cased and waiting on cement. Routine drilling in the Surat CSG program.
8 Feb 2007drilling progress report● Neutral
Eremia 7 (Origin 50%) is drilling ahead at 542m. No hydrocarbon indications reported yet.
7 Feb 2007other▲ GoodMajor
Origin accelerates a roughly 500MW gas-fired Darling Downs power station near Braemar, gained with Sun Retail, alongside the 1,000MW Spring Gully plan. Final investment decision stays on track for Q2 2007 (previously March quarter, Spring Gully).
7 Feb 2007half year report● Neutral
Notice that Contact Energy (Origin 51.36%) will release half-year results on 23 February 2007, with an interim dividend record date of 9 March. Administrative notice only; no results.
7 Feb 2007drilling progress report● Neutral
Beach weekly report: Dullingari-58 (Origin 13%) is at 1,822m TD, running logs. Fly Lake 22 (13%) is drilling surface hole; Coonaberry-2 (16%) remains suspended for road closures. No results.
6 Feb 2007drilling spud● Neutral
Origin's own release of the Eremia 7 appraisal well start (50% Origin, ARC operator), duplicating ARC's announcement. Targets the Dongara Sandstone near the field crest, planned depth about 2,263m.
6 Feb 2007drilling spud● Neutral
ARC spudded the Eremia 7 oil appraisal well (Origin 50%) in Perth Basin L1 on 3 February, targeting the Dongara Sandstone at about 2,117m. Planned total depth 2,263m; follows the Eremia 6 well.
5 Feb 2007business combination● NeutralMajor
Origin confirms it has entered merger discussions with AGL Energy, moving on from evaluating AGL's 4 January approach. It warns there is no certainty of an agreed proposal.
5 Feb 2007business combination● Neutral
AGL welcomes Origin's decision to enter talks on a potential merger of equals. Adds that the market will be updated on material developments; no new terms.
5 Feb 2007drilling progress report● Neutral
QGC weekly report: Kenya #3 (Origin CSG 40.625%) reached 735.6m with 25.5m of gassy coal, and Kenya #2 spudded 2 February. Routine reserves-certification and Incitec Pivot supply drilling.
