3 Mar 2006dividend declaration● Neutral
Dividend reinvestment plan price for the 9 cent interim dividend, paid 20 March, was set at $6.900030 per share, with no discount. Administrative follow-up to the February result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2006drilling progress report● Neutral
Merriwee 1 oil well in PL14 (Origin 100%) reached 1,548 metres and is being logged, with a drill stem test planned over 1,460 to 1,472 metres. Result not yet known.
21 Feb 2006half year report▲ Good
Contact Energy, 51.36% owned by Origin, reported half-year operating profit of $284.7 million, up from $250.7 million, with a 10 cent interim dividend. Higher wholesale power prices and a $33.4 million Valley Power sale gain helped. Already reflected in Origin's results.
20 Feb 2006director officer appointment● Neutral
Contact Energy's chief executive David Hunt resigned for personal reasons, announced alongside the merger. He stays during the transition while Contact seeks a successor. Origin owns 51.36% of Contact. He says the merger has potential to yield worthwhile benefits.
20 Feb 2006investor presentation● Neutral
Presentation of the half-year results, repeating known figures: profit $194 million, up 14%, and a 9 cent dividend. It states Otway Gas Project is on target for commissioning in June 2006 and Kupe drilling is planned for the first half of 2007.
20 Feb 2006business combination● NeutralMajor
Origin and Contact Energy agreed to merge via a dual-listed company structure, ContactOrigin, with a combined value over A$7 billion. Origin shareholders would hold 75.7%, Contact minorities 24.3%. Origin's 51.4% Contact stake is amalgamated. Subject to regulatory, court and shareholder approval.
20 Feb 2006half year report▲ GoodMajor
Half-year profit to December 2005 rose 14% to $193.7 million on revenue of $3,008 million, helped by a full six months of Contact. Interim dividend is 9 cents, up 29%. Full-year earnings still expected 10-15% above restated prior year; BassGas full output in fourth quarter.
16 Feb 2006admin correction● Neutral
Origin's share registrar, Link Market Services, moved its Sydney street address to Level 12, 680 George Street, effective 13 February 2006. Administrative notice only.
14 Feb 2006joint venture update● Neutral
Partner Comet Ridge began drilling core holes at Mahalo, a Queensland coal seam gas prospect. The Mahalo 2 test is delayed to mid-year for a more capable rig. Comet Ridge would hold 40%, with Santos and Origin 30% each.
13 Feb 2006flow test result● NeutralMajor
ARC's Snottygobble 1 flowed gas at a maximum of about 0.5 million cubic feet a day on test, which ARC's managing director called 'more like a sniffle than a sneeze'. ARC will pause onshore drilling until mid-year, and Origin, a 50% partner in the permits, did not take part in the well.
9 Feb 2006drilling result▼ BadMajor
Kyeen Creek 1 reached 2,587 metres and found only thin shows with low permeability. It is being plugged and abandoned, a dry hole. The rig moves to the Merriwee oil well in PL14. This resolves the earlier weak Basal Rewan test.
7 Feb 2006other● Neutral
Origin notified the ASX that it will announce half-year results for the period to 31 December 2005 on 20 February 2006. No financial figures are included.
6 Feb 2006drilling result● Neutral
ARC's Snottygobble 1 hit the Dongara Sandstone at about 3,028 metres with elevated gas readings over about 12 metres. Logging tools were not working, so significance is unclear. Origin is not participating.
3 Feb 2006other● Neutral
Origin forwarded Contact Energy's notice that it will release half-year results on 20 February 2006. Origin holds 51.36% of Contact. No financial results are included.
3 Feb 2006asset acquisition disposition▲ GoodMajor
Origin won two offshore Northland Basin exploration permits in New Zealand (PEP 38618 and 38619). It holds 50% as operator, with OMV holding the rest. Seismic surveys are being planned.
3 Feb 2006drilling progress report▼ Bad
Kyeen Creek 1 tested the Basal Rewan Sandstone at 2,347 to 2,358 metres. Gas reached surface but the rock has low permeability, and no main flow occurred. The well was drilling at 2,411 metres.
2 Feb 2006asset acquisition disposition▲ Good
Operator Queensland Gas Company welcomed Origin as partner in Argyle. It says Origin's $70 million purchase carries a further $20 million of development spending for the Incitec Pivot supply contract starting in 2007.
1 Feb 2006asset acquisition disposition▲ GoodMajor
Origin agreed to buy Pangaea's stakes in the Argyle coal seam gas project in Queensland for $70 million. The 40.625% Argyle interest carries 117 PJ of 2P reserves, about 30 PJ already contracted to Incitec Pivot. It sits next to Origin's Talinga project. Subject to approvals.
31 Jan 2006contract award● Neutral
Partner NZ Oil & Gas (15% of Kupe) re-released the news that ENSCO won the three-well Kupe drilling contract. It adds that a revised development budget will now be completed. Final investment decision still targeted for the first half of 2006.
31 Jan 2006contract award▲ GoodMajor
ENSCO won the contract to drill three development wells at the Kupe gas field in New Zealand, starting in the first half of 2007. Origin holds 50% as operator. A final investment decision is expected in the first half of 2006, with production in 2008.
27 Jan 2006drilling progress report● Neutral
Kyeen Creek 1 reached 1,893 metres, with surface casing set at 397 metres. No result yet; the well is still drilling toward a planned 2,543 metres.
27 Jan 2006drilling progress report● Neutral
ARC's Snottygobble 1 was running back in the hole after a tool failure repair, at 2,604 metres. Origin remains a non-participant. No result yet.
20 Jan 2006production update▼ Bad
Partner AWE re-released Origin's BassGas update: start-up delayed about a month, with product sales from March and full production from late April 2006. AWE holds 30%. Nothing new beyond Origin's own release.
20 Jan 2006production update▼ BadMajor
Origin says the BassGas Project start-up is delayed about one month. Product sales are now expected from March and full production from late April 2006. Origin holds 37.5% as operator plus 5% through a subsidiary.
19 Jan 2006drilling progress report● Neutral
ARC's Snottygobble 1 well, which Origin is not participating in, was drilling ahead at 1,870 metres. The target Dongara Sandstone is expected at about 2,865 metres. No result yet.
19 Jan 2006drilling spud● Neutral
Origin's weekly report shows Kyeen Creek 1 started on 18 January 2006 in the Surat Basin (ATP470P) and reached 399 metres. Ausam funds about 68% of well costs to lift its stake to 45%, cutting Origin to 49.5% after the well.
12 Jan 2006drilling spud● Neutral
ARC Energy began drilling the Snottygobble 1 gas well in the Perth Basin's L1 licence, a 50/50 permit with Origin. Origin declined to join, so ARC carries the well alone as a sole-risk project. Target is about 20 BCF (P50).