Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2007asset acquisition disposition▲ GoodMajor
Origin completes the $1,202m purchase of Sun Retail from the Queensland Government, adding about 840,000 electricity and 55,000 LPG customers. Funded by the $400m placement, a planned $75m share purchase plan and debt.
31 Jan 2007quarterly activities report● Neutral
December quarter production rose 6% to 22.5 PJe on BassGas ramp-up, Perth Basin oil and CSG. BassGas has plant issues needing a March-quarter shutdown. Kupe first gas stays H1 2009; Otway timing update due February.
31 Jan 2007drilling progress report● Neutral
Beach weekly report: Wilpinnie-4 (Origin 7%) is cased and suspended; Coonaberry-2 (Origin 16%) and Moorari 12 (Origin 13%) are suspended because of road closures. No new results.
30 Jan 2007joint venture update▲ Good
Pancontinental says the US$4m, 3,759km Kenya L8/L9 seismic survey, funded by Origin (75%), is finished ahead of schedule. Processing is due June 2007. Origin's option to drill in L8 runs to October 2007; the earlier 14 July drop-out date in the context differs from this text.
30 Jan 2007asset acquisition disposition▲ GoodMajor
Origin is proceeding with the sale of its Networks business (Envestra manager, 17% of Envestra, 33.3% of SEA Gas) after strong interest, and says it is confident of completing a sale. Follows the 27 November review; no price or buyer named.
29 Jan 2007security holder rights change● Neutral
Origin changes its dividend reinvestment plan rules from the 2007 interim dividend. It may buy shares on-market instead of issuing new ones, the pricing period moves to the 10 days after the record date, and partial-share rounding changes.
29 Jan 2007capital raising announcement● Neutral
Origin mails its share purchase plan offer: shares at $7.10 in parcels of 100-700, closing 19 February 2007, to raise up to $75m for Sun Retail. Scale-back is possible if oversubscribed. The price is stated as a 24% discount to the 8-19 January average.
29 Jan 2007drilling progress report● Neutral
QGC weekly report: Kenya #7 (Origin CSG 40.625%), the tenth Incitec Pivot well, reached 697.5m with 25.7m of gassy coal and awaits a workover rig. Kenya #3, a reserves-certification well, spudded 27 January.
29 Jan 2007drilling result● Neutral
Victoria Petroleum confirms Wilpinnie-4 (Tomcat) is cased and suspended at 1,587m for production testing, with an 18m oil zone. Repeats the earlier result; Origin's 6.595% applies only if commercial production is proven.
29 Jan 2007production update▲ Good
QGC says its Argyle-Kenya gasfield (Origin CSG 40.625%) is 75% built, with 11 of 15 wells drilled. Commercial gas could flow from March 2007, ahead of the October 2007 contract date for Incitec Pivot's 7.4 PJ a year.
25 Jan 2007drilling result▲ Good
Wilpinnie-4 (Tomcat) found an 18m oil column from 1,476-1,494m in the Mid Namur and will be cased and suspended as a future producer. Test flows were limited (about 144 bopd). Origin holds 6.595% if commercial.
25 Jan 2007drilling result▲ Good
Victoria Petroleum confirms Wilpinnie-4 will be cased for later production testing, with a gross 18m oil zone in the Mid Namur. Repeats the Impress result; Origin holds 6.595% if commercial production is proven.
24 Jan 2007drilling progress report● Neutral
Beach's weekly report: heavy rain has delayed Cooper Basin drilling. Wilpinnie-4 (Origin 7%) is at 1,586.8m with the second test showing the tool plugged; Coonaberry-2 (Origin 16%) is at 2,297m. Routine.
24 Jan 2007business combination● NeutralMajor
Alinta says it will not bid for Origin's infrastructure assets (17% Envestra, 33.3% SEA Gas, asset management), and has asked the competition regulator to end its inquiries. This ends the Alinta thread; the AGL approach remains.
23 Jan 2007drilling progress report● Neutral
QGC weekly report: Kenya #9 (Origin CSG 40.625%) reached 688m with 27.2m of gassy coal and Kenya #7, the tenth Incitec Pivot well, spudded 20 January. Completes the drilling of the ten-well program; routine.
22 Jan 2007drilling progress report● Neutral
Wilpinnie-4's second test failed because the tool plugged on opening. The well reached 1,587m, and logs suggest an oil zone from 1,476-1,494m. Origin's 6.595% interest depends on commercial production, still unproven.
19 Jan 2007drilling progress report● Neutral
Victoria Petroleum repeats the partial first test result (about 144 bopd estimated, packer seat lost) and says the second test, DST-2, is being run at Wilpinnie-4 (Origin 6.595% if commercial). No new result.
19 Jan 2007well test result● Neutral
Wilpinnie-4's first test (DST-1) recovered about 24 barrels of oil, equal to roughly 144 bopd, though the packer seat was lost and drilling-fluid damage may have occurred. A second test follows; Origin holds 6.595% if commercial.
18 Jan 2007drilling progress report● Neutral
Wilpinnie-4 (Origin 6.595% if commercial) is running its first drill stem test over the oil shows in the mid Namur sandstone. Oil shows are about 17m higher than in Wilpinnie-3; no test result yet.
17 Jan 2007drilling progress report● Neutral
Beach's weekly report: Wilpinnie-4 (Origin 6.6%) at 1,469m preparing to core the Namur sandstone; Cowralli 8 (Origin 13%) cased and suspended at 3,223m; Coonaberry-2 (Origin 16%) at 780m. Routine Cooper Basin drilling.
16 Jan 2007drilling progress report▲ Good
Victoria Petroleum says Wilpinnie-4 (Tomcat, Origin 6.595% if commercial) is at 1,469m with oil shows in the mid Namur sandstone, about 17m higher than in Wilpinnie-3. Encouraging shows only; no test results yet.
15 Jan 2007drilling progress report● Neutral
QGC weekly report: Kenya #8 (Origin CSG 40.625%) is cased and suspended and Kenya #9, the ninth of ten Incitec Pivot wells, was spudded 14 January. Routine coal seam gas drilling.
15 Jan 2007drilling progress report● Neutral
Victoria Petroleum says Wilpinnie-4 (Tomcat, Origin 6.595% if commercial) is at 1,098m after setting surface casing at 306m, planned to 1,586m. Back on track after the re-spud; no oil results yet.
11 Jan 2007drilling progress report▼ Bad
Victoria Petroleum says Wilpinnie-4 (Tomcat, Origin 6.595% if commercial) is preparing to skid the rig and re-spud after surface casing difficulties. A setback; prospect details otherwise unchanged.
10 Jan 2007drilling spud● Neutral
Victoria Petroleum confirms Wilpinnie-4 (Tomcat prospect) started drilling 9 January, drilling at 264m, to about 1,586m. Origin would hold 6.595% if commercial. Repeats the Impress announcement.
10 Jan 2007drilling progress report▲ Good
Beach's weekly report: Itchy 1 (Origin 13.19%) flowed 2,174 bopd on test and was cased and suspended. Ramses-2 (Origin 16.7%) flowed 588 bopd from the Poolowanna Formation. Small Cooper Basin interests for Origin.
10 Jan 2007drilling spud● Neutral
Impress Energy says Wilpinnie-4 (Tomcat prospect) in PPL 93 spudded 9 January, operated by Santos. Origin holds 6.595% if it proves commercial. Target is Mid Namur oil, pre-drill 3.5 MMbbl recoverable (P50). Continues the Tomcat thread.
9 Jan 2007capital raising announcement● NeutralMajor
Origin opens a share purchase plan of up to $5,000 per eligible holder, aiming to raise up to $75m toward Sun Retail. The price is the lower of $7.10 or the 8–19 January average price less 2.5%. Offer closes 19 February 2007.
9 Jan 2007regulatory community update● Neutral
Alinta says the competition regulator's review lets it bid for Origin's infrastructure assets if it chooses. It has made no final decision on a bid. Continues the Networks review thread; no new terms.
9 Jan 2007investor presentation● Neutral
AGL presentation promoting a 'merger of equals' with Origin, typically at or near nil premium with about 50/50 ownership and a combined board. It cites complementary businesses and synergies. Prepared without Origin's input; Origin is still evaluating.
