Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2006drilling result▲ GoodMajor
ARC reports Eremia 6 (Origin 50%) reached 2,315m and, on early logging-while-drilling data, found a 23m oil column in the Dongara Sandstone, 8m higher than any prior field intersection. Suggests an undrained part of the field, resolving the Eremia 5 miss; wireline confirmation still needed.
14 Nov 2006investor presentation● Neutral
CFO Frank Calabria presents to the Morgan Stanley summit in Singapore. The excerpt recaps FY2006 results ($332m NPAT, revenue +21%), strategy and past returns. No new announcement is visible in the text provided.
13 Nov 2006drilling progress report● Neutral
QGC's weekly report: Kenya #1 in PL 228 (Origin CSG 40.625%) reached 743m with 20.5m of gassy coal and is cased, awaiting a workover rig. Berwyndale South #49 (no Origin interest) is also drilled. Adds data for reserves certification.
9 Nov 2006drilling progress report● Neutral
ARC reports the Eremia 5 sidetrack, now named Eremia 6 (Origin 50%), is drilling ahead at 1,652m after plugging back. No hydrocarbon indications are reported yet.
6 Nov 2006drilling progress report● Neutral
QGC's weekly report: Kenya East #2 (Origin CSG 31.25%) hit 740m with 29.5m of gassy coal and is cased, awaiting a workover rig. Berwyndale South #62 (no Origin interest) is also cased. Feeds QGC's reserves certification.
2 Nov 2006drilling progress report▼ Bad
ARC reports Eremia 5 (Origin 50%) reached 2,306m but landed about 45m east of, and on the low side of, the Eremia bounding fault. A sidetrack to a revised target is under way, which ARC says had been planned as a possibility.
1 Nov 2006admin correction▼ Bad
Origin corrects its quarterly report: BassGas production was shown at 100% rather than its 42.5% share. Total production falls to 21.2 PJe (+11%) from 23.3 PJe (+22%). Sales and revenue were already correct.
31 Oct 2006quarterly activities report▲ Good
September quarter: production reported up 22% to 23.3 PJe, sales 23.4 PJe, revenue $117.2m (+16%). BassGas reached 67 TJ/d, Otway start-up is end of March quarter 2007, and Jingemia 8 and Hovea 12 flowed oil. Production figure was corrected the next day.
27 Oct 2006joint venture update● Neutral
The Ensco 107 rig for Kupe (Origin 50% operator) is now due June 2007, not March 2007. Origin says the critical path is unaffected and first gas stays in the first half of 2009. Onshore site works have started.
27 Oct 2006material agreement▲ Good
Origin relays that its 51.36%-owned Contact Energy secured a further 170 PJ of Maui gas for 2007-2014, 42% firm (P85) and 58% contingent on reserve firming. Contact says this supports its fuel supply into the middle of the next decade, easing the Maui legacy gas concern.
26 Oct 2006drilling progress report● Neutral
ARC's report: Eremia 5 (Origin 50%) drilled to 1,595m before a mechanical malfunction; the rig is awaiting repair, expected within 24 hours. No oil indications yet reported.
25 Oct 2006agm notice● Neutral
Chair's AGM address recaps FY2006: NPAT $332m (+10%), dividends 18c, gearing 42%, BBB+ rating. It admits BassGas ran about two years late with cost overruns, expects Otway in the June 2007 quarter, and says Origin is shortlisted for Queensland government retail sales, with a decision mid-November.
25 Oct 2006agm notice● Neutral
All Origin AGM resolutions passed: the remuneration report, election of McCann and Nugent, options and rights for MD Grant King (300,000 options, 100,000 rights), and a $200,000 rise in the directors' fee cap to $1.6m.
20 Oct 2006agm notice▲ Good
Origin relays Contact's AGM poll results: all eight shareholder proposals failed, including removing three directors and ending the CEO's arrangement with Origin. The one to recover merger costs got 10.2% support. Grant King was re-elected. This resolves the earlier AGM threads.
20 Oct 2006drilling spud● Neutral
ARC spudded the Eremia 5 development well in the Perth Basin's L1 licence on 19 October, with Origin holding 50%. It targets the Dongara Sandstone near the Eremia oil field crest, to 2,331m over about 18 days.
20 Oct 2006drilling spud● Neutral
Origin's release repeats that ARC spudded Eremia 5 (Origin 50%) on 19 October, planned to 2,331m in about 18 days, now drilling at 425m. Nothing new beyond the earlier spud announcement.
20 Oct 2006well test result▲ GoodMajor
Origin reports clean-up flows of 3,520 bopd at Jingemia 8 (49.189%) and 3,230 bopd at Hovea 12 (50%). Both are being tied in, and sustainable rates will be tested over two weeks. This resolves the open completion threads for both wells.
20 Oct 2006well test result▲ Good
Partner Victoria Petroleum reports Jingemia-8 (Origin operator, 49.189%) cleaned up at 3,250 bopd over a 21.5m interval and is being tied in. Targeted field output is about 4,500 bopd. Origin's own release gives 3,520 bopd, so the figures conflict.
20 Oct 2006well test result▲ Good
ARC re-releases Origin's announcement of the Jingemia 8 (3,520 bopd) and Hovea 12 (3,230 bopd) clean-up flows. No new information beyond the Origin release.
19 Oct 2006production update▼ BadMajor
Woodside says the Otway Gas Project (Origin 30.75%) is delayed by onshore gas plant construction. Start-up readiness moves to the end of the March quarter 2007, from the Q4 2006 expected earlier. Wells, platform and pipeline are finished.
19 Oct 2006investor presentation● Neutral
Origin relays Contact Energy's September quarter operating report. Wholesale price was $63.54/MWh (versus $72.14), generation 2,954 GWh (down 1%), and Port Taranaki is the preferred LNG import site. Contact is dropping permit PEP38493, as already reported.
19 Oct 2006agm notice● Neutral
Origin relays Contact's AGM, where the new CEO David Baldwin said Contact will move to tendering for the 400MW Otahuhu C gas plant. The chair called the terminated Origin merger a disappointment. The shareholder proposals were voted on separately.
18 Oct 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 sidetrack (Origin 20%) is at 3,386m on a wiper trip. Baryulah-11 reached 2,600m and Yanda-18 is cased and suspended (both Origin 25%). Kiana-2 is abandoned (Origin not a participant). No Glenaire result yet.
16 Oct 2006production update● Neutral
AWE's re-release of the same media release on the BassGas launch (Origin operator, 37.5% plus 5%). It adds nothing new for Origin beyond the earlier announcement.
16 Oct 2006farm in farm out agreement● Neutral
Victoria Petroleum's group will pay for Tomcat-1 in the Cooper Basin's PPL 93 to earn 50% of the Wilpinnie North Block if it is commercial. Origin's interest would fall to 6.595% from that block; the well is due late December 2006. Partner's release.
16 Oct 2006production update▲ GoodMajor
Origin marks the official opening of BassGas (Origin 42.5% in total, $750m cost), which reached contractual production levels after starting in June 2006. It expects about 23 PJ a year of gas. Endurance testing is nearly complete. This follows the earlier ramp-up.
12 Oct 2006drilling progress report▲ Good
ARC reports Hovea 12 (Origin 50%) has casing cemented at 2,473m and is being completed for clean-up and production testing. Logs show a 22m oil column, and the northern field looks less depleted than modelled. This continues the earlier result.
11 Oct 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 sidetrack (Origin 20%) is at 3,119m, waiting on rig repairs. Origin's 25% Yanda-17 is cased and suspended after a misrun test, and Baryulah-11 and Yanda-18 are drilling. No new result.
10 Oct 2006drilling progress report● Neutral
QGC's weekly report: Bellevue 7 (540m, 34.8m gassy coal) and Bellevue 6 (520m, 29.4m gassy coal) are cased and awaiting pumps. Origin holds 29.375% of the permit. Both feed QGC's reserves upgrade.
5 Oct 2006investor presentation● Neutral
Origin lodges a Citigroup Alternative Energy Conference presentation by Tony Wood. It restates the business (2,436 PJe 2P reserves, 78 PJe production, Contact 51.4%) and its approach to alternative energy. No new announcements are visible in the readable text.
