Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Oct 2006drilling progress report▼ Bad
Beach's weekly report: Glenaire 1 (Origin 20%) is being sidetracked from a plugged-back 3,028m because of deviation problems. Origin also holds interests in Yanda-17, which is at 1,923m total depth and preparing a test. No result yet.
4 Oct 2006joint venture update● Neutral
Origin relays that Contact Energy (Origin 51.36%) and Genesis created a joint venture, Gasbridge, to seek consents for a possible LNG import terminal at Port Taranaki. Both say it only preserves options, as they prefer domestic gas.
3 Oct 2006farm in farm out completion▲ GoodMajor
Origin confirms Kenya approved the deeds for Blocks L8/L9, so its farm-in is complete and it holds 75%. It must fund at least US$4m of 2D seismic, due to start December 2006. A 3,000m well is required if it continues.
3 Oct 2006farm in farm out completion▲ GoodMajor
Pancontinental says Kenya's government executed the deeds for Blocks L8/L9, satisfying the farm-in condition so Origin now holds 75%. Origin must fund at least US$4m of 2D seismic by October 2007. It can drop out of drilling by 14 July 2007.
3 Oct 2006drilling result▲ Good
ARC reports Hovea 12 (Origin 50%) reached 2,473m, with logs showing a 22m oil column above the field's oil-water contact. The reservoir was deeper than expected, and water has risen less than predicted. The well will be completed for production.
3 Oct 2006drilling result▲ Good
Origin confirms Hovea 12 (50%) reached 2,473m and found a 22m oil column above the oil-water contact. The reservoir was deeper than expected, but water rise is less than predicted. It will be completed and tied into Hovea facilities.
29 Sept 2006material agreement termination▲ GoodMajor
Origin agreed with Enertrade to end the power purchase agreement for its 288 MW Mt Stuart peaking plant from 31 December 2006. Origin will then decide when the plant runs, and it will keep its peak and grid-support roles.
28 Sept 2006drilling progress report● Neutral
ARC reports Hovea 12 (Origin 50%) is drilling ahead at 1,908m after setting casing at 1,596m. Target is the Dongara Sandstone, with total depth planned at 2,476m. No hydrocarbon results yet.
27 Sept 2006regulatory community update● Neutral
Origin relays that Contact Energy will relinquish offshore Taranaki permit PEP38493 rather than drill, after seismic analysis. Contact says there is no financial impact, as costs were already written off.
26 Sept 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 (Origin 20%) reached 3,002m, with 7-inch casing set before drilling the final section toward 3,945m. No result yet. Beach's Somerton 1 found no hydrocarbons.
22 Sept 2006annual report● Neutral
Origin lodges its audited FY2006 financial statements, concise annual report and AGM notice, sent to shareholders. These document results already reported, so there is nothing new in the cover note.
21 Sept 2006agm notice● Neutral
Origin forwards Contact Energy's annual report and notice of its 19 October AGM. The notice includes shareholder proposals to remove directors and to end Contact's CEO arrangement with Origin, and one to recover the $8.6m cost of the abandoned merger. These follow the terminated merger.
20 Sept 2006drilling spud● Neutral
Origin announces the Hovea 12 oil development well (Origin 50%, ARC operator) began drilling on 19 September. It aims for the Dongara Sandstone at about 2,274m, with a planned total depth of about 2,476m, taking 24 days.
20 Sept 2006drilling spud● Neutral
ARC Energy, operator with Origin holding 50%, spudded the Hovea 12 development well in the Perth Basin on 19 September. It targets the Dongara Sandstone near the crest of the Hovea oil field, with about 24 days planned. Partner's release.
19 Sept 2006drilling scheduled▲ Good
QGC, operator of coal seam gas permits where Origin holds interests, plans at least 11 new wells plus core, monitoring and workover wells in the eastern Surat Basin. It aims to lift 2P reserves to at least 1,000 PJ.
19 Sept 2006regulatory community update▲ GoodMajor
Queensland's Co-ordinator General recommended approval of the 1,000 MW Spring Gully power station, a step before the Bungil Shire's development approval. The Origin board will consider it in the March 2007 quarter; it would be built in two 500 MW stages.
19 Sept 2006drilling progress report● Neutral
QGC weekly report: Bellevue 3, 4 and 5 (Origin 29.375%) hit 29-35m of gassy coal and were cased, awaiting a workover rig before pumping. Bellevue 2 is producing mostly water with small gas volumes. No reserve change yet.
19 Sept 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 (Origin 20%) has drilled from 448m to 2,154m, with a planned depth of 3,945m. Beach's Kenmore 41 appraisal was cased as a future oil well. No Origin-operated result.
18 Sept 2006investor presentation● Neutral
Origin's managing director presented to the Merrill Lynch conference in New York, covering strategy, growth and the FY2006 results. It repeats known facts, including a 42c EPS, 18c dividend and 29% a year total shareholder return since listing.
13 Sept 2006regulatory community update▲ GoodMajor
Origin issued tenders for the first 500 MW of a nominal 1,000 MW coal seam gas power station at Spring Gully. The board will decide whether to build around the end of the March 2007 quarter; construction would take two and a half years.
12 Sept 2006drilling progress report● Neutral
Beach's weekly report: Glenaire 1 (Origin 20%) is at 448m, drilling ahead. Beach's Snowden 1 found no hydrocarbons and is being abandoned. No Origin-operated result.
11 Sept 2006dividend declaration● Neutral
Origin set the dividend reinvestment plan price for its 9c final dividend at $6.500997 per share, with no discount. Payment is due 29 September 2006. Administrative.
8 Sept 2006drilling spud● Neutral
Beach Petroleum spudded the Glenaire 1 gas exploration well in the Otway Basin's PEP 160, in which Origin holds 20%. The well is planned to reach 3,945m, assessed at a mean 68 BCF potential. Result due in about 63 days.
8 Sept 2006contract award▲ Good
New Zealand Oil & Gas, a Kupe partner (15%), announces the same US$200m Technip contract for Kupe. It states production is expected by mid-2009. A partner's repeat of Origin's release.
8 Sept 2006contract award▲ GoodMajor
Origin, as Kupe operator, awarded the US$200m contract for the NZ$980m Kupe project's development to Technip, confirming the earlier alliance. Platform installation starts in the March quarter of 2007, with production by the first half of 2009.
6 Sept 2006well test result▼ Bad
Comet Ridge reports Mahalo 2 (Origin 30%) drilled to 234m with no measurable gas or water flow from the coals, suggesting low permeability or drilling damage. Comet Ridge has now earned its 40%. The result is a setback for the Mahalo project, which has Origin as a 30% holder.
5 Sept 2006drilling result▲ GoodMajor
Origin confirms Jingemia 8 (49.189%) found oil-saturated Dongara Sandstone from 2,482m, about 30m above the original oil-water contact. Pressure data shows it is not connected to the rest of the field. The well will be completed and connected to the Jingemia facility.
5 Sept 2006drilling result▲ Good
ARC Energy relays Origin's 5 September Jingemia 8 update: oil-saturated Dongara Sandstone from 2,482m, not in pressure contact with the rest of the field. Well to be completed for production. Duplicate of Origin's release.
5 Sept 2006drilling result▲ Good
Victoria Petroleum relays that logs show the whole Dongara Sandstone section in Jingemia 8 is oil-saturated, and its pressure suggests a separate up-dip compartment. The well will be cased for production. Victoria's 4,000-5,000 bbl/d target is its own view.
1 Sept 2006drilling progress report▲ Good
Victoria Petroleum (5%) relays that Jingemia 8 is at 2,565m with a 31m Dongara Sandstone oil zone indicated (2,478-2,509m), about 34m above the original oil-water contact. Its 4,000 bbl/d and 4-8 million barrel figures are Victoria's own views, not Origin's.
