Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2006drilling result▼ BadMajor
Braeburn 1 (Origin 100%) reached 2,125 metres with only a trace of gas and condensate on test; other targets were tight or water-bearing. The well is being plugged and abandoned, a dry hole. The rig moves to Emu Apple 1.
18 May 2006drilling progress report● Neutral
Braeburn 1, a gas exploration well in the Surat Basin (PL227, Origin 100%), began drilling 10 May and was drilling ahead at 2,046 metres, targeting 2,141 metres. Routine progress update with no result yet.
18 May 2006investor presentation● Neutral
Origin's presentation explains the ContactOrigin dual-listed structure, answering investor questions. It repeats the known 75.7%/24.3% split and notes this would be the first trans-Tasman dual-listed company. No new terms evident from the readable text.
11 May 2006investor presentation▼ Bad
Contact Energy, 51.36% owned by Origin, said securing reasonably priced, flexible gas is its main strategic issue. Its Maui legacy entitlements expire in June 2009, and losing their flexibility is expected to raise average gas costs. Relayed by Origin.
10 May 2006business combination▲ GoodMajor
Origin and Contact report in-principle approvals from the NZ Takeovers Panel, ASIC and ASX, plus Foreign Investment Review Board approval for the merger. NZX and Overseas Investment Office approvals are pending. Meetings are now expected by early August, completion by end August 2006.
8 May 2006contract award▲ GoodMajor
Origin named Technip Oceania preferred contractor for both the onshore and offshore parts of the Kupe project (Origin 50%), with an alliance team to be formed if the final investment decision proceeds. That decision is still expected later this half-year.
8 May 2006contract award● Neutral
Kupe partner New Zealand Oil & Gas re-released the notice that Technip Oceania is preferred contractor for the onshore and offshore Kupe works. Same content as Origin's release.
5 May 2006investor presentation● Neutral
Grant King's Macquarie conference presentation largely restates known facts: BassGas delays are holding back exploration and production growth, Spring Gully is above 35 TJ/d, and Kupe final investment decision is expected in the first half of 2006. Management still expects earnings growth consistent with its objectives.
2 May 2006drilling result▲ GoodMajor
Origin discovered new gas pools in the Surat Basin at Ogilvie Creek 1 and 2 (100%). Ogilvie Creek 2 flowed 5.1 mmcfd; Ogilvie Creek 1 flowed 0.4 mmcfd from a separate accumulation. Both wells will be tied in to Myall Creek for long-term testing.
28 Apr 2006quarterly activities report● Neutral
March quarter production fell 5% to 18.9 PJe, though sales revenue rose 13% to $112.3 million. BassGas raw gas re-introduced 26 April, full production June. Argyle purchase completed 12 April; Ogilvie Creek 1 flowed gas at 0.4 MMcfd; Spring Gully phases 3-4 approved ($114m).
28 Apr 2006drilling progress report● Neutral
Ogilvie Creek 2, a gas exploration well in PL174 (Origin 100%), began drilling 24 April and was at 591 metres. Routine progress update.
27 Apr 2006quarterly activities report▲ Good
Contact Energy's March quarter report, relayed by Origin, shows an average wholesale power price of $115.83/MWh versus $55.57 a year earlier, driven by low hydro inflows. Generation rose 15%. Three Ohaaki geothermal wells were completed. Supports Origin's 51.36% holding.
6 Apr 2006drilling progress report● Neutral
Ogilvie Creek 1, a gas exploration well in ATP375P (Origin 100%), began drilling 2 April and had set surface casing at 243 metres. Routine early-stage update.
4 Apr 2006production update▼ Bad
Re-release by BassGas partner AWE of Origin's 4 April commissioning update: first sales slipped to May, no significant contribution to Origin this financial year. No new content.
4 Apr 2006production update▼ BadMajor
BassGas commissioning is taking longer because of unexpected construction defects. First product sales now expected in May, not April as previously guided, with ramp-up into June. Origin does not expect a significant financial contribution this financial year, to 30 June 2006. Lang Lang plant got a three-year operating licence.
3 Apr 2006material agreement● Neutral
Envestra said Origin agreed not to exercise its put option, which would transfer Vic Gas Distribution shares to Envestra, for the three months to 30 June 2006, in return for a fee of about $2 million paid to Envestra. Origin keeps discretion afterwards.
31 Mar 2006regulatory community update● Neutral
Contact Energy, 51.36% owned by Origin, said the Maui gas owners plan to offer over 200 PJ of further gas, with Contact holding a right to take up to 61.63%. Contact says this will not alone solve its longer-term fuel needs; terms unknown.
31 Mar 2006drilling progress report● Neutral
Newstead 11 reached 1,508 metres and was cased as a future gas injector, with a gas show in the basal Moolayember to be evaluated later. The rig moves to Ogilvie Creek 1, a gas exploration well in ATP375P.
31 Mar 2006director officer appointment● NeutralMajor
David Baldwin, from Ritchie Capital and formerly MidAmerican Energy, will be seconded from Origin to be Contact Energy's CEO from 1 May 2006. He fills the vacancy left by David Hunt's February resignation. Contact reimburses Origin for his pay, fixed $650,000 a year.
24 Mar 2006contract award▲ GoodMajor
Technip Oceania was named preferred tenderer to build the onshore Kupe gas production station in New Zealand. Origin calls it an important step toward the final investment decision, still timed for the first half of 2006, with production in 2008. Origin holds 50%.
24 Mar 2006contract award● Neutral
New Zealand Oil & Gas, a Kupe partner (15%), re-released the notice that Technip is preferred tenderer for the onshore production station. Same content as Origin's release; final investment decision still expected in the first half of 2006.
23 Mar 2006drilling progress report● Neutral
Newstead 10 was drilled to 1,499 metres and cased as a future gas injector. The rig moved to Newstead 11, which began drilling on 22 March. Routine development well progress.
21 Mar 2006half year report● Neutral
Half-yearly report mailed to shareholders, repeating the February results: profit $193.7 million, up 14%, and 9 cent dividend. Says BassGas receives raw gas in March with full production in April, and merger details will follow.
16 Mar 2006drilling progress report● Neutral
Newstead 10, a gas injection well in PL27 (Origin 87.5% via subsidiaries, Santos 12.5%), began drilling 13 March and was at 875 metres. Routine development well update.
6 Mar 2006investor presentation● Neutral
Grant King's London conference presentation on the Origin-Contact merger repeats known terms: 75.7%/24.3% economic split, over A$7 billion value, subject to approvals. Argues a dual-listed structure is the only viable option. No new facts evident.
3 Mar 2006drilling result● Neutral
Merriwee 1 recovered only 2 barrels of oil (45 API) on one test and water on another, so no clear discovery. The well will be cased and suspended for further evaluation. The rig moves to Newstead 10, a gas injection well.
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.
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.
