Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Mar 2011drilling progress report● Neutral
Beach's February report covers Cooper Basin wells. Santos-operated Kidman North-4 was suspended as a gas producer, and Cook-16 and -17 as oil producers, completing a five-well successful Cook program. Origin's share is not stated, though it holds 13.19% of the SA Cooper Basin JV.
16 Feb 2011farm in farm out agreement● Neutral
Pancontinental, Origin's L8 partner, echoes Origin's farm-out of 50% of Kenya Block L8 to Apache. Its own interest would fall to 10% (through Afrex 15%), and it expects Mbawa drilling within the next year. Repeats Origin's announcement.
16 Feb 2011farm in farm out agreement▲ GoodMajor
Origin agreed to sell 50% of Kenya Block L8 to Apache, which becomes operator. Origin will be reimbursed US$13.2m of past costs and Apache will meet part of the Mbawa well cost. Origin falls from 75% to 25%; completion expected by end June. This resolves the farm-in search.
9 Feb 2011resource reserve update▲ Good
Beach notes Santos has lifted its Cooper Basin 2P reserves by 39 MMboe, which Beach assumes is about 60 MMboe for the SACB JV. Origin holds 13.19% of that JV, but no Origin figure is given. Beach has not independently assessed this.
4 Feb 2011drilling scheduled● Neutral
Origin's ASX cover note re-lodging Geodynamics' 4 February release on the Cooper Basin project. No new information beyond that announcement.
4 Feb 2011drilling scheduled● Neutral
Geodynamics says Origin, as operator of the Innamincka Shallows JV (50:50), has accepted Rig 100 and will move it to Celsius 1 once weather and roads permit. Rain still delays the first well; two wells to about 2,200m are planned. Deeps work is not materially affected.
2 Feb 2011drilling progress report● Neutral
Beach's January drilling report covers Cooper Basin wells. Santos-operated Coonatie-15 and Tirrawarra-80 were cased and suspended as gas producers, and Cook-18 as a Hutton oil producer. Origin's share is not stated in the text, though it holds 13.19% of the SA Cooper Basin JV.
17 Jan 2011drilling spud● Neutral
Dao Ruang-2 appraisal well spudded 16 January in Thailand block L15/50, where Origin holds 40% under its Salamander farm-in (Salamander operates). It targets a 1993 gas discovery with 500 Bcf gross mean potential; about 45 days if dry.
5 Jan 2011drilling progress report● Neutral
Beach's December report on Cooper Basin wells. Santos-operated Tirrawarra-78 was cased and suspended as a future gas and oil producer, and Coonatie-15 has started drilling. Origin's share of these wells is not stated in the text.
23 Dec 2010drilling scheduled▼ Bad
Geodynamics says Cooper Basin flooding has delayed moving Rig 100 to spud the first Innamincka Shallows well (Origin operator, 50%), which was planned for 17 December. Rig timing should be clearer in mid-January. Geodynamics does not expect the 2012 pilot plant timeline to change.
16 Dec 2010drilling result▼ BadMajor
Silvereye 1 in T/44P (Origin 60% operator, AWE 40%) reached 2,318.2m with no significant hydrocarbon indications and will be plugged and abandoned. This is a dry hole, resolving the well awaited since its 3 December spud.
16 Dec 2010drilling result▼ Bad
AWE (40% partner) reports Silvereye-1 reached 2,318m with no significant shows and will be plugged and abandoned. Confirms Origin's own announcement of the same day; no new information.
16 Dec 2010drilling progress report● Neutral
AWE's weekly update on the Al Meashar-2 appraisal well in Yemen Block 7, an Oil Search-operated project. Origin holds no stated interest in it, so it has no apparent bearing on Origin.
9 Dec 2010drilling progress report● Neutral
AWE reports Silvereye-1 at 1,112m on 9 December, preparing to drill ahead after running 13-3/8 inch casing, with 972m drilled in the week. Planned depth is 2,400m. Duplicates Origin's update, with no result yet.
9 Dec 2010drilling progress report● Neutral
Silvereye 1 (Origin operator, 60%) was running in hole to drill ahead from 1,112m on 9 December, with 13 3/8-inch casing set at 1,103m. Planned depth remains 2,400m. No result yet.
3 Dec 2010drilling spud● NeutralMajor
Origin, operator of T/44P (Origin 60%, AWE 40%), began drilling the Silvereye 1 exploration well on 3 December using the Kan Tan IV rig. Planned depth is 2,400m, targeting Paleocene and Cretaceous sandstones, about 65km from Yolla. Origin's interest is stated as 60%, not the 100% in earlier records.
3 Dec 2010drilling spud● Neutral
AWE reports Silvereye-1 started drilling on 3 December in T/44P, targeting gas to a planned 2,400m measured depth. AWE holds 40%, with Origin operator at 60%. This is the permit where ARC had a farm-in proposal pending.
1 Dec 2010drilling progress report● Neutral
Beach's November report on Cooper Basin wells. Santos-operated Coonatie-14 was cased and suspended as a future Permian gas producer, resolving the earlier 'waiting to spud' item. Tirrawarra-79 was suspended as a gas producer. Origin's share is not stated in the text.
25 Nov 2010drilling scheduled● Neutral
Geodynamics says the Origin-operated Innamincka Shallows JV (50:50) will spud the first of two hot sedimentary aquifer wells on 17 December 2010, to about 2km depth. Results are expected in the first half of 2011. This follows the Jolokia 1 stimulation.
12 Nov 2010drilling result▼ BadMajor
Tarapunga-1 (Origin 100%) reached 1,000m. Gas shows were seen in the target interval but nothing economically significant, and abandonment has begun. Both wells of the New Zealand programme have now been dry.
11 Nov 2010drilling progress report● Neutral
Tarapunga-1 (Origin 100%) was drilling ahead at 793m on 11 November, with 9⅝-inch casing set at 786m. Planned depth remains 990m and drilling is expected to finish next week. No result yet.
5 Nov 2010drilling spud● Neutral
Tarapunga-1, the second well of Origin's two-well programme in PEP 38619 (100%), began drilling on 5 November after Korimako-1 was abandoned. Planned depth is 990m, targeting Mangaa Formation sandstones, about three weeks of drilling. The well will be plugged and abandoned after evaluation.
3 Nov 2010drilling result▲ Good
Beach's October drilling report on Santos-operated Cooper Basin wells: Strzelecki Northeast-1 found gas and was cased as a future producer, Irtalie East-1 found 6m of net oil pay and was suspended, and Coonatie-18 was suspended as a future gas producer. Origin's share is not stated in the text.
2 Nov 2010drilling result▼ BadMajor
Korimako-1 (Origin 100%) reached 1,946m and is being plugged and abandoned. The primary target was intersected near prediction, but minor shows only, nothing economically significant. A disappointing exploration result; the rig moves to Tarapunga-1.
28 Oct 2010drilling progress report● Neutral
Korimako-1 (Origin 100%) drilled 12¼-inch hole to 1,093m and set 9⅝-inch casing at 1,083m; cementing was nearly complete on 28 October. Planned total depth is now 1,946m, up from 1,920m. No hydrocarbon result yet.
25 Oct 2010resource reserve update▲ Good
Comet Ridge booked contingent resources at ATP 337P Mahalo (its 40%): 83 PJ 1C, 221 PJ 2C, 442 PJ 3C. Australia Pacific LNG, Origin's 50:50 JV, holds 30% of the permit. Origin's own books are not changed by this release; a 2011 appraisal programme is planned.
21 Oct 2010drilling progress report● Neutral
Korimako-1 (Origin 100%), spudded 18 October, was drilling ahead at 317m in 12¼-inch hole on 21 October, with 30-inch casing run. Planned depth stays 1,920m. Routine early progress with no result yet.
19 Oct 2010drilling spud● NeutralMajor
Origin (100% operator) began drilling the Korimako-1 exploration well in the Northland Basin, NZ on 18 October, with planned depth 1,920m and about three weeks to drill. It is the first of two wells, with Kokako-1 to follow. This is the greenfield well flagged earlier.
6 Oct 2010drilling progress report● Neutral
Beach's monthly report: Santos-operated Coonatie-20 reached 3,239m and was cased and suspended as a future gas producer (Origin 10.54%). Coonatie-18 is now drilling surface hole. A routine Cooper Basin update with no flow result.
13 Sept 2010drilling scheduled● Neutral
Forwards Pancontinental's release: new Kenya L8 Mbawa 3D data (Origin 75% operator) shows possible flat spots. Mapping takes 2-3 months, a three-month licence extension is granted, farm-in talks continue, drilling planned 2011. Largely repeats the 10 Sep release; interpretation only, not a result.
