Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2017drilling progress report● Neutral
Planet Gas confirms the Silver Star-1 lateral was drilled to 1,180m with gas saturation in line with expectations, and production casing is being set. Fracture stimulation and testing follow, so no flow result yet.
13 June 2017drilling progress report● Neutral
Waitsia-3 (Origin 50%) intersected the Kingia formation on depth prognosis at 3,211m. Coring is under way, with cores sent for analysis. Drilling continues to 3,706m. No flow or reserves result yet.
8 June 2017joint venture update▲ Good
The Waitsia JV (Origin 50%) starts the design competition phase of Stage 2 FEED, with four contractors shortlisted for a 100 TJ/d gas plant. FEED is targeted for completion by end CY2017, and FID depends on gas sale agreements.
7 June 2017drilling result● Neutral
Senex says Silver Star-1 DW1 reached 4,969m on 1 June with a 1,180m horizontal section in the Patchawarra. Gas saturation was in line with expectations. Fracture stimulation and testing are expected in early FY18, so flow results are still pending.
7 June 2017drilling progress report● Neutral
Beach's May report covers Cooper JV wells. In the South Australian JV (Origin 13.19%), Dullingari-43 DW1 found about 25m net gas pay and was cased as a producer. In the Queensland JV (Origin 16.74%), Lepard-3 was cased as a producer with a low-side outcome.
5 June 2017drilling progress report● Neutral
Waitsia-3 (Origin 50%) was at 2,782m on 5 June, with intermediate casing set and drilling ahead toward the Kingia and High Cliff targets. Planned depth is 3,706m. No result yet.
29 May 2017drilling progress report● Neutral
Planet Gas repeats the prior Silver Star-1 DW-1 position of 4,490m with no change. Fracture stimulation and testing remain to follow. No new substance.
22 May 2017drilling progress report● Neutral
Silver Star-1 DW-1 lateral is at 4,490m. Fracture stimulation and testing will follow. No new result.
22 May 2017drilling spud● NeutralMajor
AWE spudded the Waitsia-3 appraisal well on 19 May 2017 (Origin 50%), planned to 3,706m over about seven weeks. It is the first of two appraisal wells before the Stage 2 final investment decision. Reserves will be reviewed afterwards.
19 May 2017asset acquisition disposition▲ GoodMajor
Origin sells the Darling Downs Pipeline Network to Jemena for $392m, taking its divestment program to $1bn against the original $800m target. Completion is due by 30 June 2017. Origin says it is on track for net debt well below $9bn by that date.
15 May 2017drilling progress report● Neutral
Silver Star-1 lateral has advanced to 4,224m. Fracture stimulation and testing remain to follow. No new result.
9 May 2017drilling progress report● Neutral
Planet Gas reports the Silver Star-1 lateral (started 25 April) is now at 3,839m, drilling ahead toward up to 1,500m. Fracture stimulation and testing will follow. No new result.
8 May 2017asset acquisition disposition▲ GoodMajor
Origin sells the Stockyard Hill Wind Farm project (up to 530MW) to Goldwind for $110m and will buy all its output from 2019 to 2030 at below $60/MWh. Proceeds go to debt reduction. Renewables commitments reach 1,200MW against a 1,500MW target.
5 May 2017asset acquisition disposition▲ GoodMajor
Origin buys Sasol's 35% of the Beetaloo Joint Venture, lifting its stake to 70% (Falcon holds 30%), following the Feb 2017 discovery with 6.6 TCF gross contingent resource. Price is not stated, the deal has conditions, and no immediate capital is needed.
3 May 2017drilling progress report● Neutral
Senex says Silver Star-1 met the joint venture's reservoir criteria, so a horizontal section (Silver Star-1 DW1) began, with a planned 5,200m depth. Fracture stimulation and testing are expected in early FY18. Origin carries Senex's costs under the farm-in.
3 May 2017drilling progress report● Neutral
Beach's April report covers the Queensland Cooper JV (Origin 16.74%): Gallan-1 was plugged and abandoned, while Hector South-1 (6.7m net gas pay) and Inca-1 DW1 were cased as future gas producers. Both results were in line with pre-drill estimates.
2 May 2017investor presentation● Neutral
CEO Frank Calabria's Macquarie conference presentation repeats known priorities: IPO of the conventional business, now named Lattice Energy, asset sales and debt reduction. It also cites the ENGIE gas agreements and APLNG's role in east coast supply.
2 May 2017drilling progress report● Neutral
Planet Gas repeats that Silver Star-1 (PEL 638, Origin 33.75%) reached 3,770m with gas shows, and a lateral of up to 1,500m is being drilled before fracture stimulation and testing. No new result; flow rates still unknown.
1 May 2017director officer appointment● Neutral
Teresa Engelhard, a technology and energy venture investor, joins the board as an independent non-executive director and the Remuneration and People Committee. She fills the vacancy left by Helen Nugent's March resignation (inference).
1 May 2017asset acquisition disposition▲ GoodMajor
Origin sells its Darling Downs Solar Farm project to APA and will buy all its output from 2018 to 2030, ending the pending FID thread. Origin recoups its development costs; completion is expected in May 2017. Sale price is not stated.
1 May 2017asset acquisition disposition● Neutral
APA announces it is buying the 110MW Darling Downs Solar Farm for about $200m, with a $20m ARENA grant and an offtake deal with Origin to 2030. This is the buyer's side of Origin's sale announced the same day.
27 Apr 2017regulatory community update● Neutral
Origin and APLNG (Origin 37.5%) respond to the government's planned Domestic Gas Security Mechanism, saying APLNG supplies about 20% of east coast gas and over 100 PJ a year to 2020. They will join consultation; the rule's effect is not stated.
26 Apr 2017drilling result▲ Good
Silver Star-1 reached 3,770m with gas shows in the Patchawarra target. Planet Gas says the reservoir met criteria, so a lateral of up to 1,500m will be drilled, followed by fracture stimulation and testing. Flow results are not yet known.
18 Apr 2017director officer appointment● NeutralMajor
Integrated Gas CEO David Baldwin, who led the APLNG project, steps down at end April and stays as adviser. Mark Schubert, ex-Shell and Origin's commercial head, becomes Executive General Manager, Integrated Gas from 1 May 2017.
18 Apr 2017drilling progress report● Neutral
Silver Star-1 reached 3,565m on 16 April, drilling toward 3,780m. Gas shows now reported in the primary Patchawarra target as well as the secondary coals. No test result yet.
11 Apr 2017half year report● Neutral
Shareholder version of the half-year report, repeating known results: $1.7bn statutory loss on $1.9bn impairments, underlying profit $184m, no dividend. Also repeats FY17 underlying profit guidance of $480-590m and the 2017 IPO of conventional assets.
10 Apr 2017drilling progress report● Neutral
Silver Star-1 reached 3,343m on 9 April, with gas shows in secondary coal targets (Toolachee, Epsilon). Planned depth raised to 3,780m from 3,600m. Early signs only; no test result.
5 Apr 2017drilling progress report● Neutral
Senex's March report puts Silver Star-1 at 3,010m on 4 April, with total depth now expected at 3,780m by mid-April. Senex is free carried by Origin under the farm-in. Other wells in the report (Hoplite-1) do not involve Origin.
5 Apr 2017drilling progress report● Neutral
Beach's March Cooper report covers its own gas discoveries and PEL 182 oil wells. Origin has no stated interest in the wells described, so there is nothing direct for Origin shareholders in the readable text.
3 Apr 2017drilling progress report● Neutral
Silver Star-1 (Origin 33.75%) reached 2,738m on 2 April, drilling toward a casing point at 3,380m. No result yet.
