Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 June 2012production update▲ Good
All three Barnett wells (GW Stewart #1, #2 and M Stewart #1) have been fracced and are on stream into Enbridge's pipeline, in clean-up. Rates are called 'encouraging', with no figures given. Petrel holds 25%, plus 73% of an adjoining 1,655 gross acres.
23 May 2012other● Neutral
Petrel lodges its updated Securities Trading Policy, as ASX Listing Rule 12.10 requires. Administrative notice covering insider trading rules and closed periods for staff and directors; no operational or financial substance.
7 May 2012flow test result▲ GoodMajor
First Barnett well, Montie Stewart #1, came on at about 570,000 cf/d after stimulation on 25 April, at the upper end of local start-ups. Two more wells follow within a month. Initial rates are only an early indication.
2 May 2012asset acquisition disposition● NeutralMajor
Petrel accepts firm offers from two buyers for all seven NSW licences, for $1 million total before costs. Subject to binding agreements. Resolves the March sale process and ends the former Orion's NSW exploration business.
15 Mar 2012asset acquisition disposition● NeutralMajor
Petrel is seeking expressions of interest in its seven NSW licences, now called non-core, and has hired AFG Venture Group. It may or may not lead to a sale. This marks a move away from the NSW coal seam gas and conventional exploration assets.
13 Mar 2012half year report● Neutral
Half-year to 31 December 2011: net loss $556,807 (prior-year half $633,554), including $62,940 of exploration written off. Accounts exclude the Petrel merger, which closed in January.
22 Feb 2012drilling progress report● Neutral
Barnett Shale update: surface hookups should finish by early March, then the three gas wells are stimulated and completed. Petrel has agreed a first 830-acre lease in its 10,000-acre area with capacity for up to 73% interest. No new results.
30 Jan 2012other● Neutral
Name change to Petrel Energy Limited is complete; ASX code becomes PRL from 31 January 2012. Administrative follow-through from the merger.
20 Jan 2012other● Neutral
Octanex, an Orion holder with 11.3m shares, plans to distribute them to its own members as a special dividend (1 Orion share per 20 Octanex shares, record date 28 March 2012). Not an Orion action; the shares may be sold instead.
17 Jan 2012business combination▲ GoodMajor
The Petrel merger closed after shareholder approval. 115,135,535 new shares and 9.3m options went to Petrel holders (about 43%). Stephen Mitchell becomes chairman; Bursill leaves the board. Three Barnett gas wells hit gas-charged shale 100-120 feet thick.
9 Dec 2011drilling progress report● Neutral
Progress on Petrel's Barnett Shale venture (25% interest): the water disposal well and first producer are drilled and cased, with two more wells due by month-end. Completion of the three producers is planned for February; shareholder meeting set for 10 January 2012.
25 Nov 2011investor presentation● Neutral
AGM presentation on the Petrel merger: 115.1m shares at 4c plus 9.3m options value Petrel at $4.6m, with a 25% interest in a four-well Erath County program. Enlarged group has about $7.8m cash. Repeats the 23 November announcement.
23 Nov 2011business combination● NeutralMajor
Orion signs a binding deal to buy unlisted Petrel Energy for 115.1 million new shares, leaving Orion holders with 57%. Petrel's first project is a Barnett Shale gas venture in Texas. This is the outcome of the Miro strategic review; shareholder vote expected January 2012.
1 Nov 2011annual report● Neutral
Orion's 2011 annual report (re-release of the September accounts). The chairman calls the year challenging, says Miro has a shortlist of opportunities under review, CSG work could restart in early 2012, and cash is over $6 million. Financial statements are truncated.
26 Sept 2011admin correction● Neutral
Notice that an employee share scheme buy-back is complete and the shares cancelled, with ASIC Form 484 attached. Size of the cancellation is not readable in the text provided. Administrative.
22 Sept 2011annual report● Neutral
Statutory accounts for year to 30 June 2011; the text given is only the directors' report and board biographies, truncated before any financial figures. No financial result can be stated from it.
21 June 2011other● Neutral
Miro Advisors appointed corporate adviser to the strategic review, due within about three months. It will cover existing projects and new opportunities, aiming to lift value and liquidity of Orion shares.
8 June 2011director officer appointment● NeutralMajor
ESG wins board control: Willcocks and Morton resigned before the meeting, Watson after it, and Langusch, Bursill and Sundich were elected. Sundich is chairman; Langusch interim CEO at $31,800 a month for three months. A three-month strategic review starts; Energetica exclusivity lapsed.
18 May 2011other● Neutral
ESG's letter urging a vote for Langusch, Bursill and Sundich at the 7 June meeting. It calls the Energetica deal hasty, high risk and dilutive, and promises a strategic review. Duplicates the letter in Orion's previous release.
18 May 2011other● Neutral
Orion releases ESG's 17 May letter and disputes it, saying Energetica is only a non-binding proposal needing shareholder approval. ESG (22.3% holder) calls the deal hasty and dilutive of Orion's roughly $6m cash and certified resources.
4 May 2011material agreement● Neutral
Due diligence and exclusivity periods for the Energetica MOU extended to 6 June 2011, the day before the ESG-requisitioned meeting. Still non-binding; no terms agreed.
29 Apr 2011other● Neutral
Willcocks urges shareholders to reject ESG's bid to replace him and Morton with three ESG nominees including Langusch. He says ESG backs a Gulf of Mexico asset proposal the board could not get comfortable with, and that Energetica would stall if the board changes.
8 Apr 2011other● Neutral
Orion lodged a requisition for a general meeting from Eastern Star Gas (about 5%+ holder) and its 30 March letter. Directors are considering it. Text gives no detail on the resolutions; signals ESG conflict over the board.
8 Apr 2011director officer appointment● Neutral
Bruce Watson, a corporate adviser and chairman of Arc Exploration, was appointed director to fill Edgar's vacancy. The company says this keeps the board at the legal minimum number of directors.
6 Apr 2011director officer appointment● Neutral
Non-executive director Ashley Edgar resigned effective immediately, no reason given in the text. He was the ESG-linked director whose alternate, David Casey, had left in November 2010.
31 Mar 2011other● Neutral
Chairman's letter explains the Energetica deal: ATP837, 893, 901, PEL 154/155 and southwest NSW licences, with wells partly funded by KEA Petroleum. Energetica's Len Diekman would become Managing Director on completion. Share consideration still to be settled; independent valuation and shareholder vote to follow.
29 Mar 2011asset acquisition disposition● NeutralMajor
Non-binding MOU to acquire Energetica Resources' Surat/Bowen, Otway and south-west NSW tenements for Orion shares and options, number not yet set. 30-day due diligence, 40-day exclusivity; shareholder approval needed. Two near-term wildcat wells offered. Follows Langusch's exit.
18 Mar 2011director officer appointment▼ BadMajor
Managing Director Russell Langusch resigned from the board immediately, and chairman Robert Willcocks becomes interim CEO. No reason is given in the text. It removes the executive who led the diversification push.
11 Mar 2011half year report● Neutral
Half-year to 31 Dec 2010: net loss $634k (prior year $872k) and net assets down $587k. Deferred exploration costs of $138k were written off. Operations repeat the quarterly report, including flood delays to the 2011 seismic and drilling.
7 Mar 2011resource reserve update▲ GoodMajor
First independent CSG resource certification: Orion's net share is 243.7 PJ of recoverable contingent and 1,079.4 PJ of prospective resources across PELs 6, 427 and 428. PEL 427 is the largest part. Management calls CSG a bonus to its conventional focus.
