Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2011resource reserve update▲ Good
Eastern Star's release of the same CSG certification: gross 1,011.2 PJ contingent and 4,637.2 PJ prospective across PELs 6, 427 and 428, with PEL 427 largest. Orion's net shares are 22.5%, 25% and 20%. Duplicates Orion's own announcement.
4 Jan 2011other● Neutral
Company publishes its securities dealing policy, which bars insider trading and short-term dealing and sets trading windows of ten business days after key releases. Administrative; no operational or financial substance.
25 Nov 2010investor presentation● Neutral
AGM presentation recaps the year (failed Gas2Grid merger, defeated Octanex bid, dry Toenda-1/ST1) and repeats the prospect inventory and CSG plans. It still plans one PEL 427 well before May 2011 and a search for new ventures. No new information.
5 Nov 2010director officer appointment● Neutral
David Casey resigned as alternate director to Ashley Edgar, effective immediately. Edgar stays as non-executive director. Casey is also Eastern Star Gas's Managing Director, so the board loses its alternate link to ESG.
21 Oct 2010annual report● Neutral
2010 Annual Report: chairman says the year was challenging, with the Gas2Grid merger abandoned and the Octanex takeover defended, both costly distractions. Toenda-1/ST1 found no hydrocarbons. Strategy is to seek producing or near-producing assets and grow into a self-funding producer.
23 Sept 2010annual report● Neutral
Statutory accounts for year to 30 June 2010; the text provided is only the directors' report and board biographies, truncated before any financial figures. No new financial result can be stated from it.
20 Sept 2010security holder rights change● Neutral
Notice that the 115m listed options (OIPO, $0.30 exercise) expire 30 Sep 2010, with quotation ceasing 23 Sep. Shares were $0.05 and options $0.001 on 17 Sep, so the options are far out of the money. ASX waived individual expiry notices.
10 Sept 2010investor presentation● Neutral
Good Oil Conference presentation restates known facts: seven NSW licences, Darling Basin prospects (Rigel PEL 471 favoured) subject to farm-out, shares at $0.05, market cap $8.0m, cash about $8.0m. Says it is actively seeking to expand and diversify its assets.
20 July 2010drilling result● Neutral
Camurra-2 reached 1,090 m with 6.8 m of net coal in the Moolayember and will be plugged and abandoned as designed. Lab desorption tests are pending, and the joint venture will review all three coreholes before choosing the next drilling.
1 July 2010drilling progress report● Neutral
Eastern Star's monthly report shows Camurra-2 at 902 m with 6.4 m of coal so far in the Moolayember, still coring. The rest covers other ESG wells. Figures for the PEL 6 interest are shown differently from Orion's own.
3 June 2010drilling spud● Neutral
Camurra-2, the third CSG corehole in PEL 6, was due to spud on 3 June 2010, twinning the 1980 Camurra-1 well to 1,100 m. Eastern Star holds 75%, Orion 22.5%.
2 June 2010business combination▲ GoodMajor
Orion says the Octanex bid has lapsed. Acceptances were under 1% of issued capital, about 1.53m shares, and will be returned. The board calls this unprecedented shareholder support. The takeover threat ends with Orion's shareholders retaining their shares.
2 June 2010business combination● NeutralMajor
Octanex confirms its offer for Orion lapsed at 7pm on 1 June 2010 and was not extended. The offer conditions remained unsatisfied.
24 May 2010business combination● Neutral
Octanex gave notice that none of its offer conditions had been satisfied, including the minimum acceptance and cash resources conditions. It said its voting power in Orion was 8.15%, or 13,039,871 of 160,000,000 shares.
11 May 2010drilling result▼ BadMajor
Toenda-1 ST1 reached 1,924 m with no significant hydrocarbon shows in either Back Creek target; it is to be plugged and abandoned. Only flammable bitumen fragments were seen. A dry hole for the Willaroo-1 follow-up; Camurra-2 CSG corehole is next.
4 May 2010drilling progress report● Neutral
Toenda-1 ST1 lost the bottom of its drill string at 1,290 m, about 200 m above the primary target, but the fish was recovered with an overshot. Drilling is to resume toward the Back Creek targets.
30 Apr 2010business combination● Neutral
Orion lodged its Target's Statement; directors recommend shareholders REJECT the Octanex offer and ignore its communications. The offer is indicatively open to 1 June 2010. Formalises the board's earlier rejection.
27 Apr 2010drilling progress report● Neutral
Toenda-1 was plugged back and sidetracked from about 540 m (Toenda-1 ST1), now at 724 m. The plan is to hit the Back Creek targets about 250 m northwest of the original hole. Follows the failure to find the target last week.
23 Apr 2010business combination● Neutral
Octanex notifies ASX that its bidder's statement was sent to Orion shareholders on 23 April 2010, which is the offer date. Administrative.
23 Apr 2010business combination● Neutral
The bidder's statement as posted gives the offer, one Octanex share per six Orion shares, a closing date of 1 June 2010 unless extended. It repeats the revised conditions, including 50.1% minimum acceptance and $8.25m cash. Octanex expects a Toenda-1 result by then.
20 Apr 2010drilling progress report▼ Bad
Toenda-1 in PEL 6 was drilling ahead at 1,571 m without having reached its primary Permian Upper Back Creek target. Orion thought the well path may have crossed a fault and planned to run logs before deciding on a possible sidetrack.
19 Apr 2010business combination● Neutral
Octanex says ASIC gave it five extra days, so offers to Orion shareholders will be posted on 23 April 2010 instead of 18 April. The delay stems from preparing the replacement bidder's statement. Administrative.
16 Apr 2010director officer appointment● NeutralMajor
Robert Willcocks, a former Mallesons senior partner, joins Orion's board as independent director and becomes Non-executive Chairman. Dennis Morton, chair since listing, stays as a non-executive director. It comes as Orion defends against the Octanex bid.
16 Apr 2010business combination● Neutral
Octanex replaced its bidder's statement for the Orion takeover, cutting the cash condition from $11m to $8.25m and dropping the director-warranty condition. Terms stay at one Octanex share per six Orion shares; the bid remains conditional, including a 50.1% minimum acceptance.
16 Apr 2010business combination● Neutral
Octanex's supplementary bidder's statement records the amendments already built into the 16 April replacement statement, including the lower $8.25m cash condition and removal of the director-warranty condition. No new terms beyond that.
13 Apr 2010drilling spud● NeutralMajor
Toenda-1 spudded on 11 April 2010 in PEL 6 and had reached 509 m, running casing. The main Upper Back Creek sandstone target is expected around 1,360 m, with planned depth 1,850 m. Orion holds 97.5%.
7 Apr 2010drilling scheduled▲ GoodMajor
Toenda-1, a PEL 6 oil wildcat, is due to spud next week, targeting 1,850 m. It targets a best-case 31.4 million barrels in place, 7.7 million recoverable, near the non-commercial Willaroo-1. Orion holds 97.5%. PEL 6 was also renewed for two years.
6 Apr 2010business combination● Neutral
Chairman Dennis Morton's letter to shareholders repeats the board's rejection of the Octanex bid, which values Orion at 6.2 cents against 7.5 cents. A Target's Statement is due by end of April. Nothing new beyond the 1 April release.
1 Apr 2010business combination● NeutralMajor
Orion's board unanimously rejected Octanex's bid, saying it values Orion at about 6.2 cents against a last trade of 7.5 cents. It says the $11m cash and director-warranty conditions won't be met. Eastern Star Gas, with over 22%, won't accept.
1 Apr 2010business combination● Neutral
Octanex lodged its bidder's statement for its off-market takeover of Orion, formally launching the bid announced on 18 February. This is a cover letter; the terms are in the attached statement.
