Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2009investor presentation● Neutral
Presentation on the Gas2Grid merger: offer values Gas2Grid shares at 6.1 cents on Orion's 13.8 cent 90-day average price. Combined cash is $13.8 million at 30 September 2009. Gas2Grid holds Philippines, France and WA Canning Basin assets. Completion targeted late January 2010.
5 Nov 2009business combination● NeutralMajor
Orion and Gas2Grid signed a binding Merger Implementation Agreement: Orion will acquire all Gas2Grid shares and options via schemes at 1 Orion share per 2.25 Gas2Grid shares. This firms up the October talks. Gas2Grid meetings are likely in January 2010, subject to due diligence and approvals.
5 Nov 2009business combination● Neutral
Orion's own release of the joint announcement of the signed Merger Implementation Agreement: 1 Orion share for every 2.25 Gas2Grid shares, via two schemes. Duplicate of the Gas2Grid-lodged release; nothing new.
22 Oct 2009annual report● Neutral
2009 annual report: the chairman says exploration costs were pared back and working capital was $12.9 million at the start of the year. 14 production-asset opportunities were assessed in detail and none met board criteria. It still lists the departed directors.
15 Oct 2009business combination● Neutral
Orion's own release of the joint Gas2Grid announcement: preliminary talks on a change-of-control deal at one Orion share for 2.25 Gas2Grid shares. Duplicate of the Gas2Grid-lodged release.
15 Oct 2009business combination● NeutralMajor
Orion and Gas2Grid announced preliminary talks on a possible change-of-control deal, discussed at one Orion share for every 2.25 Gas2Grid shares. Structure and pricing are unsettled. This is the merger direction behind the recent board resignations (inference).
9 Oct 2009director officer appointment● NeutralMajor
Russell Langusch, a petroleum engineer with 34 years' experience and former founding MD of Elixir Petroleum, was appointed Managing Director, replacing Barry Smith. He resigned from the Gas2Grid board to take the full-time role.
2 Oct 2009director officer appointment▼ BadMajor
Chairman Bun Hung, MD Barry Smith and director Guy Allinson resigned over a disagreement with major shareholders Eastern Star Gas and Ingalls & Snyder about whether merger transactions suit the company. Russell Langusch joined; Dennis Morton became chairman.
29 Sept 2009drilling scheduled● Neutral
Milguy-1 and Gwydir-1, the first CSG coreholes in PEL 6, are expected to start in early November 2009 and take about 60 days. They complete the Eastern Star Gas farm-out, leaving Orion with 22.5% of PEL 6 CSG and 97.5% of conventional.
24 Sept 2009annual report● Neutral
Full-year statutory accounts to 30 June 2009, with directors' report, financial statements and audit report. The extract shown covers only director biographies; no financial figures are readable here.
2 Sept 2009investor presentation● Neutral
Good Oil Conference presentation restates the board, licences and farm-out opportunities such as Toenda-1 (estimated cost $2.2 million). It shows share price $0.15, market cap $23.3 million and cash $12.7 million. Nothing new in substance.
6 July 2009price query● Neutral
ASX queried a share price rise from $0.087 to a high of $0.13. Orion said it holds no undisclosed information and attributed the rise to Santos's purchases of nearby licences and a 19.99% stake in Eastern Star Gas, Orion's major shareholder.
25 June 2009regulatory community update● NeutralMajor
Orion was granted PEL 471, a new Darling Basin licence with a four-year initial term, 100% held. It is surrendering PEL 8, where Nyngynderry-1 was dry, as review found no remaining potential. Two PEL 6 coal seam gas coreholes are planned for the second half of 2009.
30 Apr 2009other● Neutral
ESG's bimonthly drilling report is mostly about its own Narrabri wells. For Orion it only says Kurrabooma-1 reached 439 m with about 4.6 m of gassy coal and was plugged and abandoned as planned, repeating known results.
20 Apr 2009drilling result● Neutral
Kurrabooma-1 reached 438.7 m on 17 April with about 4 m of net coal and visible free gas; total gas volumes will take months to determine. This completes the two-well program. First PEL 6 corehole is planned later in 2009.
15 Apr 2009other● Neutral
ESG's bimonthly drilling report is mainly about its own Narrabri wells. For Orion's licences it only says Kurrabooma-1 was coring at 362 m, repeating known information.
14 Apr 2009drilling progress report● Neutral
Kurrabooma-1 was waiting on wet weather at 336.7 m, with planned total depth of 430 m. No results yet.
6 Apr 2009joint venture update● Neutral
Greenpower Energy, via Davidson Prospecting, announced Kurrabooma-1 drilling in PEL 428, where it holds 20%. It repeats Orion's announcement and adds nothing new for Orion.
6 Apr 2009drilling spud● Neutral
Kurrabooma-1 coal seam gas corehole in PEL 428 started on 3 April 2009, planned at 400 m, and was setting surface casing at 64 m. Orion holds 20% of CSG rights there, with ESG operating.
31 Mar 2009drilling result● Neutral
Moree-4 reached 495 m with about 5 m of net coal and gas freely desorbing, but a drill stem test recorded no gas blow. Coals were thinner than expected, though gas content was encouraging. Rig moves to Kurrabooma-1.
23 Mar 2009drilling progress report● Neutral
Moree-4 was coring at 394 m with only minor coal in the upper Coreena Member. Operational problems since 16 March were fixed, and total depth is expected within days.
9 Mar 2009drilling spud● Neutral
Moree-4 coal seam gas corehole in PEL 427 started on 8 March 2009 after wet-weather delay, targeting a 500 m depth. Orion holds 25% of CSG rights there and is free-carried. Kurrabooma-1 follows with the same rig.
6 Mar 2009drilling spud● Neutral
ESG said Moree-4, the first of three farm-in coreholes, was about to spud in PEL 427. The release gives the 3,500 resource figure in PJ, whereas earlier ESG and Orion material said Bcf, an inconsistency in the text.
26 Feb 2009half year report▼ Bad
Half-year to 31 December 2008: net loss was $4.437 million after writing off $4.385 million of exploration spend, mainly Nyngynderry-1. Net assets fell to $15.029 million. PEL 427 was renewed three years and PEL 428 two years.
6 Feb 2009joint venture update▲ Good
Partner Eastern Star Gas began the 100 km Moree North seismic survey in PEL 6 on its farm-in, to site a later coreholes in that licence. ESG's internal high-side CSG estimate for the farm-in areas is 3,500 Bcf.
19 Jan 2009drilling scheduled● Neutral
ESG-operated coal seam gas coreholes are now expected to start in February 2009, Moree-4 in PEL 427 then Kurrabooma-1 in PEL 428, using McDermott Rig 27 for at least six weeks. This is a slip from the January start expected earlier.
28 Nov 2008investor presentation▼ Bad
AGM presentation confirms Nyngynderry-1 failed to test a valid trap. Share price is $0.04 (market cap $4.6 million), against $0.13 in September, and cash is $13.3 million. Willaroo-2 appraisal, Toenda-1 and Darling Basin prospects (subject to farm-out) remain planned.
24 Oct 2008annual report● Neutral
First annual report repeats the 2008 results: Willaroo-1 oil is sub-commercial but encouraging, Nyngynderry-1 was drilling at 2,020 m as of 25 September, and the ESG coal seam gas farm-out is free-carrying Orion. The Darling Basin in-place gas potential is put at over 3.8 TCF.
23 Oct 2008director officer appointment● Neutral
David Casey stops acting as alternate director for Dennis Morton and now acts as alternate for Ashley Edgar. Administrative change only.
1 Oct 2008drilling result▼ BadMajor
Nyngynderry-1 in PEL 8 reached its total depth of 2,266 m with no hydrocarbon indications, and preparations began to plug and abandon it. Planning also began for the Eastern Star Gas coal seam gas coreholes in PELs 427 and 428.
