Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2008annual report● Neutral
First financial report, 9 July 2007 to 30 June 2008: net loss $1.874 million after writing off $2.02 million of Willaroo-1 exploration spend. Net assets were $19.4 million. Nyngynderry-1 is expected to cost $4.7 million.
24 Sept 2008drilling progress report● Neutral
Nyngynderry-1 was drilling ahead at 1,970 m, with reservoir targets expected over the next 300-500 m. No results yet.
17 Sept 2008drilling progress report● Neutral
Nyngynderry-1 was drilling ahead at 1,348 m. No new results.
10 Sept 2008drilling progress report● Neutral
Nyngynderry-1 was drilling ahead at 770 m after surface casing was set at 505 m. No results yet.
9 Sept 2008other● Neutral
Interview with Eastern Star Gas's managing director about its strategy, including the Orion CSG farm-in and its own Narrabri project. It adds no new Orion facts beyond the known farm-in terms.
4 Sept 2008drilling spud● NeutralMajor
Ensign Rig 30 started drilling Nyngynderry-1 in PEL 8 on 3 September 2008, targeting about 2,500 m. It is a frontier Darling Basin test, with over 150 BCF gas in-place potential in each of two targets. Burnamwood-1 is planned for 2009.
1 Sept 2008investor presentation● Neutral
Good Oil Conference presentation repeating known facts: the CSG farm-out, Nyngynderry-1 spud on 3 September, and four ready-to-drill prospects. It shows a $0.13 share price, $15 million market cap and $18 million cash, and says Willaroo-1 post-drill studies suggest appraisal drilling is warranted.
28 Aug 2008joint venture update● Neutral
Greenpower Energy, which holds 20% of PEL 428 through Davidson Pty, co-signed the farm-in allowing Eastern Star Gas to assess coal seam gas there. It takes effect after regulatory approvals and signatures, and Greenpower will fund 20% of costs.
26 Aug 2008farm in farm out agreement▲ GoodMajor
Eastern Star Gas announced its side of the coal seam gas farm-in with Orion: three coreholes plus 100 km of seismic to earn 50% of CSG rights in PELs 6 and 427 and 40% in PEL 428. ESG estimates a high-side 3,500 Bcf prospective resource.
26 Aug 2008farm in farm out agreement▲ GoodMajor
Orion signed the CSG farm-out with Eastern Star, conditional on regulatory and co-venturer approval. ESG earns 40-50% of CSG rights by funding three coreholes and 100 km of seismic. This also satisfies Orion's Comet Ridge commitments, lifting its conventional stakes in PELs 427 and 428 to 75% and 60%, at no cost to Orion.
4 Aug 2008contract award● Neutral
Rig contract signed with Ensign Australia (Rig 30) for Nyngynderry-1 in the Darling Basin, starting 1 September to about 2,500 m. Orion estimates over 150 BCF gas in-place in each of two targets. Burnamwood-1 may follow if a farm-out is concluded.
30 July 2008regulatory community update● Neutral
Octanex N.L. and its director Ernest Albers became a substantial holder, together holding 8,154,600 shares or 5.26% of voting rights. This is a notice of a new holder, not a company transaction.
26 May 2008drilling result▼ BadMajor
Willaroo-1 recovered only 2-4 barrels of oil, emulsion and mud from a test at 1,700-1,720 m. The PEL 6 joint venture will plug and abandon the well, though Orion says the oil proves a petroleum system in the southern Bowen Basin.
22 May 2008drilling result● NeutralMajor
Willaroo-1 found live oil shows at three levels between 1,708 and 1,743 m, but in poor-quality sands. No shows were seen in the main Precipice target. Orion says the oil proves a petroleum system, but logs are needed to judge significance.
14 May 2008drilling progress report● Neutral
Drilling resumed 14 May 2008 after the gearbox was fixed; Willaroo-1 was at 136 m. The first target, Precipice Sandstone at 1,380 m, is expected in 5-6 days.
13 May 2008drilling progress report▼ Bad
Willaroo-1 started drilling on 11 May 2008 but was suspended at 92 m the next day for a gearbox repair on Ensign Rig 20, expected to take 2-3 days. This is the rig's second gearbox problem.
9 May 2008drilling scheduled● Neutral
Willaroo-1 drilling to start the weekend of 10 May 2008, about 25 km southwest of Goondiwindi, taking 16 days to about 2,000 m. Orion's estimate is 40 million barrels oil and 155 BCF gas in-place, which it calls uncertain.
18 Apr 2008drilling scheduled▼ Bad
Willaroo-1 start delayed about 10 days to around 4 May 2008 because Ensign Rig 20 needs gearbox repairs. The first target remains about a week after spud.
2 Apr 2008contract award▲ Good
Rig contract signed with Ensign Australia; Willaroo-1 to start 24 April 2008 over about two weeks. Targets are Precipice Sandstone (40 million barrels oil in-place) and Back Creek (155 BCF gas in-place).
1 Apr 2008investor presentation● Neutral
March 2008 investor update repeating the $23 million IPO and the drilling plan: Willaroo-1 then Nyngynderry-1. It quotes unrisked in-place potential of about 173 million barrels in PEL 6 and up to 3 TCF gas in the Darling Basin. Farm-in talks ongoing.
6 Mar 2008director officer appointment● Neutral
Non-executive director Dennis Morton, former Eastern Star Gas managing director, was appointed Deputy Chairman, with Allan Freeman now signing as Company Secretary.
27 Feb 2008drilling scheduled▲ GoodMajor
Letter of intent signed with Ensign Australia for Willaroo-1 (PEL 6, 2,000 m) to spud late March 2008. Targets are 40 million barrels oil and 160 BCF gas in-place; Nyngynderry-1 follows in late May/June.
15 Jan 2008regulatory community update▲ Good
Transfers from Comet Ridge of the initial 30% of PEL 427 and 20% of PEL 428 were registered on 24 December 2007. Orion holds options to earn a further 45% and 40% respectively.
17 Dec 2007director officer appointment● Neutral
Patrick Sam Yue resigned as Company Secretary and CFO after the float. Robert Postema of Piper Alderman steps in as Company Secretary until a replacement is appointed in the new year.
10 Dec 2007other● Neutral
Top 20 holders at 7 December 2007: 155 million shares on issue. Paticoa Nominees held 24.3% and Eastern Star Gas 23.1%; 1,408 holders in total.
10 Dec 2007other● Neutral
Top 20 option holders at 7 December 2007, covering 115 million $0.30 options expiring 30 September 2010 across 1,400 holders. Paticoa Nominees held 32.7%. Administrative disclosure.
10 Dec 2007asset acquisition disposition▲ Good
Orion confirms completion of the two deeds with Eastern Star Gas and Eastern Energy Australia, covering assignment of the exploration licences and related information. This completes the asset transfer set out in the prospectus.
10 Dec 2007other● Neutral
ASX pre-quotation disclosure listing documents released ahead of trading. Administrative checklist with no new substance itself.
10 Dec 2007other▲ GoodMajor
Orion Petroleum admitted to the ASX Official List on 10 December 2007. Quotation of 115.5 million shares issued at $0.20 and 115 million $0.30 options (expiring 30 September 2010) starts 12 December.
10 Dec 2007other● Neutral
Company constitution lodged with ASX. Standard governing document with no new commercial substance.
