Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Apr 2010drilling progress report● Neutral
Eastern Star Gas's bimonthly report: Milguy-1 was released on 24 March at 933 m, confirming ESG now holds 75% and Orion 22.5% of PEL 6 coal seam gas. The rest covers ESG's own wells. Nothing new.
23 Mar 2010drilling result● NeutralMajor
Milguy-1 reached 933 m, cored about 6 m of gassy net coal, then lost its drill string and was plugged and abandoned. Lab results are pending. This completes Stage 2, so Eastern Star Gas now holds 75% of PEL 6 coal seam gas and Orion 22.5%. A third well is planned.
16 Mar 2010drilling progress report● Neutral
Eastern Star Gas's bimonthly report: Milguy-1 in PEL 6 reached 933 m with about 6 m of coal in the Moolayember, but the drill rods parted and fishing began. Rest covers ESG's wells.
11 Mar 2010half year report● Neutral
Orion's half-year report to 31 December 2009 shows a net loss of $872,000 and net assets of $861,000. It notes the merger was terminated on 11 March and that Toenda-1 drilling is planned for March–April 2010.
11 Mar 2010business combination▼ Bad
Gas2Grid's copy of the joint announcement: the merger with Orion is terminated after Orion's expert signalled a revised opinion. No break fees were payable. The companies say they will keep exploring ways to work together.
11 Mar 2010business combination▼ BadMajor
Orion and Gas2Grid terminated the merger agreement after Orion's expert BDO said it would revise its opinion, following lower asset valuations from the geologist. It could not complete by the 31 March end date. No break fees were payable.
1 Mar 2010drilling progress report● Neutral
Eastern Star Gas's bimonthly report: Milguy-1 in PEL 6 reached 869 m with about 3 m of coal in the Moolayember, still drilling. The rest covers ESG's own Narrabri wells. No final result for Orion yet.
24 Feb 2010business combination▲ Good
Gas2Grid shareholders approved the merger scheme with 92.62% of votes cast, and optionholders approved unanimously. Completion still needs Orion's 26 February vote and Federal Court approval, so Orion's side remains open.
23 Feb 2010agm notice● Neutral
Orion's General Meeting on the Gas2Grid merger was formally adjourned to 11am on 26 February 2010, as foreshadowed. Proxy forms are accepted until 11am on 24 February. Procedural only.
22 Feb 2010business combination● Neutral
Orion's independent directors say Octanex's conditional bid (1 Octanex per 6 Orion, 7.25c) is unattractive. It requires $11m cash, which they say won't be met, and director warranties they won't give. They propose adjourning the merger meeting again to 26 February.
19 Feb 2010business combination● Neutral
Orion acknowledged Octanex's highly conditional takeover intention and said directors are considering the position. Advice to shareholders will follow as soon as possible. No decision on the merger meeting yet.
18 Feb 2010business combination● Neutral
Octanex wrote to Orion's board asking it to adjourn the 23 February meeting until after Octanex lodges its bidder's statement. It says shareholders have too little time to consider its bid. This is a request, not a decision.
18 Feb 2010business combination● NeutralMajor
Octanex, holding about 7.1% of Orion, announced a conditional bid of one Octanex share for every six Orion shares, implying 7.25 cents against Orion's 7.1 cent close. It opposes the Gas2Grid merger, arguing Orion's cash would be used up. It is a rival to the merger.
16 Feb 2010drilling progress report● Neutral
Milguy-1, the second coal seam gas corehole in PEL 6, spudded on 2 February 2010 and was at 676 m, running the coring assembly. Completing it gives Eastern Star Gas 75% of PEL 6 CSG rights, leaving Orion with 22.5%. No result yet.
12 Feb 2010agm notice● Neutral
Orion sent shareholders supplementary expert reports ahead of the adjourned 23 February meeting. The independent expert's view that the Gas2Grid deal is fair and reasonable is unchanged, as is the independent directors' recommendation to vote in favour.
10 Feb 2010business combination● Neutral
Gas2Grid sent shareholders and optionholders a letter saying its independent expert saw no reason to withdraw or amend its report. The adjourned scheme meetings are on 24 February 2010, with court hearings on 3 March and indicative implementation on 16 March if passed.
2 Feb 2010drilling progress report● Neutral
Eastern Star Gas's bimonthly report: the rig for Milguy-1 in PEL 6 is set up and ready to spud. The rest covers ESG's own Narrabri wells and updated reserves. No new result for Orion.
28 Jan 2010agm notice● Neutral
Gas2Grid's share and option scheme meetings were formally adjourned to 24 February 2010, as previously announced. More information will follow before the reconvened meetings. Procedural confirmation only.
27 Jan 2010agm notice● Neutral
Orion's General Meeting was formally adjourned to 23 February 2010 as previously announced. New or amended proxy forms are accepted until 11am on 21 February. Procedural confirmation only.
25 Jan 2010business combination▼ BadMajor
Orion and Gas2Grid will open but immediately adjourn their merger meetings, to 23 and 24 February 2010. Letters from lawyers for undisclosed shareholders challenged the independent experts' reports, which the experts are reviewing. The merger vote is delayed about four weeks.
25 Jan 2010business combination● Neutral
Duplicate of the joint announcement: the Orion and Gas2Grid merger meetings will be adjourned to 23 and 24 February 2010 while the independent experts respond to shareholder lawyers' letters. Nothing new beyond the earlier release.
15 Jan 2010drilling progress report● Neutral
Eastern Star Gas's bimonthly report: Gwydir-1 was plugged and abandoned at 814 m with 4.0 m of coal. The rig moves to PEL 6 for Milguy-1, expected around 22 January. Wet weather suspended ESG's other drilling. Most of the report covers ESG's own wells.
14 Jan 2010quarterly activities report● Neutral
December quarter report: the Gas2Grid merger is described as on schedule, with experts calling it fair and reasonable. Gwydir-1 finished at 814 m with about 4 m of coal. Toenda-1 is planned for around March-April 2010; the report says Toenda could hold 31 million barrels of oil in place (most-likely case).
7 Jan 2010admin correction● Neutral
Gas2Grid says the scheme booklet was posted on 23 December 2009, with a cover note correcting two points. The last trading day for Gas2Grid shares and options is 4 February 2010, not 3 February, and the proxy form is not personalised. Administrative only.
