Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Jan 2010drilling result● NeutralMajor
Gwydir-1, the first coal seam gas corehole in PEL 6, reached 814 m with about 4 m of net coal and was plugged and abandoned. This completes Eastern Star Gas's Stage 1 earn-in. Milguy-1 is due to spud this month and would lift ESG to 75% of PEL 6 CSG rights.
18 Dec 2009business combination● Neutral
Joint announcement that the Federal Court convened Gas2Grid scheme meetings for 28 January 2010, with Orion's own shareholder meeting on 27 January. The Scheme Booklet is due to be sent the following week. Repeats the 18 December court-order news.
18 Dec 2009business combination● Neutral
The Federal Court ordered Gas2Grid scheme meetings for 28 January 2010. Orion's own shareholder meeting is set for 27 January 2010. The Scheme Booklet is expected to go out the following week, moving the merger from agreement to vote.
16 Dec 2009drilling progress report● Neutral
ESG's December report: Gwydir-1 reached 759 m with 4.0 m of coal in the Moolayember Formation, and will be deepened to look for Permian coal. Other wells are ESG's Narrabri operations.
1 Dec 2009drilling progress report● Neutral
Eastern Star Gas's bimonthly report: Gwydir-1 in PEL 6 is coring at 597 m, having intersected 3.5 m of coal. The rest covers ESG's own Narrabri wells, not Orion's.
1 Dec 2009drilling progress report● Neutral
Orion forwarded the Gwydir-1 update: 597 m, coring ahead, 3.5 m of coal so far in the Moolayember Formation. No final result yet.
30 Nov 2009security holder rights change● Neutral
Escrow ends on 12 December 2009 for 39.5 million shares and 3.75 million 30-cent options expiring September 2012, freeing them for sale from 14 December. Orion will apply for quotation of the shares.
27 Nov 2009investor presentation● Neutral
Gas2Grid's lodged copy of the same AGM merger presentation, with the added line 'funding secured'. Terms and figures are unchanged: $13.5 million combined cash, trading as combined company targeted for 15 February 2010.
26 Nov 2009investor presentation● Neutral
AGM presentation repeating the Gas2Grid merger case: 236.4 million shares post-merger, $32.6 million market cap at 13.8 cents, and $13.5 million cash for an 18-month program. Targets trading as combined company from 15 February 2010. Nothing new.
26 Nov 2009agm notice● Neutral
Chairman's AGM address: thanks departed founders, plans one PEL 6 well in Q1 2010 and farm-outs for other prospects. Orion shareholders will vote on acquiring the chairman's Gas2Grid shares, as ASX rules require. Admin address restating the merger case.
16 Nov 2009drilling spud● Neutral
Gwydir-1, the first coal seam gas corehole in PEL 6, spudded on 16 November 2009 and was coring at 32 m. It is the last Stage 1 well for ESG. The drilling follows the earlier notice and carries no result yet.
9 Nov 2009drilling scheduled● Neutral
Orion forwarded Eastern Star Gas's notice that the Gwydir-1 coal seam gas corehole in PEL 6 would spud later that week, with Milguy-1 about a month after. Both complete ESG's farm-in. ESG's internal high-side estimate for PELs 6, 427 and 428 is 3,500 PJ.
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 2009quarterly activities report● Neutral
September 2009 quarter: board now Morton (chair), Langusch (MD) and Edgar. Gas2Grid merger talks continue. Milguy-1 and Gwydir-1 are tentatively due early November. Moree-4 gas is almost entirely methane. PEL 455 shows thicker Cretaceous coal than expected.
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.
23 July 2009quarterly activities report● Neutral
June 2009 quarter: Moree-4 core analysis confirmed gas; Kurrabooma-1 analysis continues. Spend was $100,000. PEL 471 (8,386 km²) was granted. Toenda (31 million barrels in place) and Whalan Creek (over 17 million) prospects are offered for farm-in.
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 2009quarterly activities report● Neutral
March 2009 quarter: Moree-4 and Kurrabooma-1 each found about 5 m of coal with visible gas; core analysis is pending. Exploration spend was $542,000. A two-year work program for Darling Basin PELA 73 was agreed on 3 March.
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.
