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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Jan 2009quarterly activities report● Neutral
December 2008 quarter: exploration spend was $3.082 million, mostly Nyngynderry-1, whose total cost is about $4.42 million. Orion is talking to the NSW regulator about Darling Basin licence commitments after the dry hole. 100 km of seismic began in PEL 455 on 21 January.
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 2008agm notice● Neutral
At the 27 November 2008 AGM, the remuneration report was adopted and Dennis Morton was re-elected as director, both on a show of hands. Routine business.
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 2008quarterly activities report▼ Bad
September 2008 quarter: Nyngynderry-1 was plugged on 4 October with no significant shows. Spend was $2.744 million, with the well costing about $4.5 million. ESG's CSG work is now expected to start in January 2009, and Willaroo appraisal options are being studied.
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.
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.