Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2008quarterly activities report● Neutral
June 2008 quarter: Willaroo-1 was plugged on 27 May at 1,937 m; spend was $745,000 and the well is expected to cost about $2.1 million. Nyngynderry-1 is planned for September, seismic for Q4, and the AGM is set for 27 November.
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.
24 Apr 2008quarterly activities report● Neutral
March 2008 quarter: preparation for Willaroo-1, now expected to spud early May, plus seismic planning. Spend was $57,000. Morton became Deputy Chairman and the company moved office.
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.
31 Jan 2008quarterly activities report● Neutral
December 2007 quarter: Orion listed after raising $23 million, and Eastern Star's licence interests transferred to it. 103 km of 2D seismic was shot in PELs 427/428; spend was $711,000 and cash at quarter end was $21.3 million.
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.
10 Dec 2007other● Neutral
Restricted securities statement: 39.5 million shares and 3.75 million unlisted $0.30 options are escrowed for 24 months from quotation. Administrative.
10 Dec 2007other● Neutral
ASX circular confirming quotation from 12 December 2007. It notes 39.5 million shares and 3.75 million options are escrowed for 24 months, and describes Orion as a northern NSW explorer using licences held by Eastern Star Gas.
10 Dec 2007regulatory community update● Neutral
Orion's 100% interests in PELs 8, 422, 424 and 455 were registered on 7 December 2007. Transfers of initial 30% in PEL 427 and 20% in PEL 428 are still being lodged. PELA 73 licence is not yet granted.
10 Dec 2007other● Neutral
Corporate governance statement setting out board charter and policies. Board has a majority of independent non-executives; Barry Smith is Managing Director. No new commercial substance.
3 Dec 2007capital raising announcement● NeutralMajor
Prospectus lodged for Orion Petroleum's float (later Warrego Energy), an NSW oil and gas explorer planning to list on ASX as OIP, offering shares and listed options. Underwritten by Patersons and Commonwealth Securities; raise size and price not in the excerpt.
