Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
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.
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.
