Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2017material agreement▲ GoodMajor
Origin signs two deals with ENGIE: a fixed-charge agreement giving it 240MW of Pelican Point power station output (1 Jul 2017 to 30 Jun 2020) for South Australian customers, and a sale of 8 PJ of gas to ENGIE over 2018-19.
27 Mar 2017drilling progress report● Neutral
Planet Gas reports Silver Star-1 (PEL 638, Origin 33.75%) at 1,686m on 26 March, drilling the intermediate hole toward 3,600m planned depth. Roughly $15m well; no gas result yet.
20 Mar 2017drilling progress report● Neutral
Silver Star-1 (PEL 638, Origin 33.75%, Senex operator) spudded on 17 March 2017 and was at 175.5m on 19 March, drilling the surface hole. Planned depth is 3,600m; cost is about $15m. No result yet.
14 Mar 2017drilling spud● Neutral
Planet Gas announces Silver Star-1 drilling has begun in the Cooper Basin's PEL 638. The roughly $15m, 3,600m exploration well targets basin-centred gas. Origin (33.75%) and Senex are carrying Planet Gas's 12.5%. This is the Feb 2017 spud flagged earlier.
3 Mar 2017director officer appointment● Neutral
Director Dr Helen Nugent, a board member for 14 years and chair of the Remuneration Committee, resigns to chair Ausgrid. Scott Perkins takes over that committee chair. Origin says it is advanced in finding replacement directors as part of board renewal.
1 Mar 2017drilling progress report● Neutral
Beach's February Cooper report. Kanowana-14 (Origin 13.19%) completed a successful three-well campaign. Caraka-2 was marginally below estimates. Toolachee-53 spudded. Ranger-1 began a six-well Queensland campaign (Origin 16.74%).
27 Feb 2017material agreement▲ Good
AWE and Origin (50% each) agree a non-binding term sheet to sell 15 TJ/d of Waitsia Stage 2 gas to AGL, about 15% of Stage 2 capacity. A sales agreement is expected by mid-2017, Stage 2 FID is targeted by end 2017 and first gas in 2020.
16 Feb 2017half year report▼ BadMajor
Half-year financial statements to 31 December 2016: a statutory net loss of $1,677m, against a $254m loss a year earlier, with revenue of $6.3bn. No interim dividend, against 10 cents a year earlier. Net tangible assets per share fell to $4.33.
16 Feb 2017investor presentation● Neutral
Presentation for the half-year result repeating known figures: $1.9bn impairment, underlying EBITDA $1,145m, adjusted net debt $9.1bn. Targets remain net debt well below $9bn by June 2017 (excluding the IPO) and the $800m asset sales. Remaining APLNG contributions are $0.3bn, $0.2bn below prior guidance.
16 Feb 2017half year report▼ BadMajor
Half-year statutory loss of $1.68bn, mostly the $1.9bn impairment announced the day before. Underlying EBITDA rose 32% to $1.15bn but underlying profit fell 28% to $184m. No interim dividend. IPO of the conventional assets is said to be on track for 2017.
15 Feb 2017resource reserve update▲ GoodMajor
Origin submits the Amungee NW-1H discovery report, with a Beetaloo 2C contingent resource of 6.6 TCF gross (2.3 TCF net to Origin's 35%) in the Velkerri B Shale. It follows the 2016 test. A Northern Territory fracking moratorium remains in place.
15 Feb 2017financial restatement▼ BadMajor
Origin expects a $1.9bn after-tax non-cash impairment in its half-year result: $1,031m its APLNG share, $578m Browse Basin, $170m assets bound for the planned IPO, $114m Energía Austral. APLNG's discount rate rose from 9.0% to 10.2%. FY17 EBITDA guidance improves to $2,450-2,615m.
14 Feb 2017director officer appointment● NeutralMajor
Origin names Woodside CFO Lawrie Tremaine as its new CFO, ending the search under acting CFO Gary Mallett. He starts after his notice period at Woodside. Origin's half-year results follow on 16 February.
1 Feb 2017drilling progress report● Neutral
Beach's January Cooper report. Kanowana-12 and -13 (Origin 13.19%) were cased as future producers, broadly in line with estimates. Strzelecki-32 found 12m of net gas pay in a secondary zone. Raffle-2 (Origin 16.74%) found 3m net pay, below estimates.
11 Jan 2017drilling progress report● Neutral
Beach's December Cooper report. Allunga-2 and -3 (Origin 13.19%) were cased as producers, in line with estimates; Windigo-3 and Roti South-1 (Origin 16.74%) also in line. Namur-4 was cased as a future producer.
23 Dec 2016listing compliance notice● Neutral
ASX removes the ORGHA subordinated notes from official quotation at close on 23 December 2016, following their full redemption the day before. Administrative.
22 Dec 2016security holder rights change● Neutral
Origin redeems all ORGHA subordinated notes at $100 each plus a final $1.43 interest payment, as announced in November. Its Euro hybrid capital securities are not affected and remain in place.
22 Dec 2016flow test result▲ Good
Origin completes the extended production test at Amungee NW-1H in the Beetaloo Basin: 1.16 TJ/d over the first 30 days, 66 TJ over 57 days, final rate 1.12 TJ/d. This follows the October discovery; a final discovery report is being prepared.
22 Dec 2016production update▲ Good
AWE reports Waitsia Stage 1A wells (Origin 50%) are outperforming pre-production expectations after three months. A RISC review indicates accessed gas in place of about 100 Bcf or more, consistent with RISC's 460 Bcf gross 2P; AWE's booked figure stays 344 Bcf.
21 Dec 2016material agreement▲ GoodMajor
Origin signs a binding LNG sale agreement with ENN for 280,000 tonnes a year for five years, extendable by five. Deliveries begin 2018 or 2019 after ENN's terminal is built. The earlier non-binding March 2016 deal was 500,000 t/yr, so volume is lower.
12 Dec 2016listing compliance notice● Neutral
ASX suspends the ORGHA subordinated notes from quotation at close on 12 December 2016, pending full redemption on 22 December. Applies only to the notes, not other Origin securities.
9 Dec 2016joint venture update▲ Good
AWE, operator of Waitsia (Origin 50%), says the partners approved the 2017 budget, with final appraisal wells Waitsia-3 and -4 planned April-June 2017. Gas bids exceed twice the 2P reserves; AWE targets Stage 2 FID by late 2017.
7 Dec 2016drilling progress report● Neutral
Beach's November Cooper report. Big Lake-138 (Origin 13.19%) found 83m net pay, in line with estimates, completing the five-well Big Lake campaign as future producers. Galex-5 (Origin 16.74%) had pay materially below estimates; Allunga-2 is drilling.
6 Dec 2016asset acquisition disposition● NeutralMajor
Origin plans to float its conventional upstream business (Otway, BassGas, Kupe, Perth, Cooper, Bonaparte, Canterbury) as a new ASX-listed company, 2P reserves 948 PJe and FY16 production 75 PJe. It keeps APLNG, Browse and Beetaloo. Aim is faster debt reduction; no shareholder vote needed and no ongoing stake intended.
6 Dec 2016investor presentation● Neutral
Presentation accompanying the planned IPO of Origin's conventional upstream business, repeating the same-day announcement: focus on Energy Markets and Integrated Gas, NewCo with 948 PJe 2P reserves, faster debt reduction, EPS accretive from FY19.
2 Dec 2016drilling scheduled● Neutral
Senex announces its Cooper Basin drilling campaign. Silver Star-1 (PEL 638, Origin 33.75%) will spud in February 2017 after a rig-related delay, costing about $15m, with Origin free-carrying Senex's share. Target is about 3,600m deep.
2 Dec 2016director officer appointment● Neutral
CEO Frank Calabria, who took over from Grant King after the AGM, names a new leadership team with six new members, removing a layer from Energy Markets. CFO and a corporate affairs head are still being searched for; Gary Mallett stays acting CFO.
17 Nov 2016security holder rights change● Neutral
Origin says it will redeem all ORGHA subordinated notes on 22 December 2016 at $100 face value plus a final $1.43 interest payment. This replaces the planned ongoing interest payments; record date is 14 December and trading ends 12 December.
2 Nov 2016drilling progress report● Neutral
Beach's October Cooper report. Big Lake-137 (Origin 13.19%) found 80m net gas pay, marginally below expectations, and was cased as a producer; Big Lake-138 is drilling. Dunadoo East-1 (Origin 16.74%) was plugged and abandoned for lack of commercial pay.
31 Oct 2016debt financing▲ GoodMajor
APLNG's Train 1 passed lenders' tests, releasing US$5.1bn (60%) of shareholder guarantees on its US$8.5bn project finance. Origin's guaranteed amount falls US$1.9bn to US$1.3bn. The remaining US$3.4bn is released after Train 2 tests in calendar 2017.
