Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2017quarterly activities report● Neutral
March quarter production was 79.7 PJe, down slightly from 80.1 PJe, while revenue rose 3% to $562.9m. The APLNG two-train 90-day test is now targeted for 1H FY2018, and Train 1 had a planned shutdown from 14 March to 8 April.
27 Apr 2017regulatory community update● Neutral
Origin and APLNG (Origin 37.5%) respond to the government's planned Domestic Gas Security Mechanism, saying APLNG supplies about 20% of east coast gas and over 100 PJ a year to 2020. They will join consultation; the rule's effect is not stated.
26 Apr 2017drilling result▲ Good
Silver Star-1 reached 3,770m with gas shows in the Patchawarra target. Planet Gas says the reservoir met criteria, so a lateral of up to 1,500m will be drilled, followed by fracture stimulation and testing. Flow results are not yet known.
18 Apr 2017director officer appointment● NeutralMajor
Integrated Gas CEO David Baldwin, who led the APLNG project, steps down at end April and stays as adviser. Mark Schubert, ex-Shell and Origin's commercial head, becomes Executive General Manager, Integrated Gas from 1 May 2017.
18 Apr 2017drilling progress report● Neutral
Silver Star-1 reached 3,565m on 16 April, drilling toward 3,780m. Gas shows now reported in the primary Patchawarra target as well as the secondary coals. No test result yet.
11 Apr 2017half year report● Neutral
Shareholder version of the half-year report, repeating known results: $1.7bn statutory loss on $1.9bn impairments, underlying profit $184m, no dividend. Also repeats FY17 underlying profit guidance of $480-590m and the 2017 IPO of conventional assets.
10 Apr 2017drilling progress report● Neutral
Silver Star-1 reached 3,343m on 9 April, with gas shows in secondary coal targets (Toolachee, Epsilon). Planned depth raised to 3,780m from 3,600m. Early signs only; no test result.
5 Apr 2017drilling progress report● Neutral
Senex's March report puts Silver Star-1 at 3,010m on 4 April, with total depth now expected at 3,780m by mid-April. Senex is free carried by Origin under the farm-in. Other wells in the report (Hoplite-1) do not involve Origin.
5 Apr 2017drilling progress report● Neutral
Beach's March Cooper report covers its own gas discoveries and PEL 182 oil wells. Origin has no stated interest in the wells described, so there is nothing direct for Origin shareholders in the readable text.
3 Apr 2017drilling progress report● Neutral
Silver Star-1 (Origin 33.75%) reached 2,738m on 2 April, drilling toward a casing point at 3,380m. No result yet.
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.
31 Jan 2017quarterly activities report▲ Good
December quarter production was 80.1 PJe, up 47% on a year earlier and 8% on September, driven by APLNG Train 2 and Halladale/Speculant. Revenue was $544.3m, up 157% on a year earlier. 26 APLNG cargoes shipped; the 90-day two-train test is still ahead.
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.
