Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2016drilling progress report● Neutral
Beach's January report on Cooper wells. The six-well Moomba North campaign finished, with Moomba-207 and -208 (Origin 13.19%) finding gas broadly in line with estimates and all six cased as future producers. Other results are in Beach-operated permits, not Origin's.
2 Feb 2016asset acquisition disposition▼ BadMajor
High Peak says Mosman has terminated the agreement to buy Origin's NZ Taranaki onshore assets (NZ$10m), as it no longer meets Mosman's criteria at current oil prices. The sale Origin announced does not proceed; the assets stay with Origin.
21 Jan 2016debt financing▲ GoodMajor
Origin says it has over $6.5bn of undrawn committed debt and cash, no material refinancing until FY2019, and no rating-linked covenants. Remaining APLNG contributions stay at $1.8bn; at US$20 oil the extra would be about $200m. Clarifies market concerns.
13 Jan 2016drilling result● Neutral
Senex's Ethereal-1 (Origin 40%) reached 3,234m on 2 January, on prognosis and matching the zones in Efficient-1. It was cased and suspended for fracture stimulation and testing. Senex remains free-carried. Completes the two-well southern program; test results are awaited.
11 Jan 2016production update▲ GoodMajor
The first LNG cargo, on the Methane Spirit, left Australia Pacific LNG's Curtis Island plant on 9 January. This delivers the first export Origin had targeted, after more than seven years of work. Origin holds 37.5%.
6 Jan 2016drilling progress report▲ Good
Beach's December report on Cooper wells where Origin is a non-operating partner. Whanto West-1 (Origin 16.74%) was the fifth new Windorah field discovery from five wells. Correa-3 beat estimates, and Moomba South's three wells were completed. Moomba North continues.
5 Jan 2016farm in farm out completion▲ GoodMajor
AWE and Origin (50/50) approved Stage 1A of Waitsia: Waitsia-1 and Senecio-3 tied to the Xyris facility, gross capex $17.5m, first gas August 2016. Alinta takes 10 TJ/day for 2.5 years. This moves Waitsia from appraisal toward production.
5 Jan 2016dividend declaration● Neutral
Replacement notice for the ORGHA interest payment: $1.59 per note (6.36% a year, 91 days), paid 22 March 2016, with the record date now 15 March instead of 14 March. Routine administrative reissue.
5 Jan 2016dividend declaration● Neutral
Cancels the 22 December notice for ORGHA subordinated notes because the record date was amended. No change to the $1.59 per note (6.36%) payment due 22 March 2016. Administrative correction only.
22 Dec 2015dividend declaration● Neutral
Interest of $1.59 per note (6.36% a year, 91 days) set for ORGHA subordinated notes, paid 22 March 2016, record date 14 March. Routine payment notice.
22 Dec 2015material agreement● NeutralMajor
Origin bought put options on 15m barrels of oil for FY2017 (strike A$55/bbl for 75%, US$40/bbl for 25%) and forward sold LNG cargoes. Cost is $82m after tax. It aims to limit extra APLNG contributions beyond the $1.8bn if oil falls.
11 Dec 2015production update▲ GoodMajor
Australia Pacific LNG began producing LNG at Curtis Island, the last major milestone before first export. Origin says the first cargo remains on track by end of 2015. Origin holds 37.5% of the project.
9 Dec 2015resource reserve update▲ GoodMajor
NZOG notes Genesis announced a 33% upgrade to Kupe reserves, after review by Gaffney Cline. Origin operates Kupe with 50%. It is broadly in line with NZOG's own 27 October upgrade. No volumes are given in this notice.
2 Dec 2015drilling progress report▲ Good
Beach's November report on Cooper wells with Origin as a non-operating partner. Gooranie-7 completed the six-well Tirrawarra campaign. Whanto East-1 (Origin 16.74%) found gas in line with estimates, the fourth Windorah field discovery. Whanto West-1 is drilling.
4 Nov 2015drilling result▲ Good
Senex's Efficient-1 (Origin 40%) reached 3,196m on 30 October with hydrocarbon shows in the target zone. It was cased and suspended for fracture stimulation and extended testing. A second well, Ethereal-1, is next; Senex remains free-carried.
4 Nov 2015drilling progress report▲ Good
Beach's October report on Cooper wells where Origin is a non-operating partner. Tirrawarra-87 hit gas and oil pay above estimates. Cougar East-1 (Origin 16.74%) found gas above estimates, the third new Windorah field discovery. Windorah-Marama pipelines are complete.
2 Nov 2015asset acquisition disposition▲ Good
Armour says Queensland regulator gave indicative approval for the Roma Shelf transfer, making the agreement over Origin's 100%-owned assets unconditional. Completion is due 13 November, with a $5.1m payment. Third-party joint venture agreements remain conditional. Continues Origin's asset sales.
28 Oct 2015capital raising announcement▲ GoodMajor
Retail shortfall bookbuild cleared at $5.35, $1.35 above the $4.00 offer price, completing the $2.5bn raising. Retail raised $1.19bn. Holders who did not take up, and ineligible holders, receive $1.35 per share, paid from 9 November. New shares trade from 5 November.
27 Oct 2015capital raising announcement▲ GoodMajor
Origin's retail entitlement offer took up 66% of available new shares, with $791m in applications at $4.00. About 101m unclaimed shares go to a bookbuild on 28 October. This is the second stage of the $2.5bn raising, after institutional ~$1.35bn.
27 Oct 2015flow test result▲ GoodMajor
AWE's Waitsia-1 flowed gas at 25.7 mmscf/d from the second zone (Kingia), constrained by tubing size. Combined with the High Cliff's 24.7 mmscf/d, that is over 50 mmscf/d. Origin holds 50% of L1/L2; AWE says fewer wells may be needed.
21 Oct 2015regulatory community update● Neutral
APLNG was served the Tri-Star statement of claim, which asserts that the 45% reversion of certain tenements has occurred; APLNG says it has not and will defend. APLNG says first LNG cargo remains on track before end of 2015.
21 Oct 2015director officer appointment● NeutralMajor
Karen Moses, Executive Director Finance and Strategy, will retire after 21 years, staying until at least end February 2016. Her AGM re-election is withdrawn. She says the equity raising and APLNG's imminent completion provide the foundation for the future.
21 Oct 2015other▼ Bad
AGM addresses: chairman Cairns acknowledges frustration, with the share price at $5.36 versus $12.56 a year earlier and oil near US$48. He says the board accepts the need for tighter capital allocation, with $730m of capex cut in 2016-17. Routine AGM material.
9 Oct 2015asset acquisition disposition● NeutralMajor
High Peak Royalties and Mosman Oil and Gas will buy Origin's onshore Taranaki (NZ) producing assets for NZ$10m total, HPR 30% and Mosman 70%, with completion scheduled for December 2015. It continues Origin's asset sales; the assets produce about 603 boepd.
7 Oct 2015flow test result▲ GoodMajor
AWE's Waitsia-1 well flowed gas at 24.7 mmscf/d from the High Cliff Sandstone, limited by tubing size. Origin holds 50% of the Perth Basin L1/L2 permits. A second zone test follows, with testing due to finish by end November.
7 Oct 2015drilling progress report▲ Good
Beach's September report on Cooper Basin wells where Origin is a non-operating partner. Tirrawarra-86 and Jena-23 were cased as producers, Calamia East-1 found oil pay, and Whanto South West-1 (Origin 16.74%) was in line with pre-drill estimates and is a new field discovery.
7 Oct 2015capital raising announcement● Neutral
Origin wrote to ineligible retail shareholders, who cannot take part in the offer. Their entitlements will be sold in a retail shortfall bookbuild on 4 November and they receive any net proceeds, though value is not guaranteed. Administrative notice.
7 Oct 2015capital raising announcement● Neutral
Origin lodged the 77-page Retail Entitlement Offer Booklet: 4 new shares for every 7 held at $4.00, closing 26 October. Only the front matter is visible, so it adds no new figures beyond the already announced terms.
7 Oct 2015drilling progress report● Neutral
Senex's September report: Spitfire-7 found 6.6m net oil pay, to come online November 2015. Senex will spud Efficient-1 in mid-October, the first well of its Cooper unconventional gas program with Origin (Origin 40%); four wells are planned in FY16, with Senex free-carried.
7 Oct 2015other● Neutral
Origin withdrew the AGM resolutions granting equity incentives to Grant King and Karen Moses. The board, King and Moses cite the $4.7bn capital initiatives and $2.5bn entitlement offer announced 30 September.
