Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2016quarterly activities report▲ Good
September quarter production was 74.2 PJe, up 55% on a year earlier and 8% on June, mostly from APLNG. Revenue was $429.7m, up 91% on a year earlier. 19 cargoes shipped; Halladale/Speculant first gas 26 August.
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.
19 Oct 2016security holder rights change● Neutral
Origin lodges its constitution with the proportional takeover bid provision renewed, as shareholders approved at the AGM. Administrative follow-up; no new terms are drawn out in the excerpt.
19 Oct 2016agm notice● Neutral
All five AGM resolutions passed on a poll. Cairns and Morgan were re-elected, and the remuneration report got about 95.6% support. Grant King's equity grant drew a 16.5% vote against.
19 Oct 2016agm notice● Neutral
AGM addresses repeat that adjusted net debt fell $4bn to $9.1bn, with asset sales of $484m announced against a target above $800m. Net debt is guided well below $9bn by end FY17, and FY17 underlying EBITDA is guided up 45-60%. About 15m barrels hedged into FY18.
13 Oct 2016debt financing▲ GoodMajor
Origin extended $4.51bn of bank facilities, due December 2018, to October 2021. Total facility limit stays at $7.4bn, with $6.6bn committed and undrawn at 30 September 2016. This pushes out debt maturities.
12 Oct 2016drilling result▲ GoodMajor
Origin reports a hydrocarbon discovery at Amungee NW-1H, the final Stage 1 well in the Beetaloo Basin (EP98). Gas flowed at 0.8-1.2 mmscf/d while still flowing back frac fluid; testing continues and resource size is not yet estimated.
10 Oct 2016production update▲ GoodMajor
APLNG produced its first cargo from Train 2 and has shipped 47 cargoes in total. The 120-day Train 1 lenders' test is done, with project finance completion expected by end of 2016. This delivers the Train 2 first cargo expected in Q2 FY2017.
5 Oct 2016drilling progress report● Neutral
Beach's September Cooper report. Big Lake-135 (Origin 13.19%) was cased as a future gas producer, with gas pay consistent with a low-side outcome; Big Lake-136 has since been cased as a future producer. Wells 137 and 138 are still at surface hole stage.
23 Sept 2016other● Neutral
Origin lodges an updated Dealing in Securities Policy replacing the May 2014 version. It sets rules on when directors and staff may trade Origin shares. Administrative; no financial or operating information.
22 Sept 2016other● Neutral
Notice of the next interest payment on the ORGHA subordinated notes: $1.43 per note, a 5.74% annual rate (bank bill rate 1.74% plus 4.00%), payable 22 December 2016. It is a routine rate reset, down from $1.51 last quarter.
20 Sept 2016resource reserve update▲ GoodMajor
Partner AWE reports an independent RISC certification of Waitsia (Origin 50%) 2P reserves at 460 Bcf gross, 34% above AWE's 344 Bcf. AWE keeps the lower booked figure until 2017 appraisal drilling. Origin's reserves are not changed by this.
15 Sept 2016annual report● Neutral
Origin's 2016 Annual Report, repeating known results: statutory loss $589m, underlying profit from continuing operations $354m (down 41%), adjusted net debt cut $4bn to $9.1bn. The chairman and MD letter says the company entered the year with an unsustainably high debt level.
15 Sept 2016annual report● Neutral
Origin's 2016 Shareholder Review, a short summary of results already released: statutory loss $589m, underlying profit $365m, and dividends of 10 cents per share against 50 cents in FY2015.
9 Sept 2016asset acquisition disposition● Neutral
Partner Norwest says paperwork for the sale of the Jingemia oil field (L14) to Cyclone Energy and RCMA Australia has gone to WA regulators for approval. Origin holds 49.189% and is a seller. The field has been shut in since December 2012; restart is hoped for first half 2017.
9 Sept 2016admin correction● Neutral
Re-release of the Calabria appointment announcement, correcting the typo in the heading date to 19 October 2016. No other change.
9 Sept 2016director officer appointment● NeutralMajor
Energy Markets CEO Frank Calabria is appointed Managing Director and CEO, taking over from Grant King after the 19 October 2016 AGM; King retires at end October. Fixed pay is $1.7m. The Chairman says the short-term focus remains debt reduction.
7 Sept 2016drilling progress report▲ Good
Beach's August Cooper report. Big Lake-134 (Origin 13.19%) was cased as a future Permian gas producer after 143m of net gas pay, in line with expectations. The other four Big Lake wells are still drilling.
6 Sept 2016material agreement▲ Good
APLNG signed a 20-year agreement with APA Group to build and operate a 50km pipeline from its Reedy Creek site to the Wallumbilla gas hub. It gives APLNG direct access to the east coast domestic market; no cost is stated.
29 Aug 2016production update▲ GoodMajor
Partner AWE reports commercial gas sales from Waitsia Stage 1A (Origin 50%) have begun, on time and within the $18m budget, at 10 TJ/d. This resolves the expected first gas; Stage 2 could lift capacity to 100 TJ/d, with two wells planned in 2017.
