Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2015investor presentation● Neutral
Contact Energy's Taranaki site tour presentation covers its thermal plants, gas supply (Maui extension) and Ahuroa gas storage. Largely operational background for Contact, in which Origin holds 53.09%; no new financial results.
28 July 2015regulatory community update▲ Good
APLNG started loading refrigerants (propane and ethylene) at its Curtis Island LNG facility, a step toward starting Train 1. The CEO says first LNG export remains on track for the second half of calendar 2015. Origin holds 37.5%.
27 July 2015drilling result▲ Good
AWE says Waitsia-2 reached total depth of 3,530m, intersecting all target formations, with elevated gas shows in the Kingia and High Cliff Sandstones. Logging is next; no flow rate or volumes yet. Origin holds 50%; a flow test is possible if results are positive.
27 July 2015other● Neutral
Contact Energy's June 2015 monthly operating data: Otahuhu wholesale price averaged $52/MWh, South Island hydro storage 111% of mean and North Island 122%. Routine data, forwarded because Origin holds 53.09%.
20 July 2015drilling progress report● Neutral
AWE says Waitsia-2 was at 3,152m, with 9 5/8 inch casing set at 2,817m and coring of the Kingia Sandstone about to start. Origin holds 50%. No gas results yet.
20 July 2015director officer appointment● Neutral
Scott Perkins, a former Deutsche Bank Australia/NZ corporate finance head, will join Origin's board as independent non-executive director from 1 September 2015, on the Audit and Remuneration committees. Likely fills the seat left by Sir Ralph Norris (inference).
20 July 2015resource reserve update▼ BadMajor
AWE, citing Origin as BassGas operator, cut its Yolla 2P reserves by 5.5 mmboe to 13 mmboe after Yolla-5 and -6 data lowered estimated gas in place; further work is needed to validate. AWE expects a $100-110m after-tax impairment. Origin (42.5%) has not yet said its own figure.
15 July 2015drilling spud● NeutralMajor
Origin, as operator, spudded Kalala S-1 on 14 July, the first of three Beetaloo Basin wells in NT permit EP98 (Origin 35%, Sasol 35%, Falcon 30%). It targets the Middle Velkerri formation to about 2,800m, following the 2014 farm-in.
13 July 2015drilling progress report● Neutral
AWE says Waitsia-2, spudded 28 June, was at 2,802m and drilling ahead, planned to 3,803m over about seven weeks. It tests the southern part of the Waitsia field (Origin 50%). A flow test is possible; no fracture stimulation.
7 July 2015contract award● Neutral
Service Stream renewed its solar PV installation contract with Origin for three years, plus two one-year extensions, estimating about $50m value with no guaranteed volumes. Announced by the contractor, with no stated financial effect for Origin.
3 July 2015drilling result▲ Good
Origin, as BassGas operator (42.5%), says Yolla-5 reached total depth of 3,384m. It has been logged and cased, and will be completed and brought into production with Yolla-6. Completes the drilling stage of the Mid Life Enhancement; no production rate yet.
3 July 2015drilling result▲ Good
AWE's note on Yolla-5 says it intersected the primary EVCM sand targets, with good continuity with Yolla-6. It will be cased and completed before tie-in. Largely repeats Origin's release with added reservoir detail.
1 July 2015drilling progress report● Neutral
Beach's June report: Swan Lake-14 and -15 and Tirrawarra-84 were cased as future producers in the SACB JV (Origin 13.19%), though Swan Lake-14 showed low-side pay. Whanto-3 reached TD and Mt Howitt-3 was side-tracked in Queensland (Origin 16.74%). Routine non-operated activity.
1 July 2015debt financing▲ Good
Origin secured a 12-year, $100m finance commitment from the Clean Energy Finance Corporation to expand its Solar as a Service rooftop offering, launched May 2015. It may also support a battery offering expected later in 2015.
29 June 2015material agreement● NeutralMajor
Origin responds to speculation about Sinopec's 7.6 mtpa APLNG sales agreement, confirming it is take-or-pay with APLNG controlling the supply start date after commissioning. It expects Sinopec to perform, and says Train 1 sustained production remains on track for Q2 FY2016.
26 June 2015other● Neutral
Contact Energy will release its FY15 results before market open on 17 August 2015. Date notice only, no financial content.
23 June 2015debt financing● Neutral
Contact, 53.09% owned by Origin, raised US$100m (about NZ$145m) in US private placement debt maturing in 8, 10 and 12 years. It will be drawn in September 2015 to replace bank bridging facilities.
23 June 2015dividend declaration▲ Good
Contact's CEO letter says it is paying the 50cps ($367m) special dividend today, found no material international renewable opportunities, and lifted its ordinary payout target to about 100% of underlying earnings (from 80%). Repeats the May announcement; Origin holds 53.09%.
22 June 2015other● Neutral
Notice that the ORGHA subordinated notes will pay $1.53 per note on 21 September 2015, a 6.15% annual rate (bank bill 2.15% plus 4.00%). Routine, unfranked interest notice.
18 June 2015production update● Neutral
Contact's May data: Otahuhu wholesale price averaged $56/MWh (April $79). South Island hydro storage rose to 96% of mean and North Island to 111%. Routine monthly data on Origin's 53.09% subsidiary.
17 June 2015director officer appointment● Neutral
Independent director Sir Ralph Norris, on the board since April 2012, will retire before the 2015 AGM to reduce his public company commitments. Chairman Gordon Cairns expects to name a new independent director before the AGM.
16 June 2015drilling result▲ GoodMajor
AWE reports Waitsia-1 confirmed a 95m gross gas column across three reservoirs, with 18m net conventional pay, supporting the 290 Bcf gross 2C estimate (Origin 50%) and pointing to upside. Early production from Waitsia-1 and Senecio-3 is targeted by mid-2016.
10 June 2015investor presentation● Neutral
Origin's Investor Day in Melbourne, led by Frank Calabria, focuses on improving returns in Energy Markets: customer trust, core business value, new products and a pivot to renewables. The visible text shows no new financial figures (text is truncated).
9 June 2015drilling progress report● Neutral
Waitsia-1 reached total depth of 3,507m, with the Holmwood Shale 10m high to prognosis. Wireline logging is starting, and a flow test is possible if results are positive. No gas results are given yet.
3 June 2015drilling progress report● Neutral
Beach's May report: Swan Lake-13 and -16 were cased as producers in the SACB JV (Origin 13.19%), and the Barrolka campaign (Origin 16.5%) finished with all wells cased. The Windorah-Marama program started. Routine non-operated activity.
29 May 2015director officer appointment● Neutral
Steve Sargent, a former GE Mining CEO, joined Origin's board as an independent non-executive director to fill a vacancy. He joins the Health, Safety & Environment and Remuneration committees. Follows Beeren's retirement (inference).
25 May 2015dividend declaration▲ GoodMajor
Contact Energy, 53.09% owned by Origin, finished its review, found no material investment opportunities, and will target ordinary dividends of about 100% of underlying earnings. It will pay a $367m (50cps) special dividend on 23 June 2015. Origin's share would be roughly half (inference).
25 May 2015production update● Neutral
Contact's April data: Otahuhu wholesale price averaged $79/MWh (March $80). South Island hydro storage rose to 76% of mean and North Island to 88%. Routine monthly data on Origin's 53.09% subsidiary.
15 May 2015admin correction● Neutral
Share registry Boardroom is changing its Sydney address from 18 May 2015. Phone and postal details are unchanged. Administrative only.
15 May 2015drilling spud● NeutralMajor
AWE spudded the Waitsia-1 appraisal well on 14 May (Origin 50% of L1/L2), planned to 4,050m over about six weeks. It tests the Waitsia field (gross 2C 290 Bcf, found by Senecio-3 in 2014). A flow test is possible; no fracture stimulation.
