Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2015quarterly activities report● Neutral
September quarter production was 47.8 PJe, up 13% on June, as APLNG ramps up and Yolla 5 and 6 start. Revenue fell 1% to $224.5m on lower liquids prices. LNG production is expected within a month, first cargo weeks after.
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 2015agm notice● Neutral
AGM results: Perkins, Sargent, Akehurst and Nugent were elected, and the remuneration report passed (about 86.6m votes against). The constitution amendments were defeated, with 712m of 777m proxy votes against. Moses's re-election and the King and Moses equity grants were withdrawn.
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.
6 Oct 2015capital raising announcement● Neutral
Origin confirmed the trading halt lifts today and retail entitlements start trading, following the institutional offer completed on 2 October. Administrative notice with no new figures.
2 Oct 2015capital raising announcement● Neutral
ASX notice setting out the entitlement offer timetable. Retail rights trade 6-19 October, the retail offer closes 26 October, results are due 28 October and new retail shares trade normally 5 November. Administrative, no new figures.
2 Oct 2015capital raising announcement▲ GoodMajor
Origin's institutional entitlement offer raised about $1.35bn at $4.00, with roughly 92% take-up. The shortfall cleared at $5.20, so non-participants get $1.20 per share. The retail offer for the remaining $1.2bn opens 13 October, completing the $2.5bn raising.
1 Oct 2015capital raising announcement● Neutral
Origin told eligible retail shareholders of the entitlement offer terms: 4 new shares for every 7 held at $4.00, a 34.4% discount to the 29 September close. About 636m new shares will take the total to roughly 1,749m. Macquarie underwrites; record date is 6 October.
30 Sept 2015other▲ Good
S&P affirmed Origin's BBB- (stable) rating after the $2.5bn equity raising was announced. S&P said the measures are positive for rating stability and let Origin withstand subdued oil prices, with core earnings supporting the rating without APLNG cash flows.
30 Sept 2015investor presentation● Neutral
Origin's investor presentation for the $2.5bn entitlement offer, titled 'Focused, fitter, stronger', supports the launch announcement. The truncated text shows mainly disclaimers, so no additional figures are confirmed here.
30 Sept 2015capital raising announcement▼ BadMajor
Origin launched a fully underwritten $2.5bn 4-for-7 entitlement offer, plus $2.2bn of other measures: $1.0bn capex and working capital cuts, FY16-17 dividend cut to 20cps, up to $800m asset sales. It targets net debt below $9bn by FY17 and exits geothermal and international exploration, reversing the earlier 50cps dividend intention.
22 Sept 2015other● Neutral
Origin announced the next interest payment on ORGHA subordinated notes: $1.54 per note (6.18% a year) for 91 days, payable 22 December 2015, record date 14 December. Routine payment notice.
21 Sept 2015annual report● Neutral
Origin published its 2015 Sustainability Report covering July 2014 to June 2015, including the managing director's message on climate risk and the energy transition. No new financial or project results; it excludes Contact Energy, since sold.
18 Sept 2015annual report● Neutral
Origin released its 2015 Shareholder Review, a summary of the annual report with the same results: statutory loss $658m, underlying profit $682m, 50cps dividend. It says APLNG will push Origin to peak debt while oil prices are at lows not seen since 2009.
18 Sept 2015annual report● Neutral
Origin published its 2015 Annual Report, repeating the known results: statutory loss $658m, underlying profit $682m, $705m impairments, final dividend 25cps. It notes $5.8bn liquidity after the Contact sale and Sir Ralph Norris retiring before the AGM. No new figures.
