Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2015well test result● Neutral
AWE, operator of the Perth Basin L1/L2 joint venture (Origin 50%), began flow testing Senecio-3, starting with the deeper High Cliff Sandstone. Testing is due to finish by mid-April. It follows the September 2014 Waitsia discovery, with a best-estimate 290 Bcf gross contingent resource. No results yet.
19 Feb 2015half year report▼ BadMajor
Origin reported a half-year statutory loss of $25m, which it attributes to the weaker Australian dollar's effect on financial instruments and debt. Underlying profit was $346m (down 9%). Energy Markets rose 22% to $617m while Exploration & Production fell 31% to $208m. APLNG Train 1 is on track for mid-2015; $5.2bn of undrawn debt facilities and cash are available. Directors warn the fall in the oil price will, if sustained, mean lower growth in cash flow and earnings than previously expected.
19 Feb 2015dividend declaration● Neutral
Interim dividend of 25 cents per share, unfranked, payable 31 March 2015 to holders on the 26 February record date. A DRP is available with no discount, and the default is cash. Same as the prior year.
16 Feb 2015half year report▼ Bad
Contact's half-year profit was $51m (down 54%) and underlying earnings $76m (down 22%), with retail margins down $20m amid heavy competition. Interim dividend held at 11 cps. Origin holds 53.09% of Contact.
11 Feb 2015joint venture update▲ Good
First coal seam gas from the Surat Basin has reached the APLNG LNG plant on Curtis Island, and the 530km pipeline is fully commissioned. Power generation commissioning can now start; first LNG is still targeted for mid-2015. Origin owns 37.5%.
4 Feb 2015drilling progress report● Neutral
Beach's January report shows more Cooper Basin gas wells cased in the SACB JV, where Origin holds 13.19%, including Nephrite South-11 with 81m net gas pay. Gaschnitz-2 reached total depth and is being logged. Routine non-operated drilling.
23 Jan 2015admin correction● Neutral
Corrects a figure in the 22 December notice for ORGHA subordinated notes. Payment of $1.69 per note on 23 March 2015 at 6.7783% a year is unchanged and remains conditional and deferrable. Administrative.
22 Jan 2015production update● Neutral
Contact's December data: Otahuhu wholesale price averaged $88/MWh (November $76). South Island hydro storage fell to 91% of mean and North Island rose to 108%. Routine monthly data on Origin's 53.09% subsidiary.
22 Jan 2015material agreement● Neutral
Contact, 53.09% owned by Origin, signed a new agreement to buy 22-26 PJ of Maui gas over two to three years, replacing one that expired at the end of 2014. Adds gas flexibility for its thermal stations.
21 Jan 2015drilling result● Neutral
Speculant-1 reached total depth of 4,917m in Origin's 100%-owned Otway Basin permit. It will be suspended while development options for the gas found in the Waarre Formation (announced 9 December) are assessed. No resource size is given yet.
7 Jan 2015drilling progress report● Neutral
Beach's December report completes the Bauer oil campaign and shows Big Lake, Nephrite South, Kanowana and Mudera gas wells cased in the SACB JV where Origin holds 13.19%. Gaschnitz-2 is drilling. Routine non-operated drilling with no Origin-specific result.
22 Dec 2014dividend declaration● Neutral
Interest of $1.69 per note will be paid on 23 March 2015 on Origin's subordinated floating-rate notes (ORGHA), at 6.7783% a year, set from the bank bill rate plus 4% margin. Payment is conditional and can be deferred under the note terms. Routine.
19 Dec 2014production update● Neutral
Contact's November data: Otahuhu wholesale price averaged $76/MWh (October $69). South Island hydro storage rose to 109% of mean and North Island to 104%. Routine monthly data on Origin's 53.09% subsidiary.
16 Dec 2014joint venture update● Neutral
AWE, Origin's BassGas partner, repeats the heavy lift completion. It adds that module commissioning is planned from mid-2015 and expected in FY2016-17, and that the two wells should lift output to 60-70 TJ/day from 40 TJ/day. Gives the timing the Origin release omits.
16 Dec 2014joint venture update▲ Good
Origin, as BassGas operator, lifted the export compression and condensate pumping modules onto the Yolla platform. Production is due to restart in late December after the 24 November shutdown. Yolla-5 and Yolla-6 drilling with the West Telesto rig is expected to begin in the New Year.
11 Dec 2014debt financing▲ GoodMajor
Origin amended its syndicated bank loan facilities, raising the limit by $750m to $7.4bn, cutting interest cost by 0.30% a year and extending maturities by 16 months to December 2018 and December 2019. It supports liquidity through APLNG's first two trains starting up.
10 Dec 2014material agreement● Neutral
Beach will begin separately marketing its Cooper Basin gas from 1 January 2015 and has signed a transitional agreement to sell Origin about 2.3 PJ over January-June 2015. Terms are consistent with the existing Origin gas contract; it adds volumes to it.
9 Dec 2014drilling result▲ GoodMajor
Speculant-1, spudded 23 September, found potentially commercial gas in Waarre Formation sands in Origin's operated VIC/L1(v) permit, with a ~145m gas column in Waarre C. It sits next to the Halladale and Black Watch fields. Resource size not yet stated.
3 Dec 2014drilling progress report● Neutral
Beach's November report covers Cooper Basin drilling, with Big Lake gas wells cased and a Nephrite South pad program started in the SACB JV where Origin holds 13.19%. Gaschnitz-3 was cased after log gas pay. Mostly Beach-operated Bauer results; routine for Origin.
14 Nov 2014production update● Neutral
Contact's October data: Otahuhu wholesale price averaged $69/MWh (September $58). South Island hydro storage was 85% of mean and North Island 92%. Routine monthly data on Origin's 53.09% subsidiary.
5 Nov 2014drilling progress report● Neutral
Beach's October drilling report shows more Cooper Basin wells cased and suspended, including Big Lake, Leleptian and Durham Downs wells in joint ventures where Origin holds 13.19% (SA) and 16.5% (Qld). Routine development drilling with no Origin-specific result.
30 Oct 2014investor presentation● Neutral
Presentation for the 30-31 October APLNG site tour repeats known progress: upstream 85% and downstream 82% complete, first LNG mid-2015. It notes Tri-Star reversion rights over some APLNG gas interests, which Origin says won't affect reported reserves.
30 Oct 2014director officer appointment● Neutral
Contact Energy appointed Catherine Thompson General Counsel and Shehnaz Hajati Company Secretary from 6 November 2014. This fills the role left by Paul Ridley-Smith's resignation at Origin's 53.09% subsidiary.
29 Oct 2014regulatory community update▼ BadMajor
Tri-Star Petroleum has sued Australia Pacific LNG in the Queensland Supreme Court, claiming it has reverted to a 45% interest in certain coal seam gas tenements under a 2002 agreement. Origin (37.5% of APLNG) is confident reversion has not occurred.
23 Oct 2014production update● Neutral
Contact's September data: Otahuhu wholesale price averaged $58/MWh (August $75). South Island hydro storage fell to 86% of mean and North Island rose to 84%. Routine monthly data on Origin's 53.09% subsidiary.
22 Oct 2014annual report● Neutral
Origin lodged its 2014 Sustainability Report covering FY14, as required by listing rules. It restates known figures such as $530m statutory profit, $713m underlying profit and APLNG 76% upstream and 75% downstream complete. No new information.
22 Oct 2014director officer appointment● Neutral
Non-executive director Bruce Beeren retired from the Origin board effective 22 October 2014. No reason or replacement is stated in the notice.
22 Oct 2014director officer appointment● Neutral
Marta Kielich was appointed an additional Company Secretary of Origin from 22 October 2014, alongside Helen Hardy. Administrative appointment.
1 Oct 2014drilling progress report● Neutral
Beach's September drilling report shows more Cooper Basin wells cased and suspended or drilling in joint ventures where Origin holds 13.19% (SA) and 16.5% (Qld). Highlights are Beach's own Egypt and PEL 91/104 results. Routine development drilling with no Origin-specific result.
23 Sept 2014drilling spud● Neutral
Origin spudded the Speculant-1 exploration well on 23 September 2014 near Nirranda South, Victoria (Otway region), using extended reach drilling to reach offshore gas, with planned depth about 3,800m. Origin will update only on completion or a material event. Origin's interest is not stated.
