Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2015other● Neutral
Origin corrected the payment details for the ORGHA subordinated notes interest: payment moves to 22 September from 21 September, for 92 days. The amount is $1.55 per note (6.15% a year), not the $1.53 earlier notified. Administrative correction.
11 Sept 2015asset acquisition disposition● Neutral
Buyer Armour Energy says it plans to fund the $13m Roma Shelf purchase from Origin with cash plus debt. A $15m loan offer from major shareholder DGR Global is unsigned, and other lenders are being talked to. Completion of Origin's sale is not yet funded.
2 Sept 2015asset acquisition disposition● NeutralMajor
Armour Energy agreed to buy Origin's Roma Shelf oil and gas assets in the Surat Basin for $10m cash plus $3m deferred. The assets include the Kincora gas plant, on care and maintenance since 2012. Some interests carry pre-emptive rights. This is a small sale of mature conventional assets by Origin.
2 Sept 2015drilling progress report▲ Good
Beach's August drilling report covers Cooper Basin wells where Origin is a non-operating partner (10.54% to 16.74%). Tirrawarra-88, Hobbes-3, Beanbush-2, Bolah-2 and Whanto-4 were cased and suspended with gas or oil pay; Fulcrum-1 (no Origin interest listed) was abandoned. Beanbush-2 and Whanto-4 came in high-side.
21 Aug 2015resource reserve update▲ GoodMajor
Operator AWE lifted Waitsia gross 2P plus 2C gas from 290 to 484 Bcf after Waitsia-2, booking initial gross 2P of 178 Bcf and 2C of 306 Bcf. Origin holds 50% of L1/L2. Early development targets production by mid-2016.
20 Aug 2015annual report▼ BadMajor
Origin lodged its FY15 full-year documents: statutory loss of $658m (FY14 profit $530m) on revenue of $13,804m. Final dividend is 25 cents, unfranked, paid 28 September. Detail is in the accompanying results release.
20 Aug 2015other● Neutral
Origin reported its subordinated notes interest cover ratio at 5.8 times for the six months to 30 June 2015, above the 3.5 minimum. No mandatory interest deferral event has occurred. The leverage test remains suspended until 30 June 2016.
20 Aug 2015annual report▼ BadMajor
Origin reported a FY15 statutory loss of $658m, from impairments (including Contact and upstream), currency effects and interest. Underlying profit was $682m, down 4%. Final dividend is 25cps. Liquidity is $5.8bn, and APLNG Train 1 sustained production remains due Q2 FY16.
20 Aug 2015investor presentation● Neutral
Management's FY15 results presentation repeats the headline figures: underlying profit $682m, statutory loss $658m. It adds that the Contact sale cuts net debt by $3.0bn, from $13.3bn to $10.3bn. APLNG is 97% upstream and 92% downstream complete.
19 Aug 2015agm notice● Neutral
Origin disclosed a shareholder-requisitioned resolution for the 21 October AGM to amend the constitution, requiring more annual reporting on climate and emissions. 141 shareholders hold about 0.016% of shares. The notice of meeting will give the board's recommendation.
12 Aug 2015other▼ BadMajor
Origin expects a further non-cash post-tax impairment of about $337m on upstream assets in FY15 results: Cooper $180m, Bass $122m, Otway $35m, citing reserves revisions, development plans and lower oil prices. This is on top of the earlier $53m NZ onshore charge. No APLNG impairment.
10 Aug 2015agm notice● Neutral
Origin set its 2015 Annual General Meeting for 21 October 2015 at the Westin Hotel, Sydney, at 10:30 AEDT. Administrative notice only.
10 Aug 2015other● Neutral
Moody's raised its outlook on Origin's rating from Baa2 (negative) to Baa3 (stable) after the Contact sale settled on 10 August, as expected. This aligns it with S&P's BBB-. Origin says it has no material impact.
5 Aug 2015asset acquisition disposition● NeutralMajor
Origin completed the bookbuild selling its 53.09% Contact Energy stake at NZ$4.65 a share, fully underwritten. Settlement on 10 August brings NZ$200m plus about A$1.4bn, used to redeem NZ$200m preference shares and repay debt. An impairment of about A$270m is expected in FY15 results.
5 Aug 2015drilling progress report● Neutral
Beach's July drilling report covers Cooper Basin wells where Origin is a non-operating partner (10.54% to 25%). Tirrawarra-85, Whanto-3 and Cocinero-3 were cased as future producers; Mt Howitt-3 DW1 had a low-side gas result and the final Mt Howitt-4 well was dropped.
4 Aug 2015security holder rights change● Neutral
Following the Contact sale, Origin Energy Contact Finance intends to redeem its NZX-listed preference shares, subject to settlement. Notice is expected around 10 August, with payment of issue price plus final dividend around 7 September 2015. Trading halted during the bookbuild.
4 Aug 2015asset acquisition disposition▲ GoodMajor
Origin agreed an underwritten sale of its entire 53.09% Contact Energy stake at NZ$4.65 per share, for about NZ$1.8bn net proceeds. Proceeds repay debt and redeem NZ$200m of preference shares; settlement is expected 10 August. Moody's rating is expected to move to Baa3 (stable); S&P stays BBB-.
3 Aug 2015material agreement● Neutral
Contact Energy signed a financial contract with Meridian Energy covering a portion of the electricity the Tiwai aluminium smelter needs: 80MW, minimum 4 and maximum 14 years from 1 January 2017. Contact is the 53.09%-Origin-owned subsidiary.
31 July 2015quarterly activities report● Neutral
June quarter production was 42.3 PJe, up 15% on March, mainly from APLNG; revenue was $215.6m. FY15 production was 147.6 PJe (up 4%) but revenue fell 20% to $900.7m on lower commodity prices. APLNG upstream is 97% complete, downstream 92%.
31 July 2015resource reserve update▼ BadMajor
Origin's 2P reserves at 30 June 2015 fell 213 PJe to 6,260 PJe (66 PJe excluding production). Declines came from APLNG (52 PJe, lower oil price assumptions), BassGas (32 PJe after Yolla-5/-6 drilling), Geographe (27 PJe) and Cooper (15 PJe). New bookings: Speculant 49 PJe and Waitsia/Senecio 16 PJe. 1P rose to 2,763 PJe.
31 July 2015quarterly activities report● Neutral
Cover release for the June quarterly and reserves reports: production 42.3 PJe, 2P reserves down 213 PJe to 6,260 PJe. APLNG Train 1 sustained production is still due in Q2 FY2016. LNG sales will only reach the income statement from the second half of FY2016. Halladale and Speculant connect early FY2017.
31 July 2015other● Neutral
Origin explains how APLNG will be accounted for as it moves from construction to operations. LNG revenue, costs, depreciation and interest enter the income statement from each train's performance date, expected 3-4 months after first cargo. Explanatory only; no new results.
30 July 2015production update▲ GoodMajor
AWE says Yolla-6 is tied in and producing, lifting early unstabilised BassGas output to about 57 TJ/day. Yolla-5 is due online in early August. Origin operates with 42.5%; this follows the Yolla-6 drilling, though reserves were cut 10 days earlier.
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.
