Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2014farm in farm out completion▲ GoodMajor
Origin and Senex completed the two Cooper Basin tight gas farm-ins announced 24 February 2014, after conditions were met. Origin funds $65m for 40% of Area A and $36m-$40m for up to 45% of Area B Deeps, in programs worth up to $252m in total. Resolves the pending completion.
30 June 2014farm in farm out agreement▲ Good
Planet Gas agreed to be free carried for its share of the $80m Area B Deeps (PEL 638) work program, cutting its interest to 10%. Origin's Stage 1 interest rises to 33.75% (from 30%), and to 45% after Stage 2. Work program unchanged.
25 June 2014contract award▲ Good
Contact agreed to supply Fonterra with steam and electricity from Te Rapa for eight years from 1 July 2015, and to buy 27 PJ of gas from Genesis from 1 January 2015. Extends a supply relationship running since 1999; Origin owns 53.09% of Contact.
23 June 2014other● Neutral
Origin set the interest rate on its subordinated notes at 6.71% for 23 June to 21 September 2014 (bank bill rate 2.71% plus 4.00% margin). Payment of $1.67 per note is due 22 September 2014, unless deferred under the note terms. Routine.
19 June 2014investor presentation● Neutral
Contact Energy CEO Dennis Barnes's UBS conference presentation says Contact's capital programme has ended, Te Mihi geothermal station was commissioned in May 2014, and Contact has no significant contracted gas for calendar 2015. Repeats known themes for Origin's 53.09% subsidiary.
19 June 2014investor presentation● Neutral
Frank Calabria's UBS conference presentation says the electricity market faces falling household use, oversupply and regulatory uncertainty. It expects gas portfolio benefits from FY2015, citing a 17.6% NSW retail gas tariff rise for FY2015. Repeats known themes.
17 June 2014production update● Neutral
Contact's May data: Otahuhu prices averaged $69/MWh, and South Island hydro storage rose to 119% of mean while North Island fell to 48%. Routine monthly data on Origin's 53.09% subsidiary.
4 June 2014drilling progress report● Neutral
Beach's May report lists further Cooper Basin gas wells cased and suspended, including Big Lake-105, -109, -110 and -115 and Vega-4 in the Queensland JV (Origin 16.5%). Cocinero-1 (Origin 25%) was cased and suspended as an oil well. Routine development drilling.
2 June 2014asset acquisition disposition● NeutralMajor
Origin agreed to buy Karoon's 40% of the Browse Basin Poseidon permits for US$600m upfront, plus up to US$200m later. It will first draw on debt, then refinance with an equity raise of about $1bn after the 21 August 2014 results. This contradicts the earlier no-equity-raising stance, which covered the APLNG dilution process.
2 June 2014investor presentation● Neutral
Investor presentation accompanying the Browse Basin acquisition repeats Origin's strategy and gas market outlook and sets the Poseidon purchase alongside the new Cooper and Beetaloo unconventional positions. Largely restates the same-day acquisition announcement; the supplied text shows no new terms.
2 June 2014asset acquisition disposition● Neutral
Karoon, the seller, confirmed a binding agreement to sell its 40% of Browse Basin permits WA-315-P and WA-398-P to Origin for up to US$800m: US$600m upfront, US$75m at final investment decision, US$75m at first production, and up to US$50m more. Completion is expected in the third quarter of 2014.
29 May 2014investor presentation● Neutral
Presentation for the APLNG site visit on 29-30 May: upstream is 71% complete and downstream 70% at 30 April, in line with budget and on track for first LNG mid-2015, with full production from both trains in 2016. Progress update, no new decisions.
23 May 2014admin correction● Neutral
Origin released an updated Dealing in Securities Policy (version 4.0), replacing the October 2012 version, as required by Listing Rule 12.10. Administrative, with no financial or operating information.
20 May 2014production update● Neutral
Contact's April data: Otahuhu wholesale price averaged $93/MWh, down from $119 in March, and North Island hydro storage recovered to 76% of mean. Te Mihi power station was handed over to Contact on 5 May. Routine data on Origin's 53.09% subsidiary.
8 May 2014investor presentation● Neutral
Grant King's Macquarie conference presentation restates Origin's strategy: Australian LNG capacity heading to about 85 mtpa and east coast gas demand tripling, with domestic prices moving toward export parity. APLNG remains on track for first LNG mid-2015. No new announcements in the text provided.
7 May 2014drilling progress report● Neutral
Beach's April drilling report shows further Cooper Basin gas wells cased and suspended in the South Australian JV (Origin 13.19%), including Big Lake and Gooranie, and Baryulah-17 in the Queensland JV (Origin 16.5%). Routine development drilling; other results lie outside Origin's interests.
2 May 2014farm in farm out agreement▲ GoodMajor
Origin and Sasol signed a conditional farm-in with Falcon for three Beetaloo Basin permits in the Northern Territory (over 18,500 km2). Origin and Sasol each take 35%. Origin pays about $11m, becomes operator and contributes $32m over three years. This is a new shale gas exploration position.
16 Apr 2014production update● Neutral
Contact's March operating data: Otahuhu wholesale price averaged $119/MWh, and hydro storage at 31 March was 79% of mean in the South Island and 52% in the North. Routine data on Origin's 53.09% subsidiary.
16 Apr 2014security holder rights change● Neutral
Contact gave notice of the redemption and final 8% interest payment on its old CEN010 bonds, with 348.8m outstanding, on 15 May 2014. Interest totals NZ$6.8m. This resolves the open question about the remaining May 2014 bonds; the funding source is not stated.
7 Apr 2014regulatory community update● Neutral
Following the NSW decision to deregulate electricity prices from 1 July 2014, Origin will cut charges 1.5% for residential customers on regulated tariffs in the Essential and Endeavour network areas. It will cap small-business increases at 1.8% for one year.
4 Apr 2014half year report● Neutral
Origin sent shareholders its printed half-year report for the six months to 31 December 2013, repeating known results: statutory profit $322m, underlying profit $381m, 25cps interim dividend. APLNG remains on track for first LNG in mid-2015. No new information.
2 Apr 2014drilling progress report● Neutral
Beach's March drilling report covers the Cooper Basin, including Big Lake gas wells cased and suspended in the South Australian JV (Origin 13.19%) and Baryulah-18 in the Queensland JV (Origin 16.5%). The oil discovery at Stunsail-1 is outside Origin's interests.
1 Apr 2014contract award▲ Good
As BassGas operator (Origin 42.5%), Origin contracted Seadrill's West Telesto rig to drill Yolla-5 and Yolla-6 in the 2014/15 summer, stage two of the Yolla Mid Life Enhancement project. The wells support maintaining Yolla gas production. No cost is stated.
27 Mar 2014half year report▲ Good
Contact Energy, 53.09% owned by Origin, reported half-year profit up 27% to NZ$112m, with EBITDAF NZ$264m and an 11cps interim dividend. Te Mihi hot well pump fix is expected to restore full capacity before financial year end; the bond refinancing is nearly complete.
25 Mar 2014capital raising announcement● Neutral
Contact made its final allotment of 10.1m new 5.80% bonds, taking the new CEN020 bonds to NZ$222m. The exchange of old bonds left 348.8m outstanding. This concludes the bond issue, but no repayment plan for the remaining May 2014 bonds is stated.
25 Mar 2014security holder rights change● Neutral
Origin changed its dividend reinvestment plan rules: the election date moves to the business day after the record date, the price is rounded to two decimals, and residual balances under A$10 will be donated to charity from 1 July 2014. Administrative.
24 Mar 2014security holder rights change● Neutral
Origin set the interest rate on its subordinated notes at 6.66% for 24 March to 22 June 2014, payable 23 June at $1.66 per note. It is the bank bill rate of 2.66% plus a 4.00% margin, and the previous rate was 6.62%.
20 Mar 2014capital raising announcement● Neutral
Contact allotted 211.9m of its new 5.80% bonds due 15 May 2019, including 184.8m exchanged for old bonds, which is 34.6% of the existing class. About 349.3m of the old bonds remain. This is the first allotment of the refinancing.
19 Mar 2014dividend declaration● Neutral
Origin set the dividend reinvestment plan price at $14.58 for the 25 cps unfranked interim dividend paid on 4 April 2014. This follows the dividend announced with the half-year result on 20 February.
19 Mar 2014regulatory community update▲ Good
Origin began a phased restart of the APLNG drilling suspended on 13 March over asbestos in a drilling additive. Five of 12 rigs were tested and returned to work; the other seven are expected back over the coming days. This largely resolves the stoppage.
