Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Apr 2015drilling result▲ Good
Irwin-1 reached total depth of 4,049m, with elevated gas shows in the Dongara/Wagina primary target and gas shows in deeper secondary targets of undetermined significance. Wireline logging comes next. No flow or resource figures yet.
23 Apr 2015production update● Neutral
Contact's March data: Otahuhu price averaged $80/MWh (February $97). South Island hydro storage fell to 65% of mean, North Island 83%. Routine monthly data on Origin's 53.09% subsidiary.
22 Apr 2015regulatory community update▲ Good
APLNG (Origin 37.5%) started the first of seven gas turbine generators (105 MW combined) that will power the Curtis Island LNG plant. A commissioning step after first gas reached the plant in February; the project timeline is unchanged.
22 Apr 2015drilling progress report● Neutral
Irwin-1 changed its drill bit and is at 3,850m, drilling to 4,064m. Routine progress with no new result.
22 Apr 2015other▼ BadMajor
S&P cut Origin's credit rating from BBB (negative outlook) to BBB- (stable); Moody's reaffirmed Baa2 (negative outlook) earlier in the week. Origin says its undrawn facilities cover APLNG funding and it has no intention to raise equity.
16 Apr 2015drilling result▲ Good
Irwin-1 hit the top of the Dongara Sandstone at 3,146m, 41m high to prognosis, with elevated gas shows across 120m of the primary target. Wireline logging comes later, so no flow or resource figures yet. An early encouraging sign for Origin's Perth Basin gas push.
15 Apr 2015drilling progress report● Neutral
Irwin-1 has set intermediate casing at 2,768m and is drilling at 2,996m toward 4,064m. Routine progress with no result yet.
8 Apr 2015drilling progress report● Neutral
Irwin-1 reached 2,770m and was about to run 9-5/8 inch casing. Still on track for 4,064m and about seven weeks total. Routine progress, no result yet.
1 Apr 2015drilling progress report● Neutral
AWE reports Irwin-1 (Perth Basin, Origin 67% of EP320, 50% of L1) at 1,079m after setting surface casing at 913m. Drilling toward 4,064m, about seven weeks in total. Routine progress, no result yet.
1 Apr 2015drilling progress report▲ Good
Beach's March report: a nine-well Cooper Basin gas campaign in the SACB JV (Origin 13.19%) was completed, with initial rates from three wells above pre-drill estimates. Further Coonatie and Barrolka wells cased or drilling. Routine non-operated activity; Beach's own oil discoveries are not Origin's.
31 Mar 2015half year report● Neutral
Origin sends its half-year report to shareholders who elected to receive it. It repeats the 19 February result: $25m statutory loss, $346m underlying profit, 25 cps dividend, and APLNG Train 1 sustained LNG from Q1 FY2016. No new information.
26 Mar 2015half year report● Neutral
Contact Energy (Origin holds 53.09%) reported half-year profit of $51m, down 54%, with EBITDAF down 3% to $257m on weaker retail margins. Interim dividend stays at 11 cps. Contact expects improvement in the second half. Already known from the earlier headline figures.
25 Mar 2015drilling spud● Neutral
AWE spudded the Irwin-1 exploration well in the Perth Basin on 25 March, drilling for Origin as its agent. Origin holds 67% of EP320 and 50% of L1. It targets gas east of Senecio-Waitsia, to 4,064m over about seven weeks.
23 Mar 2015other● Neutral
Sets the ORGHA subordinated notes rate at 6.27% a year (bank bill rate 2.27% plus 4.00% margin). The payment is $1.56 per note on 22 June 2015. It replaces the 6.7783% rate for the period ending March. Routine.
18 Mar 2015production update● Neutral
Contact's February data: Otahuhu price averaged $97/MWh (January $101). South Island hydro storage fell to 80% of mean, North Island 91%. Contact won $7.7m in liquidated damages for the Te Mihi outage. Routine data on Origin's 53.09% subsidiary.
17 Mar 2015dividend declaration● Neutral
Updates the 25 cps unfranked interim dividend notice to set the dividend reinvestment plan price at $11.87, with no discount. Payment is still 31 March 2015. Administrative update.
16 Mar 2015drilling spud● Neutral
AWE (35% BassGas partner) re-releases Origin's announcement that the Yolla-5 development well spudded on 14 March 2015. It adds no new information beyond Origin's own release.
16 Mar 2015drilling spud▲ Good
Origin, as operator, spudded the Yolla-5 production well at BassGas on 14 March using the West Telesto rig. It is the first of two wells in the mid-life project, aimed at extending Yolla production. Origin holds 42.5%. Planned depth is about 3,280m.
9 Mar 2015flow test result▲ GoodMajor
Senecio-3's Kingia sandstone flowed gas at an average 12.3 mmscf/d without stimulation, with about 2% CO2. This follows the Waitsia discovery in the Perth Basin (Origin 50%, with AWE). AWE says it confirms commercial potential; 2C resource stays 290 Bcf gross. Testing continues to mid-April.
4 Mar 2015drilling progress report● Neutral
Beach's February report shows further Cooper Basin gas wells cased in the SACB JV (Origin 13.19%). Gaschnitz-2 cased after 113m of gas-saturated sandstone; fracture stimulation is deferred until the joint venture agrees timing. Routine non-operated drilling.
19 Feb 2015half year report▼ Bad
Half-year statutory result was a $25m loss against a $322m profit a year earlier; revenue was $6,950m (down 4%). Interim dividend is 25 cps. Full detail is in the accompanying release.
19 Feb 2015production update● Neutral
Contact's January data: Otahuhu wholesale price averaged $101/MWh (December $88). South Island hydro storage fell to 85% of mean and North Island to 99%. Routine monthly data on Origin's 53.09% subsidiary.
19 Feb 2015other● Neutral
Origin reports its subordinated notes interest cover ratio for the six months to 31 December 2014 was 5.5 times, against a required minimum above 3.5. No mandatory deferral of interest payments has been triggered. The leverage test remains suspended to 30 June 2016.
19 Feb 2015investor presentation● Neutral
Half-year results presentation repeats the figures already released: statutory loss $25m, underlying profit $346m (down 9%), 25 cps interim dividend. APLNG Train 1 is due around mid-2015 and sustained LNG from the first quarter of FY2016. Origin says its APLNG investment remains robust at current oil price expectations.
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.
