Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2013debt financing● Neutral
Contact Energy closed its CEN010 retail bond buyback, with a final purchase of 3,905,000 bonds for about NZ$4.0m. This ends the buyback programme that was ongoing in Origin's context. Origin holds 53.09% of Contact.
19 Dec 2013material agreement▲ Good
Santos, for GLNG, confirmed the same Origin gas purchase: 100 PJ over five years from January 2016, oil-linked pricing, with up to 94 PJ extra. It adds to Origin's earlier 365 PJ deal. GLNG says it is over 72% complete.
19 Dec 2013material agreement▲ GoodMajor
Origin signed a second gas sales agreement with GLNG partners: at least 100 PJ at Wallumbilla over five years from 1 January 2016, with an option for up to 94 PJ more. It adds to the 365 PJ deal from May 2012, and Origin can call back some volumes.
19 Dec 2013well test result▲ Good
Santos reported Moomba-194 shale gas well flowing about 3 mmscf/d, a follow-up to Moomba-191. Origin holds 13.19% of the SACB JV, so it gains a small share of a possible Moomba North extension. Early test result only.
17 Dec 2013production update● Neutral
Contact's November data: Haywards wholesale price averaged $41/MWh, up from $38 in October. Hydro storage was 136% of mean in the South Island and 119% in the North Island. Routine operating data from the 53.09%-owned subsidiary.
4 Dec 2013drilling progress report● Neutral
Beach Energy's November drilling report, a partner document, shows Cooper Basin activity where Origin has interests. Kaiden-1 was a gas discovery in the Queensland gas JV (Origin 16.5%), and several SACB JV (Origin 13.19%) wells were cased as gas producers. Routine drilling update.
28 Nov 2013material agreement▲ GoodMajor
Origin signed a conditional gas sales agreement to supply QGC with up to 30 PJ at Wallumbilla across 2014 and 2015 at oil-linked pricing. Origin can call back some volumes in periods of high demand. It is an additional route to market for its gas.
18 Nov 2013production update● Neutral
Contact's October data: Haywards wholesale price averaged $38/MWh, down from $62 in September. Hydro storage rose to 178% of mean in the South Island and 113% in the North Island. Routine operating data.
15 Nov 2013director officer appointment● Neutral
Maxine Brenner joined the Origin Board as an independent non-executive director and a member of the Audit and Risk committees. She is a former investment banker and lawyer. Women now make up 33% of the board. Gordon Cairns is announced as Chairman.
5 Nov 2013investor presentation● Neutral
Origin released a 39-page Asia roadshow presentation by Grant King and Karen Moses. Only the disclaimers and the FY2013 basis of figures are visible in the text provided; no new information can be identified.
4 Nov 2013regulatory community update▲ Good
Contact Energy, 53.09% owned by Origin, was granted new resource consents for its Ohaaki geothermal plant for 35 years, allowing a take of 40,000 tonnes a day of geothermal fluid. Consents were granted as sought, so the plant can keep operating.
31 Oct 2013investor presentation● Neutral
Origin released a 60-page operational review and asset visit presentation for 31 October and 1 November. Only the disclaimers and the FY2013 basis of figures are visible in the text provided; no new information can be identified.
29 Oct 2013asset acquisition disposition● NeutralMajor
Origin completed the sale of its New Zealand TAWN licences and the Waihapa production station to New Zealand Energy Corp for CDN$30m plus a 9% royalty on future production from three licences. This closes the pending TAWN sale. Ahuroa passed to Contact Energy.
25 Oct 2013material agreement▲ Good
Australia Pacific LNG and Santos GLNG signed gas swap and pipeline connection agreements in the Surat Basin. The deal avoids about 140km of extra pipelines for the two projects. It supports APLNG's efficiency as it works towards first LNG in mid-2015.
23 Oct 2013director officer appointment▲ GoodMajor
Managing Director Grant King's contract, due to expire 30 June 2014, becomes ongoing from 23 October 2013, terminable on 12 months' notice. Fixed pay is $2.5m. Terms were already disclosed in the 2013 Annual Report. Gives leadership continuity as McCann retires.
23 Oct 2013annual report● Neutral
Origin released its 2013 Sustainability Report, a summary of environmental, social and safety performance for the year to 30 June 2013. It recaps known events such as the 850 job reductions and the Geodynamics impairment. No new financial information.
22 Oct 2013production update● Neutral
Contact's September data: Haywards wholesale price averaged $62/MWh. Hydro storage recovered to 125% of mean in the South Island and 100% in the North Island, up from 109% and 69% in August. Routine operating data.
21 Oct 2013security holder rights change● Neutral
Contact Energy formally set the Capital Bonds redemption: NZ$200m principal repaid on 15 November 2013, record date 5 November, last NZDX trading day 31 October. Notices go to bondholders on 23 October. Confirms the 18 October announcement.
18 Oct 2013security holder rights change● Neutral
Contact Energy will redeem all its Capital Bonds due 2042 on 15 November 2013 at par, after S&P's new criteria cut their equity content. Funded from bank facilities and deposits. Echoes S&P's April cut to Origin's own hybrids.
14 Oct 2013other● Neutral
Origin forwarded Contact Energy's first buyback notice: 190,000 retail fixed rate bonds (CEN010) bought for $197,291 on 11 October for cancellation. Minor administrative notice; Origin holds 53.09% of Contact.
10 Oct 2013investor presentation● Neutral
Origin released a 38-page international roadshow presentation by Grant King and Karen Moses. Only the disclaimers and the FY2013 basis of figures are visible in the text provided; no new information can be identified from it.
10 Oct 2013joint venture update▼ BadMajor
Pancontinental says media reports Apache is withdrawing from Kenya L8, where Origin holds 20%. No written notice has been given yet. Remaining partners would decide a new operator; Pancontinental expects to increase its stake pro rata. Follows the Mbawa 1 gas discovery.
3 Oct 2013director officer appointment● NeutralMajor
Chairman Kevin McCann, in the role since Origin listed in 2000, will retire after the 23 October 2013 AGM. The Board elected Gordon Cairns, a director since June 2007, to succeed him, subject to shareholders re-electing him at the AGM.
3 Oct 2013debt financing● NeutralMajor
Origin priced US$800m of five-year senior unsecured notes at a 3.50% coupon, maturing October 2018, raising A$852.9m after swapping to Australian dollars. Follows this week's €800m deal; proceeds repay bank debt and fund APLNG. Settlement expected early October.
2 Oct 2013drilling progress report● Neutral
Beach Energy's September drilling report covers its own wells plus Santos-operated Cooper Basin wells where Origin holds 13.19% or 16.5%, including Cowralli gas wells cased for fracture stimulation and Langmuir-1 suspended. Nothing Origin-specific.
30 Sept 2013debt financing● NeutralMajor
Origin priced €800m of eight-year notes at a 3.50% coupon, maturing October 2021, raising about A$1.16bn after swapping to Australian dollars. Proceeds repay or cancel parts of the new $7.4bn bank facility and fund APLNG; settlement is expected early October.
27 Sept 2013other● Neutral
Origin forwarded Contact Energy's disclosure of financial assistance for a new employee share plan, about $1,023,000 in total for roughly 1,000 employees. Origin holds 53.09% of Contact. Administrative notice only.
26 Sept 2013material agreement● Neutral
APA announced a new six-year gas transport agreement with Origin on the Moomba Sydney Pipeline from December 2013, shifting towards more Victorian gas into NSW and less from Moomba. APA will spend about $65m expanding capacity. Fits Origin's new Longford and Beach gas supply.
23 Sept 2013security holder rights change● Neutral
Origin set the subordinated notes interest rate at 6.58% for 23 September to 22 December 2013, up from 6.82%... actually lower: previous period was 6.82%. Payment of $1.64 per note is due 23 December 2013 unless deferred.
19 Sept 2013annual report● Neutral
Origin's 2013 annual report repeats the FY13 results already released: statutory profit $378m, underlying profit $760m (down 15%), 25cps unfranked final dividend, and $4.1bn remaining APLNG funding against $5.3bn liquidity. APLNG first LNG is expected in two years.
