Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2013debt financing● Neutral
Origin's 53.09%-owned Contact Energy raised US$240m of long-term debt from US investors, with maturities of 7 to 15 years (11-year weighted average), drawn in Sept and Dec 2013 to refinance maturing facilities. About NZ$300m, hedged to NZ dollars.
13 June 2013asset acquisition disposition▲ Good
Contact completed the sale of the former New Plymouth power station site for $24m total: $15.5m to Port Taranaki and $8.5m to Methanex New Zealand. This resolves the pending site sale noted earlier.
6 June 2013admin correction● Neutral
Beach Energy revised its drilling table to show Sceale-1 as cased and suspended, matching its 5 June report text. Administrative correction with no new information for Origin.
5 June 2013drilling progress report● Neutral
Beach Energy's May drilling report covers its own Cooper Basin oil and deep gas wells. Origin appears only through non-operated Santos-led wells, such as Cowralli development wells (13.19%) and Juno-6 (16.5%). Several cased and suspended as future producers; nothing Origin-specific.
29 May 2013investor presentation● Neutral
An Origin speech on landholder co-existence for APLNG, using a farm case study with 172 planned wells. It reports APLNG upstream was 39% complete as of April, up from 35% at March quarter-end.
22 May 2013debt financing● Neutral
Origin's subsidiary Contact Energy priced NZ$100m of wholesale bonds: NZ$50m five-year at 4.800% and NZ$50m seven-year at 5.277%. They will not be quoted on the NZX debt market.
20 May 2013investor presentation● Neutral
Origin released an operational review presentation on APLNG coal seam gas production, restating 2P reserves of 13,111 PJe, 3P of 16,047 PJ and 9,829 PJ contingent resources. These are the 30 June 2012 figures; no new reserves are announced.
20 May 2013production update▲ Good
Origin forwarded Contact Energy's April operating data; Origin holds 53.09%. Haywards wholesale price averaged $95/MWh, down from $146 in March. North Island hydro storage recovered to 62% of mean at 30 April. Routine data.
17 May 2013production update▲ GoodMajor
AWE says Origin, as operator, lifted BassGas Yolla-A output to about 57 TJ/day from 42 TJ/day after a Yolla-3 workover and Yolla-4 logging. Origin holds 42.5% of the field, which restarted in October 2012; compression is still to be installed.
8 May 2013drilling progress report● Neutral
Beach Energy's April drilling report covers its own Cooper Basin oil wells, such as the Kalladeina-2 discovery, plus Santos-operated wells where Origin holds 13.19%, such as Van der Waals-1. Origin is not the operator and no Origin-specific result is reported.
1 May 2013investor presentation● Neutral
Managing Director Grant King presented at the Macquarie conference, repeating known points: APLNG upstream 35% and downstream 37% complete, first gas from Train 1 mid-2015, and the €900m notes pricing. Also covers regulation and retail competition challenges. No new figures.
18 Apr 2013admin correction● Neutral
ASX said a message mentioning Origin on commercial data feeds on 18 April was sent in error during internal testing of a new service. It did not relate to any actual or planned Origin action. Administrative correction only.
17 Apr 2013debt financing▲ GoodMajor
Origin priced €750m of 2.50% notes maturing October 2020, raising about A$950m after swaps, following a €150m 3.00% ten-year issue settled 5 April (A$186m). Proceeds will refinance existing debt used for APLNG capital spending.
15 Apr 2013other● Neutral
Origin forwards Contact Energy's March 2013 operating data; Origin holds 53.09%. Haywards averaged $146/MWh for March. North Island hydro storage was 50% of mean at 31 March, 43% by 11 April. Routine data.
10 Apr 2013material agreement● Neutral
Beach announced its side of the gas sales agreement with Origin Energy Retail: up to about 139 PJ over eight years, with a two-year extension option to about 173 PJ. Supply starts between July 2014 and June 2015, delivered ex-Moomba, oil-linked pricing.
10 Apr 2013material agreement▲ GoodMajor
Origin agreed to buy up to 139 PJ of Beach Energy's Cooper Basin gas, up to 17 PJ a year for eight years from FY2015, with an option to extend two years to 173 PJ. It adds east coast supply; Origin continues to review Ironbark and Halladale Black Watch timing.
3 Apr 2013security holder rights change● Neutral
S&P confirmed intermediate (50%) equity content for the hybrids. Origin will not use the redemption right triggered by this, though it keeps other future redemption rights. Its BBB (stable) senior rating is unchanged.
3 Apr 2013security holder rights change● Neutral
S&P cut the equity credit of Origin's $900m subordinated notes and €500m capital securities from 100% to a lower level, giving Origin a right to redeem them. Origin will consider redemption. The Capital Securities lose their mandatory deferral trigger.
3 Apr 2013drilling progress report● Neutral
Beach Energy's March drilling report covers its own wells, such as Halifax-1 and Holdfast-2, plus Santos-operated Cooper wells including Achilles-1 (dry). Origin is not named; its link is its 13.19% interest in the Santos-operated Cooper JV.
28 Mar 2013joint venture update● NeutralMajor
Origin told Geodynamics it will withdraw from the Innamincka Deeps and Shallows joint ventures effective 30 June 2013. Origin held 30% and had already stopped funding Habanero-4. This completes its exit from the geothermal project flagged at the March roadshow.
26 Mar 2013half year report▲ Good
Origin forwarded Contact Energy's half-year report; Origin holds 53.09%. Contact's profit was $88m (up 29%), EBITDAF $253m (up 10%), with an 11 cps distribution. Te Mihi power station is in early commissioning. Repeats results already noted.
22 Mar 2013other● Neutral
Origin set the subordinated notes interest rate at 7.06% for 22 March to 23 June 2013 (bank bill rate 3.06% plus 4.00% margin), paying $1.82 per note on 24 June. Slightly lower than the prior 7.14%. Routine.
21 Mar 2013half year report● Neutral
Origin sent shareholders its printed half-year report, repeating results already released: statutory profit $524m, underlying EBITDA $1.06bn (down 9%), 25 cps interim dividend. FY13 underlying profit guidance is now 10 to 15% below prior year. No new information.
20 Mar 2013other● Neutral
Origin set the dividend reinvestment price at $12.7305 per share for the 25 cps interim dividend payable 4 April 2013. Shares issued under the plan use the 10-day average price, 6 to 19 March. Administrative notice.
19 Mar 2013material agreement● Neutral
Drillsearch announced a new three-year gas sales agreement for Cooper Basin wet gas (10 BCF firm, up to 35 mmscfd) from PEL 106B with the SACB JV, in which Origin holds 13.19%. Origin is only a JV buyer here; no direct Origin effect stated.
18 Mar 2013other● Neutral
Origin forwards Contact Energy's February 2013 operating data; Origin holds 53.09%. Haywards averaged $73/MWh, but $222/MWh for 1-9 March as North Island hydro storage fell to 62% of mean by 11 March. Routine data.
11 Mar 2013other● Neutral
Appendix 3B: 1,275 ordinary shares issued for nil consideration on exercise of executive performance share rights. Ordinary shares quoted now total 1,094,032,750. Administrative notice only.
6 Mar 2013drilling progress report● Neutral
Beach Energy's February drilling report covers its own Cooper and Otway wells, such as Halifax-1 (up to 4.2 MMscf/d). Origin is not named; its only link is its 13.19% interest in the Santos-operated Cooper JV.
4 Mar 2013investor presentation● Neutral
US roadshow presentation by Karen Moses largely repeats known points: APLNG cost of $24.7bn, $4.4bn funding need and no equity raising. It also lists restructuring steps, including dropping Geodynamics and Transform Solar investment and pending sales of TAWN and Jingemia.
26 Feb 2013material agreement▲ GoodMajor
Origin agreed a further US$200m forward sale of oil and condensate over six years from July 2015, after the US$300m deal of December 2012. Together they cover about 35% of its oil and condensate 2P reserves excluding APLNG. The US$500m retires drawn debt.
