Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
18 Mar 2014capital raising announcement● Neutral
Contact reserved a further $6m of its 5.80% bonds for broker clients, bringing applications to about $220m of a total offer of up to $225m. The general offer closes 20 March, and the final allotment moves forward to 25 March.
18 Mar 2014production update● Neutral
Contact's February operating data: Haywards wholesale price averaged $117/MWh, and hydro storage on 28 February was 93% of mean in the South Island and 77% in the North. By 12 March storage had fallen to 84% and 63%. Routine data.
14 Mar 2014capital raising announcement▲ Good
Contact set its retail bond rate at 5.80%, the bottom of the 5.80-6.00% range, after receiving over NZ$210m of applications. Existing bondholders were over 80%. Contact took oversubscriptions, so the offer may reach NZ$250m. This progresses the May 2014 refinancing.
14 Mar 2014joint venture update● Neutral
Beach reported Cooper Basin unconventional progress. Roswell-2 had a five-stage fracture stimulation completed, and Moomba-193 ST1 reached 3,396m with a roughly 900m lateral. Stimulation problems affected some Nappamerri wells. Origin holds 13.19% of the South Australian JV.
13 Mar 2014drilling result▼ BadMajor
Caravel-1 in New Zealand's Canterbury Basin reached 2,692m and is being plugged and abandoned after encountering only gas shows. Origin holds 45%. Analysis will guide future activity; this resolves the well Origin began on 10 February.
13 Mar 2014regulatory community update▼ BadMajor
Origin, as APLNG upstream operator, suspended drilling at 12 rig sites in south-west central Queensland after a supplier said a drilling-fluid additive (NUTPLUG) contained asbestos. Affected stock is quarantined and investigations have begun. The text gives no cost or schedule impact.
13 Mar 2014other▲ Good
Contact Energy corrected a broker report that its Stratford combined-cycle plant (TCC) was unlikely to run this winter. It says the 1,000-hour limit was an isolated problem fixed in an outage ending 5 March, so TCC is not hours-limited this winter.
13 Mar 2014resource reserve update● Neutral
Partner NZ Oil & Gas said an independent assessment, published for the Genesis IPO, estimated extra contingent and prospective resources at Kupe. Origin operates Kupe with 50%. The work is conceptual, expected to take about 12 months, and no volumes are given.
5 Mar 2014drilling progress report● Neutral
Beach's February drilling report covers Cooper Basin work in which Origin holds 13.19% (South Australia) and 16.5% (Queensland). Barrolka-11 to 13 were all cased as gas wells, and Moomba-193 ST1 reached 3,996m with a roughly 1,000m lateral. Routine partner update.
3 Mar 2014investor presentation● Neutral
Karen Moses's US roadshow presentation describes Origin as an integrated energy business and says investment is focused on APLNG, with production starting in 2015. It cites $6.5bn liquidity and Baa2/BBB ratings. Only the opening part of the text is provided; no new announcements are evident.
28 Feb 2014capital raising announcement● Neutral
Contact Energy (Origin holds 53.09%) said bond exchange packs go out 3 March, with applications due by 13 March. It reserved $25m of bonds for broker clients at an assumed 5.80%. This is administrative follow-up to the retail bond offer opened 26 February.
26 Feb 2014production update● Neutral
Contact's January data: Haywards wholesale price averaged $60/MWh, but $114/MWh for 1-23 February. Hydro storage fell from about 118% of mean in December to 96% South Island and 86% North Island by 24 February. Routine operating data.
24 Feb 2014farm in farm out agreement● Neutral
Planet Gas, which holds 20% of PEL 514, announced the Origin-Senex farm-out of the deep Permian section. Origin earns 30% from Stage 1 and a further 10% from Stage 2; Planet Gas keeps its 20%. Partner's version of the same deal.
24 Feb 2014farm in farm out agreement▲ GoodMajor
Origin signed two farm-ins with Senex for unconventional gas blocks in South Australia's Cooper Basin. It invests $97m in Stage 1 for 40% of Area A and 30% of Area B, with an option to add 10% each for $72m. Completion by about 30 June 2014.
24 Feb 2014farm in farm out agreement● Neutral
Senex announced the Cooper Basin farm-out to Origin, a work program of up to $252m covering Area A and Area B in South Australia, with at least 15 wells. Senex is free-carried for the first $185m. Completion is expected by 30 June 2014.
20 Feb 2014half year report▼ Bad
Origin filed its half-year accounts to 31 December 2013: statutory profit $322m, down 39% from $524m, and revenue $7,238m, down 3%. Interim dividend is 25 cents, unfranked (last year's was franked). Full accounts for the headline results released the same day.
20 Feb 2014investor presentation● Neutral
Presentation accompanying the half-year result, repeating known figures: underlying profit $381m, APLNG 58% upstream and 62% downstream complete, first LNG mid-2015, $6.5bn liquidity. Says retail transformation spending has ended. No new announcements evident in the text provided.
20 Feb 2014half year report● NeutralMajor
Origin reported statutory profit of $322m, down 39%, as last year's APLNG dilution gain did not recur. Underlying profit rose 5% to $381m; operating cash flow was $1.04bn. $1.4bn went into APLNG. Dividend 25 cps, unfranked; $6.5bn liquidity.
20 Feb 2014other● Neutral
Origin reported its subordinated notes' interest cover ratio at 4.4 times for the half to 31 December 2013, against a 3.5 minimum (5.2 times in June 2013). No mandatory interest deferral has been triggered.
19 Feb 2014other● Neutral
Contact Energy's proposed NZ$250m fixed-rate bonds were rated 'BBB'. Only the cover page is provided, so no further detail is available. Relates to the bond offer that opens 26 February.
18 Feb 2014capital raising announcement● Neutral
Contact registered its retail bond prospectus: up to NZ$200m plus NZ$50m oversubscriptions, maturing 15 May 2019, expected rate 5.80-6.00%. Opens 26 February. Holders of the NZ$534m May 2014 bonds can exchange. This confirms the refinancing planned since December.
18 Feb 2014half year report▲ Good
Contact Energy (Origin holds 53.09%) reported half-year profit of NZ$112m, up 27%, with EBITDAF NZ$264m and an unchanged 11 cps interim dividend. It will register a five-year retail bond offer of up to NZ$250m at 5.80-6.00%. Te Mihi hot well pump issue to be fixed by final quarter FY14.
12 Feb 2014drilling spud● NeutralMajor
Drilling began on 10 February 2014 on the Caravel-1 exploration well offshore Canterbury Basin, New Zealand. Origin holds 45% alongside operator Anadarko (45%) and Discover (10%). Expected to take about 40 days to reach 2,800m in 1,105m of water.
5 Feb 2014drilling progress report● Neutral
Beach's January drilling report, a partner document. In the SACB JV (Origin 13.19%), Moomba-202 and Big Lake wells were cased as gas producers; Moomba-193 needed a side-track. Barrolka-12 (Origin 16.5% Qld JV) cased as a gas producer. Routine update.
3 Feb 2014production update● Neutral
Contact's December data: Haywards wholesale price averaged $47/MWh, up from $41 in November. Hydro storage was 118% of mean in the South Island and 119% in the North Island. Routine operating data.
31 Jan 2014quarterly activities report▲ Good
December quarter production was 37.0 PJe, down 1% on September but up 28% on a year earlier, with revenue of $281m. APLNG is about 58% complete upstream and 62% downstream, up from 50% and 54% at September.
20 Jan 2014joint venture update● Neutral
Beach updated SACB JV unconventional gas results (Origin 13.19%). Moomba-194 initially flowed 3.1 mmscfd but declined to about 1.4 mmscfd before shut-in. Gaschnitz-1ST1 fell from 1.5 to 0.7 mmscfd. Mixed early results, still appraisal.
