Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 July 2013farm in farm out agreement▲ GoodMajor
Origin agreed to take 50% and operatorship of offshore permit WA-454-P from MEO Australia, paying A$5.6m of back costs and funding 80% of the Breakwater-1 exploration well, capped at A$35m. Subject to regulatory approvals and a joint operating agreement.
3 July 2013drilling progress report● Neutral
Beach Energy's June drilling report covers its own wells plus Santos-operated Cooper Basin wells where Origin holds 13.19%, 16.5% or 25%, such as Cowralli, Karmona-6 and Cook-26, mostly cased and suspended for future production. Nothing Origin-specific.
2 July 2013asset acquisition disposition● Neutral
Contact completed the sale of its gas metering business to Vector's Advanced Metering Assets for NZ$59.9m, first announced 25 October 2012. This resolves the pending Vector sale, at slightly less than the NZ$63m noted earlier.
1 July 2013other● Neutral
Contact Energy will release its year-to-30 June 2013 results before market open on 20 August 2013. Date notice only, no financial content.
1 July 2013asset acquisition disposition▲ GoodMajor
Origin agreed to buy Eraring Energy from the NSW Government for a net $50m, taking over the power station it already dispatched under 2011 arrangements. The Cobbora coal contract is cancelled with $300m paid to Origin, and a Centennial Coal supply deal for 24.5m tonnes is signed. Completion expected Q1 FY14.
26 June 2013security holder rights change● Neutral
Origin amended the $900m subordinated notes terms so the leverage ratio test, which can force interest deferral, is suspended from 30 June 2013 to 30 June 2016. The interest cover test remains; S&P and Moody's confirmed no change to equity credit; upcoming payments unaffected.
24 June 2013security holder rights change● Neutral
Origin set the subordinated notes interest rate at 6.82% for 24 June to 22 September 2013 (bank bill 2.82% plus 4.00% margin), paying $1.70 per note on 23 September. Routine reset, down from 7.06%.
21 June 2013production update● Neutral
Origin forwarded Contact Energy's May data: Haywards wholesale price averaged $79/MWh, and the Otahuhu Q2 futures price fell to $80 from $95 at end-April. North Island hydro storage rose to 71% of mean from 62%.
17 June 2013drilling progress report● Neutral
Partner Pan Pacific Petroleum repeats the Ca Voi-1X spud in 270 m of water, testing the Whale prospect (Oligocene reservoirs) to about 3,771 m; the well was at 342 m on 16 June. Origin holds 45% as operator. No new result.
17 June 2013drilling spud● NeutralMajor
Origin, operator with 45%, spudded the Ca Voi-1X exploration well in Block 121 off central Vietnam on 15 June 2013, targeting 3,771 m. Partners are Premier Oil 40% and Pan Pacific 15%. Origin will update only on completion.
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%. The April Haywards wholesale price averaged $95/MWh, and North Island hydro storage rose to 62% of mean at 30 April from 50% at 31 March.
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.
30 Apr 2013quarterly activities report● Neutral
Origin's media release on the March quarter: production 30 PJe (up 2%), revenue $199m. APLNG has drilled 256 Phase 1 wells, and the two LNG train start-up dates are unchanged. Origin made no APLNG cash contribution in the quarter; $119m so far in FY13.
30 Apr 2013quarterly activities report● Neutral
March quarter production was 29.5 PJe, up 2% on December but down 5% on a year earlier, with revenue $199.2m. APLNG upstream is 35% complete and downstream 37%, continuing the build toward Train 1 first LNG in mid-2015.
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.
