20 July 2012other● Neutral
Contact Energy is moving its share registry from Computershare to Link Market Services from 20 July 2012. Administrative notice only, forwarded by Origin as 52.99% holder of Contact.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2012drilling progress report● Neutral
Geodynamics says 9⅞-inch casing is run and cemented at 4,025m using reverse cementing, a recommendation from the Habanero 3 failure. Cement logging comes next, then the final granite section. Origin holds 30%.
17 July 2012regulatory community update▼ Bad
Origin cuts Queensland residential Tariff 11 market contract rates to match the regulated frozen rate, an average 11% reduction from its previously advised increases. It suspended billing during a review and says no customer was billed at the earlier higher rates.
13 July 2012production update▼ BadMajor
Origin says the Yolla compression module lift failed and weather is unlikely to allow a retry soon. Yolla returns to free-flow production, expected to resume in the September quarter 2012. Phase 1 cost rises from about $460 million to about $490 million. Origin holds 42.5%.
13 July 2012joint venture update▼ Bad
Partner AWE says the Yolla compressor lift failed and is now planned for summer 2012/13. AWE estimates Phase 1 budget rising to about $550-580 million, versus Origin's $490 million figure, and calls the operator's delivery performance disappointing. Origin holds 42.5%.
12 July 2012farm in farm out completion● NeutralMajor
Sinopec's purchase of an extra 10% of APLNG has completed, taking it to 25%. Origin and ConocoPhillips are each diluted from 42.5% to 37.5%. Sinopec injects about US$2.1 billion, and its LNG purchases rise by 3.3 mtpa to 7.6 mtpa from 2015.
10 July 2012resource reserve update▲ GoodMajor
NZOG reports the Kupe partners agreed the revised reserves Origin flagged on 27 June. Initial 2P reserves rise 13.4% to 489 PJe; sales gas up 18.3%, LPG up 22.8%, light oil down 1.8%. Origin holds 50% and operates.
10 July 2012resource reserve update▲ GoodMajor
Origin confirms Kupe initial 2P reserves rose to 83.8 million BOE (489 PJe), with 70.0 million BOE (408 PJe) remaining at 1 July 2012. Sales gas is up 18.3% and LPG up 22.8%. Origin holds 50% and operates; this is the second Kupe upgrade.
4 July 2012drilling progress report● Neutral
Geodynamics reports the 12¼-inch section of Habanero 4 is complete at 4,026m, now logging before casing and drilling the final granite section. Origin holds 30%. The well was originally planned to about 4,170m.
4 July 2012investor presentation▲ GoodMajor
Origin MD Grant King presents the Australia Pacific LNG Train 2 final investment decision (FID2) to investors. The readable text covers only disclaimers, and notes Origin's APLNG stake is expected to dilute from 42.5% to 37.5%. This resolves the pending Train 2 decision; no other figures are readable.
4 July 2012drilling progress report● Neutral
Beach's June report on Cooper Basin and Egypt wells. Origin is not mentioned, so there is no direct bearing on Origin. Routine monthly drilling report from another company, forwarded or filed under Origin's name.
2 July 2012other● Neutral
Contact Energy will release its FY12 results before market open on 14 August 2012. Administrative date notice only, forwarded by Origin as Contact's 52.99% shareholder.
29 June 2012material agreement▲ Good
APLNG signed a binding 20-year sale agreement with Kansai Electric for about 1 mtpa of LNG, deliveries from 2016. It converts the earlier Heads of Agreement and remains conditional on the Train 2 final investment decision, still targeted for mid-2012.
29 June 2012admin correction● Neutral
Origin corrected the record and ex-dates for its subordinated notes interest payment to 14 and 10 September 2012. The rate of 7.53% and the $1.94 payment are unchanged.
27 June 2012resource reserve update▲ Good
NZOG says Origin, as Kupe operator, has given preliminary results of a reserves review suggesting Kupe's remaining reserves may need to be increased further. A figure is not given; partners aim to agree a position by mid July. Origin holds 50%.
22 June 2012security holder rights change● Neutral
Origin set the interest rate on its subordinated notes at 7.53% for 22 June to 23 September 2012, down from the previous 8.44%. The payment of $1.94 per note is due 24 September.
21 June 2012drilling progress report● Neutral
Geodynamics reports Habanero 4 at 3,883m, up 313m, in line with expected slower rates in the Merrimelia and granite formations. Origin holds 30%. Routine progress.
19 June 2012production update● Neutral
Contact Energy's May 2012 data: Haywards averaged $130/MWh, South Island hydro storage 72% of mean and North Island 116%. Continues the low South Island hydro theme from April's data. Routine monthly report from Origin's 52.99% subsidiary.
19 June 2012investor presentation● Neutral
Origin's 147-page Analyst Workshop presentation, delivered by Karen Moses and the management team. Only the legal disclaimers and definitions are readable here, so no new results or figures can be reported.
15 June 2012admin correction● Neutral
Origin restated its FY2011 segment EBITDA and EBIT under the new segments introduced at its February 2012 interim result. The release says there is no change to reported group profit for prior periods.
15 June 2012investor presentation● Neutral
Origin presentation at the UBS Utilities Conference restates its positioning: largest Australian retailer and generator portfolio, first APLNG train sanctioned, second train decision pending, binding LNG contracts for 8.6 mtpa. No new figures are evident in the readable text.
8 June 2012joint venture update▼ Bad
Geodynamics says Origin did not approve the proposed work program following Habanero 4 at the 4 June Operating Committee meeting. Discussions continue to agree a forward program. Origin holds 30% of the Innamincka Deeps JV; the reason for non-approval is not stated.
8 June 2012debt financing▲ Good
China EXIM signed final definitive documents for its US$2.759bn, 16-year share of APLNG's US$8.5bn project finance facility. This resolves the earlier commitment-letter status. The facility remains conditional on the Train 2 final investment decision.
6 June 2012drilling progress report● Neutral
Geodynamics reports Habanero 4 at 3,570m, up 200m, with drilling slowing in hard Patchawarra and Tirrawarra formations but in line with plan. Origin holds 30% of the Innamincka Deeps JV. Routine progress.
6 June 2012drilling progress report● Neutral
Beach Energy's May drilling report covers Cooper Basin wells in which Origin is not named as a participant. It is not specific to Origin and adds nothing to its story. Likely a mis-filed or unrelated item; no Origin-specific impact is stated.
1 June 2012director officer appointment● Neutral
Contact Energy appointed its Chief Operating Officer, Graham Cockroft, as Chief Financial Officer from 2 July 2012. Peter Kane and James Kilty, both general managers, also joined its executive Leadership Team from that date.
1 June 2012regulatory community update▼ Bad
Origin will contest the Queensland Competition Authority's 2012-13 regulated retail electricity price decision, saying it understates wholesale costs. Origin says it restricts recovery of about $60m. The outcome of the challenge is not yet known.
1 June 2012other● Neutral
Contact Energy says Origin's TAWN sale does not affect its Ahuroa gas storage facility, which the sale excludes and Contact keeps. A clarification of the 31 May sale; no new figures.
31 May 2012asset acquisition disposition● NeutralMajor
Origin agreed to sell its Tariki, Ahuroa, Waihapa and Ngaere fields in New Zealand to NZ Energy Corp for about CDN$42m plus a 5% gross overriding royalty. Completion is expected October 2012, subject to conditions including NZ government approvals.
30 May 2012asset acquisition disposition▼ BadMajor
Transform Solar, Origin's 50:50 JV with Micron, will stop making SLIVER solar modules in Idaho, citing global oversupply. Origin is reviewing its 50% carrying value, $134m at 31 Dec 2011, with any decision disclosed on 23 August 2012. A possible write-down.