Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 May 2012drilling spud▲ Good
Drilling of Geographe 2, the first of two development wells for the Geographe gas field in the Otway Basin, began on 29 May 2012. The field was approved in October 2011 and will connect to the Thylacine platform. Origin holds 67.23% as operator.
24 May 2012drilling progress report● Neutral
Geodynamics reports Habanero 4 in the Innamincka Deeps JV at 3,370m, having drilled 551m since the last report. Origin holds 30%. Routine progress with no new result.
24 May 2012debt financing▲ GoodMajor
Australia Pacific LNG signed a US$8.5bn project finance facility with banks, US EXIM and China EXIM (China EXIM on a commitment letter), maturing 2028-29. It is conditional on the Train 2 FID, still expected by mid-2012. Origin and the other shareholders each guarantee their share during construction.
24 May 2012material agreement▲ Good
Contact Energy confirms it will receive its full Maui gas entitlement of 24.65 PJ for calendar 2014, the final year of the existing contract. This resolves the contingent supply question flagged at its interim results.
24 May 2012debt financing▲ Good
APLNG's own release of the US$8.5bn project finance facility, repeating Origin's announcement. It adds that APLNG ownership of Origin 37.5%, ConocoPhillips 37.5% and Sinopec 25% depends on the Train 2 FID and Chinese and FIRB approvals. No new information.
21 May 2012production update● Neutral
Contact Energy's April 2012 operating data: South Island hydro storage 69% of mean, North Island 128%. Haywards averaged $82/MWh in April but $124/MWh for 1-16 May. Continues the low South Island hydro theme; routine monthly data.
17 May 2012annual report● Neutral
Origin's 2011 Sustainability Report, its 10th, is lodged for shareholders who chose to receive it. It covers the 12 months to 30 June 2011 and sets no forward targets. The visible text contains no new financial or operating information.
15 May 2012director officer appointment● Neutral
Contact Energy's CFO Mark Elliott will resign on 30 June 2012 to become Origin's General Manager Commercial, Energy Markets, from 2 July 2012. This is a senior staff move from Origin's 52.99%-owned subsidiary to the parent.
14 May 2012drilling result▼ BadMajor
Thistle 1, the Otway Basin exploration well spudded 19 April, reached 2,265mRT (short of the planned 2,559mRT) with no shows in the target Waarre Sandstones. Plug and abandonment is being planned. This is a dry hole; Origin holds 67.23% as operator.
2 May 2012material agreement▲ Good
Origin signed a 15-year power purchase agreement for 100% of the output and certificates from TrustPower's planned 270 MW Snowtown II wind farm in South Australia, due to start in 2014. It is Origin's largest wind offtake; no capital is committed beyond payment for energy delivered.
2 May 2012material agreement▲ GoodMajor
Origin signed a binding Heads of Agreement to supply the GLNG partners with 365 PJ of gas (100 TJ/d) over 10 years from 2015 at Wallumbilla, sourced from its east coast portfolio. Pricing is oil-linked, giving legacy gas an export-linked outlet.
2 May 2012investor presentation● Neutral
Grant King presents "Flexibility to Respond" at the Macquarie Australia Conference. Only the disclaimer and opening investment case are visible in the text provided, so no new information can be identified.
2 May 2012other● Neutral
Beach Energy's April drilling report covered Cooper Basin activity, including the Beach-operated Haslam-1 gas discovery and the Santos-operated Charo oil development wells. It did not mention Origin or give any Origin-specific result.
2 May 2012material agreement▲ Good
Santos confirms, for the GLNG partners, the binding Heads of Agreement to buy 365 PJ of gas from Origin at 100 TJ/d for 10 years from 2015, with oil-linked pricing. It mirrors Origin's own announcement of the same deal.
23 Apr 2012joint venture update▼ BadMajor
Yolla platform's new accommodation module is installed, but BassGas Stage 1 costs rise from about $360m to about $460m. Production restart is now targeted for July, with completion in the September quarter. Stage 2 wells (Yolla 5 and 6) move to summer 2013/14. Origin holds 42.5%.
23 Apr 2012joint venture update▼ Bad
Partner AWE republishes Origin's BassGas update and calls the schedule slip and cost rise (to about $460m) disappointing. AWE cuts its 2011-12 production guidance to 4.7 million BOE, and sees possible extra recovery of up to 4 million BOE from a third well.
19 Apr 2012farm in farm out agreement▼ Bad
Norwest confirms the North Erregulla 3D survey is delayed to early 2013, post-harvest, because Origin could not mobilise the crew before wheat seeding. Origin still pays 80% of cost to earn 40%; Norwest keeps 20%. Duplicates the Empire notice.
19 Apr 2012farm in farm out agreement▼ Bad
Empire says the North Erregulla 3D seismic survey (100 sq km) in EP 368/EP 426, Perth Basin, moves from 15 May 2012 to 15 May 2013, as Origin could not mobilise a crew before wheat seeding. Origin still earns 40% by paying 80% of costs.
19 Apr 2012drilling spud● Neutral
Origin spudded the Thistle 1 exploration well in VIC/P43, Otway Basin, 16km from the Geographe field, using the Stena Clyde rig. Planned depth is 2,559mRT. Origin holds 67.23% as operator and will report only on completion.
17 Apr 2012other● Neutral
Contact Energy March data: Haywards price averaged $88/MWh, South Island hydro storage 78% of mean, North Island 140%. Origin's stake in Contact is now stated as 52.99%, up from 52.76%. Q2 futures eased to $102/MWh by 16 April.
16 Apr 2012half year report● Neutral
Half-year report sent to shareholders repeats the February result: statutory profit $794m, underlying profit $489m (+61%), and 25c interim dividend. Origin restates full-year guidance of about 35% higher underlying EBITDA and about 30% higher underlying profit. Customer accounts fell by 112,000.
10 Apr 2012drilling scheduled▲ GoodMajor
Apache secured the drill ship Deepsea Metro 1 for the Mbawa well in Kenya L8 (Origin 20%), with spud expected in Q3 2012. Planned depth is 3,250m in 860m of water; it follows earlier mid-to-Q3 timing. Well cost estimates have risen, according to Pancontinental.
3 Apr 2012material agreement▲ Good
Origin's Cogent Energy signed a Heads of Agreement with the City of Sydney to invest $100m over 10 years building gas-fired trigeneration plants in four central Sydney zones. Customers are still being negotiated; construction is expected from 2013.
3 Apr 2012asset acquisition disposition▲ GoodMajor
Origin bought 51% of Chilean hydro developer Energía Austral from Xstrata Copper, for a roughly 1,000 MW project in Aysén. Origin will fund US$75m of feasibility costs over three years, and a further US$75m if feasible. Investment decision expected 2015/16.
30 Mar 2012asset acquisition disposition● Neutral
AWE completed the sale of 11.25% of BassGas and 2.75% of T/18P to Toyota Tsusho for $80.125m. Origin remains operator with 42.5% of BassGas and 39% of T/18P. AWE holds 46.25% of BassGas, and Acer is now listed with 5% of T/18P.
26 Mar 2012investor presentation● Neutral
Origin's international roadshow presentation by Grant King and Karen Moses, March to April 2012. Only the disclaimer and an opening summary are visible in the text provided, so no new information can be identified.
22 Mar 2012joint venture update● Neutral
Operator Apache finished a 1,400 sq km Nanaa 3D seismic survey in Kenya L8 (Origin 20%), with interpretation due by end-2012. Mbawa drilling is still planned during or before Q3 2012, as previously expected.
22 Mar 2012debt financing● Neutral
The rate on Origin's subordinated notes, issued December 2011, resets to 8.44% a year for 22 March to 21 June 2012, down from 8.47% for the first period. The next interest payment is due 22 June 2012 unless deferred.
21 Mar 2012dividend declaration● Neutral
The dividend reinvestment plan price for Origin's 25c interim dividend is $12.94 per share, the average market price over 7 to 20 March. Payment is due 30 March 2012.
19 Mar 2012drilling scheduled● Neutral
AWE says Halliburton has confirmed fracture-stimulation equipment for three Perth Basin wells from June 2012. One is Senecio-2 in L1/L2, where Origin holds 50%; it tests whether the tight gas reservoir, which flowed over 1 MMcf/d unstimulated, can do better.
