Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Jan 2013admin correction● Neutral
Corrects the subordinated notes notice: ex-date moves to 7 March 2013 because 11 March is an ASX no-settlement day, making the period 88 days and the payment $1.72 per note. Rate stays 7.14%. Administrative correction only.
24 Dec 2012security holder rights change● Neutral
Interest rate on Origin's subordinated notes for 24 December 2012 to 21 March 2013 is 7.14% (bank bill rate 3.14% plus 4.00% margin), paid 22 March 2013 at $1.74 per note unless deferred. Routine rate reset, down from 7.39%.
21 Dec 2012debt financing▲ GoodMajor
Origin sold a portion of future oil and condensate production from 2015 (Australian east coast and New Zealand) for US$300m, with Goldman Sachs as counterparty. Proceeds, received on 21 December, will retire existing drawn debt.
20 Dec 2012contract award▲ GoodMajor
Origin signed a long-term gas sales agreement with MMG for up to 22 PJ over seven years, starting with the Century mine in 2013 and later Dugald River. Follows the May 2012 GLNG gas sale, adding to domestic gas monetisation.
19 Dec 2012regulatory community update▼ BadMajor
Queensland's Supreme Court upheld the QCA's process for setting 2012-13 regulated electricity prices, so prices stay unchanged. Origin will not appeal. Its 8 November profit guidance had assumed no change, so guidance is not affected by this outcome.
18 Dec 2012regulatory community update▲ GoodMajor
Origin welcomes South Australia's decision to deregulate energy prices from 1 February 2013, with ESCOSA to monitor prices. Origin will cut gas prices 1% for SA customers on standing contracts. This resolves the open ESCOSA pricing-decision risk for FY13 guidance.
17 Dec 2012other● Neutral
Origin forwards Contact Energy's November 2012 operational data; Origin holds 53.09%. The November average Haywards price was $69/MWh and South Island hydro storage fell to 108% of mean (123% in October). Routine data, no Origin-specific change.
10 Dec 2012drilling result▲ Good
Geodynamics completed a 14-day major stimulation of Habanero 4, detecting over 24,000 micro-seismic events up to 1,500 m from the well. A third flow test is estimated for February 2013. Origin holds 30% of the JV but is not funding this program.
7 Dec 2012agm notice● Neutral
Origin sends shareholders the printed report of the 12 November AGM addresses. It repeats FY12 underlying profit of $893m, the 50c dividend and APLNG on track for first LNG in 2015. Largely repeats known facts; nothing new.
5 Dec 2012other● Neutral
Origin forwards Contact Energy's announcement that it is selling the former New Plymouth power station site for $15.5m to Port of Taranaki and $8.5m to Methanex. Origin holds 53.09% of Contact. Contact keeps a right to repurchase part of the site.
5 Dec 2012drilling progress report● Neutral
Beach Energy's November drilling report covers Cooper Basin oil discoveries such as Pennington and unconventional gas stimulation. Origin is not named; its only link is its 13.19% interest in the Santos-operated Cooper JV, where wells like Cooba-4 were cased for production.
22 Nov 2012well test result▲ Good
Geodynamics' second open flow test at Habanero 4 averaged 38 kg/s for 104 minutes at over 29 MPa after local stimulation, and major stimulation has begun. Origin holds 30% of the Innamincka Deeps JV but is not funding the FY2013 program.
21 Nov 2012farm in farm out agreement▼ BadMajor
Empire Oil & Gas says Origin gave notice terminating its farm-in agreements over North Perth Basin permits EP368 and EP426, citing the regulator's failure to approve work-timing variations. Empire disputes it and will seek legal advice. This is Empire's account only; Origin has not commented.
20 Nov 2012other● Neutral
Origin forwards Contact Energy's October 2012 operational data; Origin holds 53.09%. South Island hydro storage was 123% of mean and the October average Haywards price $47/MWh. Routine data with no Origin-specific change.
19 Nov 2012debt financing▲ GoodMajor
APLNG confirms all conditions are met for its US$8.5bn project finance facility and the first drawdown has occurred. It funds the downstream LNG plant on Curtis Island, with draws up to the limit through construction. Follows the May 2012 signing.
16 Nov 2012director officer appointment● Neutral
Bruce Morgan, retired PwC Australia chairman, joins the Origin board as an independent non-executive director and sits on the Audit, Risk and Nomination Committees. He fills the seat of retiring director Trevor Bourne (inference, as the release does not name Bourne).
12 Nov 2012agm notice● Neutral
Origin lodges the chairman's and managing director's AGM addresses and presentation. The chairman repeats FY12 underlying profit of $893m and the 50c dividend, and says APLNG remains on track and on budget for first LNG in mid-2015. Largely repeats known facts.
12 Nov 2012agm notice● Neutral
All AGM resolutions passed. Norris, Akehurst, Moses and Nugent were elected with about 99% support, and the remuneration report got 92% in favour. Approval of potential termination benefits had the most opposition, at 15%. Concludes the postponed AGM.
8 Nov 2012investor presentation● Neutral
Origin lodges presentations for its 8-9 November operational review and APLNG site visit. They largely restate known facts, including APLNG 2P reserves of 13,111 PJe and 3P of 16,047 PJ. No new announcements are visible in the text provided.
8 Nov 2012other▼ BadMajor
Origin cuts FY2013 guidance: underlying EBITDA growth of 5-10%, down from about 10%, and underlying profit now 5-10% below FY2012 instead of flat. It cites about $40m of extra solar certificate costs it cannot pass on, and regulatory pricing uncertainty.
7 Nov 2012drilling progress report● Neutral
Beach Energy's October drilling report covers Cooper Basin oil discoveries and unconventional gas wells, plus Egypt. Origin is not named; its only listed link is its 13.19% interest in the Santos-operated Cooper JV, where Beach reports wells such as Waukatanna-5 (Beach 20.21%) cased for production.
31 Oct 2012production update● Neutral
Media release accompanying the quarterly report: 33 PJe produced and $225m revenue. APLNG is on budget, with first LNG now stated as mid-2015; upstream is 20% and downstream 23% complete. BassGas restarted 15 October after the planned shutdown.
31 Oct 2012quarterly activities report● Neutral
September quarter production was 33.1 PJe, 10% below a year earlier, mainly because BassGas produced nothing during the Yolla upgrade; revenue was $224.5m (-3%). Otway output rose 11% on the June quarter. Yolla returned to production 15 October, resolving the shutdown.
25 Oct 2012asset acquisition disposition● Neutral
Contact Energy, 53.09% held by Origin, will sell its gas metering business to Vector for NZ$63m, subject to Commerce Commission clearance expected in about three months. Contact says this focuses it on its core business.
25 Oct 2012other● Neutral
Origin forwards Contact Energy's September 2012 operational data; Origin holds 53.09%. South Island hydro storage rose to 112% of mean (72% a month earlier) and the average Haywards price was $48/MWh. Routine data, no Origin-specific change.
22 Oct 2012annual report● Neutral
Origin lodges its 2012 Sustainability Report, sent to shareholders who elected to receive it. It closes the five-year objectives set in 2007. The visible text shows no new financial or asset news.
17 Oct 2012other● Neutral
Origin forwards Contact Energy's AGM addresses and results; Origin now holds 53.09%. The chairman repeats FY12 EBITDAF of $509m and the final 12c distribution. He now says Te Mihi should complete towards the end of this financial year.
15 Oct 2012agm notice▼ Bad
Origin postponed its AGM from 24 October to 12 November 2012 because its share registry provider delayed mailing notices to many shareholders. Proxies now close 10 November; existing proxy forms remain valid.
15 Oct 2012production update▲ Good
AWE confirms BassGas free flow has restarted and compression module installation is deferred. AWE expects higher 2012-13 production and revenue and lower capex as a result. Drilling and compression are now being reviewed for summers 2013/14 and 2014/15.
15 Oct 2012production update● NeutralMajor
Origin says Yolla is back in free-flow production and BassGas is again supplying gas, after being suspended since late 2011. The compression modules will not be installed this summer; timing is to be decided by the joint venture. Resolves the July compressor failure.
