23 Aug 2012admin correction● Neutral
Origin corrects its final dividend record date to 3 September 2012 from 31 August, as the listing rules require; the ex-date moves to 28 August. The 27 September payment date is unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2012investor presentation● Neutral
Analyst presentation accompanying the FY12 result, delivered by Grant King and Karen Moses. The visible text is only the disclaimer and notices; no new figures are shown beyond the result already released.
23 Aug 2012regulatory community update▼ Bad
The competition regulator has started Federal Court proceedings against Origin's wholly owned subsidiary Speed-E-Gas and Supagas NSW. It alleges a 2006-2011 cartel not to supply forklift LPG to each other's Sydney customers. Penalties are sought; a directions hearing is on 20 September 2012.
23 Aug 2012drilling result▲ Good
Geodynamics says Habanero 4 reached its target depth of 4,204m, deeper than the 4,071m reported on 17 August. Drilling indications suggest the target fracture zone was intersected as expected. Logging, cement checks and completion come next. Origin holds 30%.
23 Aug 2012flow test result▲ Good
AWE reports Senecio-2 in the Perth Basin was stimulated, with gas flowing at about 0.5 million cubic feet a day during clean-up. Origin holds 50% of this well. Other wells in the program are AWE's or Norwest's, not Origin's.
23 Aug 2012annual report▲ GoodMajor
Origin reports FY12 statutory profit of $980m versus $186m, with underlying profit up 33% to $893m. Full-year dividend steady at 50 cents. Remaining APLNG funding is about $3.6bn, covered by $4.2bn of cash and undrawn facilities. The statutory jump includes a gain on the APLNG dilution.
23 Aug 2012other▲ Good
Origin reports its subordinated notes ratios at 30 June 2012: interest cover 5.7 times against a 3.5 minimum, and leverage 1.9 times against a 4.0 maximum. No mandatory deferral event exists, so the notes' interest payments are not at risk on these tests.
21 Aug 2012other▲ GoodMajor
Origin's 550 MW Mortlake gas-fired peaking power station in Victoria is fully commissioned after its second unit finished, at a cost of $810m excluding capitalised interest. Origin now records its revenue and earnings; owned and contracted capacity reaches 5,900 MW.
21 Aug 2012production update● Neutral
Contact Energy's July 2012 data: Haywards price averaged $80/MWh, South Island hydro storage 88% of mean and North Island 99%. Routine monthly report forwarded by Origin as 52.99% holder.
17 Aug 2012flow test result▲ Good
Beach reports the Santos-operated Moomba-191 unconventional gas well flowed at a stable 2.6 MMscfd, peaking at 3.0 MMscfd. Origin holds 13.19% of the South Australian Cooper Basin JV that drilled it.
17 Aug 2012drilling progress report▲ Good
Geodynamics says the extra cementing at Habanero 4 succeeded and pressure testing shows enough integrity to continue. The well is drilling the final section at 4,071m. This follows the 10 August delay report; Origin holds 30%.
14 Aug 2012half year report▲ Good
Contact Energy, 52.99% owned by Origin, reports FY12 profit of $190m, up 27%, with EBITDAF up 15% to $509m. Final distribution is 12 cents per share, 23 cents for the year. Forwarded by Origin as majority holder.
13 Aug 2012drilling spud● NeutralMajor
Mbawa 1 exploration well offshore Kenya spudded on 10 August 2012, operated by Apache. It targets 3,250m in 864m of water, taking about 60 days. Origin holds 20% of block L-8 and will report again when results are in.
10 Aug 2012joint venture update▼ BadMajor
Geodynamics says Habanero 4 is about 22 days late and the cost now estimated at about $50m versus a $48.5m cap. Origin, holding 30%, will not contribute further to well costs but can rejoin. This resolves the work-program dispute, with Origin stepping back.
1 Aug 2012drilling progress report● Neutral
Amended version of Beach's July drilling report. The only change visible is that Halifax-1 is now expected to spud on 2 August rather than having spudded 1 August. Not Origin's own news.
1 Aug 2012drilling progress report● Neutral
Beach Energy's July drilling report. Origin is a 13.19% partner in the Santos-operated South Australian Cooper Basin JV, which drilled Big Lake-92 and Kanowana-8 wells. Other results (Mustang-1, Bauer-5) are Beach's, not Origin's, from the text.
31 July 2012agm notice● Neutral
Contact Energy will hold its annual meeting on 17 October 2012, with director nominations closing 21 August. Administrative notice forwarded by Origin as 52.99% holder of Contact.
31 July 2012resource reserve update● Neutral
Media release on the annual reserves and June quarter: 2P reserves 6,807 PJe, up 9% before APLNG dilution. FY12 production 130 PJe (down 4%), revenue up 3% to $856m. Repeats the reserves report and quarterly figures already lodged on 31 July.
31 July 2012quarterly activities report● Neutral
Origin's June quarter production was 33.3 PJe, up 7% on March but down 10% on a year earlier; no BassGas output due to the Yolla project. Full-year production fell 4% to 129.7 PJe, revenue up 3% to $856 million. APLNG Train 2 FID noted on 4 July.
31 July 2012resource reserve update● NeutralMajor
Origin's 2P reserves at 30 June 2012 were 6,807 PJe, down 234 PJe because of the APLNG dilution from 50% to 42.5%; excluding that, up 648 PJe (9%). Sinopec's completed purchase cuts APLNG-related reserves a further 656 PJe to 4,917 PJe.
25 July 2012production update● Neutral
Contact Energy's June 2012 data: Haywards averaged $115/MWh, South Island hydro storage rose to 81% of mean and North Island 104%. Q3 futures fell to $85/MWh by 20 July. Routine monthly report from Origin's 52.99% subsidiary.
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.
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.