Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2012quarterly activities report▲ Good
Media release on the March quarter E&P report: production 31 PJe (+6% year on year), sales revenue $203m (+2%). It says the APLNG Train 2 final investment decision is expected by mid 2012, and repeats the BassGas July restart target.
30 Apr 2012quarterly activities report▲ Good
March quarter E&P production was 30.9 PJe (+8% on December quarter, +6% on a year earlier) and revenue $203.0m (+3%). Thistle 1 targets about 500 bcf gas in place. BassGas shutdown was offset by higher APLNG and Otway output.
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.
19 Mar 2012other● Neutral
Contact Energy (Origin 52.76%) February data: Haywards wholesale price averaged $129/MWh, South Island hydro storage 69% of mean (from 72%), North Island 131%. Q2 2012 futures fell to $117/MWh by 13 March from $132/MWh at end-February.
14 Mar 2012dividend declaration● Neutral
Contact Energy (Origin 52.76%) set its interim bonus share strike price at $4.955, a ratio of 0.0222 bonus shares per share held. It will buy back up to 15,732,514 shares issued on 30 March 2012.
8 Mar 2012dividend declaration● Neutral
Contact Energy (Origin 52.76%) sent shareholders its interim distribution of 11c per share, paid 30 March 2012 as bonus shares with an optional cash buy-back; the acceptance deadline is 23 March. Routine shareholder mailing.
7 Mar 2012joint venture update▲ GoodMajor
Geodynamics, operator of the Innamincka Deeps JV (Origin 30%), has all approvals to spud Habanero 4 within about a week, targeting 4,170m over roughly four months. The JV sold Rig 100 to Weatherford for $16.8m, so future wells will use hired rigs.
27 Feb 2012other● Neutral
Contact Energy (Origin 52.76%) January data: average wholesale price $73/MWh, South Island hydro storage down to 72% of mean (from 85%), North Island 130%. Futures for the first quarter of 2012 rose to $115/MWh by 24 February.
23 Feb 2012half year report▲ GoodMajor
Origin's underlying profit rose 61% to $489m, with underlying EBITDA up 41% to $1,157m, mostly from the NSW energy businesses bought in March 2011 and lower exploration expense. Interim dividend 25c, 55% of underlying profit. Statutory profit $794m included a gain on APLNG dilution.
23 Feb 2012other▲ Good
Origin reported its subordinated notes ratios at 31 December 2011: interest cover 6.6 times (minimum 3.5) and leverage 1.2 times (maximum 4.0). No Mandatory Deferral Event has started, so interest on the December-issued notes is not deferred.
