Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2010regulatory community update▼ Bad
Contact Energy (Origin 51.80% of quoted shares) reported a September average wholesale price of $20/MWh at Haywards, with North Island storage at 148% of mean. October to 20 October averaged $15/MWh, and the October forecast price fell from $49/MWh at 31 August to $23/MWh at 30 September.
25 Oct 2010material agreement▲ Good
Santos agreed to supply 750 PJ over 15 years from 2014 to its GLNG project at oil-linked prices, conditional on a train two investment decision. Origin holds 13.19% of the Cooper Basin JV, and Santos is talking to partners about joining. Origin's participation is not yet decided.
25 Oct 2010material agreement▲ Good
Beach says the South Australian Cooper Basin JV, in which Origin holds a stake, received a Santos proposal to supply 750 PJ of gas to GLNG from 2014 for 15 years at oil-linked prices. Discussions are incomplete and no terms are agreed. Origin's participation is not confirmed.
25 Oct 2010resource reserve update▲ Good
Comet Ridge booked contingent resources at ATP 337P Mahalo (its 40%): 83 PJ 1C, 221 PJ 2C, 442 PJ 3C. Australia Pacific LNG, Origin's 50:50 JV, holds 30% of the permit. Origin's own books are not changed by this release; a 2011 appraisal programme is planned.
25 Oct 2010investor presentation● Neutral
Grant King presented to the Citigroup investment conference under the theme 'a decade of growth'. The excerpt restates Origin's integrated strategy and its fuel, generation and retail positions. No new announcement or figures appear in the readable text.
25 Oct 2010asset acquisition disposition● Neutral
Eden Energy contracted to sell its remaining 30% of Cooper Basin geothermal licence GEL 185 to Origin for $700,000 cash. Origin bought 70% in September 2009, so this takes it to full ownership, if completed. This resolves the pending farm-in thread.
21 Oct 2010drilling progress report● Neutral
Korimako-1 (Origin 100%), spudded 18 October, was drilling ahead at 317m in 12¼-inch hole on 21 October, with 30-inch casing run. Planned depth stays 1,920m. Routine early progress with no result yet.
19 Oct 2010drilling spud● NeutralMajor
Origin (100% operator) began drilling the Korimako-1 exploration well in the Northland Basin, NZ on 18 October, with planned depth 1,920m and about three weeks to drill. It is the first of two wells, with Kokako-1 to follow. This is the greenfield well flagged earlier.
19 Oct 2010regulatory community update▼ BadMajor
Australia Pacific LNG (Origin 50%) found traces of BTEX chemicals in fluid from eight fracture-stimulated Surat Basin exploration wells. Independent confirmatory testing is under way, and further fracture stimulation of exploration wells is paused until it is resolved. It reports no evidence of impact on landholder bores.
18 Oct 2010joint venture update▲ Good
Geodynamics (Origin 30% of the Deeps JV) completed Jolokia 1 with new liners and will start fracture stimulation within days, with preliminary results expected end October. This is progress on the October stimulation previously flagged. The outcome is not yet known.
6 Oct 2010drilling progress report● Neutral
Beach's monthly report: Santos-operated Coonatie-20 reached 3,239m and was cased and suspended as a future gas producer (Origin 10.54%). Coonatie-18 is now drilling surface hole. A routine Cooper Basin update with no flow result.
5 Oct 2010investor presentation● Neutral
Contact Energy (Origin 51.80% of quoted shares) roadshow presentation for the J P Morgan Asia roadshow. It gives a market capitalisation of NZ$3.5bn, 600,000 customers, and 355 MW of geothermal operating with 500 MW in development. Repeats known facts, with no new announcement in the excerpt.
1 Oct 2010investor presentation● Neutral
Karen Moses presents at the J P Morgan Asia roadshow (Singapore, Hong Kong, 4-6 October). The excerpt describes strategy and a market capitalisation over $14bn. The truncated text shows no new figures or announcements beyond known facts.
1 Oct 2010security holder rights change● Neutral
Origin plans to issue up to 2,188,421 options (exercise price $15.37) and 768,949 performance share rights at the end of October as FY2010 senior executive incentives. They are subject to relative shareholder-return hurdles. Routine remuneration administration, already disclosed in the 24 August remuneration report.
28 Sept 2010capital raising announcement● Neutral
Contact Energy issued 14.87m bonus shares at NZ$5.71 under its profit distribution plan; 81.6% were retained and 18.4% bought back for cash and cancelled. Shares on issue are now 617.07m. This concludes the 14c distribution announced earlier.
21 Sept 2010regulatory community update● Neutral
Contact Energy (Origin 51.80% of quoted shares) August data: average wholesale price $48/MWh, North Island storage 126% of mean at month-end and 147% by report date. September-to-date price is about $29/MWh. Routine monthly data.
21 Sept 2010dividend declaration● Neutral
The dividend reinvestment plan price for the 25c final dividend (paid 28 September) is set at $15.57 per share, with no discount. Routine administrative notice that completes the dividend announced on 24 August.
15 Sept 2010material agreement▲ GoodMajor
Origin and PNG EDL (50:50 JV with PNG Sustainable Development Program) are signing a cooperation memorandum with the PNG and Queensland governments to study a roughly 1,800 MW Purari hydro project. Feasibility study due 2012; early-stage, no investment decision or cost stated.
14 Sept 2010director officer appointment● Neutral
Independent director Dr Roland Williams, on the board since Origin's formation in February 2000, will retire at the close of the 29 October 2010 AGM. He chairs the Health, Safety and Environment Committee. No replacement is named.
13 Sept 2010dividend declaration● Neutral
Contact Energy (Origin 51.80% of quoted shares) set the strike price at NZ$5.71 for its 14c distribution plan, giving 0.0245 bonus shares per share held. Contact will buy back the bonus shares on 27 September. Routine administrative notice.
13 Sept 2010drilling scheduled● Neutral
Forwards Pancontinental's release: new Kenya L8 Mbawa 3D data (Origin 75% operator) shows possible flat spots. Mapping takes 2-3 months, a three-month licence extension is granted, farm-in talks continue, drilling planned 2011. Largely repeats the 10 Sep release; interpretation only, not a result.
10 Sept 2010drilling scheduled▲ Good
Pancontinental says new 3D seismic over Kenya L8's Mbawa prospect (Origin 75% operator) shows a large structure with possible flat spots. Mapping takes two to three months, a licence-year extension of three months was granted, farm-in talks are under way and drilling is planned for 2011. This is Pancontinental's interpretation, not a result.
7 Sept 2010joint venture update● Neutral
Geodynamics reports Jolokia 1 imaging confirmed fractures and temperatures about 278°C at 4,900m, the hottest EGS well it cites. Fracture stimulation is delayed to October. Origin holds 30% of the Innamincka Deeps JV, so this slips the earlier late-July/August timing.
7 Sept 2010joint venture update● Neutral
Origin forwards Geodynamics' Jolokia 1 update: fractures confirmed by imaging, about 278°C at 4,900m, and stimulation now expected in October after a short delay. Duplicate of the Geodynamics release; Origin has 30% of the Deeps JV.
2 Sept 2010drilling result● Neutral
Wolf 1 (Origin 67%) has been cased and suspended for future testing, with rig release expected within 24 hours. The Wagina reservoir was intersected at 3,817m sub-sea. The drill stem test is still to come, so commercial significance remains open.
2 Sept 2010asset acquisition disposition▲ GoodMajor
Origin, with Tata Power and PT Supraco, won the Sorik Marapi geothermal exploration concession in Northern Sumatra, Indonesia. Origin holds 47.5% effective interest. The concession could support 200-300 MW; an 18-month exploration program follows, with construction possibly late 2012 if successful.
1 Sept 2010drilling progress report● Neutral
Beach's monthly report: Santos-operated Coonatie-19 cased and suspended, Coonatie-20 at 2,779m preparing to resume after rain, Coonatie-18 next. Origin holds 10.54% in Coonatie-20. No new result of note for Origin.
30 Aug 2010regulatory community update● Neutral
Contact Energy (Origin 51.80% of quoted shares) July operating data: average July wholesale price $80/MWh, with North Island storage at 79% of mean at month-end but 126% by report date. August prices have fallen to about $48/MWh. Routine monthly data.
26 Aug 2010drilling result● Neutral
Wolf 1 (Origin 67%) reached 4,122m total depth on 18 August and wireline logs have been run. The well is being cased and suspended for a future drill stem test to assess the gas shows. No flow result or volume yet; the Redback South appraisal is still unproven.
26 Aug 2010drilling result▲ Good
AWE (33% partner) says Wolf-1 logs and drilling shows indicate gas in the Wagina Sandstone, and results suggest the Redback South gas pool may have been successfully appraised. The well is being cased for a future drill stem test; significance is not yet tested.
