Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2011quarterly activities report● Neutral
Full March 2011 quarterly production report: 28.9 PJe and $203.2m revenue for the quarter, 97.2 PJe year to date. Notes the Kenya L8 deal with Apache, APLNG weather shut-ins (capacity restored to about 289 TJ/d) and possible deferral of ConocoPhillips FID contingency payments.
29 Apr 2011quarterly activities report▲ Good
Exploration and production output for the nine months to 31 March 2011 was 97.2 PJe (+32%) with sales revenue of $627.5m (+46%). March quarter production was 28.9 PJe, 8% below the December quarter due to an Otway shutdown and Queensland weather.
28 Apr 2011capital raising announcement● Neutral
Origin issued 90,224,930 new shares under the retail part of the entitlement offer, bringing shares on issue to 1,064,377,759. Trading starts 29 April, and the retail premium for shareholders who did not take up entitlements is despatched 2 May.
28 Apr 2011capital raising announcement● Neutral
Contact Energy, 52.09% owned by Origin, launched a 1-for-9 renounceable entitlement offer at NZ$5.05 to raise about NZ$350m, mainly for the 166MW Te Mihi plant. Origin will take up its full entitlement; the offer is underwritten apart from Origin's portion.
27 Apr 2011drilling spud● Neutral
Dao Ruang-3 in Thailand block L15/50 (Origin 40%) has spudded, to 1,900m TVDSS and about 45 days if dry. It follows Dao Ruang-2's sub-commercial test; drilling at Bualuang in B8/38 has also resumed after rig repairs.
21 Apr 2011material agreement▲ GoodMajor
Australia Pacific LNG signed binding agreements with Sinopec: 4.3 Mtpa of LNG for 20 years and a 15% equity stake for US$1.5bn, cutting Origin and ConocoPhillips to 42.5% each. Converts the February heads of agreement; still needs Chinese and FIRB approvals and an FID.
20 Apr 2011drilling progress report● Neutral
Celsius 1, the first Innamincka Shallows geothermal well (Origin 50% operator, Geodynamics 50%), reached its target depth of 2,360m sub-sea. Logging and testing began, with results to be released once assessed, and a further well in Origin's 100% GEL 185 follows.
20 Apr 2011production update● Neutral
Contact Energy's March data: average wholesale price $130/MWh, driven by a 6-hour spike on 26 March (excluding that day $61/MWh). Origin now holds 52.09% of quoted shares, up from 51.92%.
20 Apr 2011security holder rights change● Neutral
Exercise prices of Origin's senior executive options will be cut by about $0.46 (for example $15.37 to $14.91) on 2 May 2011, as required after the entitlement offer. Administrative adjustment.
19 Apr 2011capital raising announcement▲ GoodMajor
The retail shortfall bookbuild cleared at $15.80 a share, $2.80 above the $13.00 offer price, completing the roughly $2.3bn raising (retail $1.17bn). Non-participating holders receive $2.80 per share not taken up; new shares trade 29 April.
18 Apr 2011capital raising announcement▲ Good
The retail part of the entitlement offer closed with $922m of applications, about 79% take-up. The remaining 19.3m shares go to a shortfall bookbuild; new shares are due to be issued 28 April.
15 Apr 2011well test result▼ BadMajor
Dao Ruang-2 in Thailand (Origin 40%) failed to flow at a sustained commercial rate in an open-hole test, despite gas shows to total depth. The well is being suspended; Dao Ruang-3 is to spud within about 8 days.
11 Apr 2011debt financing▲ GoodMajor
Origin completed syndication of a $2.15bn and US$350m bank facility, with $500m of oversubscriptions accepted, maturing in three to five years. It refinances the December 2010 $2.0bn underwritten facility used for the NSW deal; average debt maturity is 3.9 years.
6 Apr 2011other● Neutral
Beach Energy's March drilling report on Cooper Basin and Egypt wells. Origin is not named; its 13.19% Cooper Basin interest is held through the Santos-operated JV, so no Origin impact is stated.
4 Apr 2011drilling spud● Neutral
Rig 100 began drilling Celsius 1, the first of two geothermal exploration wells in the Innamincka Shallows JV (Origin 50% operator, Geodynamics 50%), targeting Hutton Sandstone near 2,140m. A further well follows in Origin's 100% GEL 185.
1 Apr 2011half year report● Neutral
Shareholder copy of the half-year report to 31 December 2010, restating known results: underlying profit $304m (down 14%), EBITDA $818m (up 16%), 25c interim dividend. Outlook is around 15% full-year profit growth, conditional on the equity raising completing.
31 Mar 2011other● Neutral
Contact Energy issued 11,666,433 bonus shares at NZ$5.840124 under its distribution plan and bought back 3,206,834 (27.5% elected buy-back). Quoted shares on issue are now 625,529,946. Routine administration; also notes Contact's half-year report is available.
29 Mar 2011capital raising announcement● Neutral
Origin issued 86,875,125 new shares from the institutional part of the entitlement offer, raising about $1.1bn net of fees. Shares on issue rise from 885.3m to 972.2m; the retail offer remains open to 13 April.
What it means for a shareholder
86.9m new shares at about A$12.66 to raise about A$1.10bn. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
25 Mar 2011dividend declaration● Neutral
The reinvestment price for the 25c interim dividend paid 1 April is $15.37 a share, after a 1.4% discount adjusting for the new shares issued in the entitlement offer. Administrative detail of the previously declared dividend.
24 Mar 2011production update● Neutral
Contact Energy's February data: average wholesale price $38/MWh, North Island hydro storage 164% of mean and South Island 116%. Continues the January pattern of high storage and low prices; routine monthly data.
24 Mar 2011other● Neutral
Origin confirmed it finished despatching the Retail Offer Booklet and personalised forms to eligible retail shareholders for the $2.3bn entitlement offer. Administrative only, no new terms.
21 Mar 2011other● Neutral
Contact Energy (Origin 51.92% of quoted shares) set the strike price at NZ$5.840124 for bonus shares under its 11c interim distribution, with a buy-back of up to 11,666,433 shares on 31 March. Routine administrative notice.
21 Mar 2011other● Neutral
Retail Offer Booklet for the 1-for-5 entitlement offer at $13.00, closing 5pm 13 April 2011. The text provided is only the cover and legal notices, so no new terms can be confirmed beyond those already announced.
18 Mar 2011capital raising announcement▲ GoodMajor
The institutional part of the entitlement offer raised about $1.13bn, with 95% take-up at $13.00. The leftover shares cleared in a bookbuild at $15.00. The retail offer, for the remaining $1.17bn at $13.00, opens 21 March and closes 13 April.
18 Mar 2011other● Neutral
Standard Appendix E entitlement acceptance form for the offer, closing 13 April 2011. Form only, no new information.
17 Mar 2011regulatory community update● Neutral
Contact Energy (Origin 51.92% of quoted shares) said an unsolicited offer from Carlyle Securities to buy up to one million shares at NZ$7.60, paid over as long as 10 years, is not endorsed. Contact called it opportunistic and warned shareholders to check the terms.
17 Mar 2011other● Neutral
ASX circular setting out the entitlement offer timetable: institutional and retail components of about $1.15bn each, retail rights trading 18 March to 6 April, retail offer closing 13 April. Administrative notice repeating known terms.
17 Mar 2011other● Neutral
ASX Settlement bulletin classifying Origin's retail entitlements (code ORGR) as foreign-ownership-restricted products, so excluded shareholders (including US persons) cannot hold or exercise them. Administrative with no business substance.
16 Mar 2011other● Neutral
Cover letters to eligible and ineligible shareholders about the entitlement offer, restating the 1-for-5 terms at $13.00 and dates (retail closes 13 April). Origin would have about 1,062.2m shares after issuing about 177.0m new shares. Administrative, with no new substance.
15 Mar 2011investor presentation● Neutral
Investor presentation supporting the $2.3bn entitlement offer announced the same day. The text provided is only the cover and legal notices, so no new information can be confirmed.
