Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2011drilling progress report● Neutral
Salamander says the Dao Ruang-2 appraisal well in Thailand (Origin 40%) reached 1,915m with strong gas shows and a pressure kick from gas at 1,840m. Partners will deepen it by 525m, about 8 days, before choosing a testing programme. No result yet.
15 Mar 2011capital raising announcement● NeutralMajor
Origin launched a fully underwritten 1-for-5 renounceable entitlement offer at $13.00 a share to raise about $2.3bn. It partly refinances debt from the $3.26bn NSW acquisition completed 1 March; the offer price is a 17.0% discount to the 14 March close. This is the equity raising previously signalled.
14 Mar 2011resource reserve update● Neutral
Pancontinental released Origin's first technical report on Kenya Block L8's Mbawa prospect: unrisked mean in-place potential of 2 billion barrels of oil (P10 up to 4.9bn) in Tertiary/Cretaceous. Unproven, based on partial seismic processing; no drilling yet. Apache is to set the drill date.
7 Mar 2011farm in farm out agreement▲ Good
Pancontinental says Tullow will farm in for 10% of Kenya Block L8, leaving Pancontinental 15%. Origin's 25% after the Apache deal is unchanged, and completion is expected by June 2011. This builds on Origin's 16 February farm-out to Apache.
7 Mar 2011investor presentation● Neutral
Origin's Karen Moses presented at the Citi Australian and NZ Conference in London. The text provided is only the cover and disclaimers, so no new information can be confirmed from it.
2 Mar 2011drilling progress report● Neutral
Beach's February report covers Cooper Basin wells. Santos-operated Kidman North-4 was suspended as a gas producer, and Cook-16 and -17 as oil producers, completing a five-well successful Cook program. Origin's share is not stated, though it holds 13.19% of the SA Cooper Basin JV.
1 Mar 2011asset acquisition disposition▲ GoodMajor
Origin completed the $3.25bn purchase of the Integral Energy and Country Energy retail businesses and entered binding Eraring GenTrader arrangements, as scheduled for 1 March. It now has 4.6 million customer accounts. The pro-rata equity offering to partly refinance the debt is reconfirmed.
25 Feb 2011regulatory community update▲ Good
Contact Energy (Origin 51.92% of quoted shares) received a draft decision proposing resource consents for its Hauāuru mā raki wind project: 168 turbines, up to 504MW. It is a draft only, with Contact still to respond.
25 Feb 2011material agreement▲ GoodMajor
Australia Pacific LNG signed a non-binding Heads of Agreement for Sinopec to buy up to 4.3 million tonnes a year of LNG for 20 years and take 15% of the project. Origin's stake would fall from 50% to 42.5%; binding agreements are still to come.
24 Feb 2011half year report▼ BadMajor
Origin's half-year underlying profit fell 14% to $304m, with a statutory loss of $136m after $440m of non-underlying expenses including Geodynamics/Innamincka Deeps impairments. Interim dividend held at 25c; FY11 underlying EBITDA guided up ~35%, and the equity offering is reconfirmed.
24 Feb 2011investor presentation● Neutral
Analyst presentation for the half-year result, repeating the headline figures already released: underlying EBITDA up 16% to $818m, statutory loss of $136m, underlying profit down 14%. The text provided is truncated, so no further new detail is confirmed.
24 Feb 2011half year report▼ Bad
Appendix 4D and full half-year accounts: revenue up 7% to $4,603m, statutory loss of $136m (15.4c a share loss), and a 25c fully franked interim dividend, record date 7 March, payable 1 April. Detail repeats the results media release.
23 Feb 2011production update● Neutral
Contact Energy (Origin 51.92% of quoted shares) reported a January average wholesale price of $39/MWh at Haywards. North Island storage ended January at 178% of mean, up from 139% in December.
22 Feb 2011regulatory community update▲ GoodMajor
Australia Pacific LNG, Origin's 50:50 joint venture with ConocoPhillips, received Federal environmental approval for its CSG-to-LNG project, subject to many conditions. This follows the Queensland approval of November 2010 and clears a key approval ahead of a final investment decision.
22 Feb 2011half year report● Neutral
Contact Energy (Origin 51.92% of quoted shares) reported flat half-year earnings: EBITDAF $225m, underlying profit $79m. It committed to the 166MW Te Mihi geothermal project (~$623m), funded partly by a rights issue that Origin says it will take up. Interim distribution is equivalent to 11c per share.
16 Feb 2011farm in farm out agreement● Neutral
Pancontinental, Origin's L8 partner, repeated Origin's farm-out of 50% of Kenya Block L8 to Apache. Its own 25% stays unchanged (10% direct, 15% via Afrex), and it expects Mbawa drilling within the next twelve months.
16 Feb 2011farm in farm out agreement▲ GoodMajor
Origin agreed to sell 50% of Kenya Block L8 to Apache, which becomes operator. Origin will be reimbursed US$13.2m of past costs and Apache will meet part of the Mbawa well cost. Origin falls from 75% to 25%; completion expected by end June. This resolves the farm-in search.
9 Feb 2011resource reserve update▲ Good
Beach notes Santos has lifted its Cooper Basin 2P reserves by 39 MMboe, which Beach assumes is about 60 MMboe for the SACB JV. Origin holds 13.19% of that JV, but no Origin figure is given. Beach has not independently assessed this.
4 Feb 2011drilling scheduled● Neutral
Origin's ASX cover note re-lodging Geodynamics' 4 February release on the Cooper Basin project. No new information beyond that announcement.
4 Feb 2011drilling scheduled● Neutral
Geodynamics says Origin, as operator of the Innamincka Shallows JV (50:50), has accepted Rig 100 and will move it to Celsius 1 once weather and roads permit. Rain still delays the first well; two wells to about 2,200m are planned. Deeps work is not materially affected.
2 Feb 2011drilling progress report● Neutral
Beach's January drilling report covers Cooper Basin wells. Santos-operated Coonatie-15 and Tirrawarra-80 were cased and suspended as gas producers, and Cook-18 as a Hutton oil producer. Origin's share is not stated in the text, though it holds 13.19% of the SA Cooper Basin JV.
31 Jan 2011quarterly activities report● Neutral
Detailed December quarter report: production 31.1 PJe (+30% yoy, -16% on September), revenue $194.6m. Weather cut Australia Pacific LNG drilling to 36 wells and capacity to about 290 TJ/d. Yolla-3 plug retrieval failed, though limited Yolla-3 output resumed in January 2011.
31 Jan 2011quarterly activities report● Neutral
Origin's exploration and production business reports record half-year production of 68.2 PJe (+38%) and revenue of $424m (+48%). The December quarter fell 16% to 31.1 PJe. Five exploration wells found no commercial hydrocarbons, so most of the $121m exploration spend is expected to be expensed.
28 Jan 2011production update● Neutral
Contact Energy (Origin 51.92% of quoted shares) reports December average wholesale price of $102/MWh, up from $56 in November but below the earlier month-to-date $143. North Island storage was 139% of mean, rising to 165% by report date; January prices have been lower.
21 Jan 2011other● Neutral
Contact Energy (Origin holds 51.92% of quoted shares) will release half-year results on 22 February 2011, with an interim distribution record date of 8 March. Administrative notice only, with no financial results.
17 Jan 2011drilling spud● Neutral
Dao Ruang-2 appraisal well spudded 16 January in Thailand block L15/50, where Origin holds 40% under its Salamander farm-in (Salamander operates). It targets a 1993 gas discovery with 500 Bcf gross mean potential; about 45 days if dry.
11 Jan 2011director officer appointment● NeutralMajor
Contact Energy (Origin holds 51.92% of quoted shares) said MD David Baldwin will move over three months to become Origin's Chief Development Officer. Origin's Dennis Barnes, general manager of energy risk management, becomes Contact's CEO. Baldwin stays a Contact director.
5 Jan 2011drilling progress report● Neutral
Beach's December report on Cooper Basin wells. Santos-operated Tirrawarra-78 was cased and suspended as a future gas and oil producer, and Coonatie-15 has started drilling. Origin's share of these wells is not stated in the text.
31 Dec 2010other● Neutral
Origin will contribute $1 million to the Queensland Premier's Disaster Relief Fund after the floods. It has also provided helicopter services and clean-up help in the Western Downs area. Charitable donation with no stated effect on operations.
29 Dec 2010other● Neutral
Origin released its updated Dealing in Securities Policy (version 2.0) under ASX Listing Rule 12.9. It is a governance document on trading restrictions for directors and staff, with no financial or operational information.
