Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2010regulatory community update● Neutral
Contact Energy said its Ahuroa gas storage facility is on track to operate by December 2010 after the final three wells were drilled. Injection is paused until compressor reconfiguration finishes by September. It will supply the $250m, 200MW Stratford peaker due this winter.
29 Apr 2010drilling progress report● Neutral
AWE's update repeats Origin's: Redback-2 at 2,010m, 1,938m drilled in the week. It adds that Redback South-1 has since tested at a stabilised 11.5 million cubic feet a day, limited by test facilities, versus the earlier 38.4 peak.
29 Apr 2010investor presentation● Neutral
Karen Moses presented to the UBS Australian Utilities Conference under the 'decade of growth' theme. The visible text covers industry context and renewable energy target demand; no new announcements are visible.
29 Apr 2010drilling progress report● Neutral
Redback 2 (Origin 67%, operator) was drilling at 2,010m on 29 April, up from 72m a week earlier. The target depth is 3,715m sub-sea. No results yet.
27 Apr 2010half year report● Neutral
The half-year report to shareholders for the period to 31 December 2009 was lodged for those who elected to receive it. It restates known results: underlying profit up 28% to $355m, 25c interim dividend, and full-year profit guidance of around 15% growth. Nothing new.
23 Apr 2010drilling spud● Neutral
Origin (67%, operator; AWE 33%) began drilling Redback 2 on 23 April 2010, onshore Perth Basin, targeting the Wagina reservoir at 3,715m sub-sea. It follows the Redback South-1 gas discovery of 2009. Result is not yet known.
23 Apr 2010drilling spud● Neutral
AWE (33%) repeats Origin's news that Redback-2 has started drilling, to about 3,980m measured depth. It adds that Redback-1 (2004) missed the Wagina Sandstone, a shale core will be taken, and Wolf-1 is the next well. Nothing new on results.
22 Apr 2010other● Neutral
Contact Energy (Origin 51.80% of quoted shares) March 2010 operating data: average national wholesale price $112.09/MWh versus $35.56 a year earlier; hydro generation 212 GWh versus 261 GWh. North Island hydro storage was below mean. Routine data release.
21 Apr 2010contract award● Neutral
Service Stream announced contracts including field services for Origin's installation of solar PV and solar hot water systems. It is a third-party announcement; Origin's contract value is not stated, though the three Service Stream contracts combined are expected to add over $30m of revenue in 2010/11.
13 Apr 2010joint venture update● Neutral
Geodynamics (operator, 70%; Origin 30%) updated the Innamincka 'Deeps' program: Jolokia 1 restarts around June after floods, then Habanero 4/5 wells, a 1MW plant by early 2012 and a final decision on a 25MW demonstration plant by early 2013. Rig 100 then moves to the Origin-operated 'Shallows' JV's two ~2,200m wells.
13 Apr 2010joint venture update● Neutral
Geodynamics' media release repeats the updated Innamincka work program: 1MW plant operating by early 2012, a decision on a 25MW demonstration plant by early 2013 backed by $90m of federal funding, and a second rig due October 2010. Nothing new beyond the ASX announcement.
9 Apr 2010annual report● Neutral
Origin's 2009 Sustainability Report, covering the 12 months to 30 June 2009, was lodged for shareholders who elected to receive it. The visible text is front matter and contents with no new financial or operating news.
8 Apr 2010production update● Neutral
AWE's release repeats Origin's: BassGas has restarted after maintenance, with Yolla-4 at about 50 TJ/d and Yolla-3 to follow. It restates that AWE has agreed to buy CalEnergy's 15%, taking AWE to 57.5%; that deal is still not completed.
8 Apr 2010production update▲ Good
BassGas (Origin 42.5%, operator) restarted after a maintenance shutdown that began 22 November 2009. Yolla-4 is producing about 50 TJ/d during ramp-up; Yolla-3 awaits wireline work before it can resume. Facility had been expected back in late February.
7 Apr 2010debt financing▲ GoodMajor
Origin signed $2.6bn of new bank facilities (A$2.3bn and US$200m syndicated loan, plus a A$100m guarantee facility), three to five years. They refinance A$1.8bn and US$200m of debt maturing in FY2010-11. The syndication was oversubscribed, with A$500m of the oversubscriptions accepted; average debt maturity rises to 4.4 years.
30 Mar 2010dividend declaration● Neutral
Contact Energy (Origin 51.80% of quoted shares) said investors took the equivalent of $49m of its 2010 interim distribution as shares, a 75% retention, with 25% bought back for cash. Its half-year report was released; earnings were about flat (EBITDAF $225.0m).
25 Mar 2010regulatory community update▲ Good
The Queensland Coordinator-General released the Executive Summary of Australia Pacific LNG's (50% Origin) Environmental Impact Statement for public comment; the full EIS is available from 29 March and submissions close 4 May 2010. Described as a significant approvals milestone; first LNG still targeted for 2014.
24 Mar 2010investor presentation● Neutral
Karen Moses presented to the Credit Suisse Asian Investment Conference in Hong Kong, under a 'decade of growth' theme. The visible text repeats known themes (ten years since listing, TSR of 1,306%) and shows no new announcements.
24 Mar 2010dividend declaration● Neutral
Origin set the dividend reinvestment plan price at $16.57 per share, the 10-day VWAP after record date with no discount, for the 25c fully franked dividend paid 1 April 2010. Procedural; the notice's wording calls it a 'final' dividend, though the earlier context records it as the interim.
23 Mar 2010regulatory community update● Neutral
Contact Energy (Origin 51.66% of quoted shares) welcomed the Environment Minister's referral of its 250MW, roughly $1bn Tauhara 2 geothermal station to a Board of Inquiry, which has a nine-month timeframe. Consent applications were lodged 19 February; no approval yet.
18 Mar 2010production update▲ GoodMajor
Kupe Gas Project, where commissioning began in December 2009, was officially opened by NZ's Prime Minister and is now described as fully operational. Origin (50%, operator) says it will supply 10-15% of NZ gas demand and 50% of LPG demand at peak; the JV invested over NZ$1.3bn.
17 Mar 2010production update● Neutral
Contact Energy (Origin 51.66% of quoted shares) February 2010 data: average wholesale price $78/MWh at Haywards and $72/MWh at Benmore. North Island storage above mean, South Island below. Charts not readable in the text.
17 Mar 2010material agreement● Neutral
Origin exercised an option on 2011 Mallee tree plantings with Carbon Conscious, raising the contract's face value from $26m to $28.5m. If remaining options are fully exercised, value could reach up to $137m, depending on CPRS certainty.
17 Mar 2010dividend declaration● Neutral
Contact Energy (Origin 51.66% of quoted shares) set its bonus-share strike price at NZ$6.0963 for the 11c interim distribution, a ratio of about one bonus share per 55.4 held. Up to 10,815,501 shares will be bought back. Procedural.
17 Mar 2010drilling progress report● Neutral
Beach weekly report: Cooper-Eromanga drilling, including Origin's 10.54% Coonatie-16, remains suspended amid flood conditions and is not expected to resume until mid-April to mid-May. Nothing new for Origin.
16 Mar 2010asset acquisition disposition● Neutral
Woodside says its 51.55% Otway Gas Project sale to Origin and Benaris is complete. Woodside states the adjusted price as A$724.5m, subject to further adjustment. Operatorship moves to Origin in Q2 2010. Confirms completion of the pending deal.
16 Mar 2010asset acquisition disposition▲ GoodMajor
Origin completed the Otway Gas Project purchase from Woodside, lifting its interest to 67.23% (Thylacine and Geographe fields). Adjusted price is $520m, up from the $507.2m announced in November, funded from the balance sheet. Operatorship handover expected June quarter; earnings accretive from 2010/11.
11 Mar 2010dividend declaration● Neutral
Contact Energy (Origin 51.66% of quoted shares) mailed buy-back notices for its 11c-per-share interim distribution, paid 30 March. Holders choose bonus shares or cash. Plan terms are amended for a non-resident tax law change. Procedural.
10 Mar 2010drilling progress report▼ Bad
Beach weekly report: Cooper Basin drilling, including Coonatie-16 (Origin 10.54%), stays suspended and is not expected to resume before 1 May, with mid-April to mid-May indicated. This delays pending Cooper well results.
8 Mar 2010investor presentation● Neutral
Origin's March 2010 investor presentation, repeating the decade-of-growth themes from the half-year results. The visible text shows no new announcements.
