Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2010drilling scheduled▼ Bad
Geodynamics says Cooper Basin flooding has delayed moving Rig 100 to spud the first Innamincka Shallows well (Origin operator, 50%), which was planned for 17 December. Rig timing should be clearer in mid-January. Geodynamics does not expect the 2012 pilot plant timeline to change.
23 Dec 2010contract award▲ Good
Service Stream announced a two-year agreement with Origin to install an anticipated 48,000 residential solar systems, likely worth over $300m. Volumes are targets only and depend on continued government support for solar. This expands the relationship contracted in April 2010.
22 Dec 2010regulatory community update▲ Good
Contact Energy received the final decision granting all consents for Tauhara 2, a ~250MW geothermal development near Taupo, resolving the pending decision. It will proceed only when market conditions allow, so no construction commitment yet.
20 Dec 2010production update● Neutral
Contact Energy (Origin holds 51.92% of quoted shares) reported a November 2010 average wholesale price of $56/MWh at Haywards. December prices to 16 December averaged $143/MWh, and North Island storage fell to 115% of mean from 126%.
16 Dec 2010drilling result▼ BadMajor
Silvereye 1 in T/44P (Origin 60% operator, AWE 40%) reached 2,318.2m with no significant hydrocarbon indications and will be plugged and abandoned. This is a dry hole, resolving the well awaited since its 3 December spud.
16 Dec 2010drilling result▼ Bad
AWE (40% partner) reports Silvereye-1 reached 2,318m with no significant shows and will be plugged and abandoned. Confirms Origin's own announcement of the same day; no new information.
16 Dec 2010drilling progress report● Neutral
AWE's weekly update on the Al Meashar-2 appraisal well in Yemen Block 7, an Oil Search-operated project. Origin holds no stated interest in it, so it has no apparent bearing on Origin.
15 Dec 2010asset acquisition disposition▲ GoodMajor
Origin signed agreements with the NSW Government to buy the Integral Energy and Country Energy retail businesses and Eraring GenTrader rights for $3,250m, completing around 1 March 2011. Funded by new debt, partly refinanced by a pro-rata equity offering within 12 months. Customers rise from 3m to 4.6m.
15 Dec 2010investor presentation● Neutral
Origin's presentation accompanies the $3,250m acquisition of Integral Energy and Country Energy retail and Eraring GenTrader arrangements, with completion scheduled for 1 March 2011. It also flags a possible pro-rata equity offering. Visible text is disclaimers only; truncated.
15 Dec 2010regulatory community update▼ Bad
The Federal Environment Minister extended his decision on the Australia Pacific LNG environmental impact statement from 21 December 2010 to 22 February 2011, citing project scale and complexity. APLNG says it cannot reach final investment decision until approval is done, so the December FID expectation will slip.
10 Dec 2010regulatory community update▲ Good
Australia Pacific LNG (Origin 50%) says its investigation into BTEX traces found in October found no significant risk to the environment or health. It will restart hydraulic fracture stimulation with tighter controls, resolving the open question on resuming exploration fracturing.
9 Dec 2010drilling progress report● Neutral
AWE reports Silvereye-1 at 1,112m on 9 December, preparing to drill ahead after running 13-3/8 inch casing, with 972m drilled in the week. Planned depth is 2,400m. Duplicates Origin's update, with no result yet.
9 Dec 2010drilling progress report● Neutral
Silvereye 1 (Origin operator, 60%) was running in hole to drill ahead from 1,112m on 9 December, with 13 3/8-inch casing set at 1,103m. Planned depth remains 2,400m. No result yet.
9 Dec 2010regulatory community update▲ GoodMajor
The ACCC said it will not oppose Origin acquiring EnergyAustralia, Country Energy, Integral Energy, or Country Energy plus Integral Energy, with one gentrader bundle and one generator development site. This is competition clearance only, not a bid or purchase. It signals Origin's interest in the NSW privatisation (inference).
7 Dec 2010security holder rights change● Neutral
Origin will pay cash dividends to Australian and New Zealand shareholders only by direct credit from the 2011 interim dividend, expected March 2011. Dividends for holders without bank details will be retained, without interest, until details are supplied. Administrative change.
6 Dec 2010agm notice● Neutral
Origin sent shareholders its report on the 29 October AGM, containing the Chairman's and MD's addresses. The visible text restates FY10 underlying profit of $585m, 50c dividend and 20.5% gearing, with no new information. Text is truncated.
3 Dec 2010drilling spud● NeutralMajor
Origin, operator of T/44P (Origin 60%, AWE 40%), began drilling the Silvereye 1 exploration well on 3 December using the Kan Tan IV rig. Planned depth is 2,400m, targeting Paleocene and Cretaceous sandstones, about 65km from Yolla. Origin's interest is stated as 60%, not the 100% in earlier records.
3 Dec 2010drilling spud● Neutral
AWE reports Silvereye-1 started drilling on 3 December in T/44P, targeting gas to a planned 2,400m measured depth. AWE holds 40%, with Origin operator at 60%. This is the permit where ARC had a farm-in proposal pending.
1 Dec 2010drilling progress report● Neutral
Beach's November report on Cooper Basin wells. Santos-operated Coonatie-14 was cased and suspended as a future Permian gas producer, resolving the earlier 'waiting to spud' item. Tirrawarra-79 was suspended as a gas producer. Origin's share is not stated in the text.
1 Dec 2010regulatory community update▲ Good
Contact Energy (Origin holds 51.92% of quoted shares) received the Environment Court's decision granting all consents and turbine locations for its Waitahora wind development. Final conditions are due by 17 December. It resolves the pending Waitahora consent thread; wind farm could power up to 70,000 homes.
26 Nov 2010material agreement▲ Good
Origin and Australian Carbon Trust signed a non-binding MoU toward a co-funded $12.7 million energy efficiency partnership. The Trust will provide loan finance to Origin, which will offer business customers an Energy Savings Guarantee. A pilot comes first, with potential scale-up to 200-300 businesses.
25 Nov 2010drilling scheduled● Neutral
Geodynamics says the Origin-operated Innamincka Shallows JV (50:50) will spud the first of two hot sedimentary aquifer wells on 17 December 2010, to about 2km depth. Results are expected in the first half of 2011. This follows the Jolokia 1 stimulation.
23 Nov 2010production update● Neutral
Contact Energy (Origin holds 51.92% of quoted shares) reported October 2010 average wholesale price of $16/MWh, with hydro storage still above mean. The forecast for November rose to $55/MWh as at 17 November, from $26/MWh at 31 October. Monthly data only.
17 Nov 2010other● Neutral
Ceramic Fuel Cells installed a BlueGen gas-to-electricity unit in a Melbourne home, part of a 30-unit Victorian pilot. Origin offers tenants Green Gas and a one-for-one feed-in tariff. A small retail pilot, with no financial figures for Origin.
15 Nov 2010joint venture update● Neutral
Geodynamics (operator, Origin 30%) stimulated two fracture zones at Jolokia 1, at about 4,400m and 4,700m, with fracture conductivity up threefold. Suitability as a heat exchanger is still to be assessed. Rig 100 now moves to the Origin-operated Shallows JV, planned to start December.
12 Nov 2010drilling result▼ BadMajor
Tarapunga-1 (Origin 100%) reached 1,000m. Gas shows were seen in the target interval but nothing economically significant, and abandonment has begun. Both wells of the New Zealand programme have now been dry.
11 Nov 2010drilling progress report● Neutral
Tarapunga-1 (Origin 100%) was drilling ahead at 793m on 11 November, with 9⅝-inch casing set at 786m. Planned depth remains 990m and drilling is expected to finish next week. No result yet.
9 Nov 2010regulatory community update▲ GoodMajor
The Queensland Coordinator-General approved the Australia Pacific LNG (Origin 50%) environmental impact statement, subject to strict conditions: gas field, 450km pipeline and Curtis Island LNG plant. Commonwealth approval is still required. This resolves the pending state EIS report ahead of the expected December FID.
5 Nov 2010drilling spud● Neutral
Tarapunga-1, the second well of Origin's two-well programme in PEP 38619 (100%), began drilling on 5 November after Korimako-1 was abandoned. Planned depth is 990m, targeting Mangaa Formation sandstones, about three weeks of drilling. The well will be plugged and abandoned after evaluation.
5 Nov 2010other▲ Good
Queensland's Premier officially opened the 630MW Darling Downs gas power station, a roughly $1bn Origin investment fed by Australia Pacific LNG coal seam gas. It has operated since July 2010; this is a ceremonial milestone. Origin is lifting generation capacity to more than 2,800MW.
