Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2010drilling result▲ Good
Beach's October drilling report on Santos-operated Cooper Basin wells: Strzelecki Northeast-1 found gas and was cased as a future producer, Irtalie East-1 found 6m of net oil pay and was suspended, and Coonatie-18 was suspended as a future gas producer. Origin's share is not stated in the text.
2 Nov 2010drilling result▼ BadMajor
Korimako-1 (Origin 100%) reached 1,946m and is being plugged and abandoned. The primary target was intersected near prediction, but minor shows only, nothing economically significant. A disappointing exploration result; the rig moves to Tarapunga-1.
1 Nov 2010regulatory community update▲ Good
Contact Energy (Origin holds 51.92% of quoted shares) received a draft decision proposing to grant consents for Tauhara II, a roughly 250MW geothermal development near Taupo. A final decision is expected by year-end. This advances the pending Tauhara 2 consent thread.
29 Oct 2010agm notice● Neutral
All seven resolutions at the 29 October AGM passed, including Gordon Cairns' re-election, the remuneration report, a higher non-executive director fee cap and the new constitution. Against votes were small: roughly 2.4m on the constitution, with the largest, about 20m, on the Grant King and Karen Moses incentives.
29 Oct 2010agm notice● Neutral
Cover note filing the Chairman's and MD's AGM addresses and presentation. Chairman restates FY10 underlying profit $585m (+10%), 50c full-year dividend and 20.5% gearing at Sept 2010, and says onshore oil and gas will fall under the existing PRRT, with details unresolved. Text is truncated.
29 Oct 2010annual report● Neutral
Origin's ninth Sustainability Report, covering the 12 months to 30 June 2010, lodged for shareholders who elected to receive it. The readable text is the commitments, values and MD message; it carries no new financial or operational figures.
29 Oct 2010regulatory community update▲ Good
Australia Pacific LNG (Origin 50%) says water samples from bores on properties where BTEX traces were found in fracture-stimulated Surat exploration wells showed no unsafe chemical levels. It says the wells have not affected bores; the state regulator raised no issues. This resolves the 19 October BTEX concern, though resumption of fracturing is not stated.
29 Oct 2010security holder rights change● Neutral
Origin lodged its new constitution, approved by shareholders at the 29 October AGM. The readable text is the full document; no specific changes are described, so the practical effect on shareholders is not stated.
28 Oct 2010drilling progress report● Neutral
Korimako-1 (Origin 100%) drilled 12¼-inch hole to 1,093m and set 9⅝-inch casing at 1,083m; cementing was nearly complete on 28 October. Planned total depth is now 1,946m, up from 1,920m. No hydrocarbon result yet.
27 Oct 2010quarterly activities report▲ GoodMajor
September quarter production hit a record 37.1 PJe (+45% on a year earlier, +22% on June) and revenue $230m. Redback 2 flowed about 5 mmscfd and Tom Hum Xanh 1X in Vietnam was dry. Origin also reports the BTEX finding and the Korimako-1 spud.
27 Oct 2010agm notice● Neutral
Contact Energy AGM poll results: all five resolutions passed. Karen Moses was re-elected as a director, and Whaimutu Dewes was elected. The new constitution drew 19.7% votes against. Origin now holds 51.92% of quoted shares.
27 Oct 2010quarterly activities report▲ Good
Media release on the September quarter: record production of 37 PJe (+45%) and sales revenue of $230m (+52%) on a year earlier. Gains came from APLNG output, up 25% on June, plus Kupe and Otway. Duplicates the quarterly report.
27 Oct 2010other● Neutral
At Contact's AGM, Chairman Grant King and the MD said Ahuroa gas storage ($170m) and the Stratford peaker ($250m) will be done by end-2010, restoring flexibility from 2011. The first half is expected to resemble last year's weaker second half. John Milne retired.
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.
