Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2010material agreement▲ GoodMajor
Origin and PNG EDL (50:50 JV with PNG Sustainable Development Program) are signing a cooperation memorandum with the PNG and Queensland governments to study a roughly 1,800 MW Purari hydro project. Feasibility study due 2012; early-stage, no investment decision or cost stated.
14 Sept 2010director officer appointment● Neutral
Independent director Dr Roland Williams, on the board since Origin's formation in February 2000, will retire at the close of the 29 October 2010 AGM. He chairs the Health, Safety and Environment Committee. No replacement is named.
13 Sept 2010dividend declaration● Neutral
Contact Energy (Origin 51.80% of quoted shares) set the strike price at NZ$5.71 for its 14c distribution plan, giving 0.0245 bonus shares per share held. Contact will buy back the bonus shares on 27 September. Routine administrative notice.
13 Sept 2010drilling scheduled● Neutral
Forwards Pancontinental's release: new Kenya L8 Mbawa 3D data (Origin 75% operator) shows possible flat spots. Mapping takes 2-3 months, a three-month licence extension is granted, farm-in talks continue, drilling planned 2011. Largely repeats the 10 Sep release; interpretation only, not a result.
10 Sept 2010drilling scheduled▲ Good
Pancontinental says new 3D seismic over Kenya L8's Mbawa prospect (Origin 75% operator) shows a large structure with possible flat spots. Mapping takes two to three months, a licence-year extension of three months was granted, farm-in talks are under way and drilling is planned for 2011. This is Pancontinental's interpretation, not a result.
7 Sept 2010joint venture update● Neutral
Geodynamics reports Jolokia 1 imaging confirmed fractures and temperatures about 278°C at 4,900m, the hottest EGS well it cites. Fracture stimulation is delayed to October. Origin holds 30% of the Innamincka Deeps JV, so this slips the earlier late-July/August timing.
7 Sept 2010joint venture update● Neutral
Origin forwards Geodynamics' Jolokia 1 update: fractures confirmed by imaging, about 278°C at 4,900m, and stimulation now expected in October after a short delay. Duplicate of the Geodynamics release; Origin has 30% of the Deeps JV.
2 Sept 2010drilling result● Neutral
Wolf 1 (Origin 67%) has been cased and suspended for future testing, with rig release expected within 24 hours. The Wagina reservoir was intersected at 3,817m sub-sea. The drill stem test is still to come, so commercial significance remains open.
2 Sept 2010asset acquisition disposition▲ GoodMajor
Origin, with Tata Power and PT Supraco, won the Sorik Marapi geothermal exploration concession in Northern Sumatra, Indonesia. Origin holds 47.5% effective interest. The concession could support 200-300 MW; an 18-month exploration program follows, with construction possibly late 2012 if successful.
1 Sept 2010drilling progress report● Neutral
Beach's monthly report: Santos-operated Coonatie-19 cased and suspended, Coonatie-20 at 2,779m preparing to resume after rain, Coonatie-18 next. Origin holds 10.54% in Coonatie-20. No new result of note for Origin.
30 Aug 2010regulatory community update● Neutral
Contact Energy (Origin 51.80% of quoted shares) July operating data: average July wholesale price $80/MWh, with North Island storage at 79% of mean at month-end but 126% by report date. August prices have fallen to about $48/MWh. Routine monthly data.
26 Aug 2010drilling result● Neutral
Wolf 1 (Origin 67%) reached 4,122m total depth on 18 August and wireline logs have been run. The well is being cased and suspended for a future drill stem test to assess the gas shows. No flow result or volume yet; the Redback South appraisal is still unproven.
26 Aug 2010drilling result▲ Good
AWE (33% partner) says Wolf-1 logs and drilling shows indicate gas in the Wagina Sandstone, and results suggest the Redback South gas pool may have been successfully appraised. The well is being cased for a future drill stem test; significance is not yet tested.
26 Aug 2010drilling progress report● Neutral
AWE's Yemen Block 7 well Jebel Al Milh-1 is at 3,896m in basement. It has no Origin interest; it is an AWE partner announcement with no relevance to Origin's holdings.
24 Aug 2010other▲ Good
Media release for the FY2010 result: underlying profit rose 10% to $585m; statutory profit was $612m versus $6.9bn, when the prior year included a $6.7bn gain on diluting Origin's APLNG interest. Final dividend 25c, full-year 50c. Cover note only otherwise; adds underlying detail to the 24 Aug result.
24 Aug 2010annual report● NeutralMajor
Origin's FY2010 revenue rose 6% to $8,534m; statutory profit fell 91% to $612m, against $6,941m a year earlier. Final dividend is 25c fully franked, paid 28 September. (Inference: the prior-year figure appears to include a large one-off gain, not stated here.)
24 Aug 2010investor presentation● Neutral
Analyst presentation for the FY2010 result, repeating the headline figures already released: underlying profit $585m (+10%), statutory profit $612m (-91%), full-year dividend 50c. Text is truncated, so no new substantive items can be confirmed.
20 Aug 2010half year report▼ Bad
Contact Energy (Origin 51.80% of quoted shares) reported FY2010 underlying earnings of NZ$150m (down 6%) and EBITDAF of NZ$427m (down 4%), citing a wet year and gas inflexibility. Distribution of 14c per share, record date 3 September.
19 Aug 2010drilling result● Neutral
Wolf 1 (Origin 67%) reached total depth of 4,122m and intersected the target Wagina reservoir at 4,050m (3,809m sub-sea). Wireline logs are being run to evaluate it. Whether the Redback South gas extends 2.5km away is not yet stated.
19 Aug 2010drilling result● Neutral
AWE (33% partner) repeats Origin's update: Wolf-1 reached 4,122m total depth and intersected the Wagina reservoir at about 4,050m. Logging is under way. Nothing new.
18 Aug 2010material agreement▲ GoodMajor
Origin signed a contract to sell up to 25 PJ of Perth Basin gas to an AWE subsidiary, onsold to Synergy, for over five years, starting in August. It commercialises the Redback discoveries via spare Beharra Springs plant capacity. Subject to reserves confirmation by November 2010.
18 Aug 2010material agreement▲ Good
AWE signed a Perth Basin gas sale to WA retailer Synergy of up to 38 PJ over more than five years. Up to 25 PJ is to be sourced from Origin's Perth Basin interests including Redback. Subject to reserves confirmation by end-2010 and WA ministerial approval.
12 Aug 2010drilling progress report● Neutral
Wolf 1 (Origin 67%) was drilling ahead at 3,398m after 693m in the week. The target Wagina reservoir is still ahead at about 3,876m sub-sea. No result yet.
12 Aug 2010drilling progress report● Neutral
AWE (33% partner) repeats Origin's update: Wolf-1 drilling ahead at 3,398m, 693m in the week. Nothing new.
4 Aug 2010drilling result▼ BadMajor
Bang Nouan-1 in Laos (Origin 30%) was plugged and abandoned as a dry hole after the drill stem test found no significant hydrocarbon flow. This is the third dry well in the Salamander farm-in, after the two Vietnam wells, and resolves the earlier gas-show hope.
4 Aug 2010drilling progress report● Neutral
Beach's monthly report shows Santos-operated Coonatie wells (Origin 10.54%) suspended by rain. Coonatie-19 reached 3,263m and is to be cased as a Permian gas producer; Coonatie-20 sits at 1,949m. Minor Origin interest; no new result of note.
30 July 2010quarterly activities report▲ Good
Origin's E&P business held FY2010 production at 104 PJe, with record sales revenue of $632m (+10%). June quarter production rose 28% to 31 PJe on BassGas restart, a full quarter of Otway at 67% and more CSG. Origin took over Otway operatorship on 1 July 2010.
30 July 2010resource reserve update▲ GoodMajor
Origin's net 2P reserves rose 38% to 6,207 PJe, driven by APLNG's 2P reserves rising 40% to 10,143 PJ (Origin share 5,071 PJe), plus gains at Kupe and Otway. This lifts the earlier 4,484 PJe figure from 30 June 2009. Annual production was 104 PJe.
30 July 2010resource reserve update▲ Good
The full 2010 reserves report confirms 2P of 6,207 PJe, up 1,723 PJe from 4,484, a replacement ratio over 1700%. Otway added 277 PJe after the stake rose to 67.23%; Kupe added 13 PJe net; Redback area added 11.4 PJe in Western Australia.
29 July 2010drilling progress report● Neutral
AWE (33% partner) repeats Origin's update: Wolf-1 at 2,047m with 9-5/8" casing being run, 1,648m drilled in the week. Nothing new.
