Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
3 Mar 2010drilling progress report● Neutral
Beach weekly report: Santos-operated Coonatie-16 (Origin 10.54%) still at 1,132m, waiting on weather. Cooper Basin drilling remains suspended after heavy rain. Nothing new for Origin.
25 Feb 2010material agreement▲ GoodMajor
Australia Pacific LNG and QGC agreed a joint development framework and conditional gas sales for ATP 648P and ATP 620P. APLNG expects to sell about 190 PJ over the first two years, then an average of 25 PJ a year over 20 years. This depends on QGC's final investment decision.
25 Feb 2010investor presentation● Neutral
Media presentation for the half-year result, repeating the same decade-of-growth and result material as the analyst presentation. Nothing new in the visible text.
25 Feb 2010half year report▲ Good
Media release on the half-year result: underlying profit up 28% to $355m, driven by lower financing costs and higher EBITDA. Interim dividend 25 cents, paid 1 April. Somerset well cost $9m expensed; Northland Basin well is next in the exploration program, expected late in the financial year.
25 Feb 2010other● Neutral
Administrative notice: Origin will issue 20 free shares to each eligible employee (about 3,400 people) under the Employee Share Plan, on or before 31 March 2010.
25 Feb 2010investor presentation● Neutral
Analyst presentation for the half-year result, marking ten years since Origin's ASX listing. Repeats the 28% rise in underlying profit and the results already released; the visible text shows nothing new.
25 Feb 2010half year report▲ GoodMajor
Half-year to December 2009: underlying profit up 28% to $355m; statutory profit $371m versus $6,663m a year earlier, when the APLNG dilution gain was booked. Interim dividend held at 25 cents fully franked. Full-year underlying profit still expected around 15% higher.
25 Feb 2010farm in farm out agreement▲ GoodMajor
Origin farmed out 50% of New Zealand Canterbury Basin permit PEP 38262 to Anadarko, which becomes operator and funds the first US$30m of an exploration well. The Carrack/Caravel prospect could hold over 500 million boe if hydrocarbons are found. Drilling is most likely in 2011.
24 Feb 2010joint venture update▲ Good
Origin's own release of the Innamincka Shallows geothermal JV with Geodynamics: 50:50, Origin operator, two slim wells to about 2,200m costing about $10m. Origin contributes $4.5m extra for a 20% increase. Same deal as Geodynamics' announcement.
24 Feb 2010drilling progress report● Neutral
Beach's weekly report: Santos-operated Coonatie-16 (Origin 10.54%) still at 1,132m, waiting on weather. Cooper Basin operations remain suspended after heavy rain. Nothing new for Origin.
24 Feb 2010joint venture update▲ Good
Geodynamics signed an MoU with Origin for a new 50:50 Innamincka Shallows JV, operated by Origin, targeting shallow geothermal to about 3,000m. Two slim wells (about $10m) are planned within 12 months. Origin adds $4.5m for a 20% interest increase in the Shallows area. The existing Deeps JV stays 70:30.
23 Feb 2010half year report● Neutral
Contact Energy half-year to December 2009: EBITDAF $225.0m and underlying profit $80.1m, both unchanged on a year earlier. Interim distribution is held at 11 cents a share. Stratford peaker is on track for winter 2010 and Ahuroa storage for Q4 2010.
23 Feb 2010drilling spud● NeutralMajor
Salamander, operator, spudded the Bang Nouan-1 gas exploration well in Laos's Savannakhet PSC, where Origin holds 30% under its December 2009 farm-in. The mean pre-drill resource estimate is about 1.1 Tcf, with a high-risk target and about 75 days to drill.
22 Feb 2010joint venture update▲ Good
Contact Energy (Origin 51.66% of quoted shares) signed a joint venture with Taheke 8C landowners to explore and appraise the Taheke geothermal field near Rotorua over two years. A power station would follow if successful. No financial terms stated.
