Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2009drilling result▼ BadMajor
Somerset 1 (Origin 30.75%) reached 2,912m and found only minor gas shows in thin sands that appear water-bearing on logs. Deeper targets were not reached for operational reasons, and the well is being plugged and abandoned. A disappointing exploration result.
5 Nov 2009drilling progress report● Neutral
AWE relayed that Trefoil-2 is at 2,520m, with the casing retrieved and patched and rig maintenance before drilling ahead. Rockhopper-1 follows. Duplicate of the operator's release.
5 Nov 2009drilling progress report● Neutral
Innamincka Petroleum forwarded Origin's Trefoil 2 update: 2,520m, casing retrieved and patched, rig maintenance before drilling ahead. Duplicate of the operator's release.
4 Nov 2009regulatory community update▲ Good
Contact Energy spudded the first of three more wells at its $250m Ahuroa gas storage project; Origin manages the drilling. Gas has been injected at about 40 TJ/day since a new compressor was commissioned in early October. Continues the Ahuroa build-out.
4 Nov 2009drilling progress report● Neutral
Beach's weekly report shows Origin (13.19%) in Santos-operated wells: Daralingie-40 re-entry and deepening, and Kercummurra-2 (10%) cased and suspended as a potential oil producer. Other wells listed have no Origin interest. No Origin-specific announcement.
2 Nov 2009asset acquisition disposition▲ GoodMajor
Origin agreed to buy Woodside's 51.55% of the Otway Gas Project for $712.5m, lifting its stake from 30.75% to about 82%. Funded from existing capacity ($4.4bn). Completion expected by end-2009; subject to pre-emptive rights of Benaris and CalEnergy.
2 Nov 2009asset acquisition disposition● Neutral
Woodside confirmed it is selling its 51.55% of the Otway Gas Project to Origin for A$712.5m, effective 1 July 2009, with transfer expected in December 2009. It describes the sale as consistent with its review of non-core assets. Mirrors Origin's announcement.
30 Oct 2009agm notice● Neutral
Origin lodged the chair's and managing director's AGM addresses and presentation for 30 October. The chair noted FY09 underlying profit of $530m (+20%), a 25c final dividend, and a target of at least 50c annually. FID for APLNG remains targeted for end-2010.
30 Oct 2009agm notice● Neutral
All resolutions at Origin's AGM passed: the remuneration report, election of Bourne, Nugent, Akehurst and Moses, and option and share-right grants to Grant King and Karen Moses. Each was voted on a show of hands, with proxy votes strongly in favour.
29 Oct 2009contract award● Neutral
Partner Pancontinental said Origin, as Kenya L8 operator, signed a contract with Fugro Geoteam for an 800 sq km 3D seismic survey costing US$10m. Start is planned for November, finishing by year-end. This follows the earlier L8 seismic plan; no drilling result.
29 Oct 2009drilling progress report▼ Bad
Trefoil 2 stayed at 2,520m after the 9 5/8-inch casing stuck 12m off bottom; crews were trying to retrieve it. Somerset 1 (Origin 30.75%, Woodside operator) was at 2,912m with no result yet reported.
29 Oct 2009drilling progress report▼ Bad
AWE repeated Origin's report: Trefoil-2 at 2,520m, casing stuck 12m off bottom, retrieval under way. Rockhopper-1, about 12km north, follows. Duplicate of the operator's release.
29 Oct 2009drilling progress report● Neutral
Innamincka Petroleum forwarded Origin's weekly Trefoil 2 update: well at 2,520m, 9 5/8-inch casing stuck 12m off bottom, retrieval under way. Duplicate of the operator's release.
28 Oct 2009drilling progress report● Neutral
Beach's weekly report lists Origin (13.19%) only as a partner in Santos-operated Daralingie-27, at 2,294m TD and to be cased as a future Patchawarra gas producer. Kercummurra-2 (10%) was at 1,535m TD, logging. No Origin-specific announcement.
28 Oct 2009quarterly activities report● Neutral
September quarter production was 25.4 PJe, flat on June but down 25% on a year earlier, largely from the APLNG dilution. Revenue was $146.2m. Kupe gross cost is now about NZ$1,330m, roughly 10% higher; first gas still due December quarter.
27 Oct 2009agm notice● Neutral
Origin confirmed its AGM for 10:30am on 30 October 2009 in Sydney. It also brought the September quarter production report forward from 30 October to the morning of 28 October. Administrative notice only.
27 Oct 2009investor presentation● Neutral
Contact Energy's October 2009 investor presentation gives an overview of its business and the New Zealand market. It covers 600,000 customers, nine power stations and about 26% of national generation; visible text shows nothing new.
22 Oct 2009agm notice● Neutral
Contact Energy's AGM poll passed all five resolutions, including electing David Baldwin and Susan Sheldon and re-electing Grant King (97.55% for). Shares on issue were 596,852,318.
22 Oct 2009drilling progress report● Neutral
AWE relayed that Trefoil-2 was at 2,520m on 22 October, with 1,585m drilled in the week and casing about to be run as planned. Duplicate of the operator's release.
22 Oct 2009other● Neutral
At Contact's AGM, management said three projects worth $600m (Stratford 200MW peaker, Ahuroa gas storage, Tauhara) will operate by mid-2010. Grant King noted FY09 EBITDAF fell 21% to $445.3m and underlying earnings fell 31% to $160.6m. Distributions held at 28c.
22 Oct 2009drilling progress report● Neutral
Trefoil 2 reached 2,520m on 22 October, preparing to set 9.625-inch casing; no results yet. Separately, Somerset 1 (Origin 30.75%, Woodside operator) began drilling 19 October and was at 1,284m, targeting 3,305m in the Otway Basin.
21 Oct 2009other● Neutral
Beach Petroleum's weekly drilling report lists Origin only as a partner in Santos-operated Cooper Basin wells. Daralingie-27 (13.19%) was at 756m and Kercummurra-2 (10%) at 191m, both drilling. No Origin-specific result.
19 Oct 2009investor presentation● Neutral
Grant King presented to the Citi Australian Investment Conference in Sydney. It is a 36-page deck on strategy, Australia Pacific LNG, carbon and outlook; the visible text shows no new figures.
19 Oct 2009director officer appointment● Neutral
Contact Energy appointed Mark Elliott as CFO, starting in November. He was most recently Regional Director for Australia and Asia at Nyrstar. This fills the CFO vacancy flagged in Contact's earlier search.
16 Oct 2009other▲ Good
Moody's gave Origin its first rating, Baa1 with a stable outlook (P-2 short term). It cited retail position, finance and liquidity, but noted uncertainty over APLNG timing and cost until the final investment decision expected in 2010.
16 Oct 2009farm in farm out agreement● Neutral
Eden Energy said it will pay an adviser's 5% success fee on the Origin GEL 185 deal in 810,898 shares at $0.078. Origin has paid $1m and will fund the first $500k to earn 70%. Still awaiting SA Government approval.
16 Oct 2009production update● Neutral
Contact Energy (Origin holds 51.66% of quoted shares) reported September 2009 data: average wholesale price $21.13/MWh nationally, down from $49.39 a year earlier. Total generation was 808 GWh versus 894 GWh. Electricity customers were 479,000, versus 520,500 a year earlier.
15 Oct 2009drilling progress report● Neutral
AWE relayed that Trefoil-2 was at 935m on 15 October, with 782m drilled in the week. Rockhopper-1 follows. Duplicate of the operator's release.
15 Oct 2009drilling progress report● Neutral
Trefoil 2 was at 935m on 15 October after setting the 13 3/8-inch casing, preparing to drill ahead. Planned depth is 3,221m. No results yet; Origin holds 39.0% as operator.
14 Oct 2009other● Neutral
Beach Petroleum's weekly drilling report lists Origin only as a partner in Santos-operated wells (13.19% in Bobs Well-2 and Moomba-183, 16.74% in Wareena-5). Bobs Well-2 (2,894m) and Wareena-5 (1,957m) were cased as future gas producers; Moomba-183 (2,092m) was plugged and abandoned.
