Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2009other▲ Good
AGL welcomed a Queensland Supreme Court ruling, in a challenge brought by AGL and Origin, that the competition authority misread the law in setting the 2008/09 regulated retail cost index. Orders are pending, with final orders expected 14 May.
28 Apr 2009drilling progress report● Neutral
AWE reported Hovea-13 (Origin 50%) drilling ahead at 1,324m after 1,217m in the week, toward a planned 2,200m. No result yet.
28 Apr 2009drilling progress report● Neutral
Origin lodged AWE's Hovea-13 update (1,324m, drilling ahead). Duplicate of the operator's release.
27 Apr 2009joint venture update▼ Bad
Origin lodged Geodynamics' 27 April update on the Habanero 3 incident, in which steam still flows and pilot plant commissioning is suspended. Duplicate of the operator's release.
27 Apr 2009joint venture update▼ Bad
Geodynamics update: water and steam still flow from Habanero 3, the production well intended to feed the 1MW pilot plant. Commissioning is suspended with timing uncertain, undermining the earlier plan for the pilot plant to start this month.
27 Apr 2009joint venture update▼ Bad
Origin lodged Geodynamics' release on the Habanero 3 well incident at the Innamincka JV (Origin 30%). Duplicates the Geodynamics announcement.
27 Apr 2009joint venture update▼ BadMajor
Geodynamics, operator of the Innamincka JV (Origin 30%), reported a well incident at Habanero 3: water and steam flowing to surface on 24 April. No injuries; a well control team was mobilised. A setback for the geothermal project.
24 Apr 2009production update▼ Bad
Contact Energy (51.42% Origin) reported March-quarter operating data: total generation 2,236 GWh (down from 2,389), average wholesale price $33.28/MWh versus $107.47 a year earlier, and electricity customers 487,000 (from 499,000 in December).
22 Apr 2009drilling progress report● Neutral
Beach weekly report: Origin's 13.19% Cooper Basin wells continue. Nephrite-2 is cased and suspended as a gas producer at 3,258m, Cowralli-12 is at 2,106m and Tindilpie-10 is drilling surface hole. Routine update.
22 Apr 2009asset acquisition disposition▲ GoodMajor
Origin agreed to buy 100% of ATP 788P, southern Undulla Nose CSG permit in Queensland, from Pangaea for $660m cash, expecting about 1,150 PJ of 3P reserves (~57c/GJ) at 30 June. APLNG can take the interest before completion; conditions apply.
21 Apr 2009asset acquisition disposition● Neutral
Origin contracted to buy Bounty's 24.748% interest in ATP471P (Bainbilla Block, Surat Basin) excluding Spring Grove Field for $412,500 cash, subject to other partners' pre-emptive rights. A small CSG-area acquisition.
21 Apr 2009drilling spud▲ Good
AWE started drilling the Hovea-13 oil development well in L1, Perth Basin (Origin 50%, AWE 50% operator), planned to about 2,200m. It is the first of a four-well campaign, ending the wait for a rig noted earlier.
21 Apr 2009drilling spud● Neutral
Origin lodged AWE's release that Hovea-13 has started drilling in the Hovea oilfield (Origin 50%). Duplicates the AWE announcement.
16 Apr 2009joint venture update● Neutral
Geodynamics (Origin 30% of Innamincka JV) redeployed its rig at Jolokia 1 for clean-out and logging, with the 1MW pilot plant hot commissioning now due 27 April, and applied for $90m of federal funding. Pilot plant timing slips from end April only slightly.
15 Apr 2009drilling progress report● Neutral
Beach weekly report: Origin's 13.19% Cooper Basin wells continue, with a well at 3,258m preparing to log, Cowralli-12 drilling surface hole at 295m. South July-1ST1 in Egypt (no Origin interest) is plugged and abandoned. Routine update.
8 Apr 2009drilling progress report● Neutral
Beach weekly report: Origin's Tindilpie-7 (13.19%) was cased and suspended as a future Patchawarra gas producer at 3,223m, and Nephrite-2 (13.19%) was drilling at 1,929m. Egypt's South July-1ST1, with no Origin interest, reached 3,473m and was plugged and abandoned as water-saturated.
8 Apr 2009regulatory community update▲ GoodMajor
The Queensland Co-ordinator General declared the Australia Pacific LNG project (Origin 50%, ConocoPhillips 50%) 'significant', allowing environmental impact statement terms to be set. The project is described as around $35bn of investment, up to four trains and 14-16 Mtpa.
3 Apr 2009debt financing▲ Good
Contact Energy (51.42% Origin) raised NZ$550m through a five-year, 8.00% bond, 83.3% oversubscribed against the original NZ$300m sought. Proceeds fund Taupo geothermal, Stratford peakers and gas storage. Completes the bond offer flagged in March.
1 Apr 2009drilling progress report▲ Good
Beach weekly report: Origin's Tindilpie-7 (13.19%) is cased and suspended as a future gas producer at 3,248m. Nephrite South-5 is at 3,060m and Nephrite-2 is drilling surface hole at 720m, all 13.19%. Routine update.
31 Mar 2009capital raising announcement▲ Good
Contact's profit distribution plan kept cash in the company: 77% of bonus shares were retained and 23% bought back, retaining about NZ$49m. Origin elected to retain shares and lifted its Contact holding by a further 0.06%.
25 Mar 2009director officer appointment● NeutralMajor
Karen Moses was appointed a director of Origin as Executive Director, Finance and Strategy. This completes the board seat flagged to follow the February half-year result.
25 Mar 2009drilling progress report● Neutral
Beach weekly report: Origin's Nephrite South-5 (13.19%) is drilling at 1,103m, and Tindilpie-7 (13.19%) reached 3,248m TD and is preparing to log. Routine Cooper Basin update.
25 Mar 2009material agreement▲ Good
AWE announced the same BassGas agreement with Air Liquide to capture CO2 at Lang Lang from 2010, cutting emissions 25%. Its table lists AWE 42.5%, Origin Energy Resources (operator) 37.5%, Origin Energy Northwest 5.0% and CalEnergy 15%.
25 Mar 2009half year report● Neutral
Half-year report sent to Origin shareholders who elect to receive it, restating $277m underlying profit, the 25c interim dividend paid 25 March and $6.4bn cash and undrawn facilities. A reprint of results already released on 26 February.
25 Mar 2009material agreement▲ Good
Origin, for the BassGas joint venture, signed an agreement with Air Liquide to supply CO2 to a recovery unit costing nearly $20m at Lang Lang. From 2010 it will cut the plant's emissions by 25%. Origin holds 42.5% of BassGas.
24 Mar 2009half year report▼ Bad
Contact Energy (51.36% Origin) released its half-year report to 31 December 2008, restating underlying profit of NZ$79.9m, down from NZ$116.1m, and noting the bond offer was capped at NZ$550m. Repeats the February result already known.
24 Mar 2009investor presentation● Neutral
Contact Energy investor offsite presentation covering transmission constraints, its projects under construction (Tauhara, Stratford peakers, Ahuroa storage, all expected operating in 2010) and its funding approach. Restates known facts; no new Origin-level figures.
18 Mar 2009drilling progress report▲ Good
Beach weekly report: Origin's Fly Lake-26 (13.19%) is cased and suspended as a future gas producer at 2,952m. Nephrite South-5 (13.19%) is drilling at 1,778m. The South July-1 Egypt well does not involve Origin.
16 Mar 2009contract award▲ GoodMajor
Construction began on Origin's 550MW, $640m gas-fired Mortlake Power Station in Victoria, with a first-sod ceremony. Bilfinger Berger is the main contractor, Siemens supplies the turbines, and AJ Lucas builds the pipeline carrying Otway Basin gas. Moves a pending project into construction.
11 Mar 2009drilling progress report● Neutral
Beach weekly report: Origin's Fly Lake-26 (13.19%) reached 2,952m TD and is preparing for logging. Nephrite South-5 (13.19%) is drilling surface hole at 258m. Routine Cooper Basin update.
