Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2008agm notice● Neutral
AGM results: all resolutions carried, including the remuneration report, re-election of Bruce Beeren and Kevin McCann, and a $600,000 rise in the non-executive director fee cap to $2.2m. Proportional takeover provisions renewed for three years.
13 Oct 2008capital raising announcement▲ GoodMajor
Origin updates the ConocoPhillips deal after the Australian dollar fell: the US$5bn upfront is hedged, and the benefit of depreciation is shared. FIRB is the only condition left. After completion it plans A$1.5bn of returns: 25c extra dividend (A$225m) and buy-back of up to A$1.275bn.
8 Oct 2008drilling progress report▲ Good
Beach weekly report: Munkah-12 (Origin 16.74%) reached 2,399m TD and is to be cased as a future gas producer. Big Lake-90 (13.19%) reached 3,065m TD. Routine update.
1 Oct 2008drilling progress report● Neutral
Beach weekly report: Iliad-1 successful (Beach 30%, no Origin interest listed). Origin's Big Lake-90 (13.19%) is at 2,552m and Munkah-12 (16.74%) is drilling. Routine update.
30 Sept 2008security holder rights change● Neutral
Origin will suspend its dividend reinvestment plan from 31 October 2008. It will not apply to the proposed 25c fully franked dividend to be announced after the ConocoPhillips transaction completes.
29 Sept 2008business combination▲ GoodMajor
Origin confirms BG's takeover offer formally lapsed with conditions unsatisfied at 7pm on 26 September 2008. Shareholders who accepted keep their shares. Ends the BG bid that began in April.
24 Sept 2008dividend declaration● Neutral
Origin sets the dividend reinvestment plan price at $16.44 per share for the 13c final dividend payable 3 October 2008. Administrative follow-up to the August dividend.
24 Sept 2008drilling progress report▲ Good
Beach weekly report: Galex-2 (Origin 16.74%) reached 2,442m TD and was cased and suspended as a future gas producer. Big Lake-90 (Origin 13.19%) is drilling. Routine update.
22 Sept 2008other● Neutral
Letter to shareholders lodged under Listing Rule 3.17. The text provided contains only the cover note, so the letter's content is not readable.
17 Sept 2008regulatory community update● Neutral
Origin issues its second supplementary target's statement to shareholders on BG's offer. The visible text is truncated, so its content is not shown. Presumably this is the supplementary disclosure the Takeovers Panel required (inference).
17 Sept 2008drilling progress report● Neutral
Beach weekly report: Big Lake-89 (Origin 13.19%) was cased and suspended as a future gas producer, and Galex-2 (Origin 16.74%) is in progress. Routine update.
17 Sept 2008material agreement▲ Good
Origin and ConocoPhillips waive the condition tied to approvals required because of BG's bid, after BG said its offer would lapse. FIRB approval is now the only remaining condition for the CSG-to-LNG deal.
15 Sept 2008investor presentation● Neutral
Grant Samuel's independent expert's report on the ConocoPhillips deal is released, describing the 50/50 CSG joint venture, US$5.0bn upfront and A$1.15bn carry. The visible text is truncated, so the conclusion is not shown here. Follows the 8 September announcement.
15 Sept 2008regulatory community update▲ Good
Contact Energy (Origin 51.36%) welcomes the granting of resource consents for its 220MW Te Mihi geothermal power station at Taupo. Construction contractor discussions are advancing on schedule. Moves this project from consenting toward construction.
15 Sept 2008other● Neutral
Media release saying Origin has received the full Grant Samuel Independent Expert's Report dated 15 September and released it to the ASX. Cover note only, with no new substance.
11 Sept 2008regulatory community update● Neutral
Takeovers Panel declines to declare unacceptable circumstances over BG's complaint about Origin's target's statement, but says three disclosure matters need supplementary disclosure, including the independent expert's report. Resolves BG's 29 August application with no declaration.
10 Sept 2008drilling progress report● Neutral
Beach weekly report: Santos-operated Big Lake-89 (Origin 13.19%) reached 3,166m TD and was logging. Beach also lists its own Cooper drilling program from 8 October, none involving Origin. Routine update.
10 Sept 2008business combination▲ Good
Origin notes BG's statement that it will not extend its offer and expects it to lapse on 26 September with conditions unsatisfied. Shareholders who accepted keep their shares if it lapses. Confirms the end of the takeover threat after the ConocoPhillips deal.
10 Sept 2008business combination▲ GoodMajor
BG says it will not raise or extend its $15.50 offer and expects it to lapse on 26 September 2008, citing the ConocoPhillips deal price as higher than it can justify. Shareholders who accepted keep their shares if it lapses, ending the takeover threat.
8 Sept 2008asset acquisition disposition▲ GoodMajor
Origin selects ConocoPhillips to buy 50% of a CSG-to-LNG joint venture for up to A$9.6bn, including US$5.0bn upfront. The deal needs FIRB approval and any approvals required because of BG's offer. Origin says it would have no net debt and plans a $1.5bn capital management initiative; the independent expert values shares at $28.55-$30.71.
8 Sept 2008investor presentation▲ Good
Presentation of the ConocoPhillips CSG-to-LNG deal, repeating the release: up to A$9.6bn for 50%, a first two 3.5 mtpa trains with first LNG by 2014, and an A$1.88/GJ 3P benchmark. No new substance.
3 Sept 2008drilling progress report● Neutral
Beach weekly report: Naccowlah West-22 was successful, and Marabooka-15 (Origin 13.19%) reached 1,122m TD and will be cased as a gas well. Beach also plans a three-well offshore program from late September, none with Origin interests listed.
1 Sept 2008regulatory community update● Neutral
Contact Energy (Origin 51.36%) files consent applications for its 177MW Waitahora wind farm, up to 65 turbines. This moves the project from investigation into the consent process.
29 Aug 2008regulatory community update● Neutral
BG applies to the Takeovers Panel, alleging Origin's Target's Statement is deficient, including on the CSG monetisation process, Tri-Star reversionary rights and reserves. It seeks a supplementary statement. No Panel decision yet. This reverses the earlier pattern, when Origin applied against BG.
28 Aug 2008annual report▲ GoodMajor
Origin reports FY08 underlying profit up 20% to a record $443m and statutory profit $517m, up 13%. Revenue was $8,275m, with a final dividend of 13c (25c for the year). It targets at least 10% underlying EPS growth in FY09.
28 Aug 2008annual report▲ Good
Media release on the FY08 result: underlying profit up 20% to $443m, final dividend 13c, full-year 25c (up 19%), gearing steady at 42%. Targets at least 10% underlying EPS growth in 2008/09. Repeats the full results.
28 Aug 2008investor presentation● Neutral
Presentation of the FY08 results, repeating figures already released. It lists the year's highlights, including the CSG monetisation process, Darling Downs construction and the Uranquinty and Mortlake commitments.
27 Aug 2008drilling progress report▼ Bad
Beach weekly report: James-2 (Origin 10.54%) has been plugged and abandoned at 2,456m, ending that Cooper appraisal well. The text gives no result detail. Other wells shown are routine.
27 Aug 2008regulatory community update▲ Good
Contact Energy (Origin 51.36%) welcomes the NZ Environment Minister's intention to call in consent for its Hauāuru mā raki wind farm, up to 540MW, to an independent Board of Inquiry. It is intended to reduce delays; no consent yet.
20 Aug 2008drilling progress report● Neutral
Beach weekly report: in Santos-operated Cooper Basin wells, James-2 (Origin 10.54%) is logging at 2,456m and Marabooka-14 (Origin 13.19%) was cased as a gas producer. Routine update.
