17 Sept 2007production update▲ Good
Origin lodges Woodside's release that the Otway plant has begun gas export, with Origin holding 30.75%. Re-release of the same news as the Woodside announcement. Production is expected to increase in coming weeks.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2007drilling progress report● Neutral
QGC weekly report: Argyle #35 (PL 179, Origin CSG 40.625%) spudded on 14 September and is drilling at 270m. This is a development well, not a reserves-certification well. Berwyndale South wells have no Origin interest. Routine.
13 Sept 2007investor presentation● Neutral
Contact Energy (Origin 51.36%) presents at a Goldman Sachs conference, repeating its FY07 results: adjusted profit $231.2m, EBITDAF $543.7m, and its $2bn renewables programme. Nothing new for Origin shareholders.
12 Sept 2007drilling result▲ Good
Beach reports Tindilpie-6 (Origin 13.19%) cased as a potential gas producer with an estimated 15m net gas pay. Hawkins-1 (13.19%) was plugged and abandoned. Callawonga-2 (no Origin interest) flowed 4,992 bopd. A modest Cooper gas addition.
10 Sept 2007drilling progress report● Neutral
QGC weekly report: Lauren #6 reached 692m, was DST-tested for permeability, and is cased awaiting a workover rig, completing the Lauren five-spot (Origin CSG 40.625%). Berwyndale South wells have no Origin interest. No results given.
5 Sept 2007drilling progress report▲ Good
Beach reports Granchio-1 (Origin 13.19%) cased as an oil producer with 4m pay in McKinlay and 2.5m in Birkhead. Muchacho-1 (no Origin interest) was plugged and abandoned. Hawkins-1 (13.19%) is at 1,561m. Small Cooper oil addition.
4 Sept 2007capital raising announcement● NeutralMajor
The NZ$200m preference share offer (NZ$50m oversubscriptions possible) opened 4 September and closes 5 October, with issue on 9 October. The dividend is at least 10%, and the shares are rated BBB-/BBB. Proceeds repay bank debt tied to Origin's 51.4% Contact stake.
3 Sept 2007drilling progress report● Neutral
QGC weekly report: Lauren #5 reached 702m and is suspended awaiting a workover rig; Lauren #6, the fifth and last well of the five-spot, is drilling at 442m (Origin CSG 40.625%). Routine, no new results.
31 Aug 2007material agreement● Neutral
AWE, a BassGas partner, re-releases Origin's announcement that the Clough arbitration has been settled. No new information and no terms disclosed.
31 Aug 2007material agreement● Neutral
Clough confirms a full and final settlement with the BassGas Joint Venture over the BassGas contract. This is the other side of Origin's announcement and confirms the arbitration is over. No terms or amounts are given.
31 Aug 2007material agreement● Neutral
ARC Energy re-releases Origin's announcement that the BassGas joint venturers settled the Clough arbitration. Nothing new is added and no terms are given.
31 Aug 2007material agreement● NeutralMajor
Origin and the BassGas joint venturers agreed to settle the Clough arbitration, and proceedings will be discontinued. This ends the dispute, with a hearing on the amount previously planned for April 2008. Settlement terms and any cost are not disclosed.
29 Aug 2007annual report▲ GoodMajor
Origin lodges its full-year 2007 accounts and management discussion: statutory profit $456.9m (up 38%), underlying profit $370.2m (up 10%), final dividend 11c fully franked, EBITDAF $1,201m. Cover letter; the detail is in the media release.
29 Aug 2007capital raising announcement● Neutral
Margin set for the NZ$200m preference share offer (NZ$50m oversubscriptions possible) by an Origin subsidiary: dividend the higher of 10% or swap rate plus 1.50%. Offer opens 4 September; issue expected 9 October. Follows the offer flagged on 13 August.
29 Aug 2007drilling result▲ Good
Beach reports McKinlay-6 (Origin 13.19%) cased as a future oil producer, with a 15m oil column (9m net pay). Scratchy-1 (13.19%) was plugged and abandoned. This turns McKinlay-6's earlier oil shows into a success and ends Scratchy-1.
29 Aug 2007annual report▲ GoodMajor
Origin reports FY07 statutory profit of $457m (up 38%) and underlying profit of $370m (up 10%), with total dividends of 21c (up 17%). Management targets about 15% underlying profit growth for 2007/08.
29 Aug 2007investor presentation● Neutral
Origin's FY07 results presentations to analysts and media repeat the already-reported figures: statutory profit $457m (up 38%), underlying profit $370m (up 10%), 21c dividends. They also recap the year's projects. No new announcement of substance.
28 Aug 2007annual report● Neutral
Contact Energy (Origin 51.36%) reports adjusted annual profit of $231.2m, down from $241.6m, with EBITDAF $543.7m versus $557.0m as wholesale prices fell 42%. Otahuhu C stays on hold while it pursues up to $2bn of renewables.
27 Aug 2007drilling progress report● Neutral
QGC weekly report: Lauren #7 reached 702m and the rig is moving to Lauren #5 (Origin CSG 40.625%). Berwyndale South wells (no Origin interest) continue. Routine, no new results.
22 Aug 2007drilling result▲ Good
Beach reports McKinlay-5 (Origin 13.19%) is a successful oil well with about 14m of oil, cased as a potential producer. Tindilpie-5 was plugged and abandoned at 3,277m. Oil shows in McKinlay-6 and Scratchy-1, both 13.19%.
20 Aug 2007drilling progress report● Neutral
QGC weekly report: Lauren #4 and #8 (Origin CSG 40.625%) are completed and awaiting workover rigs; Lauren #7 is next. Routine coal seam gas drilling, no new results.
16 Aug 2007financial restatement● Neutral
Contact Energy (Origin 51.36%) says NZ's corporate tax rate cut from 33% to 30% brings a one-off, non-cash $7m charge to its year profit. Net deferred tax liability falls $75m. It does not affect underlying performance or dividends.
15 Aug 2007drilling result▲ Good
Beach reports McKinlay-5 (Origin 13.19%) logged producible oil at two levels, and Carney South-1 (no Origin interest) was plugged and abandoned. Small Cooper Basin oil addition for Origin's Santos-operated interest.
13 Aug 2007capital raising announcement● NeutralMajor
A wholly-owned Origin subsidiary is considering a NZ$200m preference share offer in New Zealand (NZ$50m oversubscriptions), expected to open 3 September. Proceeds would refinance bank debt tied to Origin's 51.4% Contact Energy stake. This is the previously flagged possible hybrid-style funding.
13 Aug 2007drilling progress report● Neutral
QGC weekly report: Codie #6 reached 840m, the final well of the Codie five-spot (Origin CSG 40.625%). Lauren #4, first of a second five-spot, reached 682m. Routine drilling, no new results.
8 Aug 2007drilling progress report● Neutral
Beach weekly report: Jena-28 (Origin 13.19%) cased and suspended as a Murta oil producer; Tonno-1 (Origin 13.19%) plugged and abandoned at 1,569m. Tindilpie-5 gas appraisal is preparing to drill.
7 Aug 2007drilling progress report● Neutral
QGC reported Codie #4 and #5 (Origin CSG 40.625%) reached total depth, the third and fourth wells of a five-spot pattern for reserves certification. Codie #6, the fifth, was still drilling. Routine coal seam gas drilling.
1 Aug 2007drilling progress report▲ Good
Beach weekly Cooper Basin report: Big Lake 17DW1 (Origin 13.19%) cased as a potential gas producer with 22m gas pay in the Patchawarra and 7.5m in the Tirrawarra. Jena-28 logging; Tonno-1 drilling. Incremental Cooper news.
1 Aug 2007contract award▲ Good
Origin signed a construction contract with Leighton Contractors for the $80m, 120MW Quarantine Power Station expansion in South Australia, announced 10 May. Construction and commissioning are expected to finish at end-2008, ready for summer 2008/09.
31 July 2007quarterly activities report▲ Good
June quarter E&P sales revenue was a record $122.3m, with 22.3 PJe produced. Kupe's expected cost is up about 10% but first gas stays in H1 2009. Spring Gully reached 50 TJ/d; Otway start-up is expected by end of August.