Origin Energy news http://www.originenergy.com.au/news/feed/all.xml Origin Energy news en-us Tue, 02 Sep 2014 13:40:29 +0930 Update for holders of hybrid Euro Capital Securities due 2071 and Australian Subordinated Notes due 2071 http://www.originenergy.com.au/news/article/rss/all/1600 http://www.originenergy.com.au/news/article/rss/all/1600 Fri, 22 Aug 2014 08:22:40 GMT <p>Origin Energy Limited (Origin) yesterday announced it intends to issue new hybrid Euro capital securities as part of its funding strategy for the recently completed Browse Basin acquisition.</p> <p>Hybrid capital forms an important part of Origin's capital management strategy, including two issues previously completed and outstanding in the Euro and Australian markets: </p> <p style="padding-left: 20px;">&pound;500 million of Capital Securities due 2071 listed on the LSE (Capital Securities) issued by Origin Energy Finance Limited (OEFL); and $900 million of Subordinated Notes due 2071 listed on ASX (Subordinated Notes) issued by Origin Energy Limited.</p> <p>On 2 April 2013, Standard &amp; Poor's Ratings Service (S&amp;P) announced a change in equity content for the Capital Securities and Subordinated Notes from 100 per cent to 50 per cent. The following day Origin announced that it did not intend to exercise its rights to redeem the Capital Securities and Subordinated Notes triggered by S&amp;P's change in equity content. </p> <p>Today, Origin confirms that it will not exercise its right to redeem the Capital Securities and Subordinated Notes as a result of S&amp;P's change in equity content announced on 2 April 2013. Origin and OEFL have each executed a deed poll to this effect, one in favour of the holders of Capital Securities and the other in favour of the holders of Subordinated Notes. A copy of each deed poll is available at www.originenergy.com.au/mediacentre. </p> <p> <a href="http://www.originenergy.com.au/news/files/EuroCapitalSecuritiesdue2071.pdf" target="_blank" class="link_pdf gact gact-download">Euro Capital Securities due 2071<span class="link_pdf">&nbsp;</span><span class="link_pdf">&nbsp;</span></a> (911KB)</p> <p> <a href="http://www.originenergy.com.au/news/files/AUDSubordinatedNotes.pdf" target="_blank" class="link_pdf gact gact-download">Australian Subordinated Notes due 2071<span class="link_pdf">&nbsp;</span><span class="link_pdf">&nbsp;</span></a> (1.3MB)</p> <p>For further information please contact: </p> <table border="0" cellspacing="4" cellpadding="0"> <tbody> <tr> <td><p><strong>Media</strong><br/> Stephen Ellaway<br/> Senior External Affairs Manager<br/> Ph: <span class="phone">+61 2 9375 5834</span><br/> Mobile: <span class="phone">+61 417 851 287</span></p></td> <td><p><strong>Investors</strong><br/> Peter Rice <br/> General Manager, Capital Markets<br/> Ph: <span class="phone">+Ph: +61 2 8345 5308</span><br/> Mobile: <span class="phone">+61 417 230 306</span></p></td> </tr> </tbody> </table> <div style="font-size: 80%"> <p><strong>About Origin Energy</strong></p> <p>Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&amp;P/ASX 20 Index, the company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 6,010 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest 2P CSG reserves base.</p> <p>In New Zealand, Origin is the major shareholder in Contact Energy, a leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin is also a major operator and participant in petroleum exploration acreage in New Zealand.</p> <p>Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.</p> <p>For more information go to <a href="http://www.originenergy.com.au" target="_blank">www.originenergy.com.au</a></p> </div><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1600" alt="" /></p> Origin reports $530 million Statutory Profit and $713 million Underlying Profit for fiscal 2014 http://www.originenergy.com.au/news/article/rss/all/1597 http://www.originenergy.com.au/news/article/rss/all/1597 Wed, 20 Aug 2014 23:54:52 GMT <h2>Hybrid security set to replace equity raising to fund Browse Basin acquisition</h2> <p>Origin Energy Limited (Origin) today announced a Statutory Profit of $530 million for the financial year ended 30 June 2014, a 40 per cent increase from $378 million<sup>1</sup> in the prior year.</p> <p>A decrease in Underlying Profit of 6 per cent to $713 million<sup>2</sup> was driven by a lower contribution from Energy Markets which was partially offset by higher contributions from all other segments. </p> <p>Group Operating Cash Flow After Tax was up 79 per cent from $1.14 billion to $2.04 billion primarily due to a positive change in working capital from improved billing and collections performance, and a reduction in taxes paid. </p> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <th width="163" valign="top"><p><strong>Financial Highlights</strong><sup>2</sup></p></th> <th width="109" valign="top"><p><strong>FY 2014</strong></p></th> <th width="92" valign="top"><p><strong>FY 2013</strong></p></th> <th width="66" valign="top"><p><strong>Change</strong></p></th> </tr> <tr> <td width="163" valign="top"><p>Statutory Profit </p></td> <td width="109" valign="top"><p>$530 million </p></td> <td width="92" valign="top"><p>$378 million </p></td> <td width="66" valign="top"><p>up 40% </p></td> </tr> <tr> <td width="163" valign="top"><p>Statutory EPS </p></td> <td width="109" valign="top"><p>48.1 cps </p></td> <td width="92" valign="top"><p>34.6 cps </p></td> <td width="66" valign="top"><p>up 39% </p></td> </tr> <tr> <td width="163" valign="top"><p>Underlying Profit </p></td> <td width="109" valign="top"><p>$713 million </p></td> <td width="92" valign="top"><p>$760 million </p></td> <td width="66" valign="top"><p>down 6% </p></td> </tr> <tr> <td width="163" valign="top"><p>Underlying EBIT </p></td> <td width="109" valign="top"><p>$1,353 million </p></td> <td width="92" valign="top"><p>$1,438 million </p></td> <td width="66" valign="top"><p>down 6% </p></td> </tr> <tr> <td width="163" valign="top"><p>Underlying EBITDA </p></td> <td width="109" valign="top"><p>$2,139 million </p></td> <td width="92" valign="top"><p>$2,181 million </p></td> <td width="66" valign="top"><p>down 2% </p></td> </tr> <tr> <td width="163" valign="top"><p>Underlying EPS </p></td> <td width="109" valign="top"><p>64.8 cps </p></td> <td width="92" valign="top"><p>69.5 cps </p></td> <td width="66" valign="top"><p>down 7% </p></td> </tr> <tr> <td width="163" valign="top"><p>Group OCAT </p></td> <td width="109" valign="top"><p>$2,041 million </p></td> <td width="92" valign="top"><p>$1,142 million </p></td> <td width="66" valign="top"><p>up 79% </p></td> </tr> <tr> <td width="163" valign="top"><p>Free Cash Flow </p></td> <td width="109" valign="top"><p>$1,599 million </p></td> <td width="92" valign="top"><p>$1,188 million </p></td> <td width="66" valign="top"><p>up 35% </p></td> </tr> <tr> <td width="163" valign="top"><p>Final Dividend Full Year Dividend </p></td> <td width="109" valign="top"><p>25 cps (unfranked) <br/> 50 cps </p></td> <td width="92" valign="top"><p>25 cps (unfranked) <br/> 50 cps </p></td> <td width="66" valign="top"><p>&nbsp;</p></td> </tr> <tr> <td width="163" valign="top"><p>Capital Expenditure <br/> Origin Cash contribution to Australia Pacific LNG<sup>3</sup></p></td> <td width="109" valign="top"><p>$1,012 million <br/> $2,821 million </p></td> <td width="92" valign="top"><p>$1,172 million <br/> $561 million </p></td> <td width="66" valign="top"><p>down 14% <br/> up 403% </p></td> </tr> </table> <p>Origin Chairman, Mr Gordon Cairns said, &ldquo;As foreshadowed at the beginning of the year, our Energy Markets business has faced challenging market conditions placing pressure on electricity margins. In the second half of the year, we have seen some improvements in those margins suggesting that our focus on improving the performance of our existing businesses is delivering results. </p> <p>&ldquo;During fiscal 2014, improved operational performance was also evident in a record contribution from our upstream business and a 79 per cent increase in Operating Cash Flow After Tax to $2.04 billion. </p> <p>&ldquo;The 2015/16 financial years will be a transitional period for Origin with the commencement of LNG production by Australia Pacific LNG in mid-2015 after a seven- year development phase. </p> <p>&ldquo;The LNG project will deliver a step change in Origin&rsquo;s earnings and cash flow from the 2016 financial year when the project begins to deliver LNG under its existing long-term contracts. </p> <p>&ldquo;The first full year of earnings and cash flow from two LNG trains at Australia Pacific LNG is expected in the 2017 financial year, with distributable cash flow<sup>4</sup> of around US$1 billion (Origin&rsquo;s 37.5 per cent share) on average per year. The step change in cash flow will allow Origin to increase shareholder distributions, maintain an investment grade credit rating and reinvest cash in growing businesses. </p> <p>&ldquo;Origin is well placed to fund its commitment through to completion of the Australia Pacific LNG project, with $5.1 billion<sup>5</sup> of existing liquidity comprising undrawn debt facilities and cash. </p> <p>&ldquo;During the period, Origin announced the acquisition of a 40 per cent interest in the Poseidon exploration permits in WA&rsquo;s highly prospective Browse Basin. We believe that acquiring these resources, when compared with greenfield exploration, substantially reduces the risk of securing opportunities to drive Origin&rsquo;s long-term growth. </p> <p>&ldquo;Given the company&rsquo;s strong cash flow over the past financial year and good progress on Australia Pacific LNG, Origin intends to refinance the debt facilities used for this acquisition via the issue of a new Euro hybrid security as an alternative to ordinary equity,&rdquo; Mr Cairns said. </p> <p>The Board has determined to pay an unfranked final dividend<sup>6</sup> of 25 cents per share. </p> <h2>UNDERLYING BUSINESS PERFORMANCE </h2> <p>Origin Managing Director, Mr Grant King said, &ldquo;Overall we are pleased with the improvements in operational performance of our existing businesses and the progress made on Australia Pacific LNG. This has been achieved together with a much improved safety result, evidenced by the 23 per cent reduction in the total recordable injury frequency rate from 6.5 to 5.&rdquo; </p> <p>Underlying EBITDA decreased by 2 per cent to $2.14 billion reflecting a reduced contribution from Energy Markets of $280 million, partially offset by higher contributions from Exploration &amp; Production, LNG and Contact. </p> <h3>Energy Markets </h3> <p>Underlying EBITDA decreased by 21 per cent to $1.05 billion reflecting reduced volumes and higher operating costs. </p> <p>The reduction in volumes stemmed primarily from a decrease in electricity sales to domestic mass market customers reflecting a reduction in average consumption and an historically mild year which reduced overall household energy consumption. </p> <p>Origin&rsquo;s customer accounts marginally declined by 0.05 per cent or 3,000 accounts, compared to a net decrease of 16,000 in the prior period. This net position includes a reduction of 41,000 Electricity customer accounts and an increase of 38,000 Natural Gas accounts, building on Origin&rsquo;s strong gas position. </p> <p>Following successful implementation of the retail transformation program, billing and collection performance improved, contributing to the strong increase in Group Operating Cash Flow. </p> <p>Origin&rsquo;s cash cost of serving its customers reduced, reflecting operational improvements. This cash cost excludes the impact of the release of the provision relating to the NSW Transitional Services Arrangement following the transition of Country Energy and Integral Energy customers to Origin&rsquo;s new SAP system a year ahead of schedule. </p> <p>Energy Markets strengthened its gas portfolio by entering into a gas purchase agreement with Esso Australia and BHP Billiton during the year. Energy Markets is well positioned to capture the benefits of rising gas prices through oil-price linked gas sales agreements with Queensland LNG projects, as well as the increasing penetration of mass market gas customers. </p> <h3>Exploration &amp; Production </h3> <p>Underlying EBITDA increased by 23 per cent to $487 million reflecting record production and higher average commodity prices. The strong performance of the Exploration &amp; Production business reflects the high level of availability from main operating assets. Investments made in prior periods to position the business have successfully delivered higher production volumes at Otway and BassGas. </p> <h3>LNG </h3> <p>Underlying EBITDA increased by 38 per cent to $83 million primarily reflecting higher domestic gas sales and production. </p> <p>In Australia Pacific LNG&rsquo;s Upstream Project, drilling and gathering operations are progressing to plan with 821 wells drilled at year end. The first train of the Condabri Central Gas Processing Facility was commissioned in June 2014, while Condabri Central Train 2, Reedy Creek Train 1, Condabri South Train 1 and Orana Train 1 have also now reached mechanical completion. The Condabri water treatment facility is in commissioning while construction of the remaining gas and water treatment processing facilities remain on plan. </p> <p>In addition, purified water for agricultural purposes was delivered to 13 farms as part of the Fairymeadow Road Irrigation Pipeline project. Construction of the 530-kilometre main gas transmission pipeline is complete with commissioning progressing to plan. </p> <p>In Australia Pacific LNG&rsquo;s Downstream Project, all Outside Battery Limit and Inside Battery Limit (Train 1) modules are in place. Train 2 modules are also being delivered, with all modules expected to be set by the end of calendar 2014.Piping and cable installation is progressing, as are preparations for commissioning. </p> <p>LNG tank construction continued ahead of schedule with welding complete on all inner tank rings. Roof module installation was completed on Tank A and commenced on Tank B. Tank A was hydrostatically tested. Construction of the LNG jetty, loading platform, formworks and concreting for berthing dolphins continued. </p> <h3>Contact Energy </h3> <p>Underlying EBITDA increased by 9 per cent to NZ$587 million primarily due to an increased proportion of energy produced from hydro generation displacing more expensive thermal generation, and the receipt of NZ$43 million of compensation relating to the delay in start-up of the Te Mihi Power Station. </p> <p>Reflecting the impact of the strengthening NZ dollar, Underlying EBITDA in Australian dollars increased by 23 per cent to $533 million. </p> <h2>FUTURE PRIORITIES AND OUTLOOK </h2> <p>The 2015/16 financial years will be a transitional period for Origin with the commencement of LNG production in Queensland and in particular by Australia Pacific LNG in mid-2015. Increasing LNG production will result in expanding gas margins and an improving supply/demand balance in electricity markets. Origin&rsquo;s energy markets businesses are maturing and operating in a consolidated, lower growth and more competitive environment. Investment in generation and retail systems is essentially complete. In view of these developments, Origin&rsquo;s priorities are changing. </p> <p>During the next few years Origin&rsquo;s key priorities are to: </p> <ul> <li> Improve returns in the energy markets businesses; </li> <li> Deliver growth in the natural gas and LNG businesses; </li> <li> Grow capabilities and increase investment in renewables; and </li> <li> Increase distributions to shareholders, manage capital allocation and funding. In the next two years, Origin expects: <ul> <li> An increased contribution from the Energy Markets business in Australia, particularly reflecting improved margins in natural gas in the 2015 financial year, and improved contributions from electricity in the 2016 financial year as competitive conditions in the wholesale market moderate; </li> <li> An improved contribution from Contact will reflect the benefits of its investment in geothermal generation and retail transformation. The 2015 financial year will include a full year of Te Mihi generation with a full year of associated depreciation and interest costs; </li> <li> A reduced contribution from the Exploration &amp; Production business in 2015 as some assets will have extended shut-downs (BassGas and Otway) to invest in sustaining production capacity for 2016 and beyond; </li> <li> Prior period investments in Origin&rsquo;s existing businesses will result in an increase in depreciation and amortisation; and </li> <li> First LNG from Australia Pacific LNG&rsquo;s Train 1 to commence in mid calendar year 2015 and from Train 2 in late calendar year 2015. It is not expected that LNG sales from Australia Pacific LNG will contribute to earnings in fiscal 2015, with production from both trains at planned capacity occurring before the end of the 2016 financial year, with first full year contribution from both trains expected in the 2017 financial year . With average annual distributable cash flow from two LNG trains of around US$1 billion<sup>7</sup>, this step change in earnings and cash flow will allow Origin to increase distributions to shareholders, maintain an investment grade credit rating and reinvest in growing businesses at returns exceeding cost of capital. Dividends are expected to increase in line with Origin&rsquo;s targeted payout ratio of at least 60 per cent of Underlying EPS as Australia Pacific LNG contributes to earnings and cashflow. </li> </ul> </li> </ul> <h2>FINAL DIVIDEND </h2> <p>A final unfranked dividend of 25.0 cents per share will be paid on 26 September 2014 to shareholders of record on 28 August 2014 taking full year dividends to 50.0 cents per share. Origin shares will trade ex-dividend from 26 August 2014. </p> <p>Origin&rsquo;s Dividend Reinvestment Plan (DRP) will apply to this dividend. No discount will be applied in the calculation of the DRP price. </p> <p><strong>To view all 2014 Full Year Results material <a href="http://www.originenergy.com.au/53/">please click here</a>.</strong></p> <div style="font-size: 80%"> <ol style="padding: 20px 10px 30px 30px"> <li>All comparable results reflect a comparison between the current full year to the prior corresponding period, unless stated otherwise.</li> <li> A reconciliation between statutory and underlying profit measures can be found in the Operating and Financial Review in Section 3.1 and is available at www.originenergy.com.au.<br/> </li> <li> Via both loan repayments by Origin to Australia Pacific LNG and the issue of mandatorily redeemable cumulative preference shares by Australia Pacific LNG to Origin. </li> <li> Distributable cash flow after Australia Pacific LNG revenues, operational expenditure, ongoing capital expenditure, project finance interest and repayments, and taxation. Based on current market conditions.<br/> </li> <li> As at 30 June 2014, excluding Contact Energy and bank guarantees.<br/> </li> <li> As a result of utilisation of available tax losses and the impact of development projects, including Australia Pacific LNG, Origin does not expect to have sufficient franking credits to frank the final dividend.<br/> </li> <li> Distributable cash flow after Australia Pacific LNG revenues, operational expenditure, ongoing capital expenditure, project finance interest and repayments, and taxation, as expected in the 2017 financial year. Based on current market conditions.</li> </ol> </div> <p><strong>For further information please contact:</strong></p> <table border="0" cellspacing="4" cellpadding="0"> <tbody> <tr> <td><p><strong>Media</strong><br/> Lina Melero<br/> General Manager, External Affairs<br/> Ph: <span class="phone">+61 2 8345 5217</span><br/> Mobile: <span class="phone">+61 427 017 798 </span></p></td> <td><p><strong>Investors</strong><br/> Peter Rice<br/> General Manager, Capital Markets<br/> Ph: <span class="phone">+61 2 8345 5308</span><br/> Mobile: <span class="phone">+61 417 230 306 </span></p></td> </tr> </tbody> </table> <div style="font-size: 80%"> <p><strong>About Origin Energy</strong></p> <p>Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&amp;P/ASX 20 Index, the company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 6,010 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest 2P CSG reserves base.</p> <p>In New Zealand, Origin is the major shareholder in Contact Energy, a leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin is also a major operator and participant in petroleum exploration acreage in New Zealand.</p> <p>Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.</p> <p>For more information go to <a href="http://www.originenergy.com.au" target="_blank">www.originenergy.com.au</a></p> </div> <p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1597" alt="" /></p> Origin Energy Subordinated Notes - Key Financial Ratios http://www.originenergy.com.au/news/article/rss/all/1598 http://www.originenergy.com.au/news/article/rss/all/1598 Thu, 21 Aug 2014 01:51:37 GMT <p> Origin Energy Limited (Origin) today released the following Interest Cover Ratio which has been calculated as at 30 June 2014 (Testing Date) in accordance with the requirements set out in the Origin Energy Subordinated Notes Prospectus dated 1 December 2011. Unless otherwise defined in this notice, capitalised terms used in this notice have the same meaning as defined in the Prospectus.</p> <p>The Interest Cover Ratio (Underlying EBITDA<sup>1,2</sup>/Net Interest Paid) is calculated as the ratio of Underlying EBITDA for the relevant six month period to Net Interest Paid for the relevant six month period.</p> <p>The table below shows the Interest Cover Ratio for each of the six months ended 30 June 2014, 31 December 2013 and 30 June 2013.</p> <h2>Interest Cover Ratio:</h2> <table width="100%" border="0"> <tbody> <tr> <td>&nbsp;</td> <td><strong>6 months ended<br/>&#160;30 Jun 2014<br/> </strong><strong>($m)</strong></td> <td><strong>6 months ended<br/>&#160;31 Dec 2013<br/> </strong><strong>($m)</strong></td> <td><strong>6 months ended<br/>&#160;30 Jun 2013<br/> </strong><strong>($m)</strong></td> </tr> <tr> <td>Underlying EBITDA2&#160;&#160;</td> <td>1,057<sup>1</sup></td> <td>1,082</td> <td>1,126</td> </tr> <tr> <td>Interest paid&#160;</td> <td>209<sup>1</sup></td> <td>254</td> <td>225</td> </tr> <tr> <td>Interest received</td> <td>(12)<sup>1</sup></td> <td>(9)</td> <td>(7)</td> </tr> <tr> <td>Net Interest Paid&#160;&#160;&#160;</td> <td>197</td> <td>245</td> <td>218</td> </tr> <tr> <td><strong>Interest Cover Ratio (times)</strong></td> <td><strong>5.4</strong></td> <td><strong>4.4</strong></td> <td><strong>5.2</strong></td> </tr> <tr> <td><strong>Minimum Ratio (times) </strong></td> <td><strong>&gt;3.5</strong></td> <td><strong>&gt;3.5</strong></td> <td><strong>&gt;3.5</strong></td> </tr> </tbody> </table> <p>On 26 June 2013 Origin advised an amendment had been made to the terms and conditions of the Origin Energy Subordinated Notes. The definition of Testing Date for the Leverage Ratio calculation used in the determination of Mandatory deferral of Interest Payments (clause 3.6 of the terms and conditions) was amended such that the Leverage Ratio is not tested and reported from 30 June 2013 to 30 June 2016 (inclusive). For more information go to:<a href="http://www.originenergy.com.au/news/article/asxmedia-releases/1498"> www.originenergy.com.au/news/article/asxmedia-releases/1498</a></p> <p>The Interest Cover Ratio will continue to be tested every six months to determine whether or not a Mandatory Deferral Event exists. A Mandatory Deferral Event will commence during the period to 30 June 2016 (inclusive) if Origin&rsquo;s Interest Cover Ratio in relation to a Testing Date is less than the Minimum Level (being 3.5 times). A Mandatory Deferral Event will continue until Origin&rsquo;s Interest Cover Ratio in relation to a Testing Date is at or above the Minimum Level.</p> <p>For the period after 30 June 2016, a Mandatory Deferral Event will commence if either Origin&rsquo;s Interest Cover ratio in relation to a Testing Date is less than the Minimum Level, or if Origin&rsquo;s Leverage Ratio in relation to two consecutive Testing Dates is above the Maximum Level (being 4.0 times). A Mandatory Deferral Event will continue until Origin&rsquo;s Interest Cover Ratio in relation to a Testing Date is at or above the Minimum Level and its Leverage Ratio has not been above the Maximum Level in relation to two consecutive Testing Dates.</p> <p>As at 30 June 2014, no Mandatory Deferral Event had commenced. </p> <div style="font-size: 80%"> <ol style="padding: 20px 10px 30px 30px"> <li>As derived from Origin&rsquo;s Financial Statements released to the ASX on 21 August 2014.</li> <li>Underlying EBITDA is a non-IFRS measure. This measure is used instead of its equivalent statutory measure as required by the terms of the Prospectus. Non-IFRS measures have not been subject to audit or review. </li> </ol> </div> <p><strong>For further information please contact:</strong></p> <table border="0" cellspacing="4" cellpadding="0"> <tbody> <tr> <td><p><strong>Media</strong><br/> Lina Melero<br/> General Manager, External Affairs<br/> Ph: <span class="phone">+61 2 8345 5217</span><br/> Mobile: <span class="phone">+61 427 017 798 </span></p></td> <td><p><strong>Investors</strong><br/> Peter Rice<br/> General Manager, Capital Markets<br/> Ph: <span class="phone">+61 2 8345 5308</span><br/> Mobile: <span class="phone">+61 417 230 306 </span></p></td> </tr> </tbody> </table> <div style="font-size: 80%"> <p><strong>About Origin Energy</strong></p> <p>Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&amp;P/ASX 20 Index, the company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 6,010 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest 2P CSG reserves base.</p> <p>In New Zealand, Origin is the major shareholder in Contact Energy, a leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin is also a major operator and participant in petroleum exploration acreage in New Zealand.</p> <p>Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.</p> <p>For more information go to <a href="http://www.originenergy.com.au" target="_blank">www.originenergy.com.au</a></p> </div> <p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1598" alt="" /></p> CEN Monthly Operational Data July 2014 http://www.originenergy.com.au/news/article/rss/all/1599 http://www.originenergy.com.au/news/article/rss/all/1599 Thu, 21 Aug 2014 02:41:26 GMT <p>Attached herewith is a copy of an announcement released to the NZX by Contact Energy today.</p> <p>Origin Energy holds 53.09% of quoted ordinary shares in Contact Energy Limited.</p> <p><a href="http://www.originenergy.com.au/news/files/1355508.pdf" target="_blank" class="link_pdf gact gact-download">Download full report<span class="link_pdf">&nbsp;</span><span class="link_pdf">&nbsp;</span></a> (187KB)</p><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1599" alt="" /></p> Origin works with Cape York Rangers to locate rare Jardine River Painted Turtle http://www.originenergy.com.au/news/article/rss/all/1601 http://www.originenergy.com.au/news/article/rss/all/1601 Fri, 29 Aug 2014 03:08:35 GMT Contact Energy Limited 2014 Full Year Results http://www.originenergy.com.au/news/article/rss/all/1596 http://www.originenergy.com.au/news/article/rss/all/1596 Sun, 17 Aug 2014 23:41:29 GMT <p>Attached herewith is a copy of an announcement released to the NZX by Contact Energy today.</p> <p>Origin Energy holds 53.09% of quoted ordinary shares in Contact Energy Limited.</p> <p> <a href="http://www.originenergy.com.au/news/files/ASX_CEN_FY14_Results.pdf" target="_blank" class="link_pdf gact gact-download">Download full report<span class="link_pdf">&nbsp;</span></a> (2.8MB)</p><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1596" alt="" /></p> Contact unveils Te Mihi geothermal power station http://www.originenergy.com.au/news/article/rss/all/1595 http://www.originenergy.com.au/news/article/rss/all/1595 Wed, 13 Aug 2014 23:15:21 GMT <p>Contact Energy Limited (Contact) will today unveil its newest and most advanced geothermal power station, the final stage of the Wair&#257;kei Investment Programme. Te Mihi ushers in a new era of efficiency and environmental responsibility in the utilisation of the world class Wair&#257;kei geothermal resource.</p> <p>&quot;Te Mihi is a testimony to Contact's dedication to ensuring New Zealander's energy needs are met in a safe, reliable and efficient manner. It also represents a step into the future, helping provide renewable lower-cost base load electricity to the market to power the homes and businesses in our communities,&quot; says Contact CEO, Dennis Barnes.</p> <p>&quot;With two 83 MW steam turbines, the plant has been designed to make the best use of steam and maximise capacity. A vast network of pipes connects Te Mihi to the Wair&#257;kei steamfield, increasing overall efficiency and generation reliability. The Taup&#333; region geothermal resource is large by international standards, ranking 7th in the world with a combined gross geothermal generation output of 431 megawatts across Contact's five power stations in the region - enough to supply 400,000 kiwi homes.&quot;&#157;</p> <p>Mr Barnes said that Te Mihi is the latest step in advancing New Zealand's leadership position in renewable electricity generation, at a time when internationally there is currently over 12,000 MW of identified geothermal generation capacity to be developed. &quot;Renewable assets on a scale as large as our Taup&#333; steamfield operations are rare around the world. Besides the clear environmental benefits, these long life assets offer strong cash flow for investors that can be sustained over the long-term. Provided a stable and supportive policy and regulatory environment is maintained Contact and its shareholders will investigate further geothermal investment in New Zealand's electricity market when market conditions dictate.&quot;&#157;</p> <p>&quot;I want to acknowledge the many people and contractors who were involved in this development. Over the course of building Te Mihi, through joint venture partners McConnell Dowell Constructors Ltd, SNC-Lavalin Constructors Inc and Parsons Brinckerhoff, we have employed over 500 contractors, developed homegrown expertise and intellectual property, and contributed approximately $60 million to our New Zealand communities.&quot;&#157;</p> <p>Te Mihi will be officially opened this afternoon by Deputy Prime Minister, Honourable Bill English, at a ceremony to be attended by over 150 people, including local dignitaries, stakeholders and tangata whenua. &quot;We are pleased to welcome Te Mihi into Contact's geothermal family. This flexible, fully integrated power station ensures that we can continue to efficiently meet the energy needs of New Zealanders today and into the future.&quot;</p> <table border="0" cellspacing="4" cellpadding="0"> <tbody><tr> <td> <p><strong>Investor enquiries</strong></p> <p><strong>Fraser Gardiner</strong><br /> Ph: <span class="phone">021 228 3688</span></p> </td> <td> <p><strong>Media enquiries</strong></p> <p><strong>Shaun Jones</strong><br /> Ph: <span class="phone">021 204 4521</span></p> </td> </tr> </tbody> </table><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1595" alt="" /></p> Origin completes acquisition of gas exploration interests in WA's Browse Basin http://www.originenergy.com.au/news/article/rss/all/1594 http://www.originenergy.com.au/news/article/rss/all/1594 Mon, 11 Aug 2014 23:22:27 GMT <p>Origin Energy Limited (Origin) today announced it had completed the acquisition of Karoon Gas's (Karoon) 40 per cent interest in two offshore exploration permits (WA- 315-P and WA-398-P) in Western Australia's Browse Basin.</p> <p>Under the terms of the transaction, Origin has paid Karoon a US$600 million cash consideration with additional payments of US$75 million payable upon a project Final Investment Decision (FID) and US$75 million payable on first production. A further payment of up to US$50 million will be payable on first production if 2P reserves at the time of FID reach certain thresholds.</p> <p>Origin's acquisition of the permits, which contain large and prospective offshore gas fields such as the Poseidon discovery, allows the company to establish a strategic position in one of Australia's largest recent offshore gas discoveries.</p> <p>The acquisition complements Origin's recent farm-ins in the Cooper and Beetaloo basins and the awarding of new exploration acreage to the company in the Bonaparte Basin.</p> <p><strong>Figure 1 - Location of WA-315-P and WA-398-P</strong></p> <p><img alt="Map" src="http://www.originenergy.com.au/files/map-asx-1594.PNG"/></p> <p><strong>For further information please contact:</strong></p> <table border="0" cellspacing="4" cellpadding="0"> <tbody> <tr> <td><p><strong>Media</strong><br/> Stephen Ellaway<br/> Senior External Affairs Manager<br/> Ph: <span class="phone">+61 2 9375 5834</span><br/> Mobile: <span class="phone">+61 417 851 287</span></p></td> <td><p><strong>Investors</strong><br/> David Moon<br/> Group Manager, Investor Relations<br/> Ph: <span class="phone">+61 2 9375 5816</span><br/> Mobile: <span class="phone">+61 437 039 310</span></p></td> </tr> </tbody> </table> <div style="font-size: 80%"> <p><strong>About Origin Energy</strong></p> <p>Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&amp;P/ASX 20 Index, the company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 6,010 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest 2P CSG reserves base.</p> <p>In New Zealand, Origin is the major shareholder in Contact Energy, a leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin is also a major operator and participant in petroleum exploration acreage in New Zealand.</p> <p>Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.</p> <p>For more information go to <a href="http://www.originenergy.com.au" target="_blank">www.originenergy.com.au</a></p> </div><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1594" alt="" /></p> Australia Pacific LNG 75% complete with an increase in reserves and lift in Origin annual reserves and production http://www.originenergy.com.au/news/article/rss/all/1593 http://www.originenergy.com.au/news/article/rss/all/1593 Thu, 31 Jul 2014 05:28:42 GMT <p>Origin Energy Limited (Origin) today reported on Australia Pacific LNG&rsquo;s schedule and released its Annual Reserves Report and Quarterly Production Report for its Exploration and Production business for the period ended 30 June 2014. </p> <p>In reporting on the progress of the Australia Pacific LNG project, Origin Chief Executive Officer LNG, Mr David Baldwin said, &ldquo;Strong progress has been made on Australia Pacific LNG with the Upstream component of the project approximately 76 per cent complete and the Downstream component approximately 75 per cent complete at 30 June 2014. </p> <p>&ldquo;Australia Pacific LNG remains on track to deliver first LNG in mid-2015. During the past quarter, 141 Phase 1 development wells were drilled, bringing the total to 821, and Condabri Central Train 1 gas processing facility was commissioned,&rdquo; Mr Baldwin said. </p> <p>For the year ended 30 June 2014, Origin recorded production of 142 PJe, a 15 per cent increase on the prior year, and a 32 per cent increase in revenues to $1,122 million. Production during the June quarter increased by 8 per cent compared with the March quarter while sales volumes and revenues rose by 12 per cent and 11 per cent respectively. </p> <p>Origin Chief Executive Officer Upstream, Mr Paul Zealand said, &ldquo;Origin&rsquo;s increased annual production and revenue results can be directly attributed to investments made in prior periods, with improved asset availability driving higher contributions from Otway, Kupe and BassGas assets.&rdquo; </p> <p>During the past 12 months, Origin successfully added to its overall reserves position. At 30 June 2014, Origin&rsquo;s Proved plus Probable (2P) reserves (including its 37.5 per cent share of Australia Pacific LNG reserves) totalled 6,473 PJe, representing a 4 per cent increase on the prior year net of production. </p> <p>Australia Pacific LNG&rsquo;s 2P reserves increased by 709 PJe during the year to 14,091 PJe and 3P reserves increased by 1,304 PJe to 17,459 PJe. Origin&rsquo;s 37.5 per cent share of Australia Pacific LNG&rsquo;s 2P reserves was 5,284 PJe, an increase of 266 PJe. The increase in Australia Pacific LNG&rsquo;s 2P reserves was driven by the project&rsquo;s exploration and appraisal program and extensive development drilling as part of the Phase 1 project. </p> <p>Excluding Australia Pacific LNG, Origin more than replaced its 2014 production through additions to its 2P reserves position, primarily at its Ironbark CSG field in Queensland, which increased by 94 PJe following favourable appraisal well drilling results. </p> <p>&ldquo;A particularly pleasing feature of the past quarter was Origin&rsquo;s completion of farm-in agreements in the Cooper and Beetaloo Basins as well as being successfully awarded new exploration acreage in the Bonaparte Basin subsequent to quarter end. In addition, Origin continues to progress its planned acquisition of Karoon Gas&rsquo;s Browse Basin exploration permits, WA-315-P and WA-398-P,&rdquo; Mr Zealand said. </p> <p>Given its growing portfolio of exploration opportunities within Australia, the company&rsquo;s international exploration activities were reviewed and it was decided not to seek a new Production Sharing Contract for the Kenya acreage, and to progress the relinquishment of the Botswana acreage. The $25 million capitalised against Kenya and Botswana is likely to be expensed. </p> <p>In addition, an evaluation of the Caravel-1 exploration well in New Zealand&rsquo;s Canterbury Basin has deemed it uncommercial. As a result, an additional $41 million in expenditure relating to the well is likely to be expensed. </p> <p><em>NOTE: The report does not cover other areas of the integrated energy businesses undertaken by Origin, including electricity generation, energy retailing, non- hydrocarbon development activity or its subsidiary, New Zealand&rsquo;s Contact Energy. </em></p> <p>Read the full <a href="http://www.originenergy.com.au/news/files/asx_june_2014_quarterly_production_report_consolidated_31072014_final.pdf" target="_blank" class="gact gact-download">Quarterly Production Report</a> (296KB)</p> <p>Read the full <a href="http://www.originenergy.com.au/news/files/asx_origin_energy_2014_annual_reserves_report.pdf" target="_blank" class="gact gact-download">Annual Reserves Report</a> (177KB)</p> <p><strong>For further information please contact:</strong></p> <table border="0" cellspacing="4" cellpadding="0"> <tbody> <tr> <td><p><strong>Media</strong><br/> Stephen Ellaway<br/> Senior External Affairs Manager<br/> Ph: <span class="phone">+61 2 9375 5834</span><br/> Mobile: <span class="phone">+61 417 851 287</span></p></td> <td><p><strong>Investors</strong><br/> David Moon<br/> Group Manager, Investor Relations<br/> Ph: <span class="phone">+61 2 9375 5816</span><br/> Mobile: <span class="phone">+61 437 039 310</span></p></td> </tr> </tbody> </table> <div style="font-size: 80%"> <p><strong>About Origin Energy</strong></p> <p>Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&amp;P/ASX 20 Index, the company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 6,010 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest 2P CSG reserves base.</p> <p>In New Zealand, Origin is the major shareholder in Contact Energy, a leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin is also a major operator and participant in petroleum exploration acreage in New Zealand.</p> <p>Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.</p> <p>For more information go to <a href="http://www.originenergy.com.au" target="_blank">www.originenergy.com.au</a></p> </div><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1593" alt="" /></p> Contact Energy Limited - 2014 Annual Meeting and Director Nominations http://www.originenergy.com.au/news/article/rss/all/1592 http://www.originenergy.com.au/news/article/rss/all/1592 Thu, 31 Jul 2014 01:49:25 GMT <p>Contact Energy Limited advises that its Annual Meeting will be held at the InterContinental Wellington on Tuesday, 14 October 2014. The time and other details relating to the meeting will be advised in the Notice of Meeting to be sent to all shareholders.</p> <p>The closing date for director nominations is Monday, 18 August 2014. All nominations must be received by 5.00pm on the closing date.</p> <p>Nominations must be made by a security holder entitled to attend and vote at the meeting, and be accompanied by the consent in writing of the person nominated.</p> <p>Any nominations should be directed to the General Counsel at Contact Energy Limited, PO Box 10742, The Terrace, Wellington 6143 or by facsimile to + 64 4 499 4003.</p><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1592" alt="" /></p> Contact Energy Monthly Operational Data June 2014 http://www.originenergy.com.au/news/article/rss/all/1591 http://www.originenergy.com.au/news/article/rss/all/1591 Mon, 28 Jul 2014 06:22:01 GMT <p>Attached herewith is a copy of an announcement released to the NZX by Contact Energy today.</p> <p>Origin Energy holds 53.09% of quoted ordinary shares in Contact Energy Limited.</p> <p><a href="http://www.originenergy.com.au/news/files/CEN_monthly_operational_data_june_2014.pdf" target="_blank" class="link_pdf">Download full report</a> (154KB)</p><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1591" alt="" /></p> Origin will deliver carbon benefit to households http://www.originenergy.com.au/news/article/rss/all/1590 http://www.originenergy.com.au/news/article/rss/all/1590 Thu, 17 Jul 2014 02:41:11 GMT <p>Origin Energy Limited (Origin) today welcomed the removal of uncertainty over implementation of the federal government's policy to repeal the carbon price.</p> <p>Origin CEO Energy Markets, Mr Frank Calabria said, &ldquo;The carbon price repeal has now been confirmed and Origin is already working to deliver the benefits to our 4.3 million customers.</p> <p>&ldquo;Origin has started a program to update its billing systems with revised usage charges that exclude the carbon price. Customers will start seeing the new prices on their household energy bills from September, and these will be backdated to 1 July,&rdquo; Mr Calabria said.</p> <p>The same methods used to include carbon in household bills before repeal will be used to remove it, and we've followed the advice of energy industry regulators in areas where they set the carbon price.</p> <p>Customer savings on household energy bills will vary. Our initial modelling estimates savings for an average Origin household energy bill, weighted across our entire customer base, of around 7 per cent for electricity and 5 per cent for gas, but individual households will save more or less depending on their location, tariff type and how much energy they use. The actual averages, nationally and by state, will be published on our website when available.</p> <p>Energy prices for business and commercial users will be subject to the repeal legislation and contractual arrangements with Origin.</p> <br /> <p>For further information please contact:</p> <div class="row"> <div class="large-6 column"> <p><strong>Media</strong><br /> Lina Melero<br /> General Manager, External Affairs<br /> Ph: +61 2 8345 5217<br /> Mobile: +61 427 017 798</p> </div> <div class="large-6 column"> <p><strong>Investors</strong><br /> Peter Rice<br /> General Manager, Capital Markets<br /> Ph: +61 2 8345 5308<br /> Mobile: +61 417 230 306</p> </div> </div> <br /> <div class="terms"> <p><strong>About Origin Energy</strong></p> <p>Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&amp;P/ASX 20 Index, the Company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 6,010 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest 2P CSG reserves base.</p> <p>In New Zealand, Origin is the major shareholder in Contact Energy, a leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin is also a major operator and participant in petroleum exploration acreage in New Zealand.</p> <p>Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.</p> <p>For more information go to <a href="http://www.originenergy.com.au">www.originenergy.com.au</a></p> </div><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1590" alt="" /></p> Australia Pacific LNG shows strong progress as key milestones achieved http://www.originenergy.com.au/news/article/rss/all/1588 http://www.originenergy.com.au/news/article/rss/all/1588 Fri, 04 Jul 2014 06:00:37 GMT <p>Three key milestones have been met by Australia Pacific LNG in recent weeks representing strong progress across the breadth of the CSG-LNG project.</p> <p>Hydrotesting of LNG tanks on Curtis Island has commenced, construction of the main gas transmission pipeline has been completed, and the gas from the recently commissioned Condabri Central gas processing facility is now being delivered into the gas network.</p> <p>Page Maxson, Australia Pacific LNG CEO said: &ldquo;These three milestones mark very definitive steps in the progress we are making in the gas fields, on the pipeline and at the LNG facility on Curtis Island.&rdquo;</p> <p>On Curtis Island, the first of the LNG tanks commenced hydrotesting, a process that takes up to 26 days per tank and requires filling the tanks with water to test its ability to hold its weight.</p> <p>&ldquo;Testing the integrity, quality and stability of the LNG storage tanks is a crucial part of ensuring they are ready to receive the first LNG, and we are pleased that our tank construction has reached this point,&rdquo; Mr Maxson said.</p> <p>Construction of the main high pressure gas transmission pipeline was safely and successfully completed and it is now being progressively placed into service.</p> <p>&ldquo;The pipeline is a critical piece of infrastructure linking the gas fields with the LNG facility. That we have now completed 530km of pipeline construction, with a relentless focus on personal and process safety, is a significant milestone,&rdquo; Mr Maxson said.</p> <p>Following construction and commissioning in June, gas from Condabri Central Train 1 is now being delivered into the domestic gas network together with gas from Australia Pacific LNG's existing Spring Gully and Talinga facilities. Condabri Central is the first of seven new gas processing facilities being constructed.</p> <p>These construction milestones play a critical role in the delivery of first LNG exports in mid 2015, with gas from Condabri Central delivered to Curtis Island through the pipeline system where it will be liquefied and shipped to Asia.</p> <p><strong>For further information please contact:</strong></p> <p>Fiona McLeod, Australia Pacific LNG External Affairs Manager &ndash; 0409 087 534</p> <p>Chris Zipf, Senior Communication Manager, Origin &ndash; 0429 078 331</p> <div class="terms"> <p><strong>About Australia Pacific LNG</strong></p> <p>Australia Pacific LNG Pty Limited is an incorporated joint venture between Origin Energy Limited (37.5%), ConocoPhillips (37.5%) and Sinopec (25%). The Australia Pacific LNG project includes the development of Australia Pacific LNG's substantial coal seam gas resources in the Surat and Bowen Basins, a 530 km transmission pipeline, and a multi-train LNG facility on Curtis Island, near Gladstone. <a href="http://www.aplng.com.au" target="_blank">www.aplng.com.au</a></p> </div> <p><em>Editor's note:</em> The following images are available on request</p> <p><img src="http://www.originenergy.com.au/files/media-aplng-storage-tanks-352x264.jpg" alt="Australia Pacific LNG tanks on Curtis Island" width="352" height="264" /></p> <p>Australia Pacific LNG tanks under construction on Curtis Island</p> <p><img src="http://www.originenergy.com.au/files/media-aplng-jim-cresham-264x352.jpg" alt="Jim Cresham" width="264" height="352" /></p> <p>Jim Cresham undertakes the final weld on the Australia Pacific LNG main pipeline</p> <p><img src="http://www.originenergy.com.au/files/media-aplng-condabri-central-352x264.jpg" alt="Australia Pacific LNG Condabri Central Gas Processing Facility" width="352" height="264" /></p> <p>Australia Pacific LNG Condabri Central Gas Processing Facility, near Miles</p><p><img src="http://www.originenergy.com.au/news/tracker.php?type=rss&amp;for_news_id=1588" alt="" /></p>