Origin Enrg Fin Ltd (46RZ) - Quarterly Production Report RNS Number : 9104P Origin Energy Finance Limited 31 October 2012 ASX/Media Release 31 October 2012 BassGas and Otway return to production after planned shutdowns Origin Energy Limited (Origin) today released the Quarterly Production Report for its Exploration and Production business for the three months ending 30 September 2012, reporting production of 33 petajoules equivalent (PJe) and revenues of $225 million. During the period, Australia Pacific LNG, in which Origin has a 37.5 per cent interest, announced that a final investment decision (FID) on the second train of its two-train CSG to LNG project had been approved. In addition, the subscription agreement for Sinopec to increase its shareholding in Australia Pacific LNG from 15 per cent to 25 per cent was completed. This reduced Origin's shareholding in Australia Pacific LNG to 37.5 per cent. The Australia Pacific LNG project continues to make good progress and remains on budget and on track to deliver first LNG in mid 2015. At 30 September 2012, the Upstream project was 20 per cent complete and the Downstream project was 23 per cent complete. Origin Chief Executive Officer, Upstream, Mr Paul Zealand said, "Following a major planned shutdown at the Otway gas plant, the Otway Basin recorded an 11 per cent increase in production for the September Quarter, when compared to the June Quarter. Origin's overall production and revenues were largely in line with the prior quarter, reflecting the higher Otway production, Origin's lower shareholding in Australia Pacific LNG and no gas production in the Surat Basin. "BassGas did not contribute to production during the September Quarter due to the extended shutdown for the Mid Life Enhancement project, however the current infield activities associated with the project have since been completed and production recommenced on 15 October 2012. Consistent with the BassGas shutdown, production in the September Quarter decreased by 10 per cent and revenues decreased by three per cent, when compared with the September Quarter 2011. "Origin is pleased to have its two major producing assets in southern Australia - BassGas and Otway - back in production after planned shutdowns, and helping to meet the energy needs of the south eastern Australian market," Mr Zealand said. Sales volumes during the September Quarter reduced to 36 PJe, an eight per cent decrease on that achieved in the same period in 2011. However, as a result of higher average prices, revenues during the September 2012 quarter decreased by only three per cent to $225 million. 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 Contact Energy of New Zealand. For further information please contact: Media Investors Anneliis Allen Kylie Springall Senior External Affairs Manager, Group Manager, Investor Relations Ph: +61 2 8345 5119 Ph: +61 2 8345 5288 Mobile: +61 42 967 166 Mobile: +61 400 477 393 About Origin Energy 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&P/ASX 20 Index, the company has more than 5,900 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.4 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 5,900 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. In New Zealand, Origin is the major shareholder in Contact Energy, the country's 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 also operates several oil and gas projects in New Zealand and is one of the largest holders of petroleum exploration acreage in the country. 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. For more information go to www.originenergy.com.au . Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/9104P_-2012-10-31.pdf This information is provided by RNS The company news service from the London Stock Exchange END MSCGGBDGRDXBGDB -0- Oct/31/2012 07:00 GMT
Origin Enrg Fin Ltd 46RZ Quarterly Production Report
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