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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Origin Energy Ltd    ORG   AU000000ORG5

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03/15DJAustralian Power Play Squeezes Gas Exporters
03/15 SENEX ENERGY : commences gas exploration at Silver Star-1
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Origin Agrees To Sell Gas To Rival Australian LNG Project

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05/02/2012 | 01:15am CEST

Origin Energy Ltd. (>> Origin Energy Limited) has agreed to sell some of its vast coal seam gas reserves in Australia's Queensland state to a joint venture building a rival gas-export project on the coast.

The Australian company is building its own liquefied natural gas project with ConocoPhillips (COP) and China Petroleum and Chemical Corp. and has proven up more gas reserves than three rival ventures also planning to build LNG plants at the port of Gladstone.

Origin said it will sell some of its gas to Gladstone LNG, a joint venture between Australia's Santos Ltd. (>> Santos Limited), France's Total SA (TOT), Korea Gas Corp. (036460.SE) and Malaysia Petroliam Nasional Bhd.

Under the agreement, Origin will supply Gladstone LNG with 365 petajoules of gas over 10 years from 2015. Origin said the deal, for which a price hasn't been disclosed, gives Origin the option to call back 1.825 petajoules of gas a year during periods of high domestic gas or electricity demand.

The deal will cool analysts' concerns that Santos won't be able to prove up enough gas for its LNG joint venture.

Origin has already agreed to sell gas to BG Group PLC's (BG.LN) rival LNG project at Gladstone.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

Stocks mentioned in the article : Origin Energy Limited, Santos Limited
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Financials ( AUD)
Sales 2017 12 665 M
EBIT 2017 1 195 M
Net income 2017 -743 M
Debt 2017 8 734 M
Yield 2017 0,23%
P/E ratio 2017 -
P/E ratio 2018 13,08
EV / Sales 2017 1,64x
EV / Sales 2018 1,46x
Capitalization 12 004 M
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 7,18  AUD
Spread / Average Target 5,0%
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NameTitle
Frank Calabria Chief Executive Officer & Managing Director
Gordon McKellar Cairns Independent Non-Executive Chairman
Lawrence John Tremaine Chief Financial Officer
Carl McCamish Executive GM-People & Technology Property
John H. Akehurst Independent Non-Executive Director
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