Origin production and revenue increases
Origin Energy Limited (ORG) reported a 9% increase in production to 24.0 petajoules and a 19% increase in revenue to $142.4 million for the March quarter, compared with the previous corresponding period. The company said the increases were achieved despite scheduled maintenance of the BassGas Project and constraints in production from the Cooper Basin due to flooding in the region.
Executive director, Finance and Strategy, Karen Moses, said the commissioning of the Kupe Gas Project in New Zealand, the increased interest in the Otway Gas project, continuing growth in production from the coal seam gas fields and higher liquid prices resulted in the increased production and sales revenue.
However, Origin said production and sales revenue for the year to 31 March 2010 were 7% and 2% lower respectively.
“This was primarily due to the Australia Pacific LNG transaction which has seen Origin dilute its interest in these CSG assets by 50%,” the company said.
“Adjusting for this impact, year to date production is approximately 5% higher than the prior year.”
Ms Moses said the Australia Pacific LNG project also continued to achieve its milestones.
“Gross production levels have continued to increase, reserves delineation is continuing, the Environmental Impact Statement has been released for public comment, a gas sales agreement with QGC has been finalised which will support the development of both LNG projects and marketing activities are continuing,” Ms Moses said.
As at 1457 AEST, Origin shares were up 25c to $16.34.
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