During the quarter it secured a $US8.5 billion ($A8.07 billion) credit facility along with its APLNG partners, secured a 1 million tonne per annum gas sales deal with Kansai Electric and also tied up a 365 petajoule per annum supply deal to Gladstone LNG.

Subsequent to the end of the quarter, it reached final investment decision on the second train of the APLNG project and announced a $100 million cost blowout at BassGas.

As a result of a dilution of its stake in APLNG to around 42.5% during the financial year, Origin’s proved plus probable reserves dipped to 6708PJ, a reduction of 234PJ year on year.

However, seeing as Origin has since reduced its stake down to 37.5% with an eye to possibly reducing down to 30%, it would appear more reserves dilution is on the cards for Origin.

Taking the dilution aside, Origin’s 2P position actually increased 9% during the quarter, demonstrating the strength of its portfolio.

The increase was driven in part by drilling to prove up enough gas for the APLNG project, with Origin telling the market this afternoon that the APLNG joint venture had increased its 2P reserves by 11% to 13,111PJ net of production during the quarter.

The JV drilled exactly 100 wells during the quarter in support of an expanded drilling program.

Sales revenue, including APLNG, was marginally up year on year to $856 million despite lower production and sales volumes, reflecting higher commodity prices.

Excluding APLNG, it recorded production of 83.2PJ equivalent for FY2012, a decrease from FY2011 which saw Origin chalk up production of 86.5PJe.

Reflecting a drop in production, its sales volumes for the year also dipped down to 90.3PJe but Origin realised sales revenue of just a shade above $700 million.

Turning away from APLNG, its production from the Cooper Basin reached 4.8Pje for the quarter, an increase of 3% quarter on quarter.

It drilled a total of 10 wells in the basin, with all but one cased and suspended as future producers.

While there was no production added from the Bass Basin as a result of a shutdown of the BassGas plant, the news was better in New Zealand where its Kupe net production went up by 17% quarter on quarter to 4.4PJe.

Origin attributed the increase to a jump in demand caused by the coming of the winter months.

Its 2P reserves for the Kupe project also went up by 13% to 83.8 million barrels of oil equivalent.

This article first appeared in ILN's sister publication EnergyNewsBulletin.net.