King has agreed to extend his contract for a further five year term to 2009 for a remuneration package of $1,300,000 (Total Cost Fixed Remuneration). In addition to fixed remuneration, King will be entitled to short-term incentive payments up to 60% of TCFR and long-term incentives of up to 100% of TCFR at the discretion of the Board.

The board will also seek shareholder approval at the 20 October AGM to issue up to one million options to King.

Despite the expected impact of the New Year's Day Moomba Gas Plant fire, King led Origin to a $205 million full year net profit, up 25% from the previous year, along with a 6% increase in total revenue to $3.6 billion.

The year also saw some progression in several major projects such as BassGas in the Otway Basin, and CSG along with the acquisition in NZ of LPG player RockGas and an interest in the Kupe field.

In the last twelve months Origin’s stock has climbed from $4.15 to $6.09 at the time of print.