Contact Energy chief financial officer Mark Elliott has resigned to take up a job with Australian parent Origin Energy.

Managing director David Baldwin will be replaced in three months by the head of energy risk management at its parent company, Origin Energy.

Origin Energy (ASX:ORG) has tipped itself for stronger growth in the year ahead after falling just short of underlying profit expectations.

The company had predicted a 15% increase in underlying profit for the 2010 financial year but yesterday reported a 10% increase to $A585 million, after expensing $A27 million of costs from an expanded gas exploration programme.

A subsidiary of ASX-listed Origin Energy has struck a deal with a US company to drill in the Canterbury basin.

Origin, which also today reported a 28% increase in underlying profit to $AU355 million in the period to December 31 and a 3% or $AU20 million increase in overall underlying EBITDA to $706 million, made the announcement on behalf of its New Zealand operations, Origin Energy Resources NZ Limited.

It will farm out a 50% interest in its offshore permit (PEP 38262) to Anadarko New Zealand Company – a subsidiary of the US Anadarko Petroleum Corporation (NYSE:APC).

Drilling began at the Albacore-1 well in the offshore Taranaki basin on Saturday, in a 20-day programme to drill to about 2200 metres.

New Zealand Oil and Gas, which has a 40% stake in permit 28491 (through its subsidiary NZOG Offshore) along with operator, Westech (50%) and Mighty River Power and Gas Investments (10%), this morning announced the ENSCO-107 jack-up rig had commenced drilling.