Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2020drilling progress report● Neutral
Testing of the two Albany wells resumed 9 January. Albany 2 flowback continues with more nitrogen due. Albany 1 ST will now be stimulated down casing, not by the coiled tubing method Vintage reported last week; extra equipment arrives next week. No flow results yet.
7 Jan 2020joint venture update● Neutral
Vintage update: the Albany 1 sidetrack stimulation crew mobilises this week for a four-stage program. No new Albany results; the rest of the release covers Vintage's Otway and Cooper Basin wells.
31 Dec 2019joint venture update● Neutral
Vintage update: Albany 1 sidetrack stimulation is targeted to start 8 January, a four-stage program with a larger coiled tubing unit. Albany 2 has recovered about 32% of stimulation fluid with gas detected. Flow tests come after.
24 Dec 2019admin correction● Neutral
Vintage re-released its operations update to correct the formation name for its Vali-1 well in the Cooper Basin. It has no change to the Albany content and no impact on Comet Ridge.
24 Dec 2019joint venture update● Neutral
Vintage's operations update repeats that Albany 2 stimulation is complete and fluid is flowing back with gas detected, about 22% recovered. Flow testing is expected late January. Mostly repeats Comet Ridge's own release; also covers Vintage's other wells.
24 Dec 2019drilling progress report● Neutral
Albany 2 stimulation is done in two stages across three zones, the first such treatment in the Lake Galilee Sandstone. A deeper stage was skipped because pressure would exceed the wellhead rating. Albany 1 stimulation follows in early January.
17 Dec 2019capital raising announcement● Neutral
Share purchase plan closed with $1,613,500 of applications at $0.19, well short of the $3m cap, with no scale back. Together with the $10m placement, the raising totals about $11.6m. Shares issue 19 December.
17 Dec 2019drilling progress report● Neutral
Stimulation of the two Albany wells starts this week, Albany 2 first, then Albany 1. Completions are due in early January, with flow testing from mid-January for two to four weeks. This is the next step after the drilling, with results expected around then.
9 Dec 2019other▲ Good
New director Shaun Scott bought 600,000 shares on market at $0.19, about $114,000, after the placement. The chairman calls it a vote of confidence and hopes it encourages share purchase plan take-up.
2 Dec 2019capital raising announcement● Neutral
Formal offer documents for the share purchase plan are sent out: eligible holders can buy $2,000 to $30,000 of shares at $0.19, capped at $3m and not underwritten. Administrative step in the raising announced 27 November.
27 Nov 2019capital raising announcement● NeutralMajor
Raises $10m via placement at $0.19 (10% discount to 5-day VWAP), about 52.6m shares, plus a share purchase plan of up to $3m at the same price. Funds Mahalo North, Mahalo pre-FID work and Albany testing. Follows cash of $9.4m at 30 Sep.
22 Nov 2019material agreement▲ GoodMajor
Non-binding letter of intent with Denison Gas to explore processing and transport of up to 10 TJ/d from Mahalo North via its pipeline, targeting early 2021 gas. Drilling expected before mid 2020 once approvals come. Not yet a binding deal.
20 Nov 2019agm notice● Neutral
All eight AGM resolutions passed on a poll, including re-election of Swaby and Pieters, election of Riley and Scott, and the 10% placement capacity. Remuneration report approved with 97.73% in favour. Routine outcome.
20 Nov 2019investor presentation● Neutral
AGM presentation repeats known strategy: Mahalo first gas targeted late 2021 (842 PJ gross 3P+3C), Mahalo North, and Albany stimulation in December. Shows share price $0.205 (19 Nov), market cap $149m and cash $9.4m at 30 Sep 2019.
20 Nov 2019other● Neutral
Chairman's AGM address recaps the year: Mahalo North won, Mahalo progress, Albany drilled and stimulation due in weeks, and the strategic review due by end Q1 2020. Says 76% of shares were voted. Mostly repeats known facts.
12 Nov 2019regulatory community update▲ Good
The new Mahalo North block has been numbered ATP 2048, with the Environmental Authority work under way and grant expected in 3 to 4 months. Drilling is expected in Q2 2020. The company says the Mahalo coal fairway continues into the block and gas could use the Mahalo plant.
11 Nov 2019other● NeutralMajor
The board is starting a strategic review, with a decision due in the first quarter of 2020. The ATO has given in-principle agreement that demerger tax relief is available for the Galilee and Gunnedah exploration assets, subject to a final Class Ruling. No demerger has been decided.
7 Nov 2019joint venture update▲ Good
Vintage calls the two-well Albany appraisal highly successful, saying structure, gas presence and reservoir continuity are confirmed with porosity up to 15%. Condor is expected on site early to mid December for stimulation. Cites the certified 153 PJ gross 2C and Vintage's 30% stake. Largely repeats known results.
30 Oct 2019asset acquisition disposition▲ GoodMajor
Comet Ridge is preferred tenderer for the 450 km2 Mahalo North block, which it would hold 100% and operate, next to the Mahalo project where it holds 40%. Gas sales MOUs are signed, some with development funding options. Drilling is expected in Q2 2020. Mahalo reserves were also reviewed.
29 Oct 2019quarterly activities report▲ Good
September quarter report: Mahalo petroleum lease and environmental applications lodged, Albany 2 drilled to 2702 m and the Albany 1 sidetrack to 2822 m. APA received a survey licence for the Galilee Moranbah Pipeline, and Vintage's Deeps JV equity rose to 30%. Text truncated, so cash is not seen.
29 Oct 2019drilling progress report▲ Good
Vintage's update: Albany-1 sidetrack logs confirm gas in multiple sands, and casing is set to 2,822 m. Condor's stimulation unit is expected the first week of December, with flow test results anticipated in January 2020.
29 Oct 2019drilling progress report▲ Good
Albany 1-ST logging is complete, 4.5in casing is cemented through the reservoir and the rig is released, ending the drilling campaign. Stimulation and flow testing are planned from early December. The partners say the full 130 m of sandstone is now available to test.
22 Oct 2019drilling result▲ Good
Vintage's update: Albany-1 sidetrack reached 2,822 m, with strong gas shows in multiple zones, including the B sand that flowed 230,000 scf/d in 2018 and deeper sands not reached before. Logging begins next. Repeats Comet Ridge's result.
22 Oct 2019drilling result▲ GoodMajor
The Albany 1 sidetrack reached total depth of 2822 m, with strong gas shows through all four thick sandstone packages. This is the full reservoir, versus the 13 m that flowed 230,000 scf/d in 2018. Logging starts next; flow rates are not yet known.
16 Oct 2019director officer appointment▲ GoodMajor
Shaun Scott joins the board as a non-executive director. He was CEO of Arrow Energy until its $3.5 billion sale to Shell and PetroChina in 2010. The chairman says his CSG experience suits the company's move from explorer to producer.
15 Oct 2019drilling progress report● Neutral
Vintage reports the Albany-1 sidetrack has started, with the casing milled out over the weekend. It is now drilling through the Lake Galilee Sandstone target reservoir, with stimulation and flow testing planned later in the year.
8 Oct 2019drilling progress report● Neutral
Rig 932 has moved to Albany 1 and is plugging the old open hole before milling through casing about 128 m above the reservoir. Sidetrack drilling through the 287 m sandstone zone to a planned 2788 m should start later this week.
8 Oct 2019drilling progress report● Neutral
Vintage's update: rig fully rigged up at Albany-1, the 2018 bridge plug has been milled out, and cement plugs and a whipstock are next. Sidetrack expected to start later this week. Repeats Comet Ridge's update.
1 Oct 2019drilling progress report● Neutral
Vintage reports 4.5in casing cemented in Albany-2 at 2,599 m and the rig moved to Albany-1, where the sidetrack starts within days. Condor will stimulate both wells later this year. Repeats Comet Ridge's earlier update.
30 Sept 2019agm notice● Neutral
Annual General Meeting set for 20 November 2019 at 11:00am at PwC, Brisbane. Notice of Meeting to follow. Administrative.
