Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2021drilling result▲ Good
Vintage's release that Vali-3 confirmed Patchawarra gas pay in line with pre-drill expectations and is cased for production, the campaign's rig now released. Duplicates Metgasco's release of the same day. Reserve update to follow.
29 June 2021drilling progress report● Neutral
Metgasco's release that Vali-3 reached total depth of 3,186 m on 28 June with gas shows in several formations. Wireline logging is under way. Duplicates Vintage's release.
29 June 2021drilling progress report● Neutral
Vintage reports Vali-3 reached total depth of 3,186 m on 28 June with gas shows in several formations. Wireline logging is under way, so no confirmed result yet.
23 June 2021drilling progress report▲ Good
Vintage reports Odin-1 net gas pay of 172.5 m across the Toolachee, Patchawarra and Epsilon, with the Toolachee gas 83% hydrocarbons. Vali-3 is at 2,774 m with gas shows. Odin resources will be independently updated.
23 June 2021drilling result▲ GoodMajor
Metgasco reports Odin-1 net gas pay of 172.5 m, which the CEO calls better than anticipated, plus gas sample results. Resource and reserve updates are due in coming weeks. Vali-3 is at 2,774 m. Quantifies the 31 May discovery.
22 June 2021investor presentation● Neutral
Switzer investor day presentation restating the Vali and Odin discoveries and Cervantes plans. It targets FID in Q3 CY21 and gross 12 MMscf/d in H1 CY22. It shows cash of A$0.33m at 31 May 2021. Largely known facts.
16 June 2021drilling progress report● Neutral
Vali-3 is at 2,377 m in the top Toolachee, with gas shows in the Nappamerri and oil shows in shallower Jurassic formations. Total depth is expected within a week. Interim update only.
15 June 2021investor presentation● Neutral
Presentation at the PESA Deal Day promoting the ATP 2020 farm-in, with 50-75% equity on offer. It repeats the Loki prospect's P50 6.4 MMbbl oil and 13.1 Bcf gas, already announced on 31 March. Nothing new.
10 June 2021drilling spud● Neutral
Vali-3 appraisal well spudded at 5pm ACST on 9 June 2021. It follows Vali-2's success and was previously flagged as about three weeks of drilling. No results yet.
8 June 2021drilling result▲ GoodMajor
Operator Vintage reports Vali-2 has 150 m of net gas pay versus 80 m at Vali-1 ST1, including 24 m in the Toolachee. An ERCE reserve reassessment is planned after Vali-3; Vali-3 is due to spud within days.
8 June 2021drilling result▲ Good
Metgasco's release of Vali-2's 150 m net gas pay (80 m at Vali-1 ST1), which it says exceeds pre-drill expectations. Field reserves are to be reviewed in late July after Vali-3; Odin-1 update due within 2-3 weeks. Duplicates Vintage's release.
31 May 2021drilling result▲ Good
Vintage's release on the Odin-1 gas discovery, confirmed in the Toolachee, Patchawarra and Epsilon and to be cased for production. It targets first Vali gas in Q2 2022 and Vali-3 is expected to spud that weekend. Duplicates Metgasco's release of the same day.
31 May 2021drilling result▲ GoodMajor
Odin-1 is a gas discovery: wireline logging confirmed gas pay in the Toolachee, Patchawarra and Epsilon, and it will be cased for production. Metgasco holds 21.25%, paying 25% of well cost. Resources are to be re-certified; the rig moves to Vali-3.
27 May 2021drilling progress report▲ Good
Vintage reports Odin-1 reached total depth of 3,140 m on 26 May with extensive gas shows in the Toolachee, Patchawarra and Epsilon. Wireline evaluation is next, so no confirmed result yet.
18 May 2021drilling progress report● Neutral
Vintage reports Odin-1 spudded 15 May and the JV approved Vali-3, to follow Odin-1 around early June. Refine Energy has gone into liquidation, so the Cervantes JV must find a new rig and timing is unclear. Final ACCC approval is noted.
18 May 2021drilling progress report● Neutral
Odin-1 spudded 15 May and is at 1,658 m. The JV approved the previously optional Vali-3 well, to follow in early June. Refine Energy's liquidation voids the Cervantes rig letter of intent, so a new rig must be found and the Cervantes timetable is open.
13 May 2021regulatory community update▲ GoodMajor
The ACCC granted final authorisation for Vintage, Metgasco and Bridgeport to jointly market Vali gas for five years, with supply contracts of up to 15 years. Confirms the March draft determination and clears a competition hurdle; a gas sales agreement is still needed.
12 May 2021drilling result▲ GoodMajor
Vali-2 confirmed gas in the Toolachee and Patchawarra and is cased and suspended for production. The Toolachee, untested at Vali-1 ST1, yielded a gas sample, so a reserve increase over the 8.3 PJ net 2P is expected. Second successful Vali well.
12 May 2021drilling result▲ Good
Vintage's release says Vali-2 logs confirm gas in the Toolachee and Patchawarra, and the well is cased for production. A reserve increase is expected. Duplicates Metgasco's own release of the same day. Odin-1 is due to spud mid-May.
7 May 2021drilling progress report▲ Good
Vintage reports Vali-2 reached total depth of 3,240 m on 2 May, with gas shows in the Toolachee, Patchawarra and Tirrawarra. Preliminary logs match Vali-1 ST1 in the Patchawarra. Wireline evaluation is under way; no final result yet.
30 Apr 2021quarterly activities report● Neutral
March quarter report recaps ACCC approval, the Vali-2/Odin-1 campaign and net 2P reserves of 8.3 PJ. Cervantes drilling slips to Q3 CY2021 pending approvals and rig. ATP 2020 farm-out has started, with several parties reviewing the data room.
30 Apr 2021drilling progress report▲ Good
Operator Vintage reports Vali-2 spudded 22 April and is drilling at 2,403 m, with gas shows at the base of the Nappamerri and top of the Toolachee. Total depth is expected mid-May. An interim update with no final result yet.
20 Apr 2021drilling scheduled● Neutral
Rig SLR-184 is on site and Vali-2 is due to spud within days, taking about three weeks, with Odin-1 straight after. Odin's pre-drill gross best-estimate prospective resource is 12.6 Bcf (2.8 Bcf net to Metgasco). Follows the firm 2021 program announced in February.
31 Mar 2021resource reserve update▲ GoodMajor
Metgasco estimates prospective resources at the Loki prospect in its 100%-owned ATP 2020: best-estimate 6.4 MMbbl recoverable oil and 13.1 Bcf gas, drillable with one shallow well. Unrisked, undrilled; farm-out under way, with seismic or drilling sought in CY2022.
26 Mar 2021regulatory community update▲ Good
The ACCC issued a draft determination proposing to authorise Vali joint gas marketing for five years, with supply contracts up to 15 years. Submissions are open until 12 April 2021. Builds on January's interim authorisation.
11 Mar 2021half year report● Neutral
Half-year report to 31 December 2020 restates the Vali-1 ST1 flow tests and the net 2P reserves of 8.3 PJ. Financial figures are not visible in the provided text.
4 Mar 2021joint venture update▲ Good
Vintage signed a Schlumberger rig contract for Vali-2 (April 2021), then Odin-1. The substance that caused the Vali-1 ST1 packer leaks appears to be surface lubricant, not from the reservoir. Nangwarry-1 testing is delayed to mid-March.
22 Feb 2021capital raising announcement● Neutral
Prospectus for the bonus options offer: one free option for every three shares held, exercise price $0.04, expiring 31 December 2021. Formalises the plan announced on 5 January; no money is raised at issue.
19 Feb 2021regulatory community update● Neutral
The ATO has published a class ruling on the tax treatment of the Byron share in-specie distribution for certain shareholders. A link is provided; the text gives no details of the outcome.
16 Feb 2021investor presentation● Neutral
Corporate presentation repeats known facts: net 2P reserves of 8.3 PJ, Vali-2 and Odin-1 in Q2 CY21, Cervantes late Q2. Shows cash A$2.10m at 31 December 2020, about 18.6m Byron shares (A$2.89m) and no debt.
