Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2021joint venture update● Neutral
Vintage's update: firm three-well 2021 program (Vali-2, Odin-1, Cervantes-1). Flowline purchase is deferred until the wells report, which likely pushes Vali first gas to late 2021 or early 2022. Vali-2 targets April/May 2021.
5 Feb 2021drilling scheduled● NeutralMajor
Metgasco confirms a firm three-well 2021 program: Vali-2 (April/May), Odin-1 (May/June, brought forward from Q3/Q4) and Cervantes-1. The Vali flowline purchase is deferred to size it after drilling, likely delaying first gas to late 2021 or early 2022.
29 Jan 2021regulatory community update▲ Good
The ACCC granted interim authorisation for the Vali partners (Vintage, Metgasco, Bridgeport) to jointly negotiate gas sales, with long-term deals conditional on final determination. Removes a competition-law hurdle on the gas sales agreement that was still open.
29 Jan 2021quarterly activities report● Neutral
December quarter report repeats the first reserves booking (net 2P 8.3 PJ) and the completed Byron share distribution. Vali-1 ST1 completion failed pressure tests twice and moves to CY2021. Cervantes drilling slips to Q2 CY2021; a combined Vali/Odin rig campaign is considered for early Q2.
5 Jan 2021security holder rights change● Neutral
Board will issue free bonus options to all shareholders instead of the attaching options promised to the placement and SPP investors: one per three shares, $0.04 exercise, expiring 31 December 2021, unlisted. Issue expected February 2021. The chair said the board was disappointed not to issue the original options.
29 Dec 2020asset acquisition disposition▲ GoodMajor
Following the AGM approval, Metgasco distributed 20 million of its Byron Energy shares pro-rata to shareholders (record date 18 December 2020). This delivers the in-specie distribution that had been pending, leaving the company with fewer Byron shares.
23 Dec 2020joint venture update● Neutral
Operator Vintage says the Vali pipeline design is finished, but Vali-1 ST1 completion slips to Q1 2021 after two packer leak failures. Vintage says the delay is not critical to first production, still aimed for end of the financial year. Cervantes rig letter of intent noted.
16 Dec 2020contract award▲ Good
Letter of intent signed with Refine Energy to use its Rig-2 for Cervantes, about 3km from the site. The civils contract is signed and long lead items ordered. Spud remains anticipated in late Q1 CY21 subject to approvals, with a full rig contract expected in January.
14 Dec 2020investor presentation● Neutral
AGM presentation repeats known facts: Vali net 2C of 9.4 Bcf, Cervantes drilling late Q1/Q2 CY21, Odin in Q3/Q4 CY21. It shows 549.6m shares, cash A$2.52m at 30 September, no debt and about 38.9m Byron shares worth A$6.03m. Melbana holds 20.01%.
14 Dec 2020resource reserve update▲ Good
Operator Vintage reports ERCE certified Vali Patchawarra gross 2P reserves of 30.3 Bscf (33.2 PJ), with 1P 12.3 Bscf and 3P 78.9 Bscf. Its net figure of 16.6 PJ is Vintage's 50% share, not Metgasco's.
14 Dec 2020resource reserve update▲ GoodMajor
Metgasco's first reserves booking: ERCE certified Vali gross 2P of 30.3 Bscf (33.2 PJ), of which 8.3 PJ is Metgasco's net 25%. This converts much of the earlier 2C contingent resource into reserves. Gas sales and the development decision are still pending.
8 Dec 2020agm notice● Neutral
Clarifies the AGM start times by time zone, 10.00am in Perth. Administrative only.
2 Dec 2020joint venture update▼ Bad
Vintage says Vali-1 ST1 completion is delayed again, now expected to restart around 13 December, partly due to COVID border closures. It says tie-in timing is unchanged. The independent report converting 2C resources to 2P reserves is expected soon. Most of the release concerns Vintage's Otway Basin project.
18 Nov 2020security holder rights change● Neutral
ASX granted a waiver so share purchase plan participants may vote on approving up to 53,000,000 attaching options at the AGM. Placement participants are excluded from voting in favour but may vote against. Procedural, relating to the options approval.
10 Nov 2020joint venture update● Neutral
Vintage awarded pipeline front-end engineering for the Vali connection to GPA Engineering. Vali-1 ST1 completion hit a seal problem that failed a pressure test, so it is now expected by end November. Vintage says first production is still planned for the first half of 2021. Cervantes may share a rig with RCMA's wells.
30 Oct 2020quarterly activities report● Neutral
September quarter report restates the Vali fracture stimulation and 4.3 MMscfd flow test, and the $1.375m placement and $2.6m share purchase plan. A joint venture development decision is expected in Q4 CY2020. Cervantes drilling is anticipated in Q1 CY2021, subject to rig and approvals.
30 Oct 2020annual report● Neutral
Annual report for the year to 30 June 2020 with the chairman's letter. It describes the year as transformative: Vali discovery, farm-ins on both core assets, and the SM74 setback largely closed out. It also notes the Melbana bid and board nominees were rejected by shareholders. Financials are not visible in the text.
22 Oct 2020capital raising announcement● Neutral
Closing date for the options offer is extended from 2 to 16 November 2020 because COVID-19 postal delays may have held up forms. The AGM is now planned for 10 December, with options issued the next day if approved.
15 Oct 2020investor presentation● Neutral
Announcement that CEO Ken Aitken was interviewed on a Stockhead podcast, with a website link. No new business information.
14 Oct 2020joint venture update● Neutral
Metgasco's version of the Vali update: completion rig mobilising from 17 October, pipeline engineering work to be awarded, and a joint venture investment decision targeted for Q4 CY20. Cervantes rig choice is due in 2-3 weeks, with drilling now late Q1/Q2 CY21 and environmental approval expected in December.
14 Oct 2020joint venture update▲ Good
Operator Vintage says a rig is being mobilised from 17 October to complete Vali-1 ST1, taking about a week. Pipeline engineering work is about to be awarded, and further Vali well locations are identified. Its 18.8 Bcf net figure is Vintage's share, not Metgasco's.
24 Sept 2020capital raising announcement● Neutral
Prospectus for free attaching options (1 for every 3 shares bought in the July placement or SPP), exercise price $0.05, expiring 30 September 2021. Issue needs shareholder approval at the AGM. Completes the options promised in the July raising.
22 Sept 2020annual report● Neutral
Annual report for year to 30 June 2020. It restates known events: Vali discovery and successful flow test, the 9.4 Bcf net 2C, the PRL 211 farm-in and the ATP 2021 farm-outs. Financial figures are not visible in the text provided.
22 Sept 2020annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, dated 21 September 2020. It points to the corporate governance statement on the company website. No new business information.
17 Sept 2020resource reserve update▲ GoodMajor
Vintage's Vali development concept: about nine wells, a field life near 20 years, and about 5 Bcf per well. Preferred connection is Santos's Beckler Field. First production is expected in Q3 FY21; the first two wells are planned for the first half of 2021. Conversion to reserves is underway; no reserves booked yet.
9 Sept 2020capital raising announcement▲ GoodMajor
The share purchase plan raised $2.6m (about 104m shares at $0.025) after $3.75m of applications, with $600,000 of oversubscriptions accepted and a roughly 30% scale-back. This adds to the $1.375m placement and funds Vali completion and the Perth Basin.
What it means for a shareholder
104m new shares at A$0.025 to raise about A$2.6m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.00886% to 0.0072% of the company. To keep it you'd need 9,217 more shares - about A$230 at the issue price.
Create a free account to see this worked out for your own holding.
21 Aug 2020flow test result▲ Good
Operator Vintage reports Vali-1 ST1 flow test completed: stabilised 4.3 MMscfd over two days, with all zones contributing. Initial well rate could exceed 5 MMscfd. Completion is planned for October; Santos talks continue. Its 18.8 Bcf net is Vintage's share.
21 Aug 2020flow test result▲ GoodMajor
Vali-1 ST1 flow test completed: stabilised 4.3 MMscfd over two days, peaks to 7.5 MMscfd, and all fractured zones contribute. The gas is dry. This de-risks the discovery; reserves assessment and joint venture development decision are next. Net 2C is still 9.4 Bcf.
18 Aug 2020capital raising announcement● Neutral
The share purchase plan closing date is extended from 24 August to 4 September 2020 to give shareholders more time. Other terms are unchanged. Funds are for Vali development to meet the Q1 2021 production target.
13 Aug 2020drilling progress report▲ Good
Vali-1 ST1 flow-back ended at 4.9 MMscfd, with about 53% of stimulation fluid recovered. The formal flow-test program has now begun. No stabilised test result yet.
