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.
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.
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.
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 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.
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.
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.
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.
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.
6 Aug 2020drilling progress report▲ Good
Metgasco's version of the Vali flow-back update: gas reached 3.7 MMscfd at 800 psi with about 44% of fluids recovered. Final flow testing is due around 10 August. Net 2C remains 9.4 Bcf. These are clean-up rates, not the formal test.
6 Aug 2020drilling progress report▲ Good
Operator Vintage reports strong gas flow back from Vali-1 ST1, reaching 3.7 MMscfd at 800 psi with about 40% of stimulation fluid recovered. Flow testing is expected around 10 August. Its 18.8 Bcf net figure is Vintage's share, not Metgasco's 9.4 Bcf.
27 July 2020drilling progress report▲ Good
Operator Vintage and Metgasco report all six Vali-1 ST1 fracture stages completed. Gas flared briefly from two zones, but this was not a measured flow test. Flow testing starts in coming days; net 2C stays at 9.4 Bcf.
27 July 2020drilling progress report▲ Good
Operator Vintage completes all six Vali-1 ST1 fracture stimulation stages. Gas was flared briefly from two zones, but this was not a measured flow test. Plugs are milled out and flow testing starts in coming days, with results to be announced.
16 July 2020drilling progress report▲ Good
Operator Vintage reports the first of six Vali-1 ST1 fracture stimulation stages, in the deep Tirrawarra Sandstone, was completed on 15 July. The remaining five stages are expected over about 10 days, then flow testing. No flow results yet.
