Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2023production update● Neutral
Vintage says Odin is on track to start producing in September 2023, with final equipment arriving and commissioning near. Vali-2 work is finished and data is being interpreted. Vali-3 still needs more swabbing, so its stable output remains delayed. Vali-1 continues as expected.
22 Aug 2023investor presentation● Neutral
SPE WA presentation recounts Metgasco's path from the 2016 licence applications to Vali first gas in February 2023. Repeats Vali 2P of 101 PJ gross (25.2 PJ net) and Odin 2C of 39.7 PJ gross, and says Odin tie-in is due this quarter. No new facts.
2 Aug 2023admin correction● Neutral
Addendum to the June quarterly report confirming that payments to related parties in the Appendix 5B were A$121,000, all director remuneration. Administrative only.
31 July 2023production update▼ Bad
Vintage reports Odin site works began 23 July and the flowline passed its hydrotest, with start-up on track for September. Vali-2 produced more water than gas and is shut in. Vali-3 has been offline for all but 4 days since March, restart expected late August.
31 July 2023production update▼ Bad
Metgasco relays Vintage's update: Odin works are on schedule for first gas before end of September quarter. Vali-2 is shut in with high water output and Vali-3 has produced only 4 days since March, so the Vali remedy is still unresolved. Metgasco says it is fully funded for the Odin tie-in.
29 June 2023director officer appointment● Neutral
CFO and Company Secretary Victoria McLellan resigns and Sonu Cheema takes both roles from 1 July 2023. He is a company secretary for several ASX-listed oil, gas and mineral exploration companies.
22 June 2023production update▼ Bad
Operator Vintage says Vali-1 resumed on 8 June at 3.6 MMscfd after a shut-in. Road closures from rain push stable Vali-2 and Vali-3 output past 30 June, extending earlier delays. Odin's construction contract goes to Global Engineering and Construction.
22 June 2023production update● Neutral
Metgasco relays Vintage's update: Vali-1 is back at 3.6 MMscfd, and stable Vali-2 and Vali-3 output is now likely after 30 June because of road closures. Odin remains on schedule for Q3 CY23 and Metgasco says it is fully funded for the Odin tie-in.
8 June 2023investor presentation● Neutral
Notice that the Managing Director will present at a ShareCafe small-cap webinar on 9 June 2023. Administrative, with no new company information.
6 June 2023investor presentation● Neutral
Webinar presentation repeats the May deck: Vali 2P 101 PJ gross (25.2 PJ net), Odin 2C 39.7 PJ gross (9.55 PJ net). Share price is A$0.016 and market cap A$17.02m. No new operating results.
5 June 2023investor presentation● Neutral
Notice of an investor webinar on 6 June 2023 with the Managing Director. No new information beyond restating maiden Vali production and the Odin gas sales agreement.
29 May 2023regulatory community update▲ GoodMajor
The ACCC grants the Odin joint venture final authorisation to market gas jointly for five years, with supply contracts of up to 15 years. It replaces the February 2023 interim authorisation and resolves the open request for longer contract terms.
23 May 2023investor presentation● Neutral
Corporate presentation repeats known facts: Vali 2P 101 PJ gross (25.2 PJ net), Odin 2C 39.7 PJ gross (9.55 PJ net). Shows 1,063.9m shares, A$0.72m drawn on the debt facility and cash of A$0.20m at 31 March 2023.
15 May 2023contract award▲ GoodMajor
Operator Vintage announces the first Odin gas contract: Pelican Point Power (ENGIE/Mitsui) will take all Odin gas from start-up to 31 December 2024, interruptible, for up to 17 months. Odin is still on track for first gas in the September 2023 quarter.
15 May 2023contract award▲ Good
Metgasco and its partners sign the first Odin gas sales agreement with Pelican Point Power (ENGIE/Mitsui), covering all Odin gas from start-up to 31 December 2024, interruptible, up to 17 months. First gas is targeted for the September 2023 quarter. Duplicates Vintage's release.
27 Apr 2023production update● Neutral
Metgasco agrees with Vintage that stable output from all three Vali wells should follow remedial work this financial year. Odin remains on schedule for Q3 CY23, gas sales talks are progressing, and it says it is fully funded.
27 Apr 2023production update▼ BadMajor
Vintage says Vali-1 is performing to forecast, but Vali-2 is suspended pending equipment and crew for fluid removal. Vali-3 was shut in 7 April after averaging 1.3 MMscfd, and water stopped it restarting. Stable output from all three wells is expected within the financial year.
28 Mar 2023production update● Neutral
Operator Vintage reports Vali-3 began production on 27 March, later than planned because water had built up in the well. Vali-1 averaged 3.9 MMscfd in its first 30 days, in line with forecasts. Vali-2 is commissioned but needs fluid removal.
28 Mar 2023production update● Neutral
Metgasco relays that Vali-3 started production on 27 March, later than expected due to accumulated water. Vali-1 averaged 3.9 MMscfd over 30 days, in line with expectations. Vali-2 still needs fluid removal. Duplicates Vintage's release.
16 Mar 2023half year report● Neutral
Half-year report to 31 December 2022 covers a period before first gas. It restates Vali 2P of 101 PJ gross (25.2 PJ net), notes well completions in July-August and construction delays from trade shortages and weather. Financial figures not visible in the text provided.
13 Mar 2023debt financing● NeutralMajor
Metgasco signs a A$5m debt facility with shareholders Keybridge (A$3m) and Glennon (A$2m): 10% interest, 3-year term, secured over company assets. Lenders receive 160m options at 2.5c. It says this fully funds Vali and Odin commitments without further equity raisings.
22 Feb 2023production update▲ GoodMajor
Operator Vintage reports Vali first gas on 21 February 2023, supplying AGL. Vali-3 is expected in early March and Vali-2 later that month. Odin flowline has been laid and Odin FEED has started. Vali has 85 PJ gross uncontracted.
22 Feb 2023production update▲ GoodMajor
Metgasco confirms Vali first gas on 21 February 2023, its maiden revenue, about three years after discovery. Vali has 101 PJ gross reserves (25.2 PJ net) and 85 PJ gross uncontracted. Odin flowline is laid, with first gas projected Q3 CY23.
13 Feb 2023production update▲ Good
Operator Vintage says Vali-1 facilities have been handed over for commissioning, with first gas projected in 7-12 days. Vali-2 and Vali-3 handover is expected by early March 2023. This continues the repeated first-gas delays.
13 Feb 2023production update▲ Good
Metgasco relays that Vali-1 commissioning has begun after mechanical handover on 11 February, with first gas likely in 7-12 days. Vali-2 and Vali-3 handover is expected by early March. Duplicates Vintage's release.
25 Jan 2023production update● Neutral
Metgasco repeats that Vali commissioning is anticipated in early February 2023 after weather and heat slowed work, and that Odin accelerated pipeline works have begun. Duplicates Vintage's release.
25 Jan 2023joint venture update▼ Bad
Operator Vintage says Vali mechanical handover is now expected in early February 2023, after rain and heat slowed January work. Commissioning follows immediately. Odin trenching has started, with supply targeted for Q3 2023.
21 Dec 2022production update▲ Good
Metgasco reports Vali pipelines installed and pressure tested, with first gas still targeted for January 2023 and Odin accelerated connection under way. It says Vali and Odin production will not be subject to the gas price cap on a plain reading; it expects no adverse impact from the code of conduct.
21 Dec 2022joint venture update▲ Good
Operator Vintage reports Vali flowlines and export pipelines installed and pressure tested, with first gas targeted January 2023. Odin accelerated connection work has begun. It is reviewing the new federal gas price cap legislation.
8 Dec 2022admin correction● Neutral
Corrects the explanatory memorandum: the options approved at the AGM for Blue Ocean Equities will be unlisted, not listed on ASX. Administrative correction.
