17 July 2025drilling scheduled▲ Good
Vintage reports mobilisation for the Production Uplift Program, with work over about six weeks, mostly in August, finishing by early September. Modelled uplift of 2.1-5.6 MMscf/d compares with 3.2 MMscf/d now.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2025drilling scheduled● NeutralMajor
The joint venture approved the Production Uplift Program, modelled to lift raw gas by 2.1 to 5.6 MMscfd, at about $475k net to Metgasco. Flooded roads delay the start to June at the earliest; funding is being considered in the strategic review.
17 Oct 2024resource reserve update▲ GoodMajor
Independent assessment (CDRI) books first Odin reserves. Net 2P sales gas and ethane reserves rise 45% to 35.5 PJ (6.3 MMboe), mostly from converting Odin contingent resources, which previously stood at 9.55 PJ net 2C. Odin net 2P is 11.2 PJ.
2 July 2024drilling result▲ Good
Refined Odin-2 logs show 16 m Toolachee, 2.3 m Epsilon and 33.5 m Patchawarra conventional net pay, plus 46.5 m lower-quality Patchawarra. Completion starts in July with connection in August. Odin-1 is producing 1.4 MMscf/d, Vali-1 1.3. Vali-2 sleeve opening is planned from mid-July.
2 July 2024drilling scheduled● Neutral
Operator Vintage repeats the Odin-2 refined pay figures and schedule: completion in late July, connection in August. Odin-1 Patchawarra perforation and the Vali-2 sliding-sleeve work are also planned. Odin-1 is at 1.4 MMscf/d and Vali-1 at 1.3.
3 June 2024drilling result▲ GoodMajor
Odin-2 appraisal well successful: preliminary logs show gas pay in all three targets (11 m Toolachee, 3 m Epsilon, 45 m Patchawarra). The well will be cased and suspended as a future producer; gas could flow in winter, subject to JV approval. This resolves the Odin-2 drilling thread positively.
3 June 2024drilling result▲ Good
Operator Vintage reports Odin-2 found gas pay in all three target formations: preliminary net pay of 11 m Toolachee, 3 m Epsilon, 45 m Patchawarra. The well will be cased as a future producer. Gas could flow within winter, subject to JV approval.
28 May 2024drilling progress report● Neutral
Odin-2 reached total depth of 3,172 m, with target formations as expected and gas shows in several formations. Wireline logs are needed to judge whether the shows are significant, so no result yet.
21 May 2024drilling progress report● Neutral
Vintage reports Odin-2 was drilling at 2,051 m in the Poolowanna Formation on 21 May, toward a planned 3,156 m. No new result; the well is on its 3-4 week timetable.
15 May 2024drilling spud● Neutral
Metgasco confirms the Odin-2 appraisal well spudded on 15 May 2024, 1.1 km north-east of Odin-1, with a planned depth of 3,156 m and 3-4 weeks to drill. Metgasco holds 25%. First gas is targeted within 3 months of spud if successful.
15 May 2024drilling spud▲ GoodMajor
Odin-2 appraisal well spudded on 15 May 2024, 1.1 km north-east of Odin-1, with a planned depth of 3,156 m and 3 to 4 weeks to drill. If successful it would be tied in by a 1.1 km flowline. This follows the flood delays.
9 May 2024drilling scheduled● Neutral
Vintage says the rig has mobilised to the Odin-2 site, 1.1 km north-east of Odin-1. Spud is expected on or shortly after 12 May 2024, subject to rig acceptance and possible rain.
9 May 2024drilling scheduled● Neutral
Metgasco confirms Odin-2 spud is expected on or shortly after 12 May, with 3 to 4 weeks to drill. On success, first gas is targeted within 3 months of spud, sold under the existing Pelican Point contract. Weekly updates are promised.
23 Apr 2024drilling scheduled● Neutral
Vintage says site access to Odin-2 is restored and civil works are underway. Spud is now scheduled for late in the week of 6 May 2024, with 3 to 4 weeks of drilling expected. This continues the flood-related delay.
10 Apr 2024drilling scheduled▼ Bad
Vintage says flooding in the Cooper Basin has blocked access, so the Odin-2 appraisal well is now most likely to spud in May, about a month later than planned. Odin-1 and Vali-1 are producing in line with previous trends.
7 Apr 2022drilling result▼ BadMajor
Metgasco confirms Cervantes-1 reached 2,520 m MD and all three Permian targets were water-bearing; the well will be plugged and abandoned. Metgasco is a 30% partner in L14. It says the well was ahead of budget and refocuses on Vali and Odin.
7 Apr 2022drilling result▼ BadMajor
Vintage reports Cervantes-1 reached total depth without finding hydrocarbons and will be plugged and abandoned. Reservoir sands are water-wet. This is a dry hole for the 15.3 mmbbl P50 prospect, resolving the main near-term oil catalyst.
5 Apr 2022drilling progress report● Neutral
Cervantes-1 is drilling the 8.5 inch hole at 2,050 m, heading to the Permian targets expected later this week. Operations are progressing to plan. No result yet.
5 Apr 2022drilling progress report● Neutral
Vintage's weekly report says Cervantes-1 reached 2,050 m on 5 April and was drilling toward the Permian targets, with no significant safety incidents. Duplicates Metgasco's update; no new result.
28 Mar 2022drilling spud● NeutralMajor
Cervantes-1 began drilling on 26 March, with the 13 3/8 inch casing set at 68 m. The well is planned to reach about 2,370 m TVDSS in roughly 16 days. This is the spud of the oil exploration well targeting 15.3 mmbbl.
25 Mar 2022drilling progress report● Neutral
The Ensign 970 rig is rigged up at Cervantes-1 and final pre-spud checks are under way, with spud expected within 24 hours. No new result.
18 Mar 2022drilling scheduled▲ Good
The Ensign 970 rig is moving to the Cervantes-1 site, with civil works complete and spud expected around 25 March. The well is planned to about 2,600 m. Metgasco says it is fully funded for its share through the recent placement.
10 Feb 2022drilling scheduled▲ GoodMajor
Metgasco says it has secured the Ensign 970 rig and all environmental approvals for Cervantes-1, with spud planned in the second half of March 2022. The well targets 15.3 mmbbl P50 prospective oil (4.6 mmbbl net). This resolves the approval and rig-contract threads.
1 Nov 2021resource reserve update▲ Good
Operator Vintage announces the ERCE reserve upgrade for the Vali field: gross 2P 92.0 Bscf (101 PJ), up from 30.3 Bscf, a 201% rise. Duplicates the update already recorded for Metgasco; first gas and FID still pending.
1 Nov 2021resource reserve update▲ GoodMajor
ERCE lifts Vali gross 2P reserves to 92 Bscf (101 PJ), up from 30.3 Bscf, a 201% rise, adding the Toolachee formation. Metgasco's 25% share is 23.0 Bscf (25.2 PJ) 2P. Resolves the long-delayed reserve update; still needs FID and a gas sales agreement.
16 Sept 2021resource reserve update▲ Good
Vintage reports ERCE certified Odin gross 2C contingent resources of 36.4 Bcf (16.0 Bcf net to Vintage), about 190% above the pre-drill estimate. Odin gas could tie into the proposed Vali-to-Beckler pipeline. Vali reserve data has gone to ERCE.
16 Sept 2021resource reserve update▲ GoodMajor
ERCE certifies Odin gross 2C contingent resources of 36.4 Bcf, 8 Bcf net to Metgasco, versus pre-drill 12.6 Bcf (2.8 net), about a 190% increase. Resolves the Odin update promised after the 31 May discovery. Contingent on a final investment decision and a gas sales agreement.
10 Aug 2021drilling result▲ Good
Operator Vintage reports the same Vali-3 result: 178 m net pay in the Patchawarra and Tirrawarra, with ERCE reserve update due before end September. Says gas pre-sale and pipeline funding talks are well advanced. Duplicates Metgasco's release.
10 Aug 2021drilling result▲ GoodMajor
Vali-3 interpreted net pay is 178 m in the Patchawarra and Tirrawarra, the largest of the three Vali wells (Vali-2: 150 m). Possible extra Epsilon/Toolachee pay is still being assessed. ERCE reserve update now expected before end September, later than the earlier late-July guide.
6 July 2021drilling result▲ GoodMajor
Vali-3 confirmed Patchawarra gas pay in line with pre-drill expectations and is cased for production, giving three cased Vali wells. The three-well campaign was 100% successful. ERCE reserve reassessment is due in coming weeks; the CEO expects a Vali development decision in H2 CY2021.