Vintage Energy Ltd

Vintage signs grant agreements with South Australia for two $2.5m grants, estimated to fund up to 50% of drilling Odin-3 and Vali-4. This resolves the February grant condition; full receipt is expected before 30 June, then rig and contract work.

regulatory community update

The entitlement offer closed undersubscribed, raising about $1.35m of the $2.1m sought. 306.8m shares issue now; 30.4m director shares await shareholder approval. A shortfall offer of 184.6m shares at 0.4 cents or more is now open.

capital raising announcement

Vintage is to be offered two exploration licences (EL 7122 and 7123) in South Australia's northern Gawler Craton, targeting lithium, uranium and copper. This is a diversification into minerals, with about $200,000 of work commitments over two years.

asset acquisition disposition

Vintage signs a Heads of Agreement with Vault Energy to negotiate gas sales from Cullen-1 (EP 126, 100% Vintage) for data centre power. It depends on a flow test and NT tenure clarity; Vintage plans to fund the test via farm-out.

material agreement

Metgasco says Vintage terminated the sale agreement for its 25% stake because the funding and Bridgeport pre-conditions were not met by 31 March. Metgasco will repay Vintage's $255,000 cash-call loan by 13 May 2026.

material agreement termination

Vintage declines Bridgeport's 25% offer and drops the Metgasco purchase, each priced at $5.9m, so the planned joint venture reformation ends. It keeps 50% and operatorship of PRL 211 and ATP 2021, as no incoming partner had committed.

asset acquisition disposition

Vintage launches a $2.1m 1-for-4 entitlement offer at 0.4 cents per share, a 20% discount to the last price, with 2 free 0.5c options per share. Funds go to working capital, oil prospect evaluation and a permanent Odin connection. Cash was $0.94m at 28 February.

capital raising announcement

Half-year loss to 31 December 2025 was $33.2m versus $2.2m a year earlier, driven by a $31.2m impairment of the ATP 2021 and PRL 211 carrying values to match the proposed partner-stake purchase prices. Revenue was $1.69m, down from $2.24m.

half year report

PURE extends Vintage's $10m secured loan from 10 June 2026 to 31 January 2028 at an unchanged interest rate, removing the near-term maturity. A $3m tranche is repayable before 31 December 2026 if joint venture reform succeeds, cutting the cash covenant from $1.5m to $1m.

debt financing

South Australia announces grants of up to $5m ($2.5m each to PRL 211 and ATP 2021) toward drilling Odin-3 and Vali-4, up to 50% of gross joint venture cost. Wells could be drilled in the September quarter 2026, subject to grant agreements, rigs and further funding.

regulatory community update

Vintage signs the formal Sale Agreement with Metgasco to buy its 25% of ATP 2021 and PRL 211 for $5.9m at completion, on the terms of the 18 November heads of agreement. Conditions precedent still apply, including funding.

material agreement

Sabre terminates the PELA 679 farmout because it could not secure committed funding. Vintage is still to acquire 100% once a land access agreement with the Dieri is in place; that condition is unmet and talks continue.

farm in farm out agreement

The sale of Vintage's 25% of PEP 171 to Beach is completed, with $1.0m cash received. This resolves the pending sale and focuses resources on the Southern Flank gas fields; the MD cites joint venture reform and more drilling.

asset acquisition disposition

Metgasco says it will sell its 25% of Odin and Vali to Vintage for $5.9m, plus Vintage taking over about $3.39m of AGL gas prepayment obligations. Metgasco says uplift results were not enough to support its business. Subject to funding, Bridgeport purchase and shareholder approvals.

asset acquisition disposition

Vintage signs a conditional deal to buy Metgasco's 25% of ATP 2021 and PRL 211 for $5.9m, and is weighing an equal offer for Bridgeport's 25%, expiring 28 December. This would lift its stake toward 100%. Funding via new partners or an equity raise is needed.

asset acquisition disposition

ASX temporarily pauses trading in Vintage shares pending a further announcement. No reason is given in the notice; this typically precedes a company announcement (inference).

other

Phase 1 of the Production Uplift Program found scale more widespread than known, at Odin-1, Odin-2, Odin facility and Vali-2. Raw gas rose to 2.9 MMscf/d from 2.5. Opening Vali-1's Toolachee zone gave no measurable gas. Phase 2 follows; cash is $1.9m.

drilling result

Operator Lakes Blue Energy signs a binding agreement with Beijing Maison Group, which will fully fund a feasibility study for a CO2 plant at Nangwarry (PRL 249, Vintage 50%). The certified resource is 26 Bcf; a plant could operate in the first half of 2027, subject to study.

joint venture update

Vintage agrees to sell its 25% of PEP 171 in Victoria's Otway Basin to Beach Energy for $1.25m: $1.0m cash plus waiver of a $0.25m milestone payment. Completion needs approvals. Focuses resources on the Cooper Basin fields and Nangwarry.

asset acquisition disposition

The shortfall offer closes fully subscribed, with 328.0m shares allocated, completing the $2.1m raise at 0.5c. This resolves the earlier risk of scaling back the Production Uplift Program, now planned for mid-July. Issued shares will total 2,086.9m.

capital raising announcement

Queensland renews ATP 2021, home of the Vali field, for six years to May 2030. The renewed area and production licence applications hold 23 oil prospects and leads and 3 gas prospects. Secures tenure for future exploration around Vali and Odin.

regulatory community update

The entitlement offer raised only about $0.60m of the $2.1m sought, including $0.15m from shortfall. 89.4m retail shares plus 30m shortfall shares are issued with options. About 328m shortfall shares remain available for three months, so the program may be scaled back.

capital raising announcement

Vintage launches a $2.1m 1-for-4 entitlement offer at 0.5 cents, each new share with a free option at 0.9 cents. It funds scale removal at Odin and an attempt to flow the Toolachee at Vali, plus working capital. Follows the April 2024 raise at 1 cent.

capital raising announcement

Vintage begins a restructure cutting headcount and direct salaries by 41%, about $1.14m a year, with about $0.47m forecast redundancy costs. Chemical injection to curb scale starts at Odin. Builds on earlier cost cuts and the scale findings from the Odin work.

other

Vintage and Galilee mutually terminate the scheme implementation deed signed in October. Both say the deal was no longer in their shareholders' interests and revised terms could not be agreed. Vintage will focus on realising value from its gas and acreage and investigating emerging opportunities.

business combination

Vintage and Galilee signed the binding Scheme Implementation Deed, following the August Heads of Agreement. Galilee holders get 2 Vintage shares per Galilee share, leaving existing Vintage and Galilee holders with about 60% and 40%. Galilee shareholder and other approvals are still required.

business combination

Odin-2 was brought online on 13 October and was flowing about 3.0 MMscf/d during commissioning, with Odin-1 temporarily offline. Management expected initial field raw gas production of four or more times August's rate once both wells were running.

production update

Odin-1 optimisation and new Patchawarra perforations lifted flow to 3.3 MMscf/d from 1.4. Scale inside the completion packer had been impeding flow. Odin-2 is on track for mid-October start-up; Vali-2's sleeve is open but flow is unchanged.

production update

First reserves booking for Odin lifts Vintage's net 2P reserves 45% to 12.6 MMboe (sales gas and ethane 70.9 PJ) at 30 June 2024. Odin's 2P is 4.0 MMboe. Net 2C resources fall to 47 PJ from 66 PJ as Odin volumes convert.

resource reserve update

Vintage signed a binding Heads of Agreement to acquire Galilee Energy by scheme, all scrip at 2 Vintage shares per Galilee share, implying $0.02 per Galilee share. Vintage holders would own about 60.2%, adding Galilee's ~2,500 PJ Glenaras resource. Subject to due diligence and approvals.

business combination

Vintage's own version, re-issued at ASX request with formation depths and maps added, confirms Odin-2 gas pay in the Toolachee, Epsilon and Patchawarra sandstones. It will be cased and suspended; gas could flow this winter, subject to JV approval.

drilling result

Metgasco reports Odin-2 logged gas pay in all three main targets (preliminary net pay 11 m Toolachee, 3 m Epsilon, 45 m Patchawarra). It will be cased as a future producer; gas could flow this winter, subject to JV approval.

drilling result

Vintage's partners voted against drilling Odin-3 straight after Odin-2, preferring to see Odin-2 results first, even though it is in the approved FY24 budget. This resolves the open approval question negatively; Vintage will keep pushing to drill it.

joint venture update

Odin-2 spudded 15 May at 2:00pm, 1.1 km from Odin-1, targeting a depth of 3,156 m over about 3-4 weeks. This is the appraisal well funded by the April-May raising; if successful, gas goes to the Pelican Point contract.

drilling spud

Retail offer completed, raising about $5.8m: 371.6m shares applied for plus 211.0m taken by underwriters. This completes the $8.0m raising at $0.01 to fund Odin appraisal drilling. New shares issue 3 May.

capital raising announcement

Vintage will farm out 50% of Cooper Basin permit PELA 679 to private company Sabre Energy, which funds a 150 km2 3D seismic survey and pays $200,000. Vintage keeps 50%. Subject to title grant, land access agreement and other conditions.

farm in farm out agreement

Vintage says Keybridge's notice to remove three directors is invalid because of defects Keybridge did not fix, so no meeting will be called. Keybridge has also dropped below 5% ownership, per its 9 April filing.

other

Institutional part of the $8.0m raising is done: ~$2.17m (about 217m shares at $0.01), including the $1.3m placement. The retail offer, ~$5.8m, is now fully underwritten and opens 3 April. Directors commit about $400,000. Funds Odin-2/3 appraisal drilling.

capital raising announcement

Shareholder Keybridge Capital (over 5%) has demanded a general meeting to remove chair Reg Nelson and directors Ian Howarth and Nick Smart, and to appoint its nominees Nicholas Bolton and John Patton. Comes two days after the $8.0m raising was announced.

other

Vintage is raising $8.0m at 1.0 cent per share, a $1.3m placement plus a $6.7m entitlement offer (1 for 1.3), issuing 799.6m shares. Funds go mainly to drilling Odin-2 and Odin-3; gas could flow by July if successful. The price is far below the 5 cent raise of June 2023.

capital raising announcement

Half-year loss was $12.96m versus $2.68m a year earlier, including a $10.86m impairment that fully wrote off Galilee and Bonaparte Basin exploration spend because no exploration is expected there soon. Gas sales revenue was $2.73m. Text is truncated.

half year report

A second Odin gas contract with Pelican Point Power covers 1 January 2025 to 31 December 2026, extending Odin's contracted supply to end-2026 on interruptible terms. Prices are in line with east coast expectations. Vintage says it has met its medium-term contracting targets.

material agreement

Odin began producing gas on 14 September 2023, on schedule and in line with expectations, supplying Pelican Point Power to end-2024. It is Vintage's second producing field after Vali, 10 months after the decision to speed up the connection. Odin 2C is 40 PJ (Vintage 19 PJ).

production update

Odin has regulator approval to commission and is still on track for September. Vali-3 could not be restarted despite repeated fluid removal and will stay shut in while remediation options, such as the Patchawarra, are assessed. This resolves the late-August restart expectation negatively. Vali-2 log results are due this month.

production update

Retail offer completed, raising about $2.6m at $0.05, with 31.05m shares taken up and 21.5m allocated to underwriters. This completes the $5.6m raise, funding the Vali and Odin ramp-up.

capital raising announcement

Vintage launched a $5.6m raise at $0.05 per share: a $2.0m placement and a $3.6m fully underwritten 5-for-52 entitlement offer, issuing about 111.8m shares. Funds go to taking Vali from 1 to 3 wells and bringing Odin online. Directors take up ~$0.22m.

capital raising announcement

The ACCC granted final authorisation for the Odin partners to jointly market gas for five years, with supply agreements of up to 15 years. This replaces the February interim approval and clears the way for longer Odin contracts. The ACCC says Odin falls outside the gas price cap because it holds a retention licence.

regulatory community update

Vintage and partners signed Odin's first gas contract, with Pelican Point Power (ENGIE/Mitsui), covering all Odin gas from start-up to 31 December 2024. Supply is interruptible, up to 17 months, and targeted for the September 2023 quarter. Odin 2C is 40 PJ (Vintage 19 PJ).

contract award

Vali-1 is performing to forecast (3.8 MMscfd), but Vali-3 was shut in on 7 April and water stopped it restarting. Vali-2 work is suspended pending equipment and crew. This contradicts the March expectation of three wells soon online; Vintage expects all three stable within the financial year.

production update

Vali, discovered in 2020, delivered first gas on 21 February 2023 under the AGL contract (9-16 PJ to end-2026), giving Vintage its first revenue. Vali-3 is expected in early March and Vali-2 later that month. A development plan is expected in the second half of 2023.

production update

Vali commissioning is pushed to January 2023, after the Christmas break, because November weather disrupted pipeline installation and forced rework. First gas had been expected in December 2022. This is the third delay, following the slips from mid-2022 and from October.

production update

The PRL 211 joint venture splits the Odin connection into two stages. An accelerated interim tie-in using rental equipment and a 1.4 km line targets first gas in Q3 2023. A longer-term link via the Vali facilities follows. Vintage expects to fund its share from internal resources.

joint venture update

Vali first gas slips again, from October to December 2022, because of contractor crew availability and skilled trade shortages affecting fabrication. Pipeline site works start the week of 19 September. This is the second delay after the May slip from mid-2022.

production update

Queensland renewed Galilee Basin permits ATP 743 and 744 for 12 years and awarded six Potential Commercial Areas (about 4,700 km2) for 15 years. Vintage holds 30% of the 'Deeps' with Comet Ridge. This secures tenure so exploration, paused after Albany-1, can resume.

regulatory community update

The PRL 211 joint venture starts concept engineering to connect Odin to the Vali pipeline and a plan to market its gas, prioritising gas sales over exploration. Field work could begin in the second half of FY23, with Odin sales in the first half of FY24.

joint venture update

The $10m PURE secured debt facility, announced November 2021, is complete and both $5m tranches are drawn. Interest is 11.0%, falling to 8.5% once cash-flow conditions are met, over 48 months. Issue of 58.8m warrants at 17c to PURE is also confirmed. Vintage says this completes funding for Vali.

debt financing

The purchase of Beach Energy's 15% of PRL 211 is complete. Vintage holds 50% and operator, Bridgeport 25% and Metgasco 25%. This closes the thread opened on 29 March, with no new terms.

farm in farm out completion

Vali first gas slips from mid-2022 to late September-October 2022 because of global supply chain delays to plant and equipment. Rain also slowed fracture stimulation. A rig is contracted, unlocking the final $5m AGL prepayment. Vintage says it is fully funded to first cash flow.

production update

The Vali joint venture signed a processing agreement with the Cooper Basin (SACB) joint venture, satisfying the AGL contract's condition precedent. The gas sales agreement is now unconditional, and the first two $5m prepayments (of three) can be called.

material agreement

Cervantes-1 reached total depth and found no hydrocarbons; all potential reservoir sands are water-wet, so the well will be plugged and abandoned. A dry hole for the 15.3 million barrel (gross) prospect, ending the Cervantes thread.

drilling result

Vintage and its partners will buy Beach Energy's 15% of PRL 211, lifting Vintage to 50% of both Vali and Odin, subject to ministerial approval. Payment is $1m plus $1.25m tied to production milestones. Vintage's net Odin 2C resource rises to 17.5 Bcf.

asset acquisition disposition

Cervantes-1 spudded on 26 March in the Perth Basin, targeting three Lower Permian zones to 2,370 m. Prospect holds 15.3 million barrels gross (4.6 million net) at a 28% chance of success. Drilling should take about 16 days.

drilling spud

The Vali joint venture signed the gas sales agreement with AGL, matching December's Heads of Agreement: 9-16 PJ gross to end-2026, with $15m in prepayments. Vintage's first gas contract. It starts once conditions are met, including a processing agreement. First gas still targeted mid-2022.

material agreement

The Share Purchase Plan closed with $3.44 million of eligible applications against a $2.0 million target; the directors will accept all of them. About 40.5 million shares at $0.085 will be issued, taking the December raising total to $12 million.

capital raising announcement

Vintage raised $8.5 million through a placement of 100 million shares at $0.085, a 13.3% discount to the last close, plus a Share Purchase Plan targeting $2.0 million. Funds are for Odin-1 completion and tie-in, ATP 2021 exploration, Cervantes drilling and Nangwarry studies.

capital raising announcement

Vintage signed a binding term sheet for a $10 million secured debt facility with PURE Asset Management: two $5m tranches, 48 months, 11.0% interest, with warrants at 20 cents needing shareholder approval. With the AGL prepayment, up to $17.5 million for Vali. Conditional on a Moomba processing deal and the AGL sales agreement.

debt financing

The Vali joint venture signed a conditional Heads of Agreement to sell all Vali gas to AGL from mid-2022 to end-2026, 9-16 PJ gross, with a $15 million prepayment to the JV. This advances the gas sales agreement targeted for year end; it still needs a processing deal with the Moomba owners.

material agreement

Odin-1's main flow period finished at a stable 6.5 MMscfd, with 10.3 MMscfd reached briefly on a larger choke. The well is shut in for about 10 days of pressure data, then a production logging run. Shows the Toolachee and Epsilon can flow without fracture stimulation.

flow test result

ERCE lifts Vali gross 2P reserves to 92.0 Bscf (101 PJ), about three times the earlier 30.3 Bscf, by adding the Toolachee and raising the Patchawarra. Vintage's net 2P is 50.5 PJ. Resolves the pending update; management says pre-sale and debt talks are nearing final stages.

resource reserve update

ERCE certifies Odin gross 2C contingent resources of 36.4 Bcf (16.0 Bcf net to Vintage), about 190% above the pre-drill estimate. Resolves the pending resource update. Updated Vali data has gone to ERCE, and Odin could tie into a proposed Vali-to-Beckler pipeline.

resource reserve update

Vali-3 shows 178 m of net pay, the most of the three Vali wells, against 80 m in Vali-1 ST1. Gas pre-sales and pipeline funding talks are said to be well advanced. ERCE's Vali reserve update is due by end-September 2021.

drilling result

ERCE's updated Nangwarry CO2 estimate gives a gross best case of 25.9 Bcf (12.9 Bcf net), up from 25.1 Bcf before the flow test. Vintage is appointed marketing agent to commercialise the field, with BurnVoir advising.

resource reserve update

Vali-3 is cased for production after logging confirmed Patchawarra gas pay in line with expectations, giving three cased Vali wells. Good Jurassic oil shows were seen. The old 2P reserve of 16.6 PJ net is restated, and ERCE's update awaits.

drilling result

Vali-2 is interpreted to have about 150 m of net gas pay, versus 80 m in Vali-1 ST1, including 24 m in the Toolachee. ERCE will reassess reserves after Vali-3. Vali-3 spud is delayed by rain.

drilling result

Nangwarry-1 CO2 test of 10.5-10.8 MMscfd is interpreted as mid to high case volumes, above the 7.8 Bcf low estimate, with a gas column of at least 120 m. ERCE is updating the estimate. Retention licence PRL 249 granted over the discovery.

resource reserve update

Odin-1, a PRL 211 exploration well, is a gas discovery: logs confirm gas pay in the Toolachee, Patchawarra and Epsilon, and it will be cased for production. Vintage now targets Vali first gas in Q2 2022; Vali-3 spuds next.

drilling result

BurnVoir Corporate Finance is appointed financial adviser to investigate non-equity funding, such as debt, for developing Vali and Nangwarry. This follows earlier talk of debt funding options for Nangwarry. No funding is secured yet.

material agreement

Odin-1 spudded 15 May and is at 1,658 m. The Vali-3 appraisal well is approved to follow, around early June. Refine Energy's liquidation ends the Cervantes rig letter of intent, so a new rig search starts and Cervantes timing is open.

drilling progress report

ACCC grants final authorisation for Vintage, Metgasco and Bridgeport to jointly market Vali gas for five years, with supply contracts up to 15 years. This resolves the pending decision after the March draft. It is an ACCC release.

regulatory community update

Vali-2 logs confirm gas in the Toolachee and Patchawarra and a gas sample came from the Toolachee. Vintage expects a reserve increase, as current ERCE reserves (2P net 16.6 PJ) cover only the Patchawarra. Well is cased for production; rig moves to Odin-1.

drilling result

Vali-2 reached 3,240 metres on 2 May with gas shows in the Toolachee, Patchawarra and Tirrawarra. Patchawarra shows match Vali-1 ST1 and Toolachee shows are 'early encouraging'; logging is under way. Also received $1.7m R&D tax refund (Galilee, FY19-20).

drilling result

Vali-2 appraisal well spudded 22 April and was drilling at 2,403 metres on 30 April, with gas shows at the base of the Nappamerri and top of the Toolachee. Nangwarry-1 gauges recovered; updated volume estimate awaited.

drilling spud

Nangwarry-1 extended test flowed 10.5-10.8 MMscfd at 1,415 psi, with short-term rates up to 22 MMscfd. Management expects pressure data to show volumes above the 25.1 Bcf gross best estimate; that is a company expectation, not yet a revised figure.

flow test result

Nangwarry-1, the CO2 discovery in the Otway Basin, flowed an estimated 12-14 MMscfd from its lower Top Pretty Hill zone, above expectations. The upper zone is to be perforated next. Vintage claims three discoveries from three exploration wells since listing.

flow test result

Vintage commits to a three-well H1 2021 program: Vali-2, Odin-1 and Cervantes-1, with non-binding rig letters of intent. The Vali flowline purchase is deferred to drill first, so first Vali gas is now likely late 2021 or early 2022. Vali-1 ST1 completion is also deferred.

drilling scheduled

First reserves for Vintage: ERCE certifies Vali gross 2P of 30.3 Bcf (33.2 PJ), 16.6 PJ net at 50%, for the Patchawarra Formation only. 1P is 13.4 PJ and 3P 86.6 PJ gross. Converts part of the earlier 37.7 Bcf 2C; other zones are potential upside.

resource reserve update

Entitlement offer closed raising $8.9m at $0.06; with the $3.1m placement, $12.0m received. Shortfall of 53.2m shares (~$3.2m) remains, which Vintage may place within three months. Completes the raising announced 17 September.

capital raising announcement

Vintage raised $3.1m through a placement of 51.6m shares at $0.06 and launched a 1-for-2 entitlement offer at $0.06 targeting up to ~$12.1m, partly underwritten to $5.2m. The price was a 14.3% discount to the last close, and the funds go to the Vali pipeline connection, two more Vali wells, the Odin prospect and Nangwarry testing.

capital raising announcement

Vali development concept completed: about nine wells of ~5 Bcf each, ~20-year field life, tie-in at Santos' Beckler Field. First production and cash flow expected Q3 FY21; first two wells planned H1 2021. Gross capital costs given ($7.0m pipeline, $5.0m drill and $3.0m frac per well). 2C unchanged at 37.7 Bcf. Text says Vali-1 ST1 completion is October 2021 (a typo, corrected in the amended release).

investor presentation

Nangwarry CO2 first booked: ERCE assesses gross recoverable CO2 of 25.1 Bcf best case (7.8 low, 82.1 high), 12.6 Bcf net to Vintage's 50%. Gas column now about 90 m. Extended production test still targeted late 2020; builds on the Supagas MOU.

resource reserve update

Vali-1 ST1 flow test completed: a stable 4.3 MMscfd over two days, with transients up to 7.5 MMscfd, and all six zones contributing. Initial production could exceed 5 MMscfd. Reserve assessment has begun; completion is planned for October, with Santos tie-in talks continuing.

flow test result

Vintage won a competitive bid for Cooper Basin block PELA 679 (393 km2) in South Australia, with five oil prospects identified on sparse 2D seismic. Once land access is agreed it holds 100%, with a work program of 100 km2 of 3D seismic and two wells over five years; a partner may be sought.

asset acquisition disposition

The share purchase plan closed heavily oversubscribed, so $3.0m is raised in total ($2.25m placement plus $0.75m SPP). Applications will be scaled back, with shares issued 2 June. Cement bond logging on Vali-1 ST1 was completed 21 May; stimulation is due early July.

capital raising announcement

Vintage completes an oversubscribed $2.25m placement at $0.036 per share (62.5m shares, a 10% discount to last close), plus a planned share purchase plan of up to $0.75m. Funds go to Vali stimulation and flow testing and tie-in design. Directors and management commit $667,000; discretionary exploration is deferred.

capital raising announcement

Vintage books its first Cooper Basin resource: an independently certified Vali 2C contingent resource of 37.7 Bcf gross (18.9 Bcf net to its 50%). This exceeds pre-drill estimates; stimulation and flow testing are planned before end of financial year, and marketing talks have begun.

resource reserve update

Vintage executed the binding PRL 211 farm-in, replacing the November term sheet: 42.5% and operatorship, paying 50% of the Odin well (~$2.0m). Drilling targeted Q4 FY20. Conditions, including ministerial approval, are expected to be met by 31 March 2020.

farm in farm out agreement

Per Metgasco, the binding L14 Cervantes farm-out was executed, as set out in the 15 Nov 2019 term sheet. Vintage funds 50% of the well for 30%, plus $200k in payments. Drilling is planned for Q3 CY2020, gross cost $5-7m. This resolves the open 18 Dec agreement.

farm in farm out agreement

Vali-1 ST1, Vintage's first operated well in ATP 2021, discovered gas: over 35 m of net pay in the Patchawarra, on the high side of pre-drill estimates. Also gas in the Nappamerri, possible Toolachee pay and oil shows. Cased and suspended; resource re-assessment to follow.

drilling result

Lab tests show the Nangwarry-1 top Pretty Hill gas is about 89-92% CO2, not mainly hydrocarbon gas as the prior day's discovery claim implied. Vintage points to liquid CO2 sales at nearby Caroline-1 (1968-2017) as a possible path. This sharply weakens the gas-discovery story.

drilling result

Nangwarry-1 is declared a new field gas discovery, with at least 65 m of gross gas column in the top Pretty Hill; well cased and suspended. Early gas samples show CO2 up to ~45%, with lab testing pending. The mid-Pretty Hill is unevaluated.

drilling result

Nangwarry-1 in the Otway Basin (PEL 155, Vintage 50%) spudded on 1 December, as flagged on 21 Nov. Planned depth is 4,350 m over about 45 days. Net prospective resource is 28.5 Bcf with a 38% chance of success; $4.95m grant helps fund it.

drilling spud

Vintage signs a term sheet with 90 days exclusivity to farm into South Australian retention licence PRL 211, becoming operator with 42.5% by paying 50% of the Odin well (about $2.0m). Odin gross best estimate is 12.6 Bcf; drilling targeted Q4 FY20, subject to approvals.

farm in farm out agreement

Vintage signs a binding term sheet to earn 30% of the Cervantes oil prospect in Perth Basin permit L14 by paying 50% of the well (est. $5-7m gross) plus $200k. Gross best estimate 15.3 MMbbl, 28% chance of success; its first oil asset. Spud targeted Q1 FY21.

farm in farm out agreement

As operator of ATP 2021, Vintage signed a letter of intent with Schlumberger for rig SLR-185 to drill Vali-1, expected to spud late 2019. It reported Vali's first prospective resource as 17.6 Bcf net (35.1 Bcf gross), with a 34% chance of success.

drilling scheduled

Operator reports Albany-2 reached total depth of 2,702 m (planned 2,752 m). Early logs show the upper 13 m of reservoir with 12-15% porosity, above pre-drilling expectations and better than Albany-1. Gas flow is still untested until stimulation.

drilling result

Vintage reached the $10m gross Stage 2 funding point, lifting its Galilee Deeps JV interest from 15% to 30%. Its net Albany contingent resource doubles to 16/43/116 Bcf (1C/2C/3C). Completes the farm-in step flagged earlier.

resource reserve update

A Northern Territory plan to reserve about 50% of the territory as no-go zones covers much of EP 126, including Cullen-1. Vintage has made a submission, but the timing is unclear, so the Cullen-1 flow test slips from the 2019 dry season to early in the 2020 dry season. Delays the Firetail-backed test.

regulatory community update

Operator Comet Ridge reports Albany-2 spudded 30 July 2019 after rain delays, with 31 days to a planned 2,752 m. Albany-1 sidetrack follows in September, then stimulation and production testing in Q4. Drilling funds Vintage's rise from 15% to 30%.

drilling spud

Vintage says Koburra seismic and reprocessing of 896 km of old data lifted Galilee leads and prospects to 27, four more than before. A lead at Lake Galilee is now 'drill ready'. Further seismic is expected; no drilling date or resource figure given.

resource reserve update

Vintage executed the binding ATP 2021 farm-in agreement and joint operating agreement with Metgasco on the May terms. It manages first-well planning now, with the 50% interest and operatorship transferring after ministerial approval. Turns the May heads of agreement into a signed deal.

farm in farm out completion

Vintage, Comet Ridge and APA Group signed a memorandum of understanding for APA to study a pipeline route linking the Galilee Basin to east coast markets. They agreed a framework to negotiate a gas transport agreement, under which APA would build and own the pipeline. Non-binding.

material agreement

Vintage enters the Cooper/Eromanga Basins, signing a binding heads of agreement to earn 50% and operatorship of the 370 km2 ATP 2021 from Metgasco. It funds 65% of the first well (up to $5.3m gross) and $527,800 of past costs; ministerial approval is needed.

farm in farm out agreement

Vintage signed a binding heads of agreement for Firetail Energy Services to earn 10% of EP126 by providing $850,000 of services toward the $3.2 million Cullen-1 test. Vintage keeps 90% and operatorship. This delivers the planned farm-down; it is subject to approvals.

farm in farm out agreement

Vintage completed the purchase from Beach Energy of 100% and operatorship of EP 126 in the Bonaparte Basin (6,700 km2) on 31 January 2019. Flow-testing the cased Cullen-1 well is planned as the first on-ground activity. No price is stated.

asset acquisition disposition

Operator Comet Ridge has contracted Ensign Rig 932 for Albany-2 and the Albany-1/ST1 deepening, plus two contingent wells, starting March 2019 after the wet season. Vintage formally commits to Stage 2, earning another 15% to reach 30%.

contract award

Transfer documents for a 15% interest in the Galilee Deeps joint venture are fully executed, so Vintage books its first resource: net contingent gas of 8/23/63 PJ (1C/2C/3C) at the Albany field. This formalises the Stage 1 farm-in earned earlier.

resource reserve update

ASX admitted Vintage to the official list on 13 September 2018, with quotation starting 17 September. The $30 million raise issued 150,000,000 shares at $0.20, leaving 181,625,007 shares quoted, with some shares and options held in escrow.

listing compliance notice