Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2020production update▼ Bad
Vali pipeline design completed. Vali-1 ST1 completion deferred to Q1 2021 after two packer seals leaked, possibly due to a black viscous film on the casing; the company says first production by end of the financial year is unaffected. Cervantes rig letter of intent signed with Refine; Nangwarry test on track.
15 Dec 2020capital raising announcement▲ Good
Vintage placed the 53,238,266 shortfall shares from its partially underwritten entitlement offer at 6.0 cents each, raising about $3.2 million before costs. The funds will go to the Vali pipeline connection, Nangwarry testing, further Vali wells and the Odin prospect.
14 Dec 2020resource reserve update▲ GoodMajor
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.
2 Dec 2020drilling scheduled▼ Bad
Nangwarry-1 flow test slips to late January/early February 2021 after a Victoria border closure delayed the rig. Vali-1 ST1 completion now expected around 13 December, further delayed; the company says tie-in timing is unchanged. ERCE reserves report due soon.
17 Nov 2020investor presentation● Neutral
AGM presentation repeating known facts: Vali connection and gas contract, Nangwarry testing, two more Vali wells and Odin. States broker valuations are 200%+ above market cap. Nothing new.
10 Nov 2020production update▼ Bad
Vali pipeline connection design (FEED) awarded to GPA Engineering. Vali-1 ST1 completion hit a seal failure in a pressure test; a new packer is secured, with completion now due by end November. First production still targeted H1 2021.
21 Oct 2020capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
53.2m new shares at about A$0.1673 to raise about A$8.9m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (5,978 at the issue price), your slice goes from 0.00149% to 0.00131% of the company. To keep it you'd need 790 more shares - about A$132 at the issue price.
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14 Oct 2020production update● Neutral
Rig mobilises 17 October to complete Vali-1 ST1 (about a week). Pipeline FEED to be awarded within days; further Vali well locations sent to the JV. Santos processing talks continue. Gas contract and connection are next steps; no new resource figures.
14 Oct 2020joint venture update● Neutral
Partner Metgasco repeats the Vali update (completion rig, pipeline FEED) and adds a targeted Q4 CY20 JV investment decision, an ERCE 2P conversion study, and Cervantes rig selection in 2-3 weeks for drilling late Q1/Q2 2021. Mostly known facts.
30 Sept 2020annual report● Neutral
2020 annual report: Vintage drilled four wells, completed two farm-ins and won the PELA 679 bid in the year. Vali declared a commercial field, with a gas sales agreement expected soon. Remaining text is truncated.
30 Sept 2020other● Neutral
Appendix 4G corporate governance checklist accompanying the annual report. Administrative document with no new business information.
28 Sept 2020capital raising announcement● Neutral
Entitlement offer booklet sent to eligible shareholders. The 1-for-2 offer at $0.06 (up to ~$12.1m) opens 28 September and closes 16 October 2020. Procedural step in the raising announced 17 September.
17 Sept 2020investor presentation● Neutral
Presentation supporting the ~$15m raising at $0.06: ~$11m net to Vintage for Vali pipeline, two further Vali wells and Odin, with first gas and cash targeted Q3 FY21. Repeats facts in the same-day raising and Vali announcements.
17 Sept 2020capital raising announcement● NeutralMajor
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.
What it means for a shareholder
51.6m new shares at A$0.060 to raise about A$3.1m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00753% to 0.00611% of the company. To keep it you'd need 3,887 more shares - about A$233 at the issue price.
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17 Sept 2020admin correction● Neutral
Amended re-release of the Vali development concept announcement. It corrects the Vali-1 ST1 completion date to October 2020 (the original said 2021) and tweaks a bullet's wording. Otherwise identical to the original.
17 Sept 2020investor presentation▲ GoodMajor
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).
17 Sept 2020admin correction● Neutral
Clarifies the capital raising timetable: placement settlement and ex-date is 23 September 2020, not 17 September. Entitlement offer closes 16 October, with new shares quoted 26 October.
8 Sept 2020other● Neutral
Appendix 2A applying for quotation of shares whose escrow period has expired or is about to. Administrative form; the number of shares is not visible in the truncated text.
31 Aug 2020resource reserve update▲ GoodMajor
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.
25 Aug 2020material agreement▲ Good
Vintage and Lakes Oil's 50:50 PEL 155 joint venture signed a non-binding MOU with Supagas, which will fund preliminary design and costing of food-grade CO2 processing facilities for Nangwarry. An extended Nangwarry-1 production test is targeted for late 2020, COVID-19 permitting.
25 Aug 2020material agreement● Neutral
PEL 155 partner Lakes Oil restates the non-binding Supagas MOU for Nangwarry CO2, under which Supagas funds preliminary facility design. An extended Nangwarry-1 production test is planned for late this year. Repeats Vintage's release.
24 Aug 2020director officer appointment● Neutral
Ian Northcott resigned as alternate director to Ian Howarth effective 11 August 2020, and stays on as a consultant. Minor board administration with no change to the main directors.
21 Aug 2020flow test result▲ Good
Partner Metgasco restates the completed Vali-1 ST1 flow test: 4.3 MMscfd stable over two days, all zones contributing, very little condensate (dry gas). Adds that it expects reserves to be booked and aims to be producing next year, subject to gas sales and tariff talks.
21 Aug 2020flow test result▲ GoodMajor
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.
18 Aug 2020other● Neutral
Vintage publishes its securities trading policy, covering insider trading rules and trading windows for officers and employees. Administrative document with no new business information. Text is truncated.
13 Aug 2020flow test result● Neutral
Partner Metgasco restates that Vali-1 ST1 flow-back peaked at 4.9 MMscfd at 680 psi with about 53% fluid recovery, and the flow-test program has started. Repeats Vintage's release.
13 Aug 2020flow test result▲ Good
Vali-1 ST1 flow-back ended at 4.9 MMscfd at 680 psi, with about 53% of fluid recovered; shut-in pressure rebuilt to about 3,000 psi. The formal flow test has now begun, with results to follow.
6 Aug 2020flow test result▲ Good
During flow-back of stimulation fluid, Vali-1 ST1 reached 3.7 MMscfd at 800 psi wellhead pressure, with about 40% of fluid recovered. Formal flow testing is expected around 10 August. An encouraging early sign, but not the flow test itself.
6 Aug 2020flow test result● Neutral
Partner Metgasco repeats the Vali-1 ST1 flow-back result: 3.7 MMscfd at 800 psi with about 44% of fluid recovered, and final flow testing to start around 10 August. Restates Vintage's release (which cited about 40% recovery).
27 July 2020drilling progress report● Neutral
Partner Metgasco restates Vintage's release that all six Vali-1 ST1 stimulation stages are complete, with short flared gas flowbacks from two zones that were not a flow test. Flow testing to follow; Metgasco's net share is 9.4 Bcf.
