Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2021flow test result▲ GoodMajor
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.
9 Mar 2021investor presentation● Neutral
March company presentation titled 'Transitioning to a gas producer'. It restates Vali 2C/reserves, Nangwarry estimates and the drilling schedule (Vali-2 April/May, Odin-1 May/June). Nothing new.
4 Mar 2021half year report● Neutral
Half-year loss to 31 December 2020 was $1.04m (prior year $1.16m). The $15.2m raising at $0.06 is confirmed, and 45.4m escrowed founder shares were released in September 2020. Mostly restates known operations; no new results.
4 Mar 2021drilling scheduled▲ Good
Nangwarry-1 testing now starts mid-March (rig on site 10 March), a further slip from February. A Schlumberger rig contract is signed for Vali-2 (April) then Odin-1. The black substance fouling Vali-1 ST1 packers is a surface lubricant, not reservoir material.
1 Mar 2021security holder rights change● Neutral
1,661,500 Class C performance rights (937,500 for MD Neil Gibbins) lapsed because share price hurdles of $0.40/$0.50 weren't met. An equal 1,661,500 Class B rights converted to shares after the 2P reserve condition was met, following December's Vali booking.
5 Feb 2021drilling scheduled▼ BadMajor
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.
29 Jan 2021quarterly activities report● Neutral
December quarter report restates Vali reserves (2P 33.2 PJ gross), the pipeline design completion and the Vali-1 ST1 completion delay. Nangwarry-1 testing now scheduled mid to late February 2021 (slipped from late January). Cervantes rig letter of intent noted.
29 Jan 2021regulatory community update▲ Good
Competition regulator ACCC grants interim authorisation for the Vali partners to jointly market gas and negotiate conditional long-term supply deals. Allows short interruptible sales until 31 December 2021. Final determination still pending. This is an ACCC release, not a company one.
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 2020agm notice● Neutral
All four AGM resolutions passed on a poll, including the remuneration report (95.1% for) and re-election of Nick Smart (97.7% for). The 10% placement facility had the lowest support, at 80.3%.
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.
30 Oct 2020quarterly activities report● Neutral
September quarter report restates the Vali-1 ST1 4.3 MMscfd flow test, the development concept, the start of 2C-to-2P conversion and the Supagas MOU. Nangwarry-1 flow test planning under way. No new results.
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.
Create a free account to see this worked out for your own holding.
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.
18 Sept 2020agm notice● Neutral
Vintage will hold its AGM on 17 November 2020; director nominations close 24 September 2020. Administrative notice.
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.
Create a free account to see this worked out for your own holding.
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.
