Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2020drilling progress report● Neutral
Vali-1 ST1 is cased and suspended and the rig released. Nangwarry-1 is also suspended, with further samples consistent with ~90% CO2. Albany-2 flowback has recovered 63% of fluid, with gas comparable to Albany-1 and CO2 under 1%. Albany-1 ST1 stimulation is expected by month-end.
20 Jan 2020farm in farm out agreement▲ GoodMajor
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.
16 Jan 2020joint venture update▲ Good
Metgasco, free carried on 25%, repeats the Vali-1 ST1 gas discovery with over 35 m of net pay in the Patchawarra. It expects well cost at or below the $5.3m cap. Restates Vintage's release.
16 Jan 2020drilling result▲ GoodMajor
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.
16 Jan 2020drilling result▼ BadMajor
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.
15 Jan 2020drilling result▲ GoodMajor
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.
14 Jan 2020joint venture update▲ Good
Metgasco reports Vali-1 ST1 reached 3,217 m with gas saturation in multiple upper Patchawarra sands. It says gross well cost is expected at or below the $5.3m cap. Restates Vintage's update.
14 Jan 2020drilling result▲ Good
Nangwarry-1 shows a gas column of at least 65 m at the top of the Pretty Hill, narrower than the ~120 m flagged a week earlier. Vali-1 ST1 hit TD at 3,217 m with gas in multiple Patchawarra sands. Albany-1 ST1 stimulation slips to month-end and reverts to the original method.
7 Jan 2020drilling progress report▲ Good
Nangwarry-1 reached 4,300 m; early logs show gas saturation over a ~120 m section, with a further 160 m of shows unevaluated after a stuck logging tool. Vali-1 ST1 is at 3,059 m with more gas shows. Albany-1 ST1 stimulation is still pending.
7 Jan 2020joint venture update● Neutral
Metgasco, free carried on 25% of Vali-1 ST1, repeats that the well is at 3,059 m with gas shows in the Patchawarra, and that drilling is slow. Restates Vintage's update; no new information.
31 Dec 2019joint venture update● Neutral
Metgasco repeats that Vali-1 was side-tracked after deviating over 24 degrees and is now at 2,657 m with high gas shows. Total depth is expected by the end of the week. Restates Vintage's update.
31 Dec 2019drilling progress report● Neutral
Nangwarry-1 is at 4,230 m with elevated gas over several zones, significance awaiting logs. Vali-1 deviated over 24 degrees and was plugged back and side-tracked, now straight and at 2,657 m with high gas shows. Albany-1 ST1 stimulation is targeted for 8 January.
24 Dec 2019joint venture update● Neutral
Metgasco reports Vali-1 drilling to schedule at 2,106 m, with oil shows in Jurassic sandstones that are not considered a viable target at Vali. Repeats the Vintage operations update.
24 Dec 2019admin correction● Neutral
Corrects the earlier 24 December update: Vali-1's 2,081 m depth was in the Nappamerri Group, not the Westbourne Formation. Nothing else changes.
24 Dec 2019joint venture update● Neutral
Operator Comet Ridge completed stimulation of Albany-2, treating two stages; a third deeper stage was skipped because pressure would exceed the wellhead rating. The equipment moves to Albany-1 for a four-stage job after the holiday break. Flow results are still to come.
24 Dec 2019drilling progress report● Neutral
Nangwarry-1 is ahead of schedule at 3,510 m with gas shows in Pretty Hill sandstones, not yet confirmed as pay. Albany-2 stimulation is complete and gas is detected in flowback. Vali-1 is at 2,081 m with oil shows; extended Albany flow tests slip to late January.
17 Dec 2019joint venture update● Neutral
Metgasco notes Vali-1 drilling starts on 17 December, with its free-carried 25% and 9.5 Bcf net prospective resource. Repeats Vintage's release.
17 Dec 2019drilling progress report● Neutral
Nangwarry-1 reached a 2,949 m casing point just above the Pretty Hill target. Albany stimulation preparation is under way, and Vali-1 was due to spud on 17 December. Routine progress with no new result.
10 Dec 2019drilling scheduled● Neutral
The SLR-185 rig has been released from its previous job and is moving to Vali-1 in ATP 2021, with spud expected around 15 December. Target depth is 3,140 m. Net prospective resource stays at 17.6 Bcf. No new result.
10 Dec 2019drilling progress report● Neutral
Nangwarry-1 is drilling ahead at 952 m. Albany stimulation starts this week at Albany-2, with flow testing now expected from mid-January, slightly later than the earlier 'early January' plan. No new results.
10 Dec 2019joint venture update● Neutral
Partner Metgasco repeats the Vali-1 rig move and a spud around 15 December. It is free carried on its 25% with 9.5 Bcf net prospective resource. Restates Vintage's release.
2 Dec 2019drilling spud▲ GoodMajor
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.
26 Nov 2019investor presentation● Neutral
AGM presentation recaps FY19 as the foundation year: the $30m IPO, the Perth Basin oil farm-in and the upcoming Albany flow tests, Vali-1 and Nangwarry-1 drilling. It repeats known facts and introduces nothing new.
22 Nov 2019farm in farm out agreement▲ GoodMajor
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.
22 Nov 2019joint venture update● Neutral
Metgasco confirms the PRL 211 farm-in term sheet with Senex: Vintage operator at 42.5%, Metgasco 21.25% for about $1.0m of the Odin well. Conditions must be met by 31 January 2020. Repeats Vintage's release.
21 Nov 2019farm in farm out completion▲ Good
The Firetail farm-in agreement for 10% of Bonaparte permit EP 126 is now executed on the May 2019 heads-of-agreement terms. Separately, Rig 106 is mobilising to Nangwarry-1, with spud expected around 1 December 2019.
15 Nov 2019farm in farm out agreement▲ GoodMajor
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.
15 Nov 2019farm in farm out agreement▲ Good
Metgasco announces a binding term sheet under which Vintage funds 50% of the Cervantes oil well in Perth Basin permit L14 for 30%, plus $200k of costs. Gross best-estimate prospective resource is 15.3 MMbbl; drilling planned Q3 CY2020.
12 Nov 2019contract award▲ Good
Vintage signs the SLR-185 rig contract (8 Nov) to drill Vali-1 in ATP 2021, now expected mid-December 2019 after the rig finishes a Senex job. Net prospective resource remains 17.6 Bcf with 34% chance of success.
12 Nov 2019joint venture update● Neutral
Partner Metgasco notes the Vali-1 rig contract and mid-December spud. It holds a free-carried 25% with net 9.5 Bcf best-estimate prospective resource. Repeats Vintage's release.
