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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2019agm notice● Neutral
All AGM resolutions passed, including the remuneration report and the re-election of director Ian Howarth. The 10% placement facility passed with 91% in favour. Administrative outcome only.
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.
7 Nov 2019other▲ Good
Vintage summarises the two-well Albany appraisal: structure, gas presence and reservoir continuity confirmed, with log porosities up to 15%. Albany has a certified gross 2C of 153 PJ. Condor is expected early-mid December to stimulate and flow test; commercial viability is still unproven.
29 Oct 2019listing compliance notice● Neutral
Replying to an ASX query on its $2.35m quarterly cash burn and $17.6m cash, Vintage says it expects about $14.5m spend by March 2020, then roughly $900k a quarter admin. It does not plan to raise capital unless new projects arise.
29 Oct 2019drilling progress report▲ Good
Comet Ridge reports Albany-1 sidetrack logging is complete, 4.5 inch casing is cemented and the rig released. Stimulation and flow testing are planned for early December. Same news as Vintage's release, with the full 130 m of reservoir now open.
29 Oct 2019joint venture update▲ Good
Vintage confirms Albany-1 ST1 logs show good wellbore quality and gas in multiple sands; it is cased to 2,822 m. Condor's stimulation unit is due first week of December, with flow test results expected January 2020, later than the earlier 'late 2019'.
25 Oct 2019quarterly activities report● Neutral
September quarter report recaps Vintage's rise to 30% of Galilee Deeps, Albany-2 cased, the Albany-1 sidetrack reaching TD with strong gas shows, and Vali-1 and Nangwarry-1 expected to spud late 2019. Cullen-1 test planned for the early 2020 dry season. Mostly known facts.
22 Oct 2019drilling result▲ Good
Vintage reports the Albany-1 sidetrack reached 2,822 m, with strong gas shows in multiple zones, including the B sand that flowed 230,000 scf/d in 2018 and deeper sands Albany-1 had not reached. Logging is next; flow rates still unproven until stimulation.
22 Oct 2019other● Neutral
Appendix 4G corporate governance checklist, dated 17 October 2019, accompanying the annual report and pointing to the governance statement on the company website. Administrative, no substantive news.
22 Oct 2019drilling result▲ Good
Comet Ridge reports the Albany-1 sidetrack reached total depth of 2,822 m with strong gas shows through all four thick sandstone packages. All can now be stimulated. Logging starts tomorrow; gas rates are still untested.
22 Oct 2019annual report● Neutral
2019 annual report lodged, with the AGM set for 26 November 2019 in Adelaide. The chairman says Galilee flow testing is targeted toward year end, Vali-1 and Nangwarry-1 are expected later this year, and Bonaparte has no activity due to the NT reserved-area consultation.
15 Oct 2019drilling progress report● Neutral
Albany-1 sidetrack has started after the whipstock was set and casing milled, and is drilling through the Lake Galilee Sandstone target. No result yet; wireline logs, casing, then stimulation and flow testing later this year.
8 Oct 2019drilling progress report● Neutral
Comet Ridge reports the rig has moved to Albany-1 and is plugging the old wellbore before milling through casing, with sidetrack drilling expected later this week to a planned 2,788 m. Same news as Vintage's release.
8 Oct 2019drilling progress report● Neutral
Vintage reports the rig is rigged up at Albany-1, the 2018 bridge plug has been milled out, and cement plugs and a whipstock come next. Sidetrack drilling is expected later this week. Stimulation and flow testing remain planned for later in the year.
1 Oct 2019investor presentation● Neutral
October 2019 non-deal roadshow deck recaps Galilee at 30% (net 2C 46 PJ), Albany-2 drilled and cored, Albany-1 ST1 preparing, flow testing late 2019, Nangwarry-1 and Vali-1 late 2019, and the Firetail deal. Repeats known facts.
1 Oct 2019joint venture update● Neutral
Partner Metgasco notes Vintage's Vali work doubled gross prospective resource to 38.1 Bcf from its November 2018 estimate of 19 Bcf, because of a larger mapped closure and a lower porosity cut-off. Repeats Vintage's release and the late-2019 spud plan.
1 Oct 2019drilling scheduled▲ GoodMajor
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.