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Vintage Energy Ltd

ASX:VEN
A$0.002Close 7 Oct 2026 · delayed

Past year: ▼ 60%(0.15c – 0.50c AUD)

Market cap
A$4.9m
Shares on issue
2.44bn
In-ground value
A$58.8m
Risked multiple
8.53×
Story beats
117 since 2018
Last event
15 June 2026

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

23 Dec 2025material agreement● Neutral

Vintage extends target dates: acceptance of Bridgeport's 25% offer moves to 28 February 2026 and its completion to 31 March; Metgasco commitment moves to 31 January 2026. Funding remains an unmet condition, though cash call commitments are unchanged.

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12 Dec 2025material agreement● Neutral

Metgasco confirms the formal sale agreement with Vintage for $5.9m. It is a disposal of Metgasco's main undertaking, so it needs Metgasco shareholder approval at an EGM on 14 January 2026, with completion expected January-February 2026.

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12 Dec 2025material agreement● NeutralMajor

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.

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1 Dec 2025farm in farm out agreement▼ BadMajor

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.

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24 Nov 2025asset acquisition disposition▲ GoodMajor

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.

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20 Nov 2025asset acquisition disposition▲ Good

Victorian Government approval, the last outstanding condition, is received for the sale of Vintage's PEP 171 interest to Beach. Completion and $1.0m cash are expected within November, clearing the long-pending approval thread.

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19 Nov 2025investor presentation● Neutral

AGM presentation of 19 November 2025; only the disclaimer text is readable, so no new figures or substance can be reported from it.

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19 Nov 2025agm notice● Neutral

All six AGM resolutions passed on a poll, including the remuneration report, Ian Howarth's re-election and the additional 10% placement facility. Support ran from roughly 86% to 97%. Administrative outcome.

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19 Nov 2025agm notice● Neutral

Chair Reg Nelson's AGM address says nearly three years of 'appraisal by production' at Vali and Odin have supplied just over 2 PJe and about $23m gross revenue. Vali-2 is back online, Vali-3 work resumes this month, and contract renewals with AGL and ENGIE have begun.

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18 Nov 2025asset acquisition disposition● NeutralMajor

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.

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18 Nov 2025asset acquisition disposition● NeutralMajor

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.

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14 Nov 2025other● NeutralMajor

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).

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30 Oct 2025quarterly activities report▼ Bad

September quarter revenue fell 24% to $0.90m and production to 0.08 PJe, with uplift work interrupting output. Cash was $1.69m against a $1.5m lender covenant; net borrowings $8.31m. 2P reserves are 12.5 MMboe (71 PJ gas), almost unchanged from 12.6.

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17 Oct 2025drilling progress report● Neutral

Partner Metgasco re-releases Vintage's phase 2 Production Uplift results: Vali-2 Toolachee flowing up to 0.25 MMscf/d, Vali-1 Toolachee not flowing, and total output 2.4 MMscf/d. No new information beyond Vintage's own release.

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17 Oct 2025drilling progress report● Neutral

Phase 2 began 24 September. Vali-2's Toolachee zone is flowing up to 0.25 MMscf/d with water; Vali-1's Toolachee still did not flow, and Vali-3 work awaits equipment in November. Total output is 2.4 MMscf/d, below the 2.9 after phase 1. Costs remain within budget.

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30 Sept 2025agm notice● Neutral

The AGM is set for 19 November 2025, with director nominations closing 8 October 2025. The agenda includes re-election of directors. Administrative notice only.

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26 Sept 2025annual report● Neutral

FY25 annual report, to 30 June 2025. The chair says value pathways for the Odin, Vali and Nangwarry gas discoveries should become clearer in coming months. Odin and Vali are put at about 140 PJ gross 2P gas; text is truncated, so financial results are not shown.

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26 Sept 2025annual report● Neutral

Appendix 4G governance checklist for FY25, stating the corporate governance statement is on the company website and is current to 25 September 2025. Administrative filing with no new substance.

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1 Sept 2025drilling result● NeutralMajor

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.

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30 July 2025quarterly activities report● Neutral

June quarter sales revenue was $1.18m (-4%) on production of 0.10 PJe; cash rose to $2.50m after the $2.1m raise closed. Net borrowings were $7.50m. A third party has started a feasibility study at Nangwarry; the PEP 171 sale to Beach for $1.25m is still to complete.

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17 July 2025listing compliance notice▼ Bad

ASX says the 89.8m shortfall shares and options issued 29 May came one day past the three-month window, so they use existing placement capacity instead. Vintage attributes it to a timing misalignment and says it remains compliant.

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17 July 2025asset acquisition disposition● Neutral

Amplitude waives pre-emptive rights and consents to Beach as operator, clearing the joint venture conditions for the PEP 171 sale. Completion still awaits regulatory and Ministerial approvals; the $1.25m consideration is unchanged.

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17 July 2025drilling scheduled▲ Good

Mobilisation begins for the Production Uplift Program at Odin and Vali, with work over about six weeks, mostly in August, finishing by early September. Modelled uplift is 2.1-5.6 MMscf/d against a current 3.2 MMscf/d.

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17 July 2025joint venture update▲ GoodMajor

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.

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17 June 2025production update▲ Good

Odin and Vali produced 100 MMscf in May, 8% above April, averaging 3.23 MMscf/d. Gains are attributed to measures taken before the uplift program, which is expected to start mid-July.

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16 June 2025asset acquisition disposition● NeutralMajor

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.

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29 May 2025capital raising announcement▲ GoodMajor

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.

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26 May 2025investor presentation● Neutral

May 2025 investor presentation on the company's gas fields and contracts. Text is truncated and shows only disclaimers, so no new substance can be identified.

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12 May 2025capital raising announcement▲ Good

A further 74m shares are placed under the shortfall offer at 0.5c, taking the two offers to 303.7m shares and $1.52m, about 73% of the $2.09m target. 113.7m shares remain available until 28 May.

What it means for a shareholder

74.0m new shares at A$0.005 to raise about A$370,000. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0105% to 0.0101% of the company. To keep it you'd need 7,793 more shares - about A$39 at the issue price.

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30 Apr 2025capital raising announcement▲ Good

Lender PURE commits $551,500 to the shortfall offer at 0.5c, paid by offsetting loan interest for the June and September 2025 quarters rather than new cash. Total raised reaches $1.15m of $2.1m target; the program is modelled to lift output by 2.1-5.6 MMscf/d.

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