Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2025capital raising announcement● NeutralMajor
Vintage launches a $2.1m 1-for-4 entitlement offer at 0.5 cents, each new share with a free option at 0.9 cents. It funds scale removal at Odin and an attempt to flow the Toolachee at Vali, plus working capital. Follows the April 2024 raise at 1 cent.
31 Jan 2025investor presentation● Neutral
Presentation supporting the $2.1m entitlement offer and the Production Uplift Program at Vali and Odin. It repeats the offer and program already announced. Text is truncated.
31 Jan 2025capital raising announcement● Neutral
Prospectus for the 1-for-4 entitlement offer of about 417.3m shares at 0.5 cents with free options at 0.9 cents, to raise about $2.1m. Legal document repeating the terms announced the same day; text is truncated.
What it means for a shareholder
417m new shares at A$0.005 to raise about A$2.1m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.012% to 0.00958% of the company. To keep it you'd need 49,990 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
31 Dec 2024director officer appointment● Neutral
CFO Simon Gray, a co-founder, retires as CFO from 1 January 2025 but stays as Company Secretary and consults on finance. Senior Accountant Stephen Munchenberg continues in his role.
17 Dec 2024other● NeutralMajor
Vintage begins a restructure cutting headcount and direct salaries by 41%, about $1.14m a year, with about $0.47m forecast redundancy costs. Chemical injection to curb scale starts at Odin. Builds on earlier cost cuts and the scale findings from the Odin work.
12 Dec 2024business combination▼ BadMajor
Vintage and Galilee mutually terminate the scheme implementation deed signed in October. Both say the deal was no longer in their shareholders' interests and revised terms could not be agreed. Vintage will focus on realising value from its gas and acreage and investigating emerging opportunities.
11 Dec 2024director officer appointment● Neutral
Founding director Nick Smart resigns from the board effective 31 December 2024 due to ill health. He has served since November 2015, when the company was incorporated.
20 Nov 2024investor presentation● Neutral
AGM slide deck with standard disclaimers and risk sections. The visible text carries no new facts. Text is truncated, so the content of the slides is not seen.
15 Nov 2024production update▲ Good
Production logging found scale in the metering equipment gave inaccurate readings. Water and gas production at Odin are actually within expected ranges. This resolves the 25 October concern about rising water; the metering fix is a priority.
6 Nov 2024admin correction● Neutral
Revised Appendix 5B replacing the 31 October one, amended only to round all figures to $'000. Cash at 30 September was $4.006m. No change in substance.
25 Oct 2024production update● Neutral
With both Odin wells online, field output is 5.3 MMscf/d versus 1.4 before the works. Odin-2 has fallen to about 1.7 MMscf/d from 3.0, and water production is rising. Production logging is planned to understand the wells.
15 Oct 2024business combination▲ GoodMajor
Vintage and Galilee signed the binding Scheme Implementation Deed, following the August Heads of Agreement. Galilee holders get 2 Vintage shares per Galilee share, leaving existing Vintage and Galilee holders with about 60% and 40%. Galilee shareholder and other approvals are still required.
15 Oct 2024production update▲ GoodMajor
Odin-2 was brought online on 13 October and was flowing about 3.0 MMscf/d during commissioning, with Odin-1 temporarily offline. Management expected initial field raw gas production of four or more times August's rate once both wells were running.
1 Oct 2024production update▲ Good
Metgasco (25% partner) repeats the operator's 1 October update: Odin-1 up to 3.3 MMscf/d from 1.4 after optimisation, Odin-2 first gas expected mid-October. It expects a significant revenue increase in its Q2 FY25.
1 Oct 2024production update▲ GoodMajor
Odin-1 optimisation and new Patchawarra perforations lifted flow to 3.3 MMscf/d from 1.4. Scale inside the completion packer had been impeding flow. Odin-2 is on track for mid-October start-up; Vali-2's sleeve is open but flow is unchanged.
30 Sept 2024annual report● Neutral
FY24 annual report. The chairman cites weather-hit operations and lower-than-anticipated results that necessitated the April raise, with directors forgoing fees late in the year. He expects higher Odin and Vali gas output to reward shareholders. Text is truncated, so financials are not seen.
30 Sept 2024annual report● Neutral
Corporate governance statement and Appendix 4G key filed with the annual report. Administrative compliance document with no new substance.
30 Sept 2024resource reserve update▲ GoodMajor
First reserves booking for Odin lifts Vintage's net 2P reserves 45% to 12.6 MMboe (sales gas and ethane 70.9 PJ) at 30 June 2024. Odin's 2P is 4.0 MMboe. Net 2C resources fall to 47 PJ from 66 PJ as Odin volumes convert.
17 Sept 2024investor presentation● Neutral
Conference presentation on Vintage's Cooper Basin gas assets and Vali-2 stimulation work, dated 17 September. Text is truncated after the disclaimers, so no new facts can be drawn.
21 Aug 2024production update▼ Bad
Rain-damaged roads should reopen around end-August, with heavy equipment mobilising early September. Odin-2 completion, Odin-1 optimisation and the Vali-2 sleeve work should finish by mid-October, so Odin-2 production is pushed back again from August.
15 Aug 2024investor presentation● Neutral
Presentation accompanying the Galilee merger Heads of Agreement of 15 August. Text is truncated after the disclaimers, so it adds nothing beyond that announcement.
15 Aug 2024business combination● NeutralMajor
Vintage signed a binding Heads of Agreement to acquire Galilee Energy by scheme, all scrip at 2 Vintage shares per Galilee share, implying $0.02 per Galilee share. Vintage holders would own about 60.2%, adding Galilee's ~2,500 PJ Glenaras resource. Subject to due diligence and approvals.
1 Aug 2024production update▲ Good
Odin-1 is back on production at about 1.4 MMscf/d after the manual restart delayed by rain. It had been shut in since 2 July. Odin-2 completion and Vali-2 work expectations are unchanged.
1 Aug 2024production update● Neutral
Metgasco (25% partner) repeats that Odin-1 restarted by helicopter-accessed crews at 1.4 MMscf/d after a shut-in from 2 July. Nothing beyond Vintage's release.
16 July 2024investor presentation● Neutral
July investor presentation on Vintage's Cooper Basin gas assets and Vali-2 stimulation work. Text is truncated after the disclaimers, so no new facts can be drawn.
16 July 2024production update▼ Bad
Heavy rain has cut road access, pushing Odin-2 completion and Odin-1/Vali-2 work from July to August. Odin-1 has been shut in since 2 July awaiting a manual restart.
2 July 2024joint venture update● Neutral
Metgasco repeats the 2 July operator update: the joint venture agreed to complete Odin-2 and revised net pay to 16 m Toolachee, 2.3 m Epsilon and 33.5 m Patchawarra. Odin-1 is producing 1.4 MMscf/d, and Vali-2 has been shut in since March.
2 July 2024joint venture update▲ Good
The Odin-2 completion is agreed, with revised conventional net pay of 16 m Toolachee, 2.3 m Epsilon and 33.5 m Patchawarra. Completion is planned for late July and connection in August. Odin-1 flows 1.4 MMscf/d; Vali-2's sleeve will be opened from mid-July after earlier failure.
5 June 2024drilling result▲ Good
Metgasco's re-issue of its 3 June release, updated at ASX request with depths and maps. Same Odin-2 gas pay result; no new information.
5 June 2024drilling result▲ GoodMajor
Vintage's own version, re-issued at ASX request with formation depths and maps added, confirms Odin-2 gas pay in the Toolachee, Epsilon and Patchawarra sandstones. It will be cased and suspended; gas could flow this winter, subject to JV approval.
