Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2021drilling scheduled● Neutral
Vali-2 is due to spud within days, with Odin-1 to follow. Nangwarry-1 gauge data is still awaited, and the old estimates stand. Options for a commercial CO2 project include selling a stake, a new partner, tolling or debt funding.
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.
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.
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.
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.
27 July 2020drilling progress report● Neutral
Partner Metgasco restates Vintage's release that all six Vali-1 ST1 stimulation stages are complete, with short flared gas flowbacks from two zones that were not a flow test. Flow testing to follow; Metgasco's net share is 9.4 Bcf.
27 July 2020drilling progress report▲ Good
All six Vali-1 ST1 fracture stimulation stages are complete. Gas was flared briefly from the two deepest zones, but this was not a flow test. Flow testing starts in coming days; 37.7 Bcf gross 2C is unchanged (18.8 Bcf net to Vintage).
16 July 2020drilling progress report● Neutral
Metgasco, Vintage's 25% partner in ATP 2021, repeats that stage one of the six-stage Vali-1 ST1 fracture stimulation finished 15 July, with five Patchawarra stages due in about 10 days. Restates the operator's 16 July update; Metgasco's net share is 9.4 Bcf of the 37.7 Bcf 2C.
16 July 2020drilling progress report▲ Good
Stimulation of Vali-1 ST1 began 12 July and stage one, in the deepest Tirrawarra Sandstone, was completed 15 July. The remaining five stages are expected within about 10 days, then flow testing. This is the first of six planned stages, with no flow result yet.
8 July 2020drilling progress report● Neutral
Partner Metgasco repeats that Vali-1 ST1 stimulation is due to start 12 July, then testing. It cites 9.4 Bcf net 2C resource (25%) and 80 m of targeted net gas pay. Restates the operator's release from the partner's side.
8 July 2020drilling progress report▲ Good
Condor's equipment is being mobilised and site preparation is complete. Vali-1 ST1 fracture stimulation is expected to start 12 July, followed by flow testing. Gross 2C resource remains 37.7 Bcf. The company also notes its wider Cooper Basin footprint, including the new PELA 679 block.
3 June 2020drilling progress report▲ Good
Condor is engaged for a six-stage Vali-1 ST1 fracture stimulation from early July, followed by flow testing, with results expected early August. GPA Engineering is designing the pipeline connection, and talks with Santos on gas infrastructure access have begun. Well integrity is confirmed.
3 June 2020drilling progress report● Neutral
Partner Metgasco restates the operator's 3 June Vali-1 ST1 update: six-stage stimulation from early July, results early August, Santos access talks. Its net share is 9.4 Bcf at 25%. The CEO expects revenue from Vali within 12 months.
3 Mar 2020resource reserve update▲ Good
Partner Metgasco reports the same certified Vali 2C resource of 37.7 Bcf gross, 9.4 Bcf net to its 25%, and says stimulation and flow testing are planned for Q2 CY2020. Restates Vintage's release from the partner's side.
3 Mar 2020resource reserve update▲ GoodMajor
Vintage books its first Cooper Basin resource: an independently certified Vali 2C contingent resource of 37.7 Bcf gross (18.9 Bcf net to its 50%). This exceeds pre-drill estimates; stimulation and flow testing are planned before end of financial year, and marketing talks have begun.
24 Feb 2020farm in farm out agreement● Neutral
Partner Metgasco repeats that the binding PRL 211 farm-in was executed, replacing the November term sheet. Vintage becomes operator with 42.5%; Odin well targeted Q4 FY20. Conditions, including ministerial approval, are expected by 31 March 2020. Restates Vintage's own 24 Feb release.
24 Feb 2020farm in farm out agreement▲ GoodMajor
Vintage executed the binding PRL 211 farm-in, replacing the November term sheet: 42.5% and operatorship, paying 50% of the Odin well (~$2.0m). Drilling targeted Q4 FY20. Conditions, including ministerial approval, are expected to be met by 31 March 2020.
4 Feb 2020drilling progress report● Neutral
Albany operations remain suspended by flooding, with Albany-1 ST1 stimulation delayed and no restart date. Vintage says this is the final regular weekly operations update until new field work starts.
29 Jan 2020drilling progress report● Neutral
Rigs at Vali-1 and Nangwarry-1 are demobilised, and these are the last drilling updates for those wells. Heavy rain (~200 mm) suspended Albany work; Albany-2 flowback is complete and it is shut in. Albany-1 ST1 stimulation is delayed, no new date.
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 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 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.
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 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 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.
