Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2024drilling result▲ GoodMajor
Metgasco reports Odin-2 logged gas pay in all three main targets (preliminary net pay 11 m Toolachee, 3 m Epsilon, 45 m Patchawarra). It will be cased as a future producer; gas could flow this winter, subject to JV approval.
3 June 2024drilling result▲ Good
Duplicate of Metgasco's 3 June release: Odin-2 logged gas pay in all three main targets and will be cased as a future producer. No new information.
28 May 2024drilling progress report▲ Good
Odin-2 reached total depth of 3,172 m, with target formations as expected and gas shows in several formations. Wireline logging will show whether the shows are significant, so no result yet.
28 May 2024drilling progress report● Neutral
Metgasco (25% partner) repeats that Odin-2 reached 3,172 m with gas shows in several formations; wireline logs will determine their significance. Nothing beyond Vintage's release.
21 May 2024drilling progress report● Neutral
Odin-2 was drilling at 2,051 m in the Poolowanna Formation, against a planned 3,156 m. Routine progress update with no results yet.
17 May 2024joint venture update▼ BadMajor
Vintage's partners voted against drilling Odin-3 straight after Odin-2, preferring to see Odin-2 results first, even though it is in the approved FY24 budget. This resolves the open approval question negatively; Vintage will keep pushing to drill it.
15 May 2024drilling spud▲ GoodMajor
Odin-2 spudded 15 May at 2:00pm, 1.1 km from Odin-1, targeting a depth of 3,156 m over about 3-4 weeks. This is the appraisal well funded by the April-May raising; if successful, gas goes to the Pelican Point contract.
15 May 2024drilling spud● Neutral
Metgasco (25% partner) repeats the operator's news that Odin-2 spudded 15 May, targeting 3,156 m. Nothing new beyond Vintage's release.
9 May 2024drilling scheduled● Neutral
Joint venture partner Metgasco (25%) repeats the operator's update: Odin-2 spud on or shortly after 12 May, 3-4 weeks to drill, with first gas targeted within 3 months of spud if successful. Rain may delay. Repeats Vintage's 9 May news.
9 May 2024drilling progress report● Neutral
The SLR 184 rig has reached the Odin-2 site, 1.1 km north-east of Odin-1, and is rigging up. Spud is expected on or shortly after 12 May, subject to rig acceptance and rainfall.
3 May 2024capital raising announcement● NeutralMajor
Retail offer completed, raising about $5.8m: 371.6m shares applied for plus 211.0m taken by underwriters. This completes the $8.0m raising at $0.01 to fund Odin appraisal drilling. New shares issue 3 May.
What it means for a shareholder
372m new shares at about A$0.0156 to raise about A$5.8m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (64,069 at the issue price), your slice goes from 0.00589% to 0.00439% of the company. To keep it you'd need 21,904 more shares - about A$342 at the issue price.
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26 Apr 2024regulatory community update▲ Good
The review Panel also declined to conduct proceedings on Keybridge's application, finding no reasonable prospect of a declaration of unacceptable circumstances. This ends Keybridge's Panel challenge to the raising.
23 Apr 2024drilling scheduled● Neutral
Access to the Odin-2 site is restored and civil works are under way. The well is now scheduled to spud late in the week of 6 May, with drilling expected to take 3 to 4 weeks.
22 Apr 2024farm in farm out agreement▲ GoodMajor
Vintage will farm out 50% of Cooper Basin permit PELA 679 to private company Sabre Energy, which funds a 150 km2 3D seismic survey and pays $200,000. Vintage keeps 50%. Subject to title grant, land access agreement and other conditions.
19 Apr 2024capital raising announcement● Neutral
Reminder that the retail entitlement offer closes 26 April at $0.01 per share, 1 for 1.3, with a top-up facility. No new information.
18 Apr 2024listing compliance notice● Neutral
Vintage answered an ASX query about the 10 April rainfall delay notice. It says the delay was not price-sensitive and that marking it market sensitive was an administrative error.
18 Apr 2024regulatory community update● Neutral
Keybridge has applied for a review of the Panel's decision not to hear its case. The President consented to the review; no decision yet on whether to proceed.
16 Apr 2024regulatory community update▲ Good
The Takeovers Panel declined to take up Keybridge's challenge to the raising, saying it is unlikely to materially affect control given the top-up facility and underwriting spread. Favourable for the board and the raising.
15 Apr 2024other▲ GoodMajor
Vintage says Keybridge's notice to remove three directors is invalid because of defects Keybridge did not fix, so no meeting will be called. Keybridge has also dropped below 5% ownership, per its 9 April filing.
10 Apr 2024drilling scheduled▼ Bad
Heavy Cooper Basin rain has blocked access, so the Odin-2 spud is now expected in May, about a month later than the 27 March presentation said. Odin-1 and Vali-1 continue producing in line with trends.
3 Apr 2024capital raising announcement● Neutral
Retail offer booklet for the fully underwritten 1-for-1.3 entitlement offer at $0.01 to raise about $6.7m (as stated in the booklet), open 3 to 26 April. Repeats terms already announced.
3 Apr 2024capital raising announcement● Neutral
Administrative confirmation that the retail offer booklet was sent to eligible shareholders on 3 April and a letter to ineligible holders. Offer closes 26 April. Nothing new.
2 Apr 2024regulatory community update● Neutral
Takeovers Panel received Keybridge's application over the raising. Keybridge argues it is too large and a frustrating action against its board-removal notice, and notes Regal's potential voting power could rise from 6.57% to 24.74%. No decision made yet.
27 Mar 2024capital raising announcement● NeutralMajor
Institutional part of the $8.0m raising is done: ~$2.17m (about 217m shares at $0.01), including the $1.3m placement. The retail offer, ~$5.8m, is now fully underwritten and opens 3 April. Directors commit about $400,000. Funds Odin-2/3 appraisal drilling.
What it means for a shareholder
217m new shares at A$0.010 to raise about A$2.2m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0115% to 0.0092% of the company. To keep it you'd need 24,946 more shares - about A$249 at the issue price.
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27 Mar 2024other▼ BadMajor
Shareholder Keybridge Capital (over 5%) has demanded a general meeting to remove chair Reg Nelson and directors Ian Howarth and Nick Smart, and to appoint its nominees Nicholas Bolton and John Patton. Comes two days after the $8.0m raising was announced.
27 Mar 2024investor presentation● Neutral
Updated version of the 25 March raising presentation, changed only to show the underwriting now in place, more warrant detail, and fuller counterparty and joint venture risks. No new operating information.
25 Mar 2024capital raising announcement● NeutralMajor
Vintage is raising $8.0m at 1.0 cent per share, a $1.3m placement plus a $6.7m entitlement offer (1 for 1.3), issuing 799.6m shares. Funds go mainly to drilling Odin-2 and Odin-3; gas could flow by July if successful. The price is far below the 5 cent raise of June 2023.
What it means for a shareholder
800m new shares at about A$0.010 to raise about A$8.0m. That's 48% dilution: every existing holder's slice gets 48% smaller. If you held A$1,000 of shares (99,950 at the issue price), your slice goes from 0.0115% to 0.00599% of the company. To keep it you'd need 91,873 more shares - about A$919 at the issue price.
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25 Mar 2024investor presentation● Neutral
Investor presentation supporting the $8.0m raising, pitching Odin drilling to reach self-sustaining cash generation. It repeats the raising's purpose and known Odin contract facts. Text is truncated.
22 Feb 2024half year report▼ BadMajor
Half-year loss was $12.96m versus $2.68m a year earlier, including a $10.86m impairment that fully wrote off Galilee and Bonaparte Basin exploration spend because no exploration is expected there soon. Gas sales revenue was $2.73m. Text is truncated.
13 Dec 2023well test result▼ Bad
After the plug was run, Vali-2 came online 8 December but gas flow is only about 0.2 MMscf/d, with water cut by over 50% to about 100 barrels a day. This is a weak result so far; it is unclear whether it is early clean-up.
