30 Sept 2024annual report● Neutral
Corporate governance statement and Appendix 4G key filed with the annual report. Administrative compliance document with no new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Sept 2024agm notice● Neutral
AGM set for 20 November 2024, with director nominations closing 8 October. Administrative notice only.
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.
30 July 2024quarterly activities report● Neutral
June quarter sales revenue was $1.09m, down 19%, with production 0.09 PJe. Cash rose to $7.67m after $7.32m net equity proceeds; net debt (borrowings less cash) fell to $2.33m. Odin-2 was successful; completion and connection are scheduled for the current quarter.
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.
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.
Create a free account to see this worked out for your own holding.
30 Apr 2024quarterly activities report▼ Bad
March quarter sales revenue was $1.34m, down 26%, with production 0.11 PJe, down 31% on natural decline at Odin-1 and Vali-1. Cash fell to $3.0m and net debt rose to $7.0m. Staff cost cuts began in March. Text is truncated.
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.