Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2019drilling scheduled● Neutral
The SLR-185 rig has been released from its previous job and is moving to Vali-1 in ATP 2021, with spud expected around 15 December. Target depth is 3,140 m. Net prospective resource stays at 17.6 Bcf. No new result.
10 Dec 2019drilling progress report● Neutral
Nangwarry-1 is drilling ahead at 952 m. Albany stimulation starts this week at Albany-2, with flow testing now expected from mid-January, slightly later than the earlier 'early January' plan. No new results.
2 Dec 2019drilling spud▲ GoodMajor
Nangwarry-1 in the Otway Basin (PEL 155, Vintage 50%) spudded on 1 December, as flagged on 21 Nov. Planned depth is 4,350 m over about 45 days. Net prospective resource is 28.5 Bcf with a 38% chance of success; $4.95m grant helps fund it.
22 Nov 2019farm in farm out agreement▲ GoodMajor
Vintage signs a term sheet with 90 days exclusivity to farm into South Australian retention licence PRL 211, becoming operator with 42.5% by paying 50% of the Odin well (about $2.0m). Odin gross best estimate is 12.6 Bcf; drilling targeted Q4 FY20, subject to approvals.
21 Nov 2019farm in farm out completion▲ Good
The Firetail farm-in agreement for 10% of Bonaparte permit EP 126 is now executed on the May 2019 heads-of-agreement terms. Separately, Rig 106 is mobilising to Nangwarry-1, with spud expected around 1 December 2019.
15 Nov 2019farm in farm out agreement▲ GoodMajor
Vintage signs a binding term sheet to earn 30% of the Cervantes oil prospect in Perth Basin permit L14 by paying 50% of the well (est. $5-7m gross) plus $200k. Gross best estimate 15.3 MMbbl, 28% chance of success; its first oil asset. Spud targeted Q1 FY21.
15 Nov 2019farm in farm out agreement▲ Good
Metgasco announces a binding term sheet under which Vintage funds 50% of the Cervantes oil well in Perth Basin permit L14 for 30%, plus $200k of costs. Gross best-estimate prospective resource is 15.3 MMbbl; drilling planned Q3 CY2020.
29 Oct 2019drilling progress report▲ Good
Comet Ridge reports Albany-1 sidetrack logging is complete, 4.5 inch casing is cemented and the rig released. Stimulation and flow testing are planned for early December. Same news as Vintage's release, with the full 130 m of reservoir now open.
22 Oct 2019drilling result▲ Good
Vintage reports the Albany-1 sidetrack reached 2,822 m, with strong gas shows in multiple zones, including the B sand that flowed 230,000 scf/d in 2018 and deeper sands Albany-1 had not reached. Logging is next; flow rates still unproven until stimulation.
22 Oct 2019drilling result▲ Good
Comet Ridge reports the Albany-1 sidetrack reached total depth of 2,822 m with strong gas shows through all four thick sandstone packages. All can now be stimulated. Logging starts tomorrow; gas rates are still untested.
15 Oct 2019drilling progress report● Neutral
Albany-1 sidetrack has started after the whipstock was set and casing milled, and is drilling through the Lake Galilee Sandstone target. No result yet; wireline logs, casing, then stimulation and flow testing later this year.
8 Oct 2019drilling progress report● Neutral
Comet Ridge reports the rig has moved to Albany-1 and is plugging the old wellbore before milling through casing, with sidetrack drilling expected later this week to a planned 2,788 m. Same news as Vintage's release.
8 Oct 2019drilling progress report● Neutral
Vintage reports the rig is rigged up at Albany-1, the 2018 bridge plug has been milled out, and cement plugs and a whipstock come next. Sidetrack drilling is expected later this week. Stimulation and flow testing remain planned for later in the year.
1 Oct 2019drilling scheduled▲ GoodMajor
As operator of ATP 2021, Vintage signed a letter of intent with Schlumberger for rig SLR-185 to drill Vali-1, expected to spud late 2019. It reported Vali's first prospective resource as 17.6 Bcf net (35.1 Bcf gross), with a 34% chance of success.
24 Sept 2019drilling progress report● Neutral
Vintage says fishing recovered only part of the stuck logging tool, with the remainder left below the casing. Casing is being run at Albany-2, then the rig moves to Albany-1. Condor Energy Services is contracted to stimulate both wells.
24 Sept 2019drilling progress report● Neutral
Operator reports the logging tool was only partly recovered, with the rest left below the production casing now being run in Albany-2. The rig then moves to Albany-1 for the sidetrack. Condor Energy Services will stimulate both wells. Same news as Vintage's release.
17 Sept 2019drilling progress report● Neutral
Vintage repeats that a logging tool stuck in Albany-2 is being fished out, delaying the rig move to Albany-1 until the sidetrack late next week. Logs show 12-15% porosity and gas. Same news as the operator's release.
17 Sept 2019drilling progress report● Neutral
Operator reports Albany-2 logs show good reservoir quality, gas, and porosity up to 15%. A logging tool got stuck and is being fished out, delaying the Albany-1 sidetrack to about late next week. 4.5-inch casing follows; stimulation remains Q4.
10 Sept 2019drilling result▲ GoodMajor
Operator reports Albany-2 reached total depth of 2,702 m (planned 2,752 m). Early logs show the upper 13 m of reservoir with 12-15% porosity, above pre-drilling expectations and better than Albany-1. Gas flow is still untested until stimulation.
10 Sept 2019drilling result▲ Good
Vintage reports Albany-2 reached 2,702 m on 6 September, with quick-look logs indicating gas. The rig moves to the Albany-1 sidetrack later this week. Core analysis continues; stimulation and flow testing planned later this year.
3 Sept 2019drilling progress report▲ Good
Operator reports Albany-2 at 2,605 m with 62 m of core taken, mostly sandstone with gas shows, and signs of permeability. Also confirms Vintage's move to 30% and the unchanged 153 PJ gross 2C. Encouraging, but no flow test yet.
3 Sept 2019drilling progress report▲ Good
Vintage reports increased gas readings at Albany-2, with 62 m of core recovered and coring complete; drilling ahead at 2,605 m. Notes its doubled net 2C of 43 Bcf. Stimulation and flow tests of both wells follow later in 2019.
2 Sept 2019resource reserve update▲ GoodMajor
Vintage reached the $10m gross Stage 2 funding point, lifting its Galilee Deeps JV interest from 15% to 30%. Its net Albany contingent resource doubles to 16/43/116 Bcf (1C/2C/3C). Completes the farm-in step flagged earlier.
29 Aug 2019farm in farm out agreement▲ Good
Partner Metgasco signs a binding deal for Bridgeport (Cooper Basin) to earn 25% of ATP 2021 by funding 32.5% of the first well (up to $5.3m gross). Metgasco keeps 25%. It adds a further partner alongside Vintage's farm-in, with Vali-1 still planned for Q4 2019.
27 Aug 2019drilling progress report● Neutral
Vintage repeats that coring began 25 August at Albany-2, with a 27 m core fully recovered and predominantly sandstone. Planned depth remains 2,752 m. Same event as the operator's release; no new result.
27 Aug 2019drilling progress report▲ Good
Operator reports the first 27 m core was cut in Albany-2 (2,455-2,482 m) with 100% recovery, predominantly sandstone. It is the first core from the Albany field. Drilling continues toward the next core point; no gas or flow result yet.
20 Aug 2019drilling progress report● Neutral
Vintage repeats that Albany-2 is at its 2,452 m casing point with casing being cemented before coring the Lake Galilee Sandstone. Vintage's stake is moving from 15% to 30% during the programme. Same news as the operator's release; no new result.
20 Aug 2019drilling progress report● Neutral
Operator Comet Ridge reports Albany-2 reached 2,452 m, just into the top of the Lake Galilee Sandstone, with 7-inch casing being cemented. About 300 m of coring to 2,752 m follows; stimulation is still planned for Q4 2019. No flow result yet.
13 Aug 2019drilling progress report● Neutral
Albany-2 is drilling ahead at 1,848 m toward the 2,430 m casing point, with the 31-day programme unchanged. Completing the well takes Vintage's stake from 15% to 30%. No new result.
12 Aug 2019drilling progress report● Neutral
Operator Comet Ridge reports Albany-2 drilling ahead at 1,795 m, with surface casing set and cemented. Plan unchanged: Albany-1 sidetrack in September, stimulation in Q4. No new result.
