Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2024quarterly activities report● Neutral
December quarter sales revenue was $1.8m, up 96%, with production 0.16 PJe, up 60%, helped by Odin. Cash fell to $3.9m and net debt rose to $6.1m. About 30 days offline are expected in the March quarter. 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.
29 Nov 2023investor presentation● Neutral
AGM presentation largely repeats known facts: Odin-1 producing about 5 MMscf/d, all Odin gas contracted to Pelican Point to December 2026, Vali-2 plugging due in coming weeks, Vali-3 still shut in. Up to 2 more Odin wells are under review. Independent reserves certification is in progress.
29 Nov 2023agm notice● Neutral
The chair criticised the gas price cap and said Vintage is exempt as a small domestic producer. He said production is about 6.5 MMscfd and that the Vali full field plan has slipped from its FY23 target because of Vali-2 and Vali-3 water. Text is truncated.
29 Nov 2023agm notice● Neutral
All six AGM resolutions passed on a poll, including Nick Smart's re-election and performance rights for the Managing Director. Two resolutions drew roughly 27% votes against, but still carried. Administrative outcome.
14 Nov 2023production update● Neutral
The Vali-2 plugging contractor has rescheduled, so work is now likely from end-November rather than early November. Vali and Odin restarted on 27 October, ahead of schedule, at a combined rate above 7 MMscfd. No further outages are scheduled this quarter.
14 Nov 2023production update● Neutral
Metgasco's version of Vintage's 14 November update: Vali-2 work pushed to end-November, and Vali-1 and Odin-1 restarted 27 October above 7 MMscfd combined. Adds no new figures.
27 Oct 2023quarterly activities report● Neutral
September quarter sales revenue was $0.92m, up 58%, as Odin started 14 September. Cash fell to $4.9m from $7.1m and net debt rose to $5.22m. About 26 days offline are expected in the December quarter from scheduled outages. Text is truncated.
17 Oct 2023production update● Neutral
Metgasco's version of Vintage's 17 October update: Vali-2 plug planned for early November to cut water, Vali and Odin shut in for downstream maintenance, Odin-1 averaging 5.4 MMscfd. Metgasco says it is fully funded for the plugging. Adds no new figures.
17 Oct 2023production update● Neutral
Vali-2's excess water was traced to the two lowest perforated zones; the joint venture agreed to plug them off, planned for early November (about 3 days). Vali and Odin were shut in for third-party maintenance until about 4 November. Odin-1 has averaged 5.4 MMscfd.
5 Oct 2023material agreement▲ GoodMajor
A second Odin gas contract with Pelican Point Power covers 1 January 2025 to 31 December 2026, extending Odin's contracted supply to end-2026 on interruptible terms. Prices are in line with east coast expectations. Vintage says it has met its medium-term contracting targets.
5 Oct 2023material agreement▲ Good
Metgasco's version of the second Odin contract with Pelican Point Power, covering 2025 to end-2026 at market-consistent prices. Metgasco says the contract gives the JV confidence to assess further Odin appraisal wells.
29 Sept 2023agm notice● Neutral
The AGM will be held on 29 November 2023. Director nominations close 12 October 2023. Re-election of directors is on the agenda. Administrative notice.
28 Sept 2023annual report● Neutral
Corporate governance statement and Appendix 4G for FY23, current as at 25 September 2023. Administrative filing with no new company information.
