6 Aug 2019drilling progress report● Neutral
Albany-2 is drilling ahead at 853 m after setting surface casing at 708 m, toward a planned 2,752 m. It notes APA's pipeline survey licence. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2019drilling spud▲ GoodMajor
Operator Comet Ridge reports Albany-2 spudded 30 July 2019 after rain delays, with 31 days to a planned 2,752 m. Albany-1 sidetrack follows in September, then stimulation and production testing in Q4. Drilling funds Vintage's rise from 15% to 30%.
30 July 2019drilling spud▲ Good
Vintage confirms Albany-2 spudded 30 July 2019, targeting a 280 m thick Lake Galilee Sandstone at about 2,430 m, with coring planned. Stimulation of both wells follows later in 2019. Vintage has booked 23 PJ net 2C for its 15%; gross 2C is 153 PJ. Same event as the operator's release.
12 July 2019drilling result▲ Good
Comet Ridge reports first-pass interpretation of the Koburra seismic added four new leads and confirmed a closed structure of about 20 km2 at Lake Galilee, 24 km south of Albany. Lake Galilee-1 appears drilled at the structure's edge, implying up-dip potential. Resolves the seismic-interpretation thread.
12 July 2019resource reserve update▲ GoodMajor
Vintage says Koburra seismic and reprocessing of 896 km of old data lifted Galilee leads and prospects to 27, four more than before. A lead at Lake Galilee is now 'drill ready'. Further seismic is expected; no drilling date or resource figure given.
8 July 2019drilling scheduled▲ Good
Vintage repeats the operator's news that Easternwell Rig 106 is secured, via a rig-sharing agreement with Beach, for Nangwarry-1 in PEL 155 (Vintage 50%), spud October/November 2019. Well takes about 45 days; gross prospective resource 57 Bcf. Same news as earlier Lakes Oil release.
8 July 2019drilling scheduled▲ Good
Partner Lakes Oil says its subsidiary Otway Energy has secured Easternwell Rig 106 for Nangwarry-1 in PEL 155 (Vintage 50%), spud expected October/November 2019. A $4.95 million South Australian PACE grant partly funds the well; gross prospective resource is 57 Bcf.
2 July 2019farm in farm out completion▲ GoodMajor
Vintage executed the binding ATP 2021 farm-in agreement and joint operating agreement with Metgasco on the May terms. It manages first-well planning now, with the 50% interest and operatorship transferring after ministerial approval. Turns the May heads of agreement into a signed deal.
2 July 2019farm in farm out completion▲ Good
Metgasco says the ATP 2021 farm-out agreement and joint operating agreement with Vintage are signed on the May terms. Transfer of 50% awaits ministerial approval, expected this month. Vali well now targeted for Q4 2019, a shift from earlier second-half timing.
25 June 2019drilling progress report● Neutral
Ensign Rig 932 is moving from Moomba to the Galilee Basin; the Albany-2 pad and camp are finished. Spud is now expected early July 2019, a further slip from late June. Albany-2 is to be cored and sits about seven kilometres from Albany-1.
28 May 2019drilling progress report● Neutral
Vintage repeats the operator's update: rig mobilisation early to mid-June, Albany-2 spud expected late June, then the Albany-1 sidetrack. Condor is the preferred stimulation provider. Stage 2 completion would lift Vintage from 15% to 30%. No new result.
28 May 2019drilling progress report● Neutral
Operator Comet Ridge says Albany-2 pad construction is nearly done and Ensign Rig 932 should move in early to mid-June, with spud about two weeks later. Condor Energy Services is the preferred stimulation contractor, with stimulation late in Q3 2019.
22 May 2019farm in farm out agreement▲ Good
Metgasco's side of the same deal: Vintage to earn 50% and operatorship of Cooper Basin permit ATP 2021 by funding 65% of the first well (up to $5.3m gross) plus $527,800 back-costs. First well planned on the Vali prospect in the second half of 2019.
22 May 2019farm in farm out agreement▲ GoodMajor
Vintage enters the Cooper/Eromanga Basins, signing a binding heads of agreement to earn 50% and operatorship of the 370 km2 ATP 2021 from Metgasco. It funds 65% of the first well (up to $5.3m gross) and $527,800 of past costs; ministerial approval is needed.
8 May 2019farm in farm out agreement▲ GoodMajor
Vintage signed a binding heads of agreement for Firetail Energy Services to earn 10% of EP126 by providing $850,000 of services toward the $3.2 million Cullen-1 test. Vintage keeps 90% and operatorship. This delivers the planned farm-down; it is subject to approvals.
5 Apr 2019drilling progress report● Neutral
Operator Comet Ridge says seismic processing is under way, with possible new leads near Lake Galilee-1 and a new anticline about 25 km north. Heavy rain means Albany-2 will not spud before early May. Repeats Vintage's same-day update.
5 Apr 2019drilling progress report● Neutral
Early seismic processing shows several possible leads near Lake Galilee-1 and new structural trends. Heavy rain has delayed rig mobilisation, so Albany-2 will not spud before early May, pushing back the Stage 2 wells.
5 Mar 2019drilling progress report● Neutral
Operator Comet Ridge reports the 336 km Koburra seismic survey finished on 2 March with good-quality raw data. The Albany-2 pad build begins soon; the rig move is two to three weeks behind plan. Repeats Vintage's own update of the same day.
5 Mar 2019drilling progress report▲ Good
The 336 km Koburra seismic survey finished on 2 March; Vintage's 15% rises to 30% once seismic and the Albany-2 and Albany-1ST1 wells are done. Interpretation is expected in Q4 FY19, and the rig is delayed by rain.
2 Jan 2019drilling progress report▲ Good
The Koburra 2D seismic program (325 km) began on 30 December after a rain delay, starting Stage 2 of the Galilee farm-in where Vintage holds 15%. Data is expected for interpretation in late March; Albany-2 drilling follows.
26 Nov 2018resource reserve update▲ GoodMajor
Transfer documents for a 15% interest in the Galilee Deeps joint venture are fully executed, so Vintage books its first resource: net contingent gas of 8/23/63 PJ (1C/2C/3C) at the Albany field. This formalises the Stage 1 farm-in earned earlier.
21 Nov 2018drilling scheduled▲ Good
Operator Comet Ridge signed an agreement for 300-420 km of new 2D seismic in the Galilee Basin, starting early December at up to $3.5 million gross. Vintage will fund 50% ($1.75 million) as the first part of Stage 2, which also covers Albany-2 drilling and would take it to a 30% interest.