Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2023capital raising announcement● NeutralMajor
Vintage launched a $5.6m raise at $0.05 per share: a $2.0m placement and a $3.6m fully underwritten 5-for-52 entitlement offer, issuing about 111.8m shares. Funds go to taking Vali from 1 to 3 wells and bringing Odin online. Directors take up ~$0.22m.
29 May 2023regulatory community update▲ GoodMajor
The ACCC granted final authorisation for the Odin partners to jointly market gas for five years, with supply agreements of up to 15 years. This replaces the February interim approval and clears the way for longer Odin contracts. The ACCC says Odin falls outside the gas price cap because it holds a retention licence.
16 May 2023investor presentation● Neutral
May 2023 investor pack, headed by Vali-2 stimulation operations. It restates known facts: Vali 2P of 101 PJ gross (Vintage 50.5 PJ, 42.5 PJ uncontracted), the ENGIE Odin contract and Odin supply from Q3 2023. Text is truncated; no new figures are visible.
15 May 2023contract award▲ GoodMajor
Vintage and partners signed Odin's first gas contract, with Pelican Point Power (ENGIE/Mitsui), covering all Odin gas from start-up to 31 December 2024. Supply is interruptible, up to 17 months, and targeted for the September 2023 quarter. Odin 2C is 40 PJ (Vintage 19 PJ).
15 May 2023contract award▲ Good
Metgasco's version of the Odin gas sales agreement with Pelican Point Power (ENGIE/Mitsui), covering supply from start-up to end-2024, up to 17 months. Metgasco's share of Odin 2C is 9.55 PJ. Repeats Vintage's announcement.
27 Apr 2023production update▼ BadMajor
Vali-1 is performing to forecast (3.8 MMscfd), but Vali-3 was shut in on 7 April and water stopped it restarting. Vali-2 work is suspended pending equipment and crew. This contradicts the March expectation of three wells soon online; Vintage expects all three stable within the financial year.
28 Mar 2023production update● Neutral
Vali-3 began producing on 27 March 2023, later than expected because water had built up in the well over 237 days. Vali-1 averaged 3.9 MMscfd in its first 30 days, in line with forecasts. Vali-2, commissioned 8 March, still needs fluid removed before it can flow.
28 Mar 2023production update● Neutral
Metgasco's version of the Vali update: Vali-3 online 27 March after delay from accumulated water, Vali-1 at 3.9 MMscfd over 30 days, Vali-2 awaiting fluid removal. Repeats Vintage's announcement.
9 Mar 2023half year report▼ Bad
Half-year to 31 December 2022: loss of $2,683,408, up from $1,825,386 a year earlier. Vali construction was all but complete at period end, with first gas shortly after. Text is truncated, so balance sheet and going concern detail are not shown.
22 Feb 2023production update▲ Good
Metgasco's version of the Vali first gas news: production began 21 February 2023, three years after discovery, giving Metgasco (25%) its first revenue. Repeats Vintage's announcement: 101 PJ gross reserves, 85 PJ uncontracted, Odin flowline laid, supply targeted Q3 2023.
22 Feb 2023production update▲ GoodMajor
Vali, discovered in 2020, delivered first gas on 21 February 2023 under the AGL contract (9-16 PJ to end-2026), giving Vintage its first revenue. Vali-3 is expected in early March and Vali-2 later that month. A development plan is expected in the second half of 2023.
13 Feb 2023production update▲ Good
Vali-1 facilities were handed over for commissioning on 11 February 2023, with first gas expected in 7-12 days. Vali-2 and Vali-3 handover is expected by early March. Commissioning is the last step before revenue.
13 Feb 2023production update● Neutral
Metgasco's version of the Vali commissioning news: Vali-1 handed over 11 February, first gas expected in 7-12 days. Repeats Vintage's announcement.
25 Jan 2023production update● Neutral
Metgasco's version of the Vali update: handover and commissioning expected early February, and Odin trenching has begun. Repeats Vintage's announcement.
25 Jan 2023production update▼ Bad
Vali mechanical handover slips to early February 2023, with commissioning to follow, because of January rain and extreme heat restrictions. This pushes first gas beyond the January target, a fourth schedule slip. Odin flowline trenching has started.
21 Dec 2022production update● Neutral
Metgasco's version of the Vali and Odin update: pipelines tested, January first gas targeted. Adds that, on its reading, Vali and Odin production falls outside the gas price cap. Repeats Vintage's announcement otherwise.
21 Dec 2022production update● Neutral
Vali export pipelines are installed and pressure tested, with January 2023 first gas still targeted after the Christmas break. Odin accelerated connection work has begun. Vintage is reviewing the new federal gas price cap legislation; its impact on Vintage is not yet stated.
29 Nov 2022investor presentation● Neutral
Investor deck repeating known facts: Vali first gas expected January 2023, 101 PJ gross 2P (84% uncontracted), Odin ~40 PJ 2C with connection targeted Q3 2023. No new information.
22 Nov 2022other● Neutral
Chairman's AGM address: calls 2022 a watershed year as Vintage nears first Vali gas. Credits AGL's $15m prepayment and the Dec/Jan raisings for funding to first gas. Says the Vali delays, now to January, came from supply chain, staffing and weather, not poor field performance. Text truncated.
22 Nov 2022investor presentation● Neutral
AGM presentation repeating known facts: Vali 101 PJ gross 2P (Vintage 50.5 PJ, 84% uncontracted), AGL contract of 9-16 PJ to end-2026, Odin 39.7 PJ gross 2C. Says Vintage is fully funded to first gas. No new information.
18 Nov 2022production update▼ BadMajor
Vali commissioning is pushed to January 2023, after the Christmas break, because November weather disrupted pipeline installation and forced rework. First gas had been expected in December 2022. This is the third delay, following the slips from mid-2022 and from October.
18 Nov 2022production update▼ Bad
Metgasco's version of the Vali delay: commissioning is now expected in January 2023 after the Christmas break, because of November weather disruption to pipeline work. Repeats Vintage's announcement.
10 Nov 2022investor presentation● Neutral
Noosa conference presentation repeating known facts: 50.5 PJ net Vali 2P reserves (84% uncontracted), 9-16 PJ AGL contract, Odin enquiry from gas buyers, and Vali first gas in December 2022. No new information.
10 Nov 2022joint venture update▲ GoodMajor
The PRL 211 joint venture splits the Odin connection into two stages. An accelerated interim tie-in using rental equipment and a 1.4 km line targets first gas in Q3 2023. A longer-term link via the Vali facilities follows. Vintage expects to fund its share from internal resources.
26 Sept 2022annual report● Neutral
Appendix 4G and corporate governance statement for the year ended 30 June 2022, dated 23 September 2022. Administrative filing; it carries no new commercial information.
26 Sept 2022annual report● Neutral
FY22 annual report. The chair calls the Vali delay from mid-2022 into the new financial year frustrating and says it is attributed to global events. The report notes about 84% of Vali reserves are uncontracted and calls the 30 June market value a poor reflection of intrinsic value. Text is truncated, so no financials are available here.
20 Sept 2022production update▼ Bad
Metgasco's version of the Vali delay: first gas moves from October to December 2022 on contractor crew and trade shortages. Mechanical handover is expected in early December. Repeats Vintage's announcement.
20 Sept 2022production update▼ BadMajor
Vali first gas slips again, from October to December 2022, because of contractor crew availability and skilled trade shortages affecting fabrication. Pipeline site works start the week of 19 September. This is the second delay after the May slip from mid-2022.
12 Sept 2022regulatory community update▲ GoodMajor
Queensland renewed Galilee Basin permits ATP 743 and 744 for 12 years and awarded six Potential Commercial Areas (about 4,700 km2) for 15 years. Vintage holds 30% of the 'Deeps' with Comet Ridge. This secures tenure so exploration, paused after Albany-1, can resume.
6 Sept 2022investor presentation● Neutral
Conference presentation repeating known facts: Vali 101 PJ gross 2P (85 PJ uncontracted), Odin 36 Bcf gross contingent, 9-16 PJ AGL contract and $15m prepayment. First gas at Vali is still shown as Q4 2022. No new results.
