Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2023annual report● Neutral
FY23 annual report. The chair says the 5 cent raise compares with a year high of 13 cents, Odin started after year end, and Vali-2 and Vali-3 need further work. He says reserves and resources saw no significant change. Text is truncated.
20 Sept 2023production update▲ Good
Metgasco's version of the Odin-1 update: production is in line with or modestly ahead of its expectations, and it expects Odin to be material to its revenues. Adds no new figures.
20 Sept 2023well test result▲ Good
Odin-1 averaged 6.0 MMscfd over four days to 19 September, slightly above the initial target rate, with negligible water. The rate is deliberately controlled to protect the well's pipe connection. It compares with 6.5 MMscfd on the 2021 test.
14 Sept 2023production update▲ Good
Metgasco's version of the Odin first-gas news: Odin-1 began producing on 14 September, supplying Pelican Point Power to end-2024. Metgasco calls it its second revenue stream and says it intends to build on Odin through future drilling.
14 Sept 2023production update▲ GoodMajor
Odin began producing gas on 14 September 2023, on schedule and in line with expectations, supplying Pelican Point Power to end-2024. It is Vintage's second producing field after Vali, 10 months after the decision to speed up the connection. Odin 2C is 40 PJ (Vintage 19 PJ).
11 Sept 2023production update▼ BadMajor
Odin has regulator approval to commission and is still on track for September. Vali-3 could not be restarted despite repeated fluid removal and will stay shut in while remediation options, such as the Patchawarra, are assessed. This resolves the late-August restart expectation negatively. Vali-2 log results are due this month.
11 Sept 2023production update▼ Bad
Metgasco's version of Vintage's 11 September update: Odin approved to commission and on schedule for September; Vali-3 stays shut in after failed restarts; Vali-2 log interpretation due this month. Metgasco says it remains fully funded for the Odin tie-in.
11 Sept 2023director officer appointment● Neutral
Managing Director Neil Gibbins' holding rose by 1,845,300 shares to 18,033,511 on 31 August 2023 through conversion of performance rights, at no cost. Routine director interest notice.
7 Sept 2023investor presentation● Neutral
Conference slides restating known facts: Vali 2P of 101 PJ gross (Vintage 50.5 PJ, 42.5 PJ uncontracted), Odin 2C ~39 PJ, Odin start in September 2023. Says Vali-2 and Vali-3 have yet to sustain production; root-cause analysis under way. Text is truncated.
1 Sept 2023production update● Neutral
Odin's final equipment is due on site, with production still targeted for September 2023. Vali-2's production log has been run and is being interpreted. Vali-3 still needs more swabbing before its log can be run. Vali-1 remains in line with expectations.
1 Sept 2023production update● Neutral
Metgasco's version of Vintage's 1 September update: Odin on schedule for September, Vali-2 log completed and awaiting interpretation, Vali-3 swabbing continuing. Metgasco says it is fully funded for the Odin tie-in.
31 July 2023production update● Neutral
Metgasco's version of Vintage's 31 July update: Odin on schedule for first gas by end September quarter, Vali-1 in line, Vali-2 high water and shut in, Vali-3 restart late August. Metgasco says it is fully funded for the Odin tie-in.
31 July 2023production update▼ Bad
Odin site works began 23 July and the flowline passed its hydrotest, on track for September start-up. Vali-2 gave more water and less gas than forecast and is shut in pending a production log; Vali-3 has been offline all but 4 days since March, restart expected late August.
31 July 2023quarterly activities report▲ Good
June quarter sales revenue was $585.7k (up from $359.6k), with cash of $7.05m after the $5.6m raise and net debt $2.95m. Odin's first gas contract, with Pelican Point Power to end-2024, and ACCC authorisation for joint marketing to 2043 were highlighted. Shares now 858.5m.
7 July 2023investor presentation● Neutral
Webinar slides restating known facts: Vali 2P of 101 PJ gross (Vintage 50.5 PJ, 42.5 PJ uncontracted), Odin 2C ~39.7 PJ, Odin online September quarter 2023. No new figures visible; text is truncated.
6 July 2023investor presentation● Neutral
Notice that Managing Director Neil Gibbins will present at the ShareCafe 'Hidden Gems' webinar on 7 July 2023. No new company information.
28 June 2023capital raising announcement● NeutralMajor
Retail offer completed, raising about $2.6m at $0.05, with 31.05m shares taken up and 21.5m allocated to underwriters. This completes the $5.6m raise, funding the Vali and Odin ramp-up.
What it means for a shareholder
31.1m new shares at about A$0.0837 to raise about A$2.6m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (11,942 at the issue price), your slice goes from 0.00148% to 0.00143% of the company. To keep it you'd need 460 more shares - about A$39 at the issue price.
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22 June 2023production update▼ Bad
Vali-1 resumed on 8 June at 3.6 MMscfd after a maintenance shut-in from 22 May. Rain-related road closures delayed Vali-2 and Vali-3, so stable production is now likely after 30 June. Odin's construction contract went to Global, with supply targeted before September quarter end.
22 June 2023production update● Neutral
Metgasco's version of Vintage's 22 June update: Vali-1 at 3.6 MMscfd, Vali-2 and Vali-3 stable production likely after 30 June, Odin on schedule with Global awarded construction. Metgasco says it is fully funded for the Odin tie-in.
7 June 2023capital raising announcement● Neutral
Retail offer booklet for the 5-for-52 entitlement offer at $0.05 per share, aiming for about $3.6m in total and fully underwritten. It opens 7 June and closes 23 June. Booklet is largely legal terms; no new figures.
7 June 2023admin correction● Neutral
Administrative notice that the retail entitlement offer booklet was sent to eligible shareholders on 7 June, with a letter to ineligible holders. The offer closes 23 June. No new substance.
2 June 2023capital raising announcement● Neutral
The institutional part of the raise is done: about $3.0m at $0.05 ($2.0m placement plus ~$1.0m entitlement), around 59.3m new shares. The ~$2.6m retail offer opens 7 June. Vintage says it is not subject to the gas price cap and is likely exempt from the draft code's price measures.
What it means for a shareholder
59.3m new shares at about A$0.0506 to raise about A$3.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held A$1,000 of shares (19,767 at the issue price), your slice goes from 0.00265% to 0.00245% of the company. To keep it you'd need 1,570 more shares - about A$79 at the issue price.
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31 May 2023investor presentation● Neutral
Capital raising presentation supporting the $5.6m raise announced the same day. Text is truncated; only disclaimers are visible, so no new figures can be reported.
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.
28 Apr 2023quarterly activities report● Neutral
March quarter: first sales revenue of $359,580 from 45 TJ of gas. Cash fell to $4.4m from $7.5m and net debt rose to $5.58m. Vali-1 is on forecast; Vali-3 started 27 March; Vali-2 is still impeded by frac fluid.
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.
