Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2022production update● Neutral
Metgasco's version of the 18 August Vali update: the four-well completion campaign is finished and the rig released. Production skids are being fabricated and first gas is still expected in October 2022. Repeats Vintage's announcement.
18 Aug 2022production update▲ Good
The Vali well completion campaign is finished. Vali-1 ST1, Vali-2, Vali-3 and Odin-1 are ready for production, with no lost-time injuries. Pipeline and facilities construction is underway, and first gas is still expected in October 2022, subject to equipment deliveries.
19 July 2022joint venture update● Neutral
Metgasco's version of the Odin announcement: engineering and marketing work begins, with possible field work in the second half of FY23 and gas sales in the first half of FY24. Repeats Vintage's news.
19 July 2022joint venture update▲ GoodMajor
The PRL 211 joint venture starts concept engineering to connect Odin to the Vali pipeline and a plan to market its gas, prioritising gas sales over exploration. Field work could begin in the second half of FY23, with Odin sales in the first half of FY24.
18 July 2022investor presentation● Neutral
July corporate presentation repeats known facts: 50.5 PJ net Vali reserves, 9-16 PJ AGL contract, $15m prepaid, Odin 17.5 Bcf net. It adds that the JV will do front-end engineering design (FEED) for connecting Odin to the Vali pipeline.
11 July 2022production update▲ Good
Vali stimulation finished in June and well completions began with Rig 68. A construction contract was signed with Global Engineering and Construction, and the final $5m AGL prepayment was received. Pipeline installation is due in August, with first gas in October.
11 July 2022production update● Neutral
Metgasco's version of the Vali update: stimulation done, completions started, construction contract signed and the final $5m gross prepayment received. First gas is expected in October. Repeats Vintage's announcement.
14 June 2022debt financing▲ GoodMajor
The $10m PURE secured debt facility, announced November 2021, is complete and both $5m tranches are drawn. Interest is 11.0%, falling to 8.5% once cash-flow conditions are met, over 48 months. Issue of 58.8m warrants at 17c to PURE is also confirmed. Vintage says this completes funding for Vali.
10 June 2022farm in farm out completion▲ GoodMajor
The purchase of Beach Energy's 15% of PRL 211 is complete. Vintage holds 50% and operator, Bridgeport 25% and Metgasco 25%. This closes the thread opened on 29 March, with no new terms.
27 May 2022farm in farm out completion● Neutral
Metgasco's version of the PRL 211 ministerial approval. Its net share of Odin 2C rises 0.77 Bcf to 8.77 Bcf, and it pays $562,500 for a further 3.75%. Repeats Vintage's news.
27 May 2022farm in farm out completion▲ Good
Ministerial approval received for buying Beach Energy's 15% of PRL 211, announced 29 March. Vintage now holds 50% and operator, Bridgeport 25%, Metgasco 25%. Odin-1 is to be completed as a gas producer in the coming well campaign.
25 May 2022production update▼ BadMajor
Vali first gas slips from mid-2022 to late September-October 2022 because of global supply chain delays to plant and equipment. Rain also slowed fracture stimulation. A rig is contracted, unlocking the final $5m AGL prepayment. Vintage says it is fully funded to first cash flow.
17 May 2022investor presentation● Neutral
May corporate presentation restates known facts: Vali 2P reserves of 50.5 PJ net, the AGL gas contract to end-2026, Odin 2C of 17.5 Bcf net, and the first two of three $5m prepayments received. No new information.
4 May 2022material agreement▲ Good
The Vali joint venture signed the tie-in agreement with the Cooper Basin (SACB) joint venture, the last commercial agreement needed for Vali gas to flow to Moomba and AGL. Vintage has received its $5m share of the AGL prepayments.
4 May 2022material agreement▲ Good
Metgasco's version of the Vali tie-in agreement with the Cooper Basin (SACB) joint venture, the final commercial agreement for Vali gas supply. Repeats Vintage's announcement.
19 Apr 2022material agreement▲ GoodMajor
The Vali joint venture signed a processing agreement with the Cooper Basin (SACB) joint venture, satisfying the AGL contract's condition precedent. The gas sales agreement is now unconditional, and the first two $5m prepayments (of three) can be called.
19 Apr 2022material agreement▲ Good
Metgasco's version of the Vali processing agreement: the AGL gas contract is now unconditional and the first two prepayments, $10m gross ($2.5m net to Metgasco), can be called. Repeats Vintage's news.
7 Apr 2022drilling result▼ BadMajor
Cervantes-1 reached total depth and found no hydrocarbons; all potential reservoir sands are water-wet, so the well will be plugged and abandoned. A dry hole for the 15.3 million barrel (gross) prospect, ending the Cervantes thread.
5 Apr 2022drilling progress report● Neutral
Weekly update: Cervantes-1 reached 2,050 m on 5 April, drilling toward the Permian targets. Prognosed total depth is 2,370 m. No safety incidents and no COVID-19 impact on drilling.
4 Apr 2022drilling progress report● Neutral
Fracture stimulation began at Vali-2 on 3 April, then Vali-3, taking about 42 days. It precedes completing all three wells for AGL sales. Processing and tie-in agreements are said to be near execution.
4 Apr 2022drilling progress report● Neutral
Metgasco's version of the Vali stimulation start: about 42 days across Vali-2 and Vali-3, followed by well completions. Repeats Vintage's announcement; nothing new.
29 Mar 2022asset acquisition disposition▲ GoodMajor
Vintage and its partners will buy Beach Energy's 15% of PRL 211, lifting Vintage to 50% of both Vali and Odin, subject to ministerial approval. Payment is $1m plus $1.25m tied to production milestones. Vintage's net Odin 2C resource rises to 17.5 Bcf.
28 Mar 2022drilling spud● NeutralMajor
Cervantes-1 spudded on 26 March in the Perth Basin, targeting three Lower Permian zones to 2,370 m. Prospect holds 15.3 million barrels gross (4.6 million net) at a 28% chance of success. Drilling should take about 16 days.
23 Mar 2022material agreement▲ Good
Metgasco's version of the Vali gas sales agreement with AGL: 9-16 PJ gross to end-2026 and $15m prepayments. Repeats Vintage's same-day announcement; nothing new for Vintage holders.
23 Mar 2022material agreement▲ GoodMajor
The Vali joint venture signed the gas sales agreement with AGL, matching December's Heads of Agreement: 9-16 PJ gross to end-2026, with $15m in prepayments. Vintage's first gas contract. It starts once conditions are met, including a processing agreement. First gas still targeted mid-2022.
18 Mar 2022drilling progress report● Neutral
Ensign 970 rig is mobilising to the Cervantes-1 site, about 7 days before spud. Target is 15.3 million barrels gross (4.6 million net) at a 28% chance of success. Vintage says its share of costs is funded.
11 Mar 2022half year report● Neutral
Half-year loss of $1.83m (prior year $1.04m). Repeats known events: Vali reserves, AGL Heads of Agreement, Odin discovery, raisings. PURE warrants at 17c go to a shareholder meeting on 18 March 2022. The $10m debt facility remains subject to conditions.
10 Feb 2022drilling scheduled▲ Good
Regulatory approval received and the Ensign 970 rig contracted for Cervantes-1 in the Perth Basin. Spud is planned for the latter half of March. Vintage earns 30% by funding 50% of the well; it says it is fully funded.
19 Jan 2022capital raising announcement▲ GoodMajor
The Share Purchase Plan closed with $3.44 million of eligible applications against a $2.0 million target; the directors will accept all of them. About 40.5 million shares at $0.085 will be issued, taking the December raising total to $12 million.
What it means for a shareholder
40.5m new shares at A$0.085 to raise about A$3.4m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.00167% to 0.00158% of the company. To keep it you'd need 676 more shares - about A$57 at the issue price.
Create a free account to see this worked out for your own holding.
16 Dec 2021capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible shareholders could buy up to $30,000 of shares at $0.085, closing 14 January 2022. Administrative document for the raising already announced.
