Past year: ▼ 60%(0.15c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2021investor presentation● Neutral
Presentation supporting the placement and SPP. Shows cash of $4.9 million at 30 September 2021 and 605.3 million shares, and itemises uses of funds. Warrant exercise price falls to 17 cents because of the raising price. Otherwise repeats known results.
13 Dec 2021capital raising announcement● NeutralMajor
Vintage raised $8.5 million through a placement of 100 million shares at $0.085, a 13.3% discount to the last close, plus a Share Purchase Plan targeting $2.0 million. Funds are for Odin-1 completion and tie-in, ATP 2021 exploration, Cervantes drilling and Nangwarry studies.
What it means for a shareholder
100m new shares at A$0.085 to raise about A$8.5m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.00194% to 0.00167% of the company. To keep it you'd need 1,944 more shares - about A$165 at the issue price.
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6 Dec 2021material agreement▲ Good
Metgasco's version of the AGL Heads of Agreement for Vali gas sales: 9-16 PJ gross to mid-2022 through 2026, with a $15 million prepayment to the JV. Metgasco's net 2P is 25.2 PJ. Repeats Vintage's same-day news.
6 Dec 2021debt financing▲ GoodMajor
Vintage signed a binding term sheet for a $10 million secured debt facility with PURE Asset Management: two $5m tranches, 48 months, 11.0% interest, with warrants at 20 cents needing shareholder approval. With the AGL prepayment, up to $17.5 million for Vali. Conditional on a Moomba processing deal and the AGL sales agreement.
6 Dec 2021material agreement▲ GoodMajor
The Vali joint venture signed a conditional Heads of Agreement to sell all Vali gas to AGL from mid-2022 to end-2026, 9-16 PJ gross, with a $15 million prepayment to the JV. This advances the gas sales agreement targeted for year end; it still needs a processing deal with the Moomba owners.
29 Nov 2021investor presentation● Neutral
AGM presentation restating known facts: Vali 2P reserves of 101.0 PJ gross (50.5 PJ net), Odin 2C of 36.4 Bcf gross, cash flow expected mid-2022. Lists non-equity Vali funding and converting Odin resources to reserves as upcoming catalysts. No new results.
24 Nov 2021flow test result▲ Good
Production logging confirmed both the Epsilon and Toolachee perforated zones contribute gas at Odin-1, after a stable 6.5 MMscfd first stage. Pressure build-up data still to come. Next step is likely completing the well alongside the Vali wells, subject to JV approval.
24 Nov 2021flow test result▲ Good
Metgasco's version of the Odin-1 update: production logging showed all perforated zones flowing, and the well is shut in for a four-day pressure build-up. Metgasco's net 2C is stated as 8.0 Bcf, and it targets production in the second half of 2022.
5 Nov 2021flow test result● Neutral
Metgasco's release repeating Odin-1's main flow result: a final 6.5 MMscfd at 1823 psi on a 28/64 choke, with 10.3 MMscfd briefly on a larger choke. Shut in about 10 days before a production logging run. Partner version of Vintage's 5 November release; nothing new.
5 Nov 2021flow test result▲ GoodMajor
Odin-1's main flow period finished at a stable 6.5 MMscfd, with 10.3 MMscfd reached briefly on a larger choke. The well is shut in for about 10 days of pressure data, then a production logging run. Shows the Toolachee and Epsilon can flow without fracture stimulation.
1 Nov 2021resource reserve update▲ Good
Partner Metgasco's version of ERCE's Vali upgrade: gross 2P reserves of 92 Bscf (101 PJ), up from 30.3 Bscf. Metgasco's net is 25.2 PJ. Repeats Vintage's same-day news, which carries Vintage's own net figures.
1 Nov 2021resource reserve update▲ GoodMajor
ERCE lifts Vali gross 2P reserves to 92.0 Bscf (101 PJ), about three times the earlier 30.3 Bscf, by adding the Toolachee and raising the Patchawarra. Vintage's net 2P is 50.5 PJ. Resolves the pending update; management says pre-sale and debt talks are nearing final stages.
27 Oct 2021flow test result▲ Good
Metgasco's release repeating Odin-1's early flow rate of 7.58 MMscfd from the perforated Toolachee and Epsilon zones, with about 22% inerts. Partner version of Vintage's same-day release; nothing new.
27 Oct 2021flow test result▲ Good
Odin-1 is flowing at 7.58 MMscfd of raw gas after perforating 26.6 m of Toolachee and 7.5 m of Epsilon, with about 22% inerts as expected. An early rate with the test continuing, giving the first flow evidence for the Odin discovery.
25 Oct 2021drilling progress report▲ Good
Flow test of Odin-1 has begun on the Toolachee and Epsilon formations, which are expected to flow from perforation alone, deferring costly fracture stimulation of the deeper Patchawarra. Detailed engineering for connecting Vali to the Cooper Basin network has been awarded to Logicamms.
25 Oct 2021drilling progress report● Neutral
Partner Metgasco reports the Odin-1 well test has started, targeting the Toolachee and Epsilon formations over about 14 days. Also says detailed engineering for the Vali connection to Santos-operated infrastructure has been awarded to Logicamms. Partner version of Vintage's same-day release.
30 Sept 2021annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2021, dated 29 September 2021. Compliance paperwork accompanying the annual report with no new business information.
30 Sept 2021annual report▲ Good
FY21 annual report: three Cooper wells drilled and cased, Vali-1 ST1 flow tested, Nangwarry flow tested. Management says first Vali gas is expected within twelve months, a gas sales agreement before year end, and pre-sale and flowline funding talks are well advanced. Financial statements not visible in the supplied text.
21 Sept 2021joint venture update▲ Good
Metgasco reports a non-binding letter of intent with Strike Energy to negotiate sharing the Ensign 970 rig for Cervantes-1, targeting drilling in Q2 2022. Environmental approval is expected around end November 2021. Follows the lapsed earlier rig deal; no binding contract yet.
20 Sept 2021security holder rights change● Neutral
Unlisted options (6.5m in total, at $0.30 and $0.35) and 7,925,646 founders' rights lapsed unexercised on 17 September 2021. The founders' rights needed a share price trigger above $0.30 that was not met. Housekeeping, no cash or share count impact.
16 Sept 2021resource reserve update▲ GoodMajor
ERCE certifies Odin gross 2C contingent resources of 36.4 Bcf (16.0 Bcf net to Vintage), about 190% above the pre-drill estimate. Resolves the pending resource update. Updated Vali data has gone to ERCE, and Odin could tie into a proposed Vali-to-Beckler pipeline.
16 Sept 2021resource reserve update▲ Good
Partner Metgasco's version of ERCE's Odin certification: gross 2C contingent resources 36.4 Bcf, against a pre-drill 12.6 Bcf, with 8 Bcf net to Metgasco. Says Odin gas would likely tie into the proposed Vali pipeline, and a Vali reserve review has begun. Repeats Vintage's same-day news.
8 Sept 2021investor presentation● Neutral
RIU Good Oil conference presentation, 'Transitioning to a gas producer'. Restates the Vali, Odin and Nangwarry results and upcoming catalysts such as pre-sales and funding. Nothing new.
10 Aug 2021drilling result▲ Good
Metgasco's release repeating Vali-3's 178 m of net pay (165 m Patchawarra, 13 m Tirrawarra). ERCE's Vali reserve update is expected by end-September 2021. Partner version of Vintage's same-day release.
10 Aug 2021drilling result▲ GoodMajor
Vali-3 shows 178 m of net pay, the most of the three Vali wells, against 80 m in Vali-1 ST1. Gas pre-sales and pipeline funding talks are said to be well advanced. ERCE's Vali reserve update is due by end-September 2021.
12 July 2021resource reserve update▲ GoodMajor
ERCE's updated Nangwarry CO2 estimate gives a gross best case of 25.9 Bcf (12.9 Bcf net), up from 25.1 Bcf before the flow test. Vintage is appointed marketing agent to commercialise the field, with BurnVoir advising.
12 July 2021resource reserve update▲ Good
Partner Lakes Blue Energy's version of the Nangwarry upgrade: best case 25.9 Bcf gross, up from 25.1 Bcf. It adds a claimed flow of up to 18.6 MMscfd and a plan for a 150 tonne a day plant. Repeats Vintage's same-day news.
6 July 2021drilling result▲ GoodMajor
Vali-3 is cased for production after logging confirmed Patchawarra gas pay in line with expectations, giving three cased Vali wells. Good Jurassic oil shows were seen. The old 2P reserve of 16.6 PJ net is restated, and ERCE's update awaits.
6 July 2021drilling result▲ Good
Metgasco reports Vali-3 logged and cased, with Patchawarra gas pay in line with pre-drill expectations, and the rig released. Metgasco expects a Vali development decision in the second half of 2021. It restates the old reserves, with its own net figures.
29 June 2021drilling result▲ Good
Vali-3 reached total depth of 3,186 m on 28 June, with gas shows in the Nappamerri, Toolachee, Epsilon and Patchawarra and the Tirrawarra Sandstone. Wireline logging is underway; no pay figures yet.
