29 June 2021drilling result● Neutral
Metgasco's release repeating Vali-3 reaching 3,186 m with gas shows in several formations and logging under way. Partner notice only, no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 June 2021drilling progress report● Neutral
Metgasco's version of Vintage's 23 June update: Odin-1 172.5 m net gas pay and Vali-3 at 2,774 m with gas and oil shows. Adds a partner comment that Odin-1 is an important discovery. No new Vintage information.
23 June 2021drilling progress report▲ Good
Vali-3 is at 2,774 m with Toolachee gas and minor oil shows; total depth expected within days. Odin-1 is logged at 172.5 m net gas pay, with the Toolachee gas richer (83% hydrocarbons). Independent resource update and reserve certification for Odin-1 are still to come.
16 June 2021investor presentation● Neutral
June conference presentation, 'Transitioning to a gas producer'. It restates Vali-2 and Odin-1 results, Nangwarry flow, and cash flow expected in H1 2022 with Vali first gas targeted end Q2 2022. Nothing new.
16 June 2021drilling progress report▲ Good
Vali-3, spudded 9 June, is at 2,377 m in the top Toolachee, with gas shows in the Nappamerri and oil shows in shallower Jurassic formations. Total depth is expected within a week. No test results yet.
10 June 2021drilling spud● Neutral
Metgasco reports the Vali-3 appraisal well spudded at 17:00 ACST on 9 June. Partner notice only.
8 June 2021drilling result▲ Good
Metgasco's release repeating Vali-2's roughly 150 m net gas pay. It adds that field reserves are to be reviewed in late July after Vali-3. Partner release, no new Vintage information.
8 June 2021drilling result▲ GoodMajor
Vali-2 is interpreted to have about 150 m of net gas pay, versus 80 m in Vali-1 ST1, including 24 m in the Toolachee. ERCE will reassess reserves after Vali-3. Vali-3 spud is delayed by rain.
2 June 2021resource reserve update▲ GoodMajor
Nangwarry-1 CO2 test of 10.5-10.8 MMscfd is interpreted as mid to high case volumes, above the 7.8 Bcf low estimate, with a gas column of at least 120 m. ERCE is updating the estimate. Retention licence PRL 249 granted over the discovery.
31 May 2021drilling result▲ GoodMajor
Odin-1, a PRL 211 exploration well, is a gas discovery: logs confirm gas pay in the Toolachee, Patchawarra and Epsilon, and it will be cased for production. Vintage now targets Vali first gas in Q2 2022; Vali-3 spuds next.
31 May 2021drilling result▲ Good
Metgasco's release on the Odin-1 discovery: wireline logs confirm gas pay in the Toolachee, Patchawarra and Epsilon, and the well will be cased for production. It repeats Vintage's same-day announcement.
28 May 2021material agreement● NeutralMajor
BurnVoir Corporate Finance is appointed financial adviser to investigate non-equity funding, such as debt, for developing Vali and Nangwarry. This follows earlier talk of debt funding options for Nangwarry. No funding is secured yet.
27 May 2021drilling result▲ Good
Odin-1 reached total depth of 3,140 m on 26 May with extensive gas shows in the Toolachee and Patchawarra, plus a basal Epsilon sand. Wireline evaluation is next; results are awaited.
18 May 2021drilling progress report● NeutralMajor
Odin-1 spudded 15 May and is at 1,658 m. The Vali-3 appraisal well is approved to follow, around early June. Refine Energy's liquidation ends the Cervantes rig letter of intent, so a new rig search starts and Cervantes timing is open.
18 May 2021drilling progress report● Neutral
Partner Metgasco's version of the 18 May update: Odin-1 drilling at 1,658 m, Vali-3 to follow, ACCC approval received, and the Cervantes rig letter lapsed after Refine's liquidation. Nothing beyond Vintage's own release.
13 May 2021regulatory community update▲ GoodMajor
ACCC grants final authorisation for Vintage, Metgasco and Bridgeport to jointly market Vali gas for five years, with supply contracts up to 15 years. This resolves the pending decision after the March draft. It is an ACCC release.
12 May 2021drilling result▲ Good
Partner Metgasco (25% of ATP 2021) re-releases the Vali-2 result: gas confirmed in Toolachee and Patchawarra, Toolachee reserve booking expected. It is a partner's release; it adds nothing new for Vintage.
12 May 2021drilling result▲ GoodMajor
Vali-2 logs confirm gas in the Toolachee and Patchawarra and a gas sample came from the Toolachee. Vintage expects a reserve increase, as current ERCE reserves (2P net 16.6 PJ) cover only the Patchawarra. Well is cased for production; rig moves to Odin-1.
7 May 2021drilling result▲ GoodMajor
Vali-2 reached 3,240 metres on 2 May with gas shows in the Toolachee, Patchawarra and Tirrawarra. Patchawarra shows match Vali-1 ST1 and Toolachee shows are 'early encouraging'; logging is under way. Also received $1.7m R&D tax refund (Galilee, FY19-20).
30 Apr 2021drilling spud▲ GoodMajor
Vali-2 appraisal well spudded 22 April and was drilling at 2,403 metres on 30 April, with gas shows at the base of the Nappamerri and top of the Toolachee. Nangwarry-1 gauges recovered; updated volume estimate awaited.
20 Apr 2021drilling scheduled● Neutral
Vali-2 is due to spud within days, with Odin-1 to follow. Nangwarry-1 gauge data is still awaited, and the old estimates stand. Options for a commercial CO2 project include selling a stake, a new partner, tolling or debt funding.
7 Apr 2021flow test result▲ GoodMajor
Nangwarry-1 extended test flowed 10.5-10.8 MMscfd at 1,415 psi, with short-term rates up to 22 MMscfd. Management expects pressure data to show volumes above the 25.1 Bcf gross best estimate; that is a company expectation, not yet a revised figure.
26 Mar 2021regulatory community update▲ Good
ACCC draft determination proposes authorising Vintage, Metgasco and Bridgeport to jointly market Vali gas for five years, with supply terms up to 15 years. Submissions close 12 April; final decision still pending. This is an ACCC release, not a company one.
26 Mar 2021flow test result▲ GoodMajor
Nangwarry-1, the CO2 discovery in the Otway Basin, flowed an estimated 12-14 MMscfd from its lower Top Pretty Hill zone, above expectations. The upper zone is to be perforated next. Vintage claims three discoveries from three exploration wells since listing.
9 Mar 2021investor presentation● Neutral
March company presentation titled 'Transitioning to a gas producer'. It restates Vali 2C/reserves, Nangwarry estimates and the drilling schedule (Vali-2 April/May, Odin-1 May/June). Nothing new.
4 Mar 2021half year report● Neutral
Half-year loss to 31 December 2020 was $1.04m (prior year $1.16m). The $15.2m raising at $0.06 is confirmed, and 45.4m escrowed founder shares were released in September 2020. Mostly restates known operations; no new results.
4 Mar 2021drilling scheduled▲ Good
Nangwarry-1 testing now starts mid-March (rig on site 10 March), a further slip from February. A Schlumberger rig contract is signed for Vali-2 (April) then Odin-1. The black substance fouling Vali-1 ST1 packers is a surface lubricant, not reservoir material.
1 Mar 2021security holder rights change● Neutral
1,661,500 Class C performance rights (937,500 for MD Neil Gibbins) lapsed because share price hurdles of $0.40/$0.50 weren't met. An equal 1,661,500 Class B rights converted to shares after the 2P reserve condition was met, following December's Vali booking.
5 Feb 2021drilling scheduled▼ BadMajor
Vintage commits to a three-well H1 2021 program: Vali-2, Odin-1 and Cervantes-1, with non-binding rig letters of intent. The Vali flowline purchase is deferred to drill first, so first Vali gas is now likely late 2021 or early 2022. Vali-1 ST1 completion is also deferred.
29 Jan 2021regulatory community update▲ Good
Competition regulator ACCC grants interim authorisation for the Vali partners to jointly market gas and negotiate conditional long-term supply deals. Allows short interruptible sales until 31 December 2021. Final determination still pending. This is an ACCC release, not a company one.