Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
All ten resolutions passed by poll at the 29 November AGM, including the remuneration report, Reg Nelson's re-election and options for three non-executive directors. Administrative outcome only.
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.
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.
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.
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.
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.
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.
September quarter report restating Vali-3's 178 m of net pay, the Odin 2C resource of 36.4 Bcf gross, the Nangwarry upgrade and the Odin flow test at 7.58 MMscfd. Mostly repeats known results; cash position is not visible in the supplied text.
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.
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.
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.
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.
Annual general meeting set for 29 November 2021, with director nominations closing 18 October 2021. Re-election of directors is an agenda item. Administrative notice only.
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.
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.
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.
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.
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.
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.
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.
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.
