New Risk • Apr 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-AU$5.9m). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Market cap is less than US$10m (AU$7.18m market cap, or US$5.14m). Minor Risk Revenue is less than US$5m (AU$4.1m revenue, or US$2.9m). Reported Earnings • Mar 19
First half 2026 earnings released: AU$0.016 loss per share (vs AU$0.001 loss in 1H 2025) First half 2026 results: AU$0.016 loss per share (further deteriorated from AU$0.001 loss in 1H 2025). Revenue: AU$1.69m (down 25% from 1H 2025). Net loss: AU$33.2m (loss widened AU$31.0m from 1H 2025). Revenue is forecast to grow 70% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. New Risk • Mar 17
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$5.9m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-AU$5.9m). Market cap is less than US$10m (AU$10.4m market cap, or US$7.38m). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (AU$3.9m revenue, or US$2.8m). Announcement • Mar 17
Vintage Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2.086914 million. Vintage Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2.086914 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 521,728,411
Price\Range: AUD 0.004
Security Features: Attached Options
Transaction Features: Rights Offering Breakeven Date Change • Mar 05
Forecast breakeven date pushed back to 2027 The analyst covering Vintage Energy previously expected the company to break even in 2026. New forecast suggests losses will reduce by 48% to 2026. The company is expected to make a profit of AU$1.80m in 2027. Average annual earnings growth of 102% is required to achieve expected profit on schedule. Announcement • Nov 25
Adelaide Energy Limited completed the acquisition of 25% stake in PEP 171 Otway Basin in Victoria from Vintage Energy Limited (ASX:VEN). Adelaide Energy Limited agreed to acquire 25% stake in PEP 171 Otway Basin in Victoria from Vintage Energy Limited (ASX:VEN) for AUD 1.2 million on June 16, 2025. Consideration of AUD 1.25 million will be paid to Vintage on completion, including cash of AUD 1 million and waiver of AUD 0.25 million in a milestone payment otherwise due from Vintage Energy Limited.
The transaction is subject to approval by regulatory board / committee, joint venture approval, Ministerial approval and waiver of preemptive rights by Amplitude Energy. Joint venture approval was fulfilled. Vintage Energy announces the lifting of conditions precedent to the sale as on July 16, 2025.
Adelaide Energy Limited completed the acquisition of 25% stake in PEP 171 Otway Basin in Victoria from Vintage Energy Limited (ASX:VEN) on November 24, 2025. Vintage has received cash consideration of AUD 1 million. Announcement • Sep 30
Vintage Energy Limited, Annual General Meeting, Nov 19, 2025 Vintage Energy Limited, Annual General Meeting, Nov 19, 2025. Reported Earnings • Sep 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: AU$0.002 loss per share (improved from AU$0.023 loss in FY 2024). Revenue: AU$6.16m (up 20% from FY 2024). Net loss: AU$4.39m (loss narrowed 81% from FY 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 150%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. Announcement • Jun 16
Adelaide Energy Limited agreed to acquire 25% stake in PEP 171 Otway Basin in Victoria from Vintage Energy Limited (ASX:VEN) for AUD 1.2 million. Adelaide Energy Limited agreed to acquire 25% stake in PEP 171 Otway Basin in Victoria from Vintage Energy Limited (ASX:VEN) for AUD 1.2 million on June 16, 2025. Consideration of AUD 1.25 million will be paid to Vintage on completion, including cash of AUD 1 million and waiver of AUD 0.25 million in a milestone payment otherwise due from Vintage Energy Limited.
The transaction is subject to approval by regulatory board / committee, joint venture approval, Ministerial approval and waiver of preemptive rights by Amplitude Energy. New Risk • Jun 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Market cap is less than US$10m (AU$9.66m market cap, or US$6.27m). Minor Risk Revenue is less than US$5m (AU$4.7m revenue, or US$3.0m). Announcement • May 30
Vintage Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 2.086912 million. Vintage Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 2.086912 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 119,390,585
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 110,300,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 74,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,110,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,800,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 89,781,779
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Transaction Features: Rights Offering New Risk • May 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Market cap is less than US$10m (AU$7.89m market cap, or US$5.11m). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (AU$4.7m revenue, or US$3.0m). Announcement • May 05
Vintage Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 1.518453 million. Vintage Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 1.518453 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 119,390,585
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 110,300,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 74,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Transaction Features: Rights Offering Reported Earnings • Mar 18
First half 2025 earnings released: AU$0.001 loss per share (vs AU$0.015 loss in 1H 2024) First half 2025 results: AU$0.001 loss per share (improved from AU$0.015 loss in 1H 2024). Revenue: AU$2.24m (down 18% from 1H 2024). Net loss: AU$2.20m (loss narrowed 83% from 1H 2024). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Oil and Gas industry in Australia. Breakeven Date Change • Feb 10
Forecast breakeven date pushed back to 2026 The analyst covering Vintage Energy previously expected the company to break even in 2025. New forecast suggests losses will reduce by 99% to 2025. The company is expected to make a profit of AU$3.20m in 2026. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Announcement • Jan 31
Vintage Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2.0865 million. Vintage Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2.0865 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 417,300,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Jan 02
Simon Gray to Retire from the Position of Chief Financial Officer of Vintage Energy Limited, Effective from 1 January 2025 Vintage Energy Ltd. announced that Mr. Simon Gray is to retire from the position of Chief Financial Officer effective from 1 January 2025. Mr. Gray will continue to act as Vintage Energy's Company Secretary and provide financial management advice on a consultancy basis. Mr. Stephen Munchenberg, Senior Accountant, will continue in his present role. Announcement • Sep 30
Vintage Energy Limited, Annual General Meeting, Nov 20, 2024 Vintage Energy Limited, Annual General Meeting, Nov 20, 2024. New Risk • Sep 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Market cap is less than US$10m (AU$15.0m market cap, or US$9.99m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Revenue is less than US$5m (AU$3.7m revenue, or US$2.4m). New Risk • Sep 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Market cap is less than US$10m (AU$11.7m market cap, or US$7.80m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (AU$3.7m revenue, or US$2.5m). Announcement • Aug 16
Vintage Energy Limited (ASX:VEN) agreed to acquire Galilee Energy Limited (ASX:GLL) for AUD 1.5 million. Vintage Energy Limited (ASX:VEN) agreed to acquire Galilee Energy Limited (ASX:GLL) for AUD 1.5 million on August 15, 2024.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by target shareholders, consummation of due diligence investigation, obtaining financing, subject to court approval and third party approval needed. The deal has been approved by the board. New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.0m (US$9.70m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Market cap is less than US$10m (AU$15.0m market cap, or US$9.70m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (AU$3.7m revenue, or US$2.4m). New Risk • Jun 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.0m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Market cap is less than US$10m (AU$15.0m market cap, or US$9.93m). Minor Risk Revenue is less than US$5m (AU$3.7m revenue, or US$2.4m). New Risk • Apr 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 63% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Market cap is less than US$10m (AU$13.4m market cap, or US$8.83m). Minor Risk Revenue is less than US$5m (AU$3.7m revenue, or US$2.4m). Announcement • Mar 28
Vintage Energy Ltd Receives a Notice from Keybridge Capital Limited On March 27, 2024, Vintage Energy Ltd announced that the Company has received the notice from Keybridge Capital Limited regarding (1) the removal of Reg Nelson, Ian Howarth and Nick Smart from the board of directors of the Company under section 203D of the Corporations Act 2001 ; (2) the appointed of Nicholas Francis John Bolton and John Dean Patton as a director of the Company ; and (3) the Company convene a general meeting to consider the resolutions under Section 249D of the Corporations Act 2001. The Company stated that the directors of the Company are required to call a general meeting to consider the resolutions within 21 days after a valid Section 249D Notice is given to the Company and to hold that meeting within 2 months after receipt of the notice. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$10.4m market cap, or US$6.81m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (AU$3.7m revenue, or US$2.4m). Announcement • Mar 27
Vintage Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 7.996352 million. Vintage Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 7.996352 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 130,484,409
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 669,150,817
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Transaction Features: Rights Offering; Subsequent Direct Listing New Risk • Mar 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.8m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.0m free cash flow). Market cap is less than US$10m (AU$14.8m market cap, or US$9.71m). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (AU$3.7m revenue, or US$2.4m). New Risk • Feb 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$9.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$9.0m free cash flow). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (AU$3.3m revenue, or US$2.2m). Market cap is less than US$100m (AU$17.4m market cap, or US$11.4m). Announcement • Sep 30
Vintage Energy Limited, Annual General Meeting, Nov 29, 2023 Vintage Energy Limited, Annual General Meeting, Nov 29, 2023. Agenda: To consider re-election of directors. New Risk • Sep 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$15m free cash flow). Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$28.7m market cap, or US$18.5m). New Risk • Sep 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$15m free cash flow). Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$34.8m market cap, or US$22.2m). New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$15m free cash flow). Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (8.0% increase in shares outstanding). Market cap is less than US$100m (AU$40.3m market cap, or US$27.2m). Announcement • Dec 22
Vintage Energy Ltd Provides Update on Vali and Odin Gas Projects Vintage Energy Ltd. provided the following update on the Vali and Odin gas projects. ATP2021 Vali Field: Background: The Vali gas field, discovered by the joint venture in 2020 is being connected to the South Australian Cooper Basin gas gathering infrastructure to supply eastern Australia from January 2023. Vali has been independently certified as having proved and probable gas reserves of 101 petajoules1 (PJ) (Vintage share 50.5 PJ). The joint venture has contracted to supply an estimated 9 PJ to 16 PJ gas to AGL from field start up to end-2026. The Vali gas project involves installation of separation and metering and facilities at the Vali field, installation of flowlines connecting the field's three completed wells and twin export gas pipelines from the field to tie-in to the Moomba gas gathering network at the Beckler gas field. The wells are to be connected and brought on-line progressively, commencing with Vali-1 in January 2023 and Vali-2 and Vali- 3 in February 2023. Update: Site works have progressed consistent with schedule for first gas from the field in January 2023. Flowlines and the export pipelines have been installed and successfully pressure tested. Mechanical installation is progressing, with lease foundations in place at Vali-1 and Vali-3, skids and pipework on site and largely assembled. Welding is well advanced. Metering facility foundations are nearing completion and risers are in place, with metering skid equipment in the process of being moved into place for installation and welding in January 2023. Foundations have been laid for the Beckler tie-in and mechanical installation commenced. As previously advised, work at Vali will be suspended from 22 December 2022 for the Christmas break and is expected to resume in the first week of January 2023. The project will conclude in the new year having met the milestones to enable commissioning of facilities and first gas in January 2023. PRL 211 | Odin gas field: Background: As announced 10 November 2022, the joint venture resolved to pursue accelerated connection of the Odin-1 gas well to the Vali facilities so supply of gas from the field may commence from the third quarter 2023. The Odin-1 gas discovery was made in 2021, flowing gas at 6.5 MMscfd from the Toolachee and Epsilon formations. The field has been independently certified as holding 2C Contingent Resource of 40 PJ gross, (Vintage share 19 PJ). The accelerated connection is to be implemented in advance of the Odin long term connection, which involves tie-back of the field to the Vali facilities and requires at least an additional 6 months for execution. Update: Materials required for the 1.3 km connection to the Vali-Beckler export pipeline have been sourced, including flowline and fibreoptic cable. Regulatory submission for flowline installation have been prepared and lodged. The route has been surveyed; trenching and installation are planned to occur after the Christmas break following regulatory approvals. Federal Government intervention in domestic gas market: Vintage is considering the Treasury Laws Amendment (Energy Price Relief Plan) 2022 legislation assented on 16 December 2022. Certain aspects of the legislation are yet to be clarified, including the details of the mandatory code of conduct provided by the Act in respect of longer-term gas market operation. In respect of the temporary gas price cap to be established pursuant to the Act, Vintage references the explanatory memorandum to the bill assented to by the parliament: The gas market emergency price order would apply to uncontracted gas offered on the wholesale market from currently operational fields capable of supply during the period in which the order is in force 3. Vintage will provide further information on the Act and its significance for the company's operations in due course. Announcement • Nov 18
Vintage Energy Ltd Provides Update to Expectations on Completion of the Vali Gas Project Vintage Energy Ltd. provided the following update to expectations on completion of the Vali gas project. Vintage advises commissioning of the Vali gas field facilities is now expected to occur in January 2023 after the Christmas-New Year break. Commissioning was previously expected to commence in December 2022 with first gas to follow later in that month. The revision to expectations has been made following recent weather events in November which have disrupted pipeline installation work, necessitated rework in some cases and limited access to the site. Forecasts now indicate the works required for handover are unlikely to be completed prior to the year-end break for field contractors commencing 22 December 2022. Work is scheduled to resume on or around 4 January 2023. Trenching is nearing completion on the main export Vali-Beckler pipeline, and installation of the Fiberspar pipe will commence today. Installation of the pond liners are complete and the placing of concrete footings is due to commence this weekend. Work in the period to 21 December 2022 will focus on installation and testing of all flowlines and the construction of key infrastructure in order that commissioning can commence as soon as possible after operations resume in January 2023. Vintage will continue to update the market as significant developments occur. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Chairman of the Board Reg Nelson was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 12
Vintage Energy Ltd and Metgasco Ltd Provides Update on Odin Gas Field Vintage Energy Ltd. and Metgasco Ltd. announces the joint venture has resolved to pursue a two-stage project for connection of the Odin gas field. The connection project will provide an interim accelerated connection and sales from Odin, contemporaneous with work on the superior longer-term connection option selected by the joint venture from the recently completed concept work. This long-term connection option comprises connection of the Odin gas field to facilities at the Vali gas field for dewatering, metering and transport to the Beckler tie-in point. The Vali gas field is also owned by the joint venture parties (in the ATP 2021 Joint Venture) and is being prepared to commence production in the next month. Vintage Managing Director, Neil Gibbins, said the two-stage connection project enabled early production to serve market demand whilst the optimal field infrastructure configuration could be established and constructed. The Odin accelerated connection will use temporary rental equipment and the installation of a 1.4 kilometre Fiberspar connection from the well-site to the mid-line riser of the pipeline currently being installed to transport gas from Vali gas to the Moomba gas gathering network at Beckler. The Odin long term connection will enable metering and dewatering of the Odin gas stream at Vali prior to transportation to Beckler and require installation of a 6.3 kilometre Fibrespar pipeline from the mid-line riser to the Vali facilities. The Odin long term connection is expected to progress to FEED later this month. Vintage anticipates funding its share of expenditure for both connection projects from internal resources. The Odin gas field was discovered by the joint venture in 2021. Odin-1 confirmed gas pay in the Toolachee, Epsilon and Patchawarra formations and delivered a stable gas flow rate of 6.5 MMscfd from the Epsilon and Toolachee formations. The well was completed as a Toolachee and Epsilon gas producer as part of the Vali well completion campaign conducted in July - August 2022. Subject to regulatory approval, marketing of Odin gas is also expected to advance. Vali update: There is no change to expectations for the timing of first gas from Vali in December 2022. Announcement • Sep 27
Vintage Energy Limited, Annual General Meeting, Nov 22, 2022 Vintage Energy Limited, Annual General Meeting, Nov 22, 2022. Announcement • Jun 14
Vintage Energy Limited announced that it has received AUD 10 million in funding from Pure Asset Management Pty. Ltd. On June 14, 2022, Vintage Energy Limited closed the transaction. The company has drawn down two $5 million tranches in the transaction. The term of debt facility are 48 months from first draw down and bears interest rate 11.0%, reducing to 8.5% once certain operational cash flow conditions are met. Price Target Changed • Apr 27
Price target decreased to AU$0.11 Down from AU$0.15, the current price target is provided by 1 analyst. New target price is 15% above last closing price of AU$0.096. Stock is up 66% over the past year. The company posted a net loss per share of AU$0.0044 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Chairman of the Board Reg Nelson was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 06
Vintage Energy Limited Provides Cervantes-1 Oil Exploration Well Progress Report Vintage Energy Ltd. provided the following weekly progress report on Cervantes-1, an oil exploration well in the onshore Perth Basin licence L14. Background Cervantes-1 is being drilled by the L14 Cervantes Joint Venture comprising Vintage earning 30%, Metgasco Ltd. earning 30% and RCMA Australia Pty Ltd, 40%. Vintage will earn its stake in any Cervantes discovery in the targeted Permian reservoirs through funding 50% of the cost of Cervantes-1 (with Metgasco to fund the remaining 50% to earn its stake). The well is operated by RCMA, with drilling management services supplied by Aztech Well Construction Pty Ltd. Cervantes-1 has been planned as a directional well with the surface location approximately 800 metres east- south-east of the subsurface primary target. The well has a prognosed total depth of 2,370 metres (TVDSS). Progress and status Cervantes-1 was spudded on 26 March 2022. Surface casing has been set and cemented in place at 750mMD. At 6:00am this morning the well had reached a total depth of 2,050 m MDRT and was drilling ahead towards the primary Permian targets. Announcement • Apr 04
Vintage Energy Limited Announces Vali Operations Update Vintage Energy Limited as Operator and 50% interest holder in the Cooper Basin licence ATP 2021 announced commencement of the fracture stimulation campaign at the Vali gas field at Vali-2 on 3 April. The campaign will involve fracture stimulation of gas-bearing Patchawarra Formation across multiple zones in the Vali-2 and Vali-3 wells. Fracture stimulation of Vali-1ST has already been completed. The campaign, which is expected to take approximately 42 days, is a prelude to completion of all 3 wells for production of gas for sale to AGL under the gas sales agreement announced 28 March 20221. The stimulation campaign is being conducted by Schlumberger and supervised by Griffin Energy Solutions. Production from the Patchawarra Formation is expected to be supplemented by flows from the productive Toolachee Formation. As announced to the ASX on 1 November 2021, the Vali gas field has bee independently assessed to contain Proved and Probable Reserves of 101 PJ gross (Vintage Energy share 50.5 PJ). Vintage is currently engaging with contractors for performance of the subsequent well completion campaign. Long lead items have been ordered. Following completion operations, the Vali gas field is to be connected to the nearby Moomba gas gathering network for supply to the eastern Australian domestic gas market. Engineering of this project is near complete and procurement of equipment and materials is well underway. Finalisation of the necessary processing and tie-in agreements is advancing, with execution expected in the near future. Announcement • Mar 28
Vintage Energy Limited Announces Cervantes-1 Oil Exploration Well Spuds Vintage Energy Limited announced spudding of Cervantes-1, an oil exploration well in the onshore Perth Basin licence L14 at 17:15 hours on 26 March 2022. The 13 3/8" conductor has been set and cemented to 68 metres and at 6:00 am this morning preparations were underway to commence drilling the 12-1/4" surface hole section. Cervantes-1 is being drilled by the L14 Cervantes Joint Venture comprising Vintage earning 30%, Metgasco Ltd. earning 30% and RCMA Australia Pty Ltd. ("RCMA"), 40%. Vintage will earn its stake in any Cervantes discovery in the targeted Permian reservoirs through funding 50% of the cost of Cervantes-1 (with Metgasco to fund the remaining 50% to earn its stake). The well is to be operated by RCMA, with drilling management services supplied by Aztech Well Construction Pty Ltd. The Cervantes prospect lies in an area between, and on trend with, the Hovea and Jingemia onshore oil fields and the Cliff Head offshore oil field. The primary objective of the well is to test the oil potential in three Lower Permian zones: the Kingia Formation; the Dongara Sandstone, and the High Cliff Sandstone. Cervantes-1 is designed to address a high side fault trap assessed to contain gross recoverable Prospective Resources (P50) of 15.3 million barrels of oil (4.6 million barrels net to Vintage)1. The chance of success has been estimated at 28%.Due to surface constraints, Cervantes-1 has been planned as a directional well with the surface locationapproximately 800 metres east-south-east of the subsurface primary target.The well is scheduled to take approximately 16 days to reach a prognosed total depth of 2,370 metres (TVDSS).Vintage is fully funded to meet its share of expected costs for the Cervantes well through the recent placementand share purchase plan which raised funds for future exploration projects and other capital expenditureplanned for the company's portfolio. Announcement • Feb 10
Vintage Energy Ltd. Announces Receipt of Regulatory Approvals and Contracting of Rig for the Drilling of Cervantes-1 in the Onshore Perth Basin Licence L14 Vintage Energy Ltd. announced receipt of regulatory approvals and the contracting of a rig for the drilling of Cervantes-1 in the onshore Perth Basin licence L14. The well is to be drilled by the L14 Cervantes Joint Venture comprising Vintage earning 30%, Metgasco Ltd. earning 30% and RCMA Australia Pty Ltd. 40%. Vintage is to earn its stake in any Cervantes discovery in the targeted Permian reservoirs through funding 50% of the cost of Cervantes-1. The well is to be operated by RCMA, with drilling management services supplied by Aztech Well Construction Pty Ltd. A drilling contract has been signed with Ensign Australia Pty Ltd, securing the Ensign 970 drill rig immediately following its release from current operations at South Erregulla-1. Preparatory site works at Cervantes will commence this week in preparation for the arrival of the Ensign 970 rig, the timing of which is subject to requirements at South Erregulla and mobilisation. Current estimates are for arrival at Cervantes around mid-March with spud to occur in the latter half of the month. Vintage will update the ASX on timings when mobilisation dates are known. The Cervantes oil prospect is on trend with Cliff Head, Jingemia and Hovea oil fields. The structure is a high side fault trap similar to other fields in the basin and the well will target Permian sandstone reservoir targets which have been prolific producers in the Perth Basin. As announced on 15 November 2019, Cervantes is assessed to contain gross recoverable Prospective Resources of 15.3 million barrels of oil. The chance of success has been estimated at 28%. Vintage is fully funded to meet its share of expected costs for the Cervantes well through the recent placement and share purchase plan which raised funds for future exploration projects and other capital expenditure planned for the company's portfolio. Recent Insider Transactions • Feb 08
Independent Chairman of the Board recently bought AU$55k worth of stock On the 2nd of February, Reginald Nelson bought around 650k shares on-market at roughly AU$0.084 per share. This was the largest purchase by an insider in the last 3 months. This was Reginald's only on-market trade for the last 12 months. Announcement • Dec 07
Vintage Energy Limited announced that it expects to receive AUD 10 million in funding from Pure Asset Management Pty. Ltd. Vintage Energy Limited entered into a binding term sheet with Pure Asset Management Pty Ltd. - Pure Resources Fund, a fund managed by Pure Asset Management Pty. Ltd. for a AUD 10 million secured debt facility on Decmeber 5, 2021. The secured debt facility has a term of 48 months and carry an interest rate of f 11.0%, reducing to 8.5% once certain operational cash flow conditions are met. The transaction will be completed in two tranches of AUD 5 million each. The company will incur costs including a 2% arrangement fee of AUD 200,000), fees for legal and due diligence of AUD 130,000. The company will also issue warrants at AUD 0.20 per share exercise price, subject to shareholder approval. The warrants will be exercisable at any time up to 12 months after the repayment date for loan and may be used to repay the debt or for other purposes. Announcement • Nov 24
Vintage Energy Limited Provides Update on Odin-1 Flow Test Vintage Energy Ltd. announced that the flow test program for Odin-1 is nearly complete, with highly successful results to date. Cooper Basin - PRL 211 (Vintage 42.5% and operator, Metgasco Ltd. 21.25%, Bridgeport (Cooper Basin) Pty Ltd. 21.25%, Impress (Cooper Basin) Pty Ltd. 15%). The first stage of the Odin-1 flow test delivered a stable flow rate of 6.5 million standard cubic feet per day at a flowing wellhead pressure of 1,823 psi through a 28/64" fixed choke. After this stage, the well was shut-in for 15 days, with the second stage of the flow test recommencing on 18 November 2021. The second stage focused on the running of a multi-rate memory production log, which confirmed that gas was being contributed from each of the perforated Epsilon and Toolachee formations. Gas samples were taken over the course of the second stage, and these are being transported to Adelaide for analysis. The Odin-1 well is currently shut-in, with downhole pressure gauges installed to record pressure build-up over a four-day period. Once the pressure gauges are retrieved and the data analysed, a further release will be made to the market. All of the data collected will be assessed and incorporated into a commercialisation plan for the asset, which will include an estimate of the number of wells required to efficiently produce gas and maximise returns from the Odin Field. Subject to JV approval, the next operation will likely be completion of the well, in conjunction with completion of the nearby Vali wells, to minimise costs. Announcement • Jul 14
Vintage Energy Ltd Provides an Update on the Resource Estimate of the On-Block Recoverable Carbon Dioxide Sales Gas from the Nangwarry Field in the Onshore Otway Basin Vintage Energy Ltd. provided an update on the resource estimate of the on-block recoverable carbon dioxide ("CO2") sales gas from the Nangwarry Field in the onshore Otway Basin. A revision of the Nangwarry Field recoverable estimates has been conducted by ERC Equipoise Pte Ltd. ("ERCE") following the successful production test of the Nangwarry-1 well. The revised estimates are as follows: Nangwarry-1 was perforated across the Top Pretty Hill Formation and produced raw gas (~93% CO2, ~6% methane and ~1% nitrogen), at higher than anticipated raw gas flow rates of 10.5-10.8 million standard cubic feet per day ("MMscfd"), measured through a 48/64" choke at a flowing wellhead pressure of 1,415 psi over a 36-hour period. This flow was measured through a 3" orifice plate and choked back to analyse the well over this extended flow period with stable conditions. The well is very productive, with a raw gas flow rate of only 3 MMscfd required to supply a purification plant capacity of 150 tonnes per day. The Nangwarry Field has the potential to provide a stable and reliable source of food grade CO2, which is currently in high demand since the depletion of onshore Otway Basin well Caroline-1 in 2017. The main industrial uses for food grade CO2 include: Carbonation of soft drinks, fruit juices and beer; Recharging of natural mineral waters; Winemaking; Tapping beer and oxidation prevention through contact with air; Conservation of wine, unfermented grape juice and fruit juices; Medical devices; Cold storage /refrigeration; Accelerating growth of farm produce as an atmosphere additive; Preparation of sodium carbonate, alkaline bicarbonates, lead carbonate and various organic substances (e.g. salicylic acid); Production of paints and varnishes and manufacture of foam rubber. Since the successful drilling and testing of Nangwarry-1, the Department of Energy and Mining approved an application for a retention licence over the Nangwarry CO2 discovery, prior to expiry of PEL 155 on 5 May 2021. As a result, the Joint Venture retains a significant amount of land around the Nangwarry Field while it pursues options for commercial development. Vintage has been appointed by the Joint Venture as the marketing agent to commercialise the Nangwarry Field. The recent appointment of an in-house Commercial Manager, along with BurnVoir Corporate Finance Limited as a corporate advisor, provide the appropriate resourcing to investigate and negotiate a beneficial outcome on behalf of the Joint Venture for commercialisation of this excellent resource. Announcement • Jun 24
Vintage Energy Ltd Provides Cooper Basin Update Vintage Energy Ltd. provided a brief update on the drilling of the Vali-3 well in the Cooper Basin and the analysis of gas samples from the successful Odin-1 exploration well. The Vali-3 well is currently at 2,774 metres in the Epsilon Formation and expected to reach total depth over the weekend. As with earlier wells in the Vali Field, no safety incidents have occurred during the drilling of Vali-3 to date. In addition to the gas shows observed previously in the mid-Nappamerri Formation, it was pleasing to also observe gas shows and minor oil shows in the Toolachee Formation. While it is unlikely that oil will be recoverable from the Toolachee Formation, the shows are encouraging for possible oil migration to shallower Jurassic prospects and leads in the area, which is analogous to the Cooper Basin Western Flank. The primary objective of Vali-3 is to appraise the extent of the deeper Patchawarra Formation gas accumulation discovered in Vali-1 ST1 and confirmed in Vali-2. The Odin-1 exploration well reached total depth at 3,140 metres on 26 May 2021, with extensive gas shows encountered in sandstones through the primary target Toolachee and Patchawarra formations, as well as a basal sand in a secondary target in the Epsilon Formation. It is estimated that 172.5 metres of net gas pay exists within various sections of the well, which is made up of
the following intervals: Toolachee Formation conventional pay: 37 metres (porosity greater than or equal to 8%); Epsilon Formation conventional pay: 4.5 metres (porosity greater than or equal to 8%); Patchawarra Formation conventional and low permeability pay: 126 metres (porosity greater than or equal to 6%) and Tirrawarra Sandstone conventional and low permeability pay: 5 metres (porosity greater than or equal to 6%) The analysis of the gas sample recovered from the Toolachee Formation highlights the richer hydrocarbon content of this formation when compared with the Epsilon and Patchawarra formations, with the composition of the samples being: Toolachee Formation gas sample: 83% hydrocarbons (79% methane, 3% ethane and 1% other) and 17% inerts; Epsilon Formation gas sample: 77% hydrocarbons (75% methane, 2% ethane) and 23% inerts (similar to Patchawarra Formation samples from previous wells). Odin-1 addressed a fault bounded Patchawarra Formation closure, up dip of Strathmount-1, a well drilled in 1987 and plugged and abandoned after discovering what was then considered a non-commercial hydrocarbon accumulation. Resource numbers for the Odin Field will be independently updated, and a reserve certification made in the not-too-distant future. Announcement • Jun 16
Vintage Energy to Provide Update on the Drilling of the Vali-3 Well in the Cooper Basin Vintage Energy Ltd. to provide a brief update on the drilling of the Vali-3 well in the Cooper Basin. The Vali-3 well was spudded on 9 June 2021 and is currently at 2,377 metres in the top of the Toolachee Formation. As with earlier wells in the Vali Field, no safety incidents have occurred during the drilling of Vali- 3 to date. While drilling, gas shows were observed in the mid-Nappamerri Formation. In addition, oil shows were observed in the Murta, McKinlay, Namur, Westbourne, Birkhead and Hutton formations. The primary objective of Vali-3 is to appraise the extent of the deeper Patchawarra Formation gas accumulation discovered in Vali-1 ST1 and confirmed in Vali-2. Total depth of Vali-3 is expected to be reached over the coming week. Announcement • Jun 01
Vintage Energy Ltd to Provide an Update on the Successful Odin-1 Exploration Well in the Cooper Basin Vintage Energy Ltd. to provide an update on the successful Odin-1 exploration well in the Cooper Basin. The company are now moving towards an initial phase of development at the Vali Field, with the Odin-1 well to add further to the overall gas volumes in the area. With the ACCC approving the joint marketing of gas from the Vali Field, the company will now actively market gas for the Australian east coast gas market on an initial development phase targeting first gas in the second quarter of 2022. The Odin-1 exploration well reached total depth at 3,140 metres at 8:20pm on 26 May 2021, with the SLR184 rig soon to be mobilised to drill the Vali-3 appraisal well in ATP 2021. Extensive gas shows were encountered in sandstones through the primary target Toolachee and Patchawarra formations, as well as a basal sand in a secondary target in the Epsilon Formation. These shows were confirmed as gas pay via the wireline evaluation program over the weekend, with gas samples successfully recovered from the Toolachee and Epsilon formations. The presence of gas in the Toolachee, Epsilon and Patchawarra formations in Odin-1 is a clear indication that hydrocarbon bearing zones are still discoverable in areas in the Cooper Basin that have previously been worked over by other companies. This is a demonstration of the ongoing technical success that the Vintage team is having in terms of mapping, identifying, and drilling successful gas wells. Announcement • Mar 05
Vintage Energy Ltd Provides an Update on Activities Relating to the Testing of Nangwarry- 1 in the Onshore Otway Basin and the Vali Gas Field and Odin Prospect in the Cooper Basin Vintage Energy Ltd. provided an update on activities relating to the testing of Nangwarry- 1 in the onshore Otway Basin and the Vali gas field and Odin prospect in the Cooper Basin. Otway Basin PEL 155 (Vintage 50%, Otway Energy Pty Ltd. 50% and operator): All equipment for the testing of Nangwarry-1 is in the final stages of being mobilised to site, with testing of Nangwarry-1 expected to commence around mid-March. The operator advised that COVID-19 related delays were experienced in mobilising equipment and the rig across the border between Victoria and South Australia, however, these issues have now been resolved. The testing program will include a short test of the mid-Pretty Hill Sandstone, to verify possible upside potential indicated by gas shows while drilling, followed by a move into the shallower zone and flow test of individual sands in the interpreted CO2 column at the top of the Pretty Hill Sandstone. The test will be completed once a desired stabilised flow rate and volumetric estimate of the recoverable CO2 is obtained. Gross recoverable estimates for Nangwarry-1 CO2 are: Low of 7.8 Bcf (3.9 Bcf net), Best of 25.1 Bcf (12.6 Bcf net), High of 82.1 Bcf (41.1 Bcf net). The production test is a key milestone on the path to first production of food grade CO2. If successful, the test will confirm volumes of saleable CO2 and allow the Joint Venture to consider appropriate debt funding options for the infrastructure required to produce food grade CO2. The co-produced methane will be used to run the production plant, with Supagas already commissioning preliminary design work for a skid mounted CO2 plant, in line with the MOU signed in 2020. A rig contract has been signed with Schlumberger to use SLR Rig-184 to drill Vali-2 and Odin-1, with an option to drill a further ATP 2021 Vali well. It is expected that Vali-2 will be drilled in April 2021 and take approximately three weeks to reach total depth. Once drilled, the well will be secured and the rig moved to the Odin-1 location in South Australia. The primary objectives of Vali-2 are to appraise the extent of the Patchawarra Formation gas accumulation discovered in Vali-1 ST1, and the potential for gas in a Toolachee Formation four-way dip closure, which was not tested in Vali-1 ST1. Odin-1 is being drilled to address a large fault bounded Patchawarra Formation closure, up dip of Strathmount-1, a well drilled in 1987 and plugged and abandoned after discovering a non- commercial hydrocarbon accumulation. Strathmount-1 is interpreted to have conventional gas pay in the Toolachee Formation and both conventional and low permeability gas pay in the Patchawarra Formation. Potential exists for stratigraphically trapped gas outside of closure which would provide gas resource upside. As previously advised, during the completion works at Vali-1 ST1 the packer seal failed to hold pressure against the casing during completion, with the likely cause being the presence of a black grease-like substance in the bottom third of the wellbore. Chemical analysis of the substance showed that it is consistent with a lubricant used at surface and not a product of the reservoir. This is a positive finding and is supported by the fact that all downhole equipment previously used in flowback and well testing operations were retrieved in clean condition. Apart from hindering the sealing mechanism, the deposit is of no concern for production operations. The plan moving forward will be to mechanically scrape the casing over the intervals in which the packers will be set against the casing, which is a relatively common operation in the industry. It is anticipated that completion of Vali-1 ST1 will take place later this calendar year, well in advance of planned first gas production. Announcement • Feb 06
Vintage Energy Ltd Provides an Update on Activities Relating to the Testing of Nangwarry-1 in the Onshore Otway Basin Vintage Energy Ltd. provides an update on activities relating to the testing of Nangwarry-1 in the onshore Otway Basin, the Vali gas field and Odin prospect in the Cooper Basin and the Cervantes prospect in the Perth Basin. The procurement of long lead items for the testing of Nangwarry-1 is nearly complete. These items, along with the Superior Energy rig, will be mobilised to site around the middle of February 2021, with testing of Nangwarry-1 to commence soon thereafter. The testing program will include a short test of the mid-Pretty Hill Sandstone to verify upside potential the company believe exists in this section of the column, which will be followed by a move into the shallower zone and a flow test of individual sands in the interpreted CO2 column at the top of the Pretty Hill Sandstone. The test will be completed once a desired stabilised flow rate and volumetric estimate of the recoverable CO2 is obtained. Gross recoverable estimates for Nangwarry-1 CO2 are: Low of 7.8 Bcf (3.9 Bcf net), Best of 25.1 Bcf (12.6 Bcf net), High of 82.1 Bcf (41.1 Bcf net). The production test is a key milestone on the path to first production of food grade CO2. If successful, the test will confirm volumes of saleable CO2 and allow the Joint Venture to consider appropriate funding options for the infrastructure required to deliver food grade CO2. The co-produced methane will be used to run the production plant, with Supagas already commissioning preliminary design work for a skid mounted CO2 plant, in line with the MOU signed in 2020. Announcement • Dec 04
Vintage Energy Ltd Updates on Activities Relating to the Testing of Nangwarry-1 in the Onshore Otway Basin and the Vali Gas Field in the Cooper Basin Vintage Energy Ltd. provided an update on activities relating to the testing of Nangwarry-1 in the onshore Otway Basin and the Vali gas field in the Cooper Basin. Design and planning for the Nangwarry-1 flow test program has been completed, with procurement of long lead items now underway. The recent COVID-19 related border closure between South Australia and Victoria has impacted mobilisation timing of the Superior Energy snubbing unit, the workover rig that will be used for the Nangwarry-1 test work. The revised timing for the commencement of Nangwarry-1 testing is the end of January/early February 2021. The testing program will include a short test of the mid-Pretty Hill Sandstone, which will be followed by a move into the shallower zone and a flow test of individual sands in the interpreted CO2 column at the top of the Pretty Hill Sandstone. The test will be completed once a desired stabilised flow rate and volumetric estimate of the recoverable CO2 is obtained. Gross recoverable estimates for Nangwarry-1 CO2 are: Low of 7.8 Bcf, Best of 25.1 Bcf, High of 82.1 Bcf. Vali-1 ST1 well completion expected to recommence around 13 December 2020. Announcement • Oct 04
Vintage Energy Limited Auditor Raises 'Going Concern' Doubt Vintage Energy Limited filed its Annual on Sep 29, 2020 for the period ending Jun 30, 2020. In this report its auditor, Grant Thornton, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 
