Vintage Energy Ltd. · ASX:VEN
Vintage Energy — RIU Essential Energy Conference 2024
34 slides from Vintage Energy's conference presentation, Sep 17, 2024
Slide 1: Vintage Energy: Discovering and delivering gas for eastern Australia
Vintage Energy Discovering and delivering gas for eastern Australia For personal use only PROVEN PROSPECTIVITY INFRASTRUCTURE IN PLACE GAS SUPPLY CONTRACTS Vali-2 Stimulation operations RIU Essential Energy Conference 17 September 2024
Slide 2: Important notice and disclaimer
Important notice and disclaimer For personal use only Summary information This presentation has been prepared by Vintage Energy Limited (“Vintage” or the “Company”), with the purpose of providing general information about the Company as at 13 September 2024. This presentation does not purport to be
Slide 3: Important notice and disclaimer
Important notice and disclaimer For personal use only Future performance This presentation includes both information that is historical in character and information that consists of forward-looking statements. Forward-looking statements are not based on historical facts, but are based on current exp
Slide 4: Since Good Oil last year
Since Good Oil last year….. Established production via pipeline connection to Moomba processing plant 3 For personal use only 1 Drilling success First full year of gas Odin-2 production 6 Merger Heads of Agreement 4 5 Oil opportunity Vali-Odin farm out 2 2nd Field brought work program online: Odin 4
Slide 5: First full year of gas production
First full year of gas production Appraisal production program. Gas sold under long term contract. • Production from Vali-1 (commenced For personal use only Feb. ‘23) from Patchawarra Formation • Gas processed and sold ex-Moomba • Supplied to AGL under long term contract • Vali-1 and facility perfor
Slide 6: Second gas field online: Odin
Second gas field online: Odin Connected to Moomba infrastructure, appraisal production supplying Pelican Point Power For personal use only • Odin-1 brought online on-schedule September 2023 • Connected to Vali-Beckler pipeline • Odin-1 commenced production September 2023 from Epsilon and Toolachee F
Slide 7: Odin appraisal drilling
Odin appraisal drilling Odin-2 maintained Vintage 100% drilling success rate in southern flank of Nappamerri Trough For personal use only • Odin-2 successfully appraised north- eastern extent of Odin gas field • Gas pay in primary targets of Toolachee, Epsilon and Patchawarra Formations • To be comp
Slide 8: Cooper Basin oil exploration farmout
Cooper Basin oil exploration farmout PELA 679 subject to title award. Farm-down from 100% to 50% agreed. PELA 679 Cooper Basin location For personal use only • Located on Western Flank of Cooper Basin, south-west of producing Worrior oil field • Vintage awarded 100% with grant contingent on completi
Slide 9: Current Vali and Odin work program
Current Vali and Odin work program Production optimisation, additional wells and formations to be brought online For personal use only Vali gas field • Vali-2 Sliding sleeve actuation • Enable production from Toolachee formation Odin-1 • Patchawarra formation production to be initiated • Production
Slide 10: Vintage-Galilee merger proposal
Vintage-Galilee merger proposal Heads of Agreement on merger to create financially stronger, better resourced gas company for east coast gas opportunity For personal use only • Joint announcement 15 August 2024 of signing HoA for merger, subject to conditions and Galilee shareholder approval • Merge
Slide 11: Vintage and Galilee assets
Vintage and Galilee assets Combined portfolio covers most onshore eastern sedimentary basins supplying gas For personal use only 1 Cooper Basin • Odin & Vali gas fields 1 Glenaras gas project 5 • Appraisal production • 2,500 PJ 2C CSG resource • Gas supply contracts • Transport MOU (non-binding) • G
Slide 12: Current and approaching events
Current and approaching events Production optimisation, new well connection and corporate initiatives For personal use only • Field work at Odin and Vali gas fields Production optimisation program & • Opening new producing zones at both fields Current Odin-2 completion • Seeking to establish gas pro
Slide 13: Wrap up
Wrap up Exposure to east coast gas with existing supply, uncontracted gas plus running room for value accretion For personal use only • Rare small-cap exposure to east coast gas market opportunities with gas supply, uncontracted gas resources and reserves and existing contracts. • Production expecte
Slide 14: Appendices
For personal use only Appendices
Slide 15: Corporate overview
Corporate overview Key figures Shareholders by type Shares on issue1 million 1,669.5 For personal use only As at 28 June 2024 Market capitalisation1 $ million 15 Private Cash2 $ million 7.7 Borrowings – loans 3 $ million 8.4 71.1% Aust insitutions 12 month high1 cents per share 4.0 20.3% 12 month lo
Slide 16: Vintage portfolio
Vintage portfolio Onshore gas projects. Exploration acreage offering high chance of technical and commercial success. For personal use only 1 Cooper Basin gas operations Exploration Appraisal production • Vali commenced Feb 23 3 Cooper Basin 6 • Odin commenced Sep 23 Reserves & resources 4 Otway Bas
Slide 17: Vintage operations in the Southern Flank
Vintage operations in the Southern Flank Established production via pipeline connection to Moomba processing plant For personal use only Gas Supply Contracts Overview PRL 211/ ATP 2021 (50% interest and Operator) • Vintage facilities connected to SACB network and • Vali and Odin gas discoveries, 202
Slide 18: Oil opportunity in Southern Flank
Oil opportunity in Southern Flank Drill ready targets, good oil shows at Vali and over 20 closures mapped in ATP 2021 Highly prospective area for oil For personal use only • • ~11 MMbbls of oil production at Dullingari • Oil production from the Roseneath field to the south • Oil recovery from well t
Slide 19: Odin gas field
Odin gas field Connected to Moomba infrastructure, appraisal production supplying Pelican Point Power Overview For personal use only • 2C gas: 39 PJ (gross; Vintage share ~19 PJ) 1 • Connected to Moomba via Vali-Beckler pipeline • Contracted to supply gas to Pelican Point Power from start-up to Dec
Slide 20: Vali gas field
Vali gas field Vintage operated. Appraisal by production. Supplying gas to AGL. Overview For personal use only • Total 2P sales gas and ethane reserves 97.4 PJ1 (gross; Vintage share 48.7 PJ) • 3 wells completed, connected to Moomba gathering system at Beckler • Commenced supply from Vali-1 in Feb 2
Slide 21: Exploration
Exploration Portfolio features a mix of proven gas producing provinces with high potential frontier acreage Galilee Basin Bonaparte Basin ATP 743, 744, 1015 For personal use only EP 126 (“Deeps”) Includes Cullen-1 well 2 Albany-1 & Albany-2 gas wells Cooper Basin ATP 2021, PRL 211, PELA 679 Gas and
Slide 22: Nangwarry CO2
Nangwarry CO2 Resource size and quality capable of supporting multi-decade commercial CO2 supply For personal use only Nangwarry (Vintage 50%, Lakes Blue Nangwarry CO2 discovery (Gross joint venture )2 Energy 50% and operator) CO2 Sales Gas (Bcf) Unrisked hydrocarbon Contingent • CO2 resource indepe
Slide 23: Food-grade carbon dioxide market
Food-grade carbon dioxide market An essential input where supply is structurally challenged The market Supply For personal use only • Food-grade and industrial-grade CO2 is a • Natural supply accounts for less than 10% of broadly- sought essential input Australian CO2 production capacity – food and
Slide 24: Gas and contracts
Gas and contracts Revenue generation in appraisal production through long term contracts Proved and probable1 gas: Vali Vali GSA with AGL Odin GSA with Engie/Pelican Point Power For personal use only (negotiated 2021) (negotiated 2023) Sales gas2 PJ Joint venture Vintage share Contracted: base 9 4.5
Slide 25: Otway Basin
Otway Basin Nangwarry-1 CO2 discovery and lightly explored gas prospective acreage in the Penola Trough For personal use only PEP 171 • Victorian flank of Penola Trough, reopened for exploration July 2021 • 5-year permit term • Prospective for gas, as shown by South Australian Penola Trough producti
Slide 26: Galilee Basin
Galilee Basin PCA’s 319 – 324 (“Deeps”) (Vintage 30%, Comet Ridge Ltd (“Comet”) 70% and operator) For personal use only • 15-year Potential Commercial Areas (PCA’s) awarded Sept ‘22 in lightly explored gas province, in proximity to market and proposed Galilee-Moranbah pipeline • Vintage farmed-in to
Slide 27: Bonaparte Basin
Bonaparte Basin EP 126 (Vintage Energy 100%) For personal use only • Potential in multiple play types • Acquired for nil consideration and acceptance of P&A of Cullen-1 if required (recognised on balance sheet) • On-site work suspended pending resolution of discussions with the Northern Territory Go
Slide 28: Southern state gas market fundamentals
Southern state gas market fundamentals Gas prices are attractive and supply shortfalls are forecast to grow Gas commodity prices for 2025 supply to Eastern Australia1 Eastern Australia gas demand & forecast supply from 2P reserves For personal use only 2026 - 20361 Prices comfortably above $12/GJs 2
Slide 29: Vintage Energy – Galilee Energy Merger proposal
Vintage Energy – Galilee Energy For personal use only Merger proposal
Slide 30: Key details
Key details Board commitment to Heads of Agreement on merger of Vintage Energy and Galilee Energy • Heads of Agreement (HoA) for merger through Vintage acquisition of 100% of Galilee shares on issue post capital raising announced by Galilee 15 August 2024 “capital raising” For personal use only • Im
Slide 31: Merger rationale
Merger rationale Complementary resource base, project maturities. Stronger financial, cost base to prosecute projects. • Merged entity to possess ~50 PJ 2P gas reserves; ~2,600 2C Contingent Resource1 For personal use only ✓ More gas • Galilee holders gain exposure to producing 2P reserves ~50 PJ1,
Slide 32: Merger proposal
Merger proposal A stronger better resourced company for near-term and long-term gas supply to eastern Australia What’s proposed: For personal use only • Heads of Agreement signed by the boards of directors of Galilee and Vintage for merger • Merger to be effected through all-scrip acquisition of Gal
Slide 33: Key gas assets
Key gas assets Merger portfolio to hold currently producing reserves with long term potential Odin & Vali gas projects Glenaras gas project Currently producing and supplying gas Multi-TCF CSG Resource, ideally located for local and LNG For personal use only markets • 2C Contingent Resource 2,508 PJ,
Slide 34: Glossary
Glossary $ Australian dollars GJ Gigajoule (1 GJ is equivalent to 1x109 joules) 1C Contingent resource low estimate1 JV Joint Venture For personal use only 2C Contingent resource medium estimate1 Km2 Square kilometres 3C Contingent resource high estimate1 Km Kilometre 2D Two dimensional LNG Liquefie
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