Vintage Energy Ltd. · ASX:VEN
Vintage Energy — Investor Presentation (May 2023)
28 slides from Vintage Energy's investor presentation, May 16, 2023
Slide 1: Vintage Energy: Investor pack update Vali-2 Stimulation operations
Vintage Energy Discovering and delivering gas to eastern Australia For personal use only Investor pack update Vali-2 Stimulation operations May 2023
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Vintage Energy Limited (“Vintage” or the “Company”), with the purpose of providing general information about the Company. This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predic
Slide 3: Vintage Energy is a young Australian oil and gas producer
Vintage Energy is a young Australian oil and gas producer. For personal use only Just 5 years old, Vintage is unique in having onshore, cost-competitive resources for two commodity shortages currently impacting users: natural gas and food grade CO2. 3 Vintage Energy May 2023
Slide 4: Key features
4 key features Rare small-cap exposure to conventional onshore gas, high quality CO2 & more For personal use only Gas production supplying east coast ▪ Operator, supplying gas to AGL 1 Australia under long term contracts ▪ Additional contract with ENGIE starting Q3 CY23 ▪ ~ 42 PJ 2P at Vali (Vintage
Slide 5: Proof in the progress
Proof in the progress Technical capability and commercial focus proven in results to date ▪ Made the transition from explorer to producer in 4.5 years For personal use only ▪ Took Vali from discovery to revenue generation < 3 years ▪ Preparing to bring second field online September quarter this year
Slide 6: Strategy
Strategy Concentration on value-creating opportunities where a clear, low-risk commercial case is supported by board and team expertise For personal use only Gas Long term stable cash generation by finding, ▪ Build & leverage gas reserves in Vali-Odin gas hub developing and supplying gas to domestic
Slide 7: Areas of operation
Areas of operation Onshore gas projects. Exploration acreage offering high chance of technical and commercial success. 1 Cooper Basin gas: For personal use only producing from Feb 23 Exploration - Vali & Odin - 2 gas supply contracts 3 Cooper Basin 6 2 Nangwarry gas resource: engaging with industry
Slide 8: Cooper Basin gas: Vali and Odin
Cooper Basin gas: Vali and Odin Vintage operated. Producing and connected to Moomba infrastructure. Proved and probable1 gas: Vali For personal use only Sales gas PJ Joint venture Vintage share Contracted: base 9 4.5 Contracted: upside 7 3.5 Uncontracted 85 42.5 Total 101 50.5 Contingent Resource1:
Slide 9: Vali gas project
Vali gas project Production to increase. CPI-indexed price. Ingredients in place for value uplift from uncontracted gas. Current ops Vintage Energy Vali 2P gas reserves by For personal use only ▪ “Appraisal via production” with revenue from AGL Vali GSA with AGL GSA contract status, 50.5 PJ1 Period:
Slide 10: Odin gas resource
Odin gas resource Working to come on-line Q3 2023 and expand revenue base For personal use only Current operations Contingent Resources Odin1 ▪ Accelerated interim connection for Sales gas PJ 1C 2C 3P production from Q3 2023 Vintage share 9.7 19.1 36.5 ▪ Flowline laid in January, looking to complete
Slide 11: Cooper Basin gas resource, value and revenue build
Cooper Basin gas resource, value and revenue build Ingredients in place for long-term revenue and cash generation For personal use only Field discovery Facility build & Reservoir & Production Full field & appraisal connect appraisal development Underway: Gas supply to AGL CY23 H2 Plan ready Vali Val
Slide 12: Federal gas market gas policy initiatives
Federal gas market gas policy initiatives Vintage offerings unaffected by recent Federal Government price cap; buyer interest increased For personal use only Vintage operations appear to be unaffected by Federal Government intervention on pricing ▪ Temporary $12/GJ price cap imposed for 12 months fr
Slide 13: Southern Australian gas supply and contract outlook
Southern Australian gas supply and contract outlook Field decline and demand projections suggest tight market conditions will persist For personal use only Near term delivery outlook lower than anticipated Opportunities for contracting gas to expand Actual and forecast maximum daily production capac
Slide 14: 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 )1 Energy 50% and operator) CO2 Sales Gas (Bcf) Unrisked hydrocarbon Contingent ▪ CO2 resource indepe
Slide 15: The value of food grade CO2 has risen as existing supply dwindles
The value of food grade CO2 has risen as existing supply dwindles International prices and local demand have reinforced the value opportunity at Nangwarry For personal use only US Producer Price Index1: CarbonDioxide 2018 - 2023 June 2018=100 160.0 150.0 140.0 130.0 120.0 110.0 100.0 2018-06 2018-09
Slide 16: 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 17: Exploration
Exploration Portfolio features a mix of proven petroleum provinces with high potential frontier acreage Bonaparte Basin Galilee Basin For personal use only EP 126 PCA’s 319 - 324(“Deeps”) Includes Cullen well (gas shows) 2 Albany-1 & Albany-2 gas wells Cooper Basin ATP 2021, PRL 211, PELA 679 Gas an
Slide 18: Expected events: coming months
Expected events: coming 1 to 6 months Rising production from Vali, supply from Odin. Second field online. Gas marketing. For personal use only Vali ▪ Vali-2 production commencement & Vali-3 production resumption ▪ Production and revenue to rise with output ✓ Increasing gas production and sales from
Slide 19: Wrap-up: takeaways on the near term
Wrap-up: 3 takeaways on the near term 1. Vintage has made the transition from explorer to producer within 5 years For personal use only ▪ Operator, Vali & Odin discoveries, 2 gas supply agreements, installed pipelines & facilities amidst pandemic disruption ▪ Went from discovery to first gas within
Slide 20: Appendices
For personal use only Appendices
Slide 21: Share information
Share information Key figures Shares on issue1 million 746.7 Shareholders by type For personal use only As at 30 April 2023 Market capitalisation1 $ million 53 Cash2 $ million 4.3 Private Net debt2 $ million 5.7 72.3% 12 month high cents per share 10.0 16.5% Aust insitutions 12 month low cents per s
Slide 22: Reserves and resources
Reserves and resources 51 PJ Proved and Probable Reserves. 65 PJ 2C Contingent Resource For personal use only Proved and probable1 gas: Vali Contingent Resource1 Sales gas PJ Joint venture Vintage share Sales gas PJ Vintage share Contracted: base 9 4.5 Galilee Basin 46 Contracted: upside 7 3.5 Coope
Slide 23: Finance & funding
Finance & funding For personal use only ▪ Cash at 31 March 2023: $4.3 million ▪ PURE Finance facility: $10 million (fully drawn) PURE Finance Facility ▪ $10 million in 2 tranches subject to conditions precedent ▪ Term is 48 months from first draw-down which occurred in June 2022 ▪ Interest rate: 11%
Slide 24: Vali & Odin fields
Vali & Odin fields Cooper Basin gas discoveries close to Moomba-connected infrastructure Vali | Commercial gas field For personal use only ▪ 3 wells cased and completed for production ▪ Vali-1 ST1 – flowed 4.3 MMscfd from the Patchawarra Formation and Tirrawarra Sandstone – confirmed gas pay in the
Slide 25: Otway Basin
Otway Basin Lightly explored gas prospective acreage in the Penola Trough PEP 171 For personal use only ▪ Victorian flank of Penola Trough, reopened for exploration July 2021 ▪ 5-year permit term, renewable ▪ Prospective for gas, as shown by South Australian Penola Trough production ▪ Preparing for
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 Gove
Slide 28: Board
Board Chairman Managing Director Director Director Reg Nelson Neil Gibbins Nick Smart Ian Howarth For personal use only Reg Nelson has a distinguished career in the Neil Gibbins has over 40 years of technical Nick Smart has over 40 years of corporate Ian Howarth created Collins Street Media, one of