Vintage Energy Ltd. · ASX:VEN
Vintage Energy — Investor Presentation (January 2025)
25 slides from Vintage Energy's investor presentation, Jan 31, 2025
Slide 1: Vintage Energy: Production Uplift Program and Entitlement Offer
Vintage Energy Discovering and delivering gas for eastern Australia Near term Production Uplift Program for Vali-Odin $2.1 million Entitlement Offer PROVEN PROSPECTIVITY INFRASTRUCTURE IN PLACE GAS SUPPLY CONTRACTS Vali-2 Stimulation operations 31 January 2025 1
Slide 2: Important notice and disclaimer
Important notice and disclaimer 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 30 January 2025. This presentation does not purport to be all inclusive or to cont
Slide 3: Important notice and disclaimer
Important notice and disclaimer 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 expectations of future re
Slide 4: Production Uplift Program $2.1million Entitlement Offer with options
Production Uplift Program $2.1million Entitlement Offer with options To fund program with potentially transformative production benefit • Odin and Vali gas fields currently supply gas under long term contracts Established gas production • Contracts are valuable but production has been sub-optimal •
Slide 5: Southern Flank Gas production: Odin and Vali gas fields
Southern Flank Gas production: Odin and Vali gas fields Appraisal production program. Gas sold under long term contract. Gas Supply Contracts • Vintage is Operator and 50% interest holder (licence held by JV’s also involving Bridgeport (25%) and Metgasco (25%)) • Appraisal through early production w
Slide 6: Program rationale
Program rationale Opportunity to more than double production with near-term, low-cost program* Current status Uplift Strategy Production uplift program Producing, sub-optimally; 2 clear pathways ✓ Low cost contributing causes identified ✓ Rapid execution • Supplying gas from Vali and Odin • Scale ma
Slide 7: Odin opportunity demonstrated
Odin opportunity demonstrated Scale identified and managed December quarter 2025 Odin field production reported in ASX quarterly Avge Raw gas MMscf/d Background • Odin-1 started strong, producing from Epsilon and Toolachee • Rapid decline understood with identification of scale in September 5.44 202
Slide 8: Scale management impact demonstrated
Scale management impact demonstrated Confirmation of scale and initial results at Odin-1 demonstrated impact and production uplift opportunity Identification and production response Odin-1 daily production rate, raw gas • Scale formation occurs when dissolved minerals precipitate, leaving a residue
Slide 9: Odin Production Uplift work program
Odin Production Uplift work program Low-cost campaign targeting known impediment for immediate production improvement Work program Work program objective Scale Determine extent of impact Increased cash generation investigation from Odin Meter clean up Redress recent metering inaccuracy • Removal of
Slide 10: Vali: addition of Toolachee production
Vali: addition of Toolachee production Appraisal of southern flank gas fields Background • Vali-1 Patchawarra production stable, decline consistent with model • Facilities performing reliably • Vali-2 and Vali-3 yet to establish sustained production Production uplift strategy • Investigate potential
Slide 11: Vali: access Toolachee gas
Perforated Vali-1 ST1 Toolachee pay Vali : access Toolachee gas zone isolated by movable sleeve between two packers A 1 2 ITEM No. 1 2 R.T. to top of tubing spool DESCRIPTION tubing hanger Cactus 5-1/2" 5kpsi 2-3/8" box x box JFE Bear LENGTH (m) 4.60 0.30 DEPTH (m, M 0.0 4.6 Toolachee production opp
Slide 12: Vali Production Uplift work program
Vali Production Uplift work program Addition of Toolachee production and addition and scale impact investigation Work program Work program objective Scale Investigate potential for scale impact at Vali, remediate scale if Potential uplift from Vali investigation present • Additional gas flow from To
Slide 13: Expenditure reduction program
Expenditure reduction program Production uplift program to combine with ongoing expenditure reduction program to improve cash returns Achieved Quarterly cash expenditure on staff, admin & corporate • Cash expenditure measures from Q3 FY 24 costs • Q1 & Q2 FY25 both ~7% lower than PCP $’000 Q1 & Q2 2
Slide 14: Sources and uses of funds
Sources and uses of funds Sources $m Uses $m Odin Field 0.4 Entitlement offer 2.1 ‒ Flow testing ‒ Downhole scale investigation and removal Capital raising costs (0.2) ‒ Clean meter and commission scale inhibiter injection Total sources 1.9 Vali Field Toolachee Formation 0.7 ‒ Commence Vali-1 Toolac
Slide 15: Key Details of Entitlement offer
Key Details1 of Entitlement offer $2.1 million via Non-Renounceable, Entitlement Offer with free carried options • Raising $2.1 million via issuing 417.3 million new shares (“New Shares”) priced at 0.5 cents • Non-renounceable 1 for New Share for every 4 existing shares held on Record Date of 5 Febr
Slide 16: Timetable
Timetable Date Event (Australian Eastern Daylight Time) Lodgement of Prospectus and Appendix 3B Friday, 31 January 2025 'Ex' date Tuesday, 4 February 2025 Record Date for the Entitlement Offer 7pm Wednesday, 5 February 2025 Entitlement Offer opens Monday, 10 February 2025 Entitlement Offer closes 5p
Slide 17: Entitlement offer investment case
Entitlement offer investment case Targeted, cash generating work program increasing production into existing gas supply contracts. Substantial cost reduction program implemented. • Low-cost production uplift program Defined low-cost work program • Two simple pathways for production uplift on existin
Slide 18: Appendices
Appendices a VINTAGE ENERGY
Slide 19: Southern state gas market fundamentals
Southern state gas market fundamentals Gas prices are attractive and supply shortfalls are forecast to grow Falling supply from existing 2P reserves…. …leading to forecast shortfall to demand from 2027 Net change in 2P production by basin 2026 - 20351 Southern States supply and demand outlook 2026-2
Slide 20: Odin gas field
Odin gas field Production from 2 wells • 2 completed wells, connected to Vali-Beckler pipeline, suppling ENGIE • Odin-1 average raw gas production of ~3.0 MMscf/d whilst online in first year online (year to September 2024) • Odin-2 brought online September 2024 • Scale accumulation found to be affec
Slide 21: Vali gas field
Vali gas field Vintage operated and 50% interest. Appraisal by production. Supplying gas to AGL. Overview Status & outlook • 3 wells completed, connected to Moomba gathering system at Beckler • Producing ~ 0.8 MMscf/d2 raw gas (gross 100% JV volume) • Commenced supply from Vali-1 in Feb 2023 • Vali-
Slide 22: 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 • ~11 MMbbls of oil production at Dullingari • Oil production from the Roseneath field to the south • Oil recovery from well to east (Orientos-2 C&S
Slide 23: Cooper Basin oil exploration
Cooper Basin oil exploration PELA 679 subject to title award. Farm down from 100% to 50% agreed PELA 679 Cooper Basin location • Located on Western Flank of Cooper Basin, south-west of producing Worrior oil field • Vintage awarded 100% with grant contingent on completion of land access agreement • A
Slide 24: Corporate overview
Corporate overview Key figures Shares on issue1 million 1,669.5 Shareholders by type As at 13 December 2024 Market capitalisation1 $ million 8 Cash2 $ million 2.2 Private Debt2 $ million 8.9 76.5% 12 month high1 cents per share 2.0 Aust insitutions 12 month low1 cents per share 0.3 15.3% Foreign ins
Slide 25: Glossary
Glossary $ Australian dollars GJ Gigajoule (1 GJ is equivalent to 1x109 joules) 1C Contingent resource low estimate1 JV Joint Venture 2C Contingent resource medium estimate1 Km2 Square kilometres 3C Contingent resource high estimate1 Km Kilometre 2D Two dimensional LNG Liquefied Natural Gas 3D Three
Vintage Energy — Investor Presentation (January 2025) on 6ix