Australia markets close in 1 hour 3 minutes
  • ALL ORDS

    7,347.80
    +21.60 (+0.29%)
     
  • ASX 200

    7,109.80
    +16.80 (+0.24%)
     
  • AUD/USD

    0.7011
    +0.0036 (+0.51%)
     
  • OIL

    113.81
    -0.39 (-0.34%)
     
  • GOLD

    1,822.70
    +8.70 (+0.48%)
     
  • BTC-AUD

    43,307.95
    -204.06 (-0.47%)
     
  • CMC Crypto 200

    682.05
    +439.37 (+181.05%)
     
  • AUD/EUR

    0.6712
    +0.0032 (+0.47%)
     
  • AUD/NZD

    1.1061
    +0.0015 (+0.14%)
     
  • NZX 50

    11,122.82
    -34.84 (-0.31%)
     
  • NASDAQ

    12,243.58
    -143.82 (-1.16%)
     
  • FTSE

    7,464.80
    +46.65 (+0.63%)
     
  • Dow Jones

    32,223.42
    +26.76 (+0.08%)
     
  • DAX

    13,964.38
    -63.55 (-0.45%)
     
  • Hang Seng

    20,395.66
    +445.45 (+2.23%)
     
  • NIKKEI 225

    26,633.60
    +86.55 (+0.33%)
     

Vintage Energy Ltd (VEN.AX) FY22 Q2 Quarterly Report

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Vintage Energy Ltd
Vintage Energy Ltd

Vintage Energy Ltd (VEN.AX) FY22 Q2 Quarterly Report

Melbourne, Australia, Jan 28, 2022 - (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) provide the Quarterly Report for period ended 31 December 2021.

HIGHLIGHTS

- Gas Reserves: Vali gas field 2P Reserves tripled to 101.0 PJ (gross), net 50.5 PJ

- Odin-1 Contingent Resource booking of 36.4 bcf (gross), 16.0 bcf net and subsequent successful flow test

- Heads of Agreement with AGL for maiden gas contract

- Successful $8.5 million placement

- Oversubscribed SPP raises $3.44 million vs $2 million target

- $10 million debt facility established

- Vintage fully funded to take Vali to production, connect and tie-in Odin and execute Cooper Basin and Cervantes exploration

Managing Director's comment

"Our results for the December quarter put the stepping stones in place for Vintage Energy Ltd ("Vintage") to transition from an exploration company to an exploration and production company supplying gas to the eastern Australian energy market" said Neil Gibbins, Managing Director.

"Gas reserves were increased at Vali. We booked Contingent Resources and successfully flow tested Odin. We secured a Heads of Agreement with AGL for our maiden gas contract.

"A successful placement broadened our institutional share base. Our share purchase plan, completed after year-end was oversubscribed.

"These capital initiatives, together with payments arising from our agreement with AGL, means Vintage is fully funded to take Vali to production and, with this, commence revenue generation.

"We are also fully funded for our follow-up work on Odin and to address the growth opportunities we have identified for exploration in the Cooper and Perth Basin.

"It means we are set for a busy and exciting half year to June, as we finalise the Gas Sales Agreement with AGL, do the work to take Vali to production, and subject to approvals, commence drilling at Cervantes".

*To view the full report, please visit:
https://abnnewswire.net/lnk/RVQ0EU25


About Vintage Energy Ltd:


Vintage Energy Ltd (ASX:VEN) has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.

Contact:

Neil Gibbins
Managing Director
+61 8 7477 7680
info@vintageenergy.com.au

Source:
Vintage Energy Ltd

Copyright (C) 2022 ABN Newswire. All rights reserved.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting