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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.
- 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:
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.
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Vintage Energy Ltd
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