FY23 Q4 Quarterly Report
Melbourne, July 31, 2023 AEST (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) completed a $5.6 million capital raising during the quarter incorporating a private placement and a fully underwritten accelerated entitlement offer. Funds raised through the raising are to be used to underpin nearterm growth in its production and cashflow from the Vali and Odin gasfields and provide flexibility to pursue growth through drilling and appraisal.
The capital raising involved the issue of 111.8 million new shares at an issue price of 5 cents per share. Issued share capital rose from 746,717,416 to 858,518,459 ordinary shares.
- New gas supply contract for Odin gas field
- Sales revenue of $0.6 million
- Vali-1 performing to expectations
- Odin accelerated connection advancing for production start-up by September
- Successful $5.6 million capital raising
Managing Director's comment
"The highlights of the June quarter consolidated Vintage's position for growth. A new gas contract, the first for the Odin gas field, will bring a new revenue stream in the first quarter of the new financial year, subject of course to connection project completion. The successful capital raising has provided the footing for the company to push on with work to lift production and cash flow from our Cooper Basin gas fields and to address other growth opportunities.
The market for domestic gas supply remains highly encouraging, and Vintage is well placed to benefit. The receipt of ACCC authorisation for long term joint marketing and release of the Mandatory Gas Code has given clarity on our capacity to contract gas and our exemption from the price cap provisions. We are now in a position to add to our contracted supply from Odin should we choose.
The start of the new quarter has seen improvement in weather, road closures and equipment availability which had delayed our work programs at Vali-2 and Vali-3. The completion of this work and the completion and commissioning of the interim accelerated connection of the Odin field means the period shapes as another milestone quarter for our production and operations."
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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.
Vintage Energy Ltd