Vintage Energy attracts further subscriptions to support Odin and Vali uplift program
Gas explorer and developer Vintage Energy (ASX: VEN) has announced further subscriptions to its Shortfall Offer, which have taken the Offer, and its preceding Entitlement Offer to 73% subscribed.
Vintage reported issuing of 74.0 million shares on 12 May, bringing the allocations under the two Offers to 303.7 million shares, and gross proceeds of $1.52 million.
Under the company’s shortfall offer investors have the opportunity to acquire new fully paid ordinary shares in Vintage Energy free of brokerage costs at an issue price of 0.5 cents per share, with each new share allotted also having a free attaching option exercisable at 0.9 cents and expiring on 7 March 2027.
A total of 113.7 million shares remain available under the shortfall offer, which is open until 28 May 2025.
Future growth funds
The offers are aimed at raising a total of $2.09 million to fund Vintage’s proposed production uplift program.
The program aims to substantially increase gas output from the Odin and Vali gas fields through a range of measures addressing the ongoing management of scale build-up and the opening of additional producing zones.
Range of measures
The company has modelled the program to provide an increase in raw gas production of between 2.1 million standard cubic feet of raw gas per day and 5.6MMscf/d from the two producing Cooper Basin fields, which would represent a substantial uplift to average total production totalling 3.5 MMscf/d recently reported for the March quarter 2025
Critical permit renewal
The company has also recently announced renewal of permit ATP 2021 by the Queensland government for another six-year term ending June 2030.
The permit is within a prominent oil and gas producing area of the Cooper and Eromanga Basins.
With partners Metgasco (ASX: MEL) and Bridgeport, Vintage can now proceed with plans to further assess ATP 2021 while awaiting the completion of production licence applications for the Vali and Odin gas field