News

Share Purchase Plan update

Wednesday, May 13, 2020

Vintage Energy Ltd (ASX: VEN, “Vintage”) is pleased to advise that it has already received in excess of 75% of the $0.75 million it is seeking through retail shareholder commitments to the Share Purchase Plan (“SPP”).  The $2.25 million share placement to institutional and sophisticated/professional investors (“Placement”) was recently completed at an issue price of $0.036 and well oversubscribed.

For those shareholders that receive correspondence via standard mail delivery, the SPP offer booklet was dispatched on 1 May 2020.  If you have not yet received your offer booklet, then you can receive all the relevant SPP forms through accessing and registering on the Automic share registry website (manager of the Vintage share register), or you can contact Automic directly on 1300 288 664 or +61 2 9698 5414 between 9:00am and 5:00pm (AEST).
We would also like to point out that only shareholders with a registered address in Australia are eligible for the allocation of shares through the SPP.
As previously detailed in the ASX release on 29 April 2020, the funds received from the placement and SPP will be used for:

  • Vali-1 ST1 (net 2C Contingent Resource of 18.9 Bcf1 to Vintage) fracture stimulation and flow testing;
  • Initial engineering and design work to connect Vali-1 ST1 to the Moomba gas flowline network;
  • Corporate overheads; and
  • Working capital.

Vintage Managing Director, Neil Gibbins, said “We are extremely pleased that, firstly, the placement was heavily oversubscribed and, secondly, there has been such a strong early response to the SPP. In relation to the upcoming fracture stimulation and flow testing of the Vali discovery, preparatory work is well underway.  At this stage we are on track to commence the stimulation of Vali-1 ST1, in early July, as previously anticipated.  This is an incredibly exciting time for the Company as we look to transition from being an ‘explorer and appraiser’ to also a producer of gas.  We have stated clearly and consistently that we are focused on being part of the solution to Australia’s east coast gas crisis, and we firmly believe that the Vali discovery will be the first of many discoveries to deliver on this goal”.

 

Download the full press release

Vintage Energy

Vintage Energy Ltd 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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