Entitlement Offer Shortfall Shares Placed
Melbourne, Dec 15, 2020 AEST (ABN Newswire) - Vintage Energy Limited (
ASX:VEN) is pleased to advise that the shortfall shares from its partially underwritten non-renounceable entitlement offer ("Offer") have now been placed. The shortfall from the Offer consisted of 53,238,266 shares at 6.0 cents per share, which will contribute ~$3.2 million (excluding costs).
The funds received from the Offer will be used to advance two potential production and cash generating projects. These are the Vali Field pipeline connection to the Moomba gathering system, and the testing of the Nangwarry CO2 discovery (both subject to regulatory and joint venture approvals). Funds will also be used to further enhance production from the Vali Field through drilling further wells, as well as the drilling of the nearby Odin prospect (both subject to regulatory and joint venture approvals and rig availability).
Neil Gibbins, Vintage Managing Director, said "We are extremely pleased to have placed the shortfall shares which will now enable us to deliver on, and enhance, the upcoming Vali and Nangwarry projects. I have great confidence that we will soon be generating first production and cash flow for Vintage, especially considering the recent release regarding the independent certification of reserves for the Vali gas field. This has all happened in quick time and I am delighted that all the hard work of the team will finally be rewarded as we move forward and utilise the funds raised to execute these key projects."
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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