FY22 Q4 Quarterly Report
Melbourne, July 28, 2022 AEST (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) provide the FY22 Q$ Quarterly Report with the following highlights.
- First cash received through Vali gas prepayments
- Completion of $10 million finance facility
- Vali first gas anticipated October 2022, in line with May guidance
- 30 June cash balance of $18.25 million
Managing Director's comment
"The June quarter was a highly significant period for Vintage Energy: we received our first cash from our first supply contract, a milestone event in the life of any company, and reached financial close on our inaugural debt facility.
"We are now fully resourced for the remaining work to start supply of Vali gas to eastern Australia. Operations on the ground are advancing with the completion of stimulation operations and the commencement of well completions. Our plans for the September quarter should see the field connected, construction advanced to the point where commissioning commences, and first gas realised in October.
"We begin the financial year starting work to bring a second new gas field online to the east coast market as soon as practicable. The Odin gas discovery could be brought online in 2023, subject to the outcome of the concept engineering work about to commence and subsequent project gateways and project work.
"The priorities for our company are clear and flow directly from the position Vintage has established. At a time when there has never been a greater need for new sources of gas supply, Vintage is poised to enter the market as a fully funded gas producer with contracted supply, uncommitted reserves and work afoot to bring additional supply to market from a second field.
"To this end, our focus in the coming months is taking Vali safely to first gas in October and getting the work done to take Odin to the point where formal engineering and design and investment decisions can be made."
*To view the full Quarterly 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.
Vintage Energy Ltd