FY23 Q1 Quarterly Report
Melbourne, Oct 27, 2022 AEST (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) provides the FY23 Q1 Quarterly Report & Appendix 5B For period ended 30 September 2022.
- Vali and Odin well completion phase completed
- Site works commenced at Vali for pipeline installation
- Vali first gas scheduled for December
- Concept Engineering connection of Odin gas to Vali pipeline, completed1
- 30 September cash balance of $10.2 million
Managing Director's comment
"Our projects have advanced and the value of, and interest in, our gas has never been higher.
"We are focussed on getting our gas to market, first from Vali this year and then Odin. Our efforts for the quarter have seen both projects move forward.
"The Vali gas wells are completed and ready for production on connection. Site works to effect that are now well underway.
"Odin-1 has been completed, Concept Engineering work done, and we expect to start front-end engineering and design on the project to bring gas from the field to market. Our announcement that design work has started for the connection of Odin was well received by gas buyers.
"The coming months promise to be significant for the company and our shareholders as we complete the work to enable what we expect will be the first of many years of gas supply from Vintage Energy Ltd ("Vintage") to energy users in eastern and southern Australia."
Cash and net debt
Cash and cash equivalents as at 30 September 2022 was $10.2 million compared with $18.25 million at 30 June 2022. Cash movements during the quarter included capital expenditure of $5.89 million principally being for work on the Vali gas field and expenditure of $2.16 million on operating activities. The latter figure included payment of $0.75 million for GST on the company's share of the prepayment made by AGL in the previous quarter pursuant to the Vali gas sales agreement.
Net cash at 30 September was $0.2 million.
*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