Vintage Energy Ltd Stock Market Press Releases and Company Profile
Successful Completion of Institutional Placement
Successful Completion of Institutional Placement

Melbourne, June 2, 2023 AEST (ABN Newswire) - Vintage Energy Ltd (googlechartASX:VEN) announces completion of the institutional component of its $5.6 million capital raising announced Wednesday 31 May 2023. The institutional component has raised a total of ~$3.0 million through a $2.0 million private placement ("Placement") and a ~$1.0 million fully underwritten accelerated non-renounceable entitlement offer ("Institutional Entitlement Offer", together with the Placement, the "Institutional Capital Raise"). The Institutional Capital Raise was allocated to existing shareholders.

The Institutional Capital Raise will result in the issue of approximately 59.3 million new ordinary shares ("New Shares"), at the price of $0.05 per share ("Offer Price"). Settlement of the Institutional Capital Raise is scheduled for Thursday, 8 June 2023, with the New Shares being issued on the following day and commencing trading on Tuesday, 13 June 2023.

The capital raising is being conducted to fund the near-term ramp-up of production from Vintage's Cooper Basin gas fields Vali and Odin and provide flexibility to target additional growth through appraisal and drilling. Vintage Managing Director, Mr. Neil Gibbins said, "We are highly appreciative of the affirmation given by institutional shareholders to the opportunity Vintage has before it.

"Through this raising, we expect to realise significant increases in our supply of gas to eastern Australia and, in turn, our revenue and cash flow generation. Our work program for the coming months is to take the Vali gas field from 1 to 3 producing wells and bring the Odin gas field online to supply gas to our new contract with Pelican Point Power Limited.

"The transition to a two-field, two-contract gas producer will be a substantial step-up for Vintage and comes within five years of our initial listing. Our prospects for taking the growth further are excellent: interest from domestic gas buyers has never been stronger; we have uncontracted gas and last week's authorisation from the ACCC has opened the door for longer term joint marketing of supply from Odin" he said.

As a small producer supplying gas into the domestic market, Vintage is not subject to the price cap measures currently in force under the Competition and Consumer (Gas Market Emergency Price) Order 2022 and is also likely to be deemed exempt from the reasonable gas price measures proposed by the Federal Government in the draft Gas Mandatory Code of Conduct. The Gas Mandatory Code of Conduct is still in draft form and may be subject to change following the completion of the consultation process.

MST Financial Services Pty Ltd & Taylor Collison Limited acted as Joint Lead Managers to the Placement and are acting as Joint underwriters to the Entitlement Offer.

Commencement of Retail Entitlement Offer

A further 52.5 million New Shares are to be issued at the same price of $0.05 per share under the fully underwritten retail entitlement offer ("Retail Entitlement Offer") for eligible retail shareholders as at the record date of Friday, 2 June 2023. The Retail Entitlement Offer will open on Wednesday, 7 June 2023 and an offer booklet ("Offer Booklet") will be despatched to shareholders on that day.

Under the Retail Entitlement Offer, eligible retail shareholders with a registered address in Australia or New Zealand ("Eligible Retail Shareholders") as at the Record Date (7:00am AEST Friday, 2 June 2023) and certain "sophisticated investor shareholders" in the United Kingdom, Hong Kong, Singapore and Switzerland have the opportunity to take up their entitlement of New Shares at the Offer Price, on the terms and conditions outlined in the Offer Booklet. The Retail Entitlement Offer is anticipated to close on Friday, 23 June 2023.

Entitlements to New Shares under the Entitlement Offer are non-renounceable, which means entitlements will not be tradeable on ASX or otherwise transferable. If an Eligible Shareholder does not take up their entitlement by the closing date of the Entitlement Offer, that Eligible Shareholder's entitlement under the Entitlement Offer will lapse and its interest in the Company will be diluted.

To view the Capital Raising Timetable, please visit:

About Vintage Energy Ltd

Vintage Energy LtdVintage 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.



Neil Gibbins
Managing Director
+61 8 7477 7680

Don Murchland
Investor relations
+61 439 300 932

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