Vintage Energy Limited (ASX: $VEN) announces updated capital raising presentation

Vintage Energy Limited (ASX: $VEN) has released an updated capital raising presentation to reflect recent amendments. The company is seeking to raise $8 million to fund the transition of the Odin gas field into a self-sustaining, cash-generating operation. The capital will also be used to address upside in drill-ready oil and gas targets in the underexplored Southern Flank of the Cooper Basin.

Executive Commentary on Vintage Energy's Capital Raising Presentation

The company is ready to drill two appraisal wells, Odin-2 and Odin-3, to target proven reservoirs for supply into an existing gas supply contract from July 2024. Vintage Energy is seeking to raise capital to fund this transition and position itself to address upside in drill-ready oil and gas targets in the underexplored Southern Flank of the Cooper Basin. The successful drilling is expected to lead to a 2x-3x uplift in Odin gas production, with the gas supply contract extending to December 2026. The estimated time to drill each well is 3-4 weeks, with the company targeting first gas from Odin-2 within 2-3 months from spud, preparing to spud by April '24 for July '24 gas sales.

Summary of Vintage Energy's Updated Capital Raising Presentation

Vintage Energy Limited (ASX: $VEN) has announced an updated capital raising presentation to fund the transition of the Odin gas field into a self-sustaining, cash-generating operation. The company aims to drill two appraisal wells, Odin-2 and Odin-3, to target proven reservoirs for supply into an existing gas supply contract from July 2024. The successful drilling is expected to lead to a 2x-3x uplift in Odin gas production, with the gas supply contract extending to December 2026. Vintage Energy is seeking to raise $8 million to fund this transition and position itself to address upside in drill-ready oil and gas targets in the underexplored Southern Flank of the Cooper Basin. The company's future ambitions include production uplift from Odin development, production optimization from existing wells, and oil prospectivity including the drill-ready prospect, Thaldra.