Galilee Energy and Vintage Energy terminate acquisition agreement

Galilee Energy (ASX:GLL) and Vintage Energy (ASX:VEN) have mutually agreed to terminate their Scheme Implementation Deed. This decision follows discussions that concluded the scheme was not in the best interests of shareholders. Attempts to revise terms did not succeed.

Summary and future outlook for Galilee Energy and Vintage Energy

Galilee Energy and Vintage Energy have terminated their proposed acquisition agreement, prioritizing shareholder interests. Both companies expressed disappointment but acknowledged it was the best decision. They plan to focus on the potential value and opportunities of their gas and acreage assets. This is especially relevant given the anticipated supply shortfalls in east coast Australia from 2026 onward. Both companies aim to realize value for shareholders and explore emerging opportunities.

Executive commentary on scheme termination

Ray Shorrocks expressed disappointment over the termination but believed it to be in the best interest of Galilee shareholders. He thanked the Vintage team for their efforts and wished them success with their prospective acreage.' 'Reg Nelson appreciated Galilee's consideration of the merger proposal. He acknowledged that the scheme was not in the best interest of Vintage shareholders, prompting the mutual termination. Highlighted the potential value of uncommitted gas resources held by both companies, especially considering forecasted shortfalls in east coast Australia from 2026 onward. Emphasized Vintage's focus on realizing value for its shareholders and exploring emerging opportunities.