Vintage Energy's Reserves & Contingent Resources Statement at 30 June 2024

Vintage Energy Ltd (ASX:VEN) has released its Reserves & Contingent Resources Statement at 30 June 2024, revealing an inaugural reserves classification for the Odin gas field. The company's total 2P Net Reserves at 30 June 2024 increased by 45% to 12.6 MMboe, while the sales gas and ethane Net 2P Reserves also saw a 45% rise to 70.9 PJ. Additionally, the Net Contingent Resource (2C) decreased from 66 PJ to 47 PJ.

Executive Commentary on Reserves & Contingent Resources Statement

The independent assessment of Vintage's reserves in its Cooper Basin Vali and Odin gas fields as at 30 June 2024 has been completed by Chris Dykes Reserves International Limited. The company's Net Proved Reserves (1P) saw a significant 55% increase to 6.3 MMboe, primarily due to the conversion of Contingent Resources to Reserves attributable to Odin. Furthermore, the Net Proved and Probable Reserves (2P) increased by 45% to 12.6 MMboe, with sales gas and ethane accounting for 12.2 MMboe of Vintage's total 12.6 MMboe.

Summary of Vintage Energy's Reserves & Contingent Resources Statement

Vintage Energy's Reserves & Contingent Resources Statement at 30 June 2024 highlights the company's significant achievements, including the inaugural reserves classification for the Odin gas field and substantial increases in Net Proved Reserves (1P) and Net Proved and Probable Reserves (2P). The conversion of Contingent Resources to Reserves, particularly attributable to Odin, has been a key driver of this growth. Looking ahead, Vintage's ongoing efforts in the Cooper Basin and other basins position the company for continued development and potential expansion of its reserves and resources.