Vintage Energy Ltd announces successful completion of capital raising

Vintage Energy Ltd (ASX: $VEN) has successfully completed its institutional component of the fully underwritten $8.0 million capital raising, raising approximately $2.17 million. The capital raising aims to fund plans targeting near term growth in gas production and cash generation from the Odin gas field through the drilling of the Odin-2 and Odin-3 appraisal wells.

Executive Commentary on Capital Raising and Future Plans

Great opportunity exists in the Odin gas field where we have reliable production and a highly attractive gas supply contract. Recent news flow has highlighted the need for additional gas supply as winter approaches. The commitments given to this capital raising will enable us to push on to aim for increased gas flow from Odin this winter and, subject to well success, step up our revenue and cash generation. As appraisal wells, they are subject to lower risk than an exploration well, but still carry a degree of risk. Having the funding to drill both wells provides greater certainty in planning future work and gives us the flexibility in scheduling work to maximize cost savings. We greatly appreciate the affirmation and support we have received from institutional investors for upscaling Odin.

Summary of Vintage Energy's Capital Raising and Future Outlook

Vintage Energy Ltd (ASX: $VEN) has successfully completed a $8.0 million capital raising to fund the drilling of the Odin-2 and Odin-3 appraisal wells, targeting near term growth in gas production and cash generation from the Odin gas field. The institutional component raised approximately $2.17 million, with the directors committing to taking up their entitlements to a value of ~A$400,000. The Retail Entitlement Offer will open on 3 April 2024 to raise ~$5.8 million. The capital raising aims to increase gas flow from Odin this winter and, subject to well success, step up revenue and cash generation. Vintage Energy expresses gratitude for the affirmation and support received from institutional investors for upscaling Odin.