Vintage Energy Ltd (ASX: $VEN) Operations Update

Vintage Energy Ltd (ASX: $VEN) has provided an update on the timing of Odin appraisal following substantial rainfall in the Cooper Basin in April. The flooding and road closures have disrupted ground access, equipment freight, and site preparation, leading to a delay in the commencement of site preparation and rig mobilisation. The spudding of the Odin-2 appraisal well is now expected to occur in May, approximately one month later than previously advised in the investor presentation lodged with the ASX on 27 March 2024. Vintage Energy anticipates providing further updates on the timing of the Odin appraisal drilling as clarity and certainty permit.

Executive Commentary

The flooding and road closures in the Cooper Basin due to substantial rainfall have significantly impacted our operations, leading to delays in the Odin appraisal. We are closely monitoring the situation and are committed to providing further updates as soon as we have clarity and certainty regarding the timing of the Odin appraisal drilling. Despite the challenges, Odin-1 and Vali-1 are online and producing consistent with previous trends.

Summary

Vintage Energy Ltd (ASX: $VEN) has announced a delay in the Odin appraisal due to the impact of substantial rainfall in the Cooper Basin, resulting in flooding and road closures. This has disrupted ground access, equipment freight, and site preparation, leading to a delay in the commencement of site preparation and rig mobilisation. The spudding of the Odin-2 appraisal well is now expected to occur in May, approximately one month later than previously advised. Vintage Energy anticipates providing further updates on the timing of the Odin appraisal drilling as clarity and certainty permit. Despite the challenges, Odin-1 and Vali-1 are online and producing consistent with previous trends. The company remains committed to closely monitoring the situation and providing timely updates to stakeholders.