Vintage Energy Ltd (VEN.AX) Quarterly Activities Report

Melbourne, Oct 31, 2024 AEST (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) provide the Quarterly Activities Report for the period ended 30 September 2024.

Main features

- Successful Odin production optimisation

- Proved and Probable Reserves increased by 45%

- Odin-2 completed, commences production subsequent to end of quarter

- Sales revenue of $0.7 million

- Production of 0.06 PJe

- Vintage Energy - Galilee Energy merger proposal announced

Managing Director's comment

"The highlight of the quarter was our field operations, which were conducted free of lost time injuries, delivered higher gas production from Odin-1 and brought an additional well, Odin-2, online shortly after quarter's end. We expect uplift from these factors to benefit our December quarter gas output and revenue. Odin was also responsible for the 45% increase in 2P reserves we announced in September.

"Looking to the future, the Heads of Agreement signed in August for the merger of Vintage Energy and Galilee Energy has set a path for Vintage to upgrade its capacity to address the east coast gas opportunity, starting with our Cooper Basin gas projects. We are working with the team at Galilee to take the merger to reality in the coming months."

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/VQ4L4417

About Vintage Energy Ltd

Vintage Energy Ltd (ASX:VEN) has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.

    

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