Vintage Energy (ASX: VEN) has announced subscriptions reaching 73% for its Shortfall Offer, following a preceding Entitlement Offer. This has resulted in the issuing of 303.7 million shares, raising gross proceeds of $1.52 million. The shortfall offer allows investors to acquire new shares at $0.005 per share, each including an option exercisable at $0.009, expiring in March 2027. A remaining 113.7 million shares are available until May 28, 2025.
The funds raised are earmarked for Vintage’s production uplift program, aimed at increasing gas output from the Odin and Vali gas fields. This program involves managing scale build-up and opening new producing zones. Modeling suggests this could increase raw gas production by 2.1 to 5.6 million standard cubic feet per day (MMscf/d) from the Cooper Basin fields, significantly enhancing the average total production of 3.5 MMscf/d reported for Q1 2025. Vintage Energy also secured renewal of permit ATP 2021 by the Queensland government for six years, extending to June 2030, enabling further assessment of oil and gas prospects with partners Metgasco and Bridgeport, while awaiting production license approvals for the Vali and Odin gas fields.
