Key points
- Sales revenue of $1.2 million
- Production of 0.11 PJe
- Scale management successful downhole and at meter
- Further improvement in cost and cash outflow
- Closing cash of $2.03 million
Full summary
Vintage Energy Ltd reported quarterly sales revenue of $1.2 million, down 18% from the prior quarter, due to lower gas production and the absence of LPG liftings. Production was 0.11 PJe, down 8% from the prior quarter, mainly due to lower output from the Odin-2 well. The company successfully implemented de-bottlenecking initiatives and managed scale accumulation at the Odin field, restoring accurate metering. Cash outflow from operating activities improved by 35% to $0.56 million, largely due to reduced production and administration costs. Closing cash was $2.03 million, down 7% from the prior quarter. The company conducted a capital raising to fund a Production Uplift Program, raising $1.15 million to date. Vintage also announced the renewal of the ATP 2021 permit in the Cooper/Eromanga Basins for a 6-year term. The company continued to progress its Nangwarry CO2 project in the Otway Basin and geological and geophysical studies in the Galilee Basin and Bonaparte Basin.