Shortfall Offer Completed Fully Subscribed
| Stock | Vintage Energy Ltd (VEN.ASX) |
|---|---|
| Release Time | 29 May 2025, 11:13 a.m. |
| Price Sensitive | Yes |
Vintage Energy Ltd Shortfall Offer Fully Subscribed
- Shortfall Offer fully subscribed
- Capital raising targets met in full
- Total $2.1 million raised from Shortfall Offer and preceding Entitlement Offer
- Capital raised to be applied to Production Uplift Program
Vintage Energy Ltd (ASX: VEN) has announced that its Shortfall Offer, which followed the company's Entitlement Offer of 31 January, has been fully subscribed. The Shortfall Offer allowed for the subscription of shares not taken up in the Entitlement Offer at the same issue price of 0.5 cents per share with attached options. Collectively, the offers represent a total subscription of $2.1 million, which will be used to fund the company's Production Uplift Program. This program is aimed at lifting gas output from the Odin and Vali gas fields and providing working capital. A total of 328.0 million shares have been allocated under the Shortfall Offer to new and existing shareholders. Each new share allotted under the entitlement and shortfall offer has a non-tradeable free attaching option exercisable at 0.9 cents and expiring 7 March 2027. Vintage Energy Managing Director Neil Gibbins expressed the company's appreciation and encouragement for the support received through the Entitlement and Shortfall offers, and welcomed new investors to the share register. The implementation of the Production Uplift Program is planned for mid-July 2025, after site access is reinstated post the flooding in the Cooper Basin region. The program is expected to provide an uplift in raw gas production of between 2.1 MMscf/d to 5.6 MMscf/d from the company's Odin and Vali gas fields, with a cash payback of less than three months.
The Production Uplift Program is expected to provide an uplift in raw gas production of between 2.1 MMscf/d to 5.6 MMscf/d from the company's Odin and Vali gas fields, with a cash payback of less than three months.
Vintage Energy is looking forward to executing the Production Uplift Program at the first opportunity, with successful outcomes expected to have immediate flow-on benefits to production, sales, and cash generation.