• Funds to assist with technical evaluation and prioritisation of oil prospects and leads
• To provide working capital and complete permanent connection to Odin gas field
• 1-for-4 non-renounceable entitlement offer at 0.4 cents per share with 2 free-attaching options

Vintage Energy Ltd (ASX: VEN) announces a $2.1 million capital raising to fund ongoing working capital, assist with evaluation of oil prospects, and the installation of a permanent connection for the Odin gas field. The capital will be raised through a 1-for-4 non-renounceable entitlement offer, with shares priced at 0.4 cents per share, a 20% discount to the last traded price. Every new share issued will also be accompanied by 2 free-attaching options with an exercise price of 0.5 cents and expiry date of 24 April 2028. The funds will be used for general working capital and assessing oil prospects ($1.45 million), the Odin permanent connection ($0.55 million), and offer costs ($0.10 million). The capital raising will enable Vintage to continue preparations for the drilling of two gas production wells in its southern flank acreage, which have attracted part-funding from the South Australian Government. The company is also keen to test the oil prospectivity of its acreage, which has been affirmed by oil discoveries and producing fields in the region. The Chairman and Managing Director have indicated they will participate in the Entitlement Offer with a total contribution of $200,000.

The capital raising will enable Vintage to continue preparations for the drilling of two gas production wells in its southern flank acreage, which have attracted part-funding from the South Australian Government. The company is also keen to test the oil prospectivity of its acreage, which has been affirmed by oil discoveries and producing fields in the region.