• Funds working capital and preparations to drill 2 gas production wells
• Enables installation of cash-saving equipment at the Odin gas field
• Advances plans to exploit the oil potential of its acreage

Vintage Energy Ltd has announced a $2.1 million equity raise to fund ongoing operations and unlock the value of its portfolio of oil and gas assets. The funds will be used to prepare for the drilling of two gas production wells at the Odin and Vali gas fields, which have significant undeveloped 2P gas reserves of 135 PJ (gross, Vintage share 50%). The raise will also enable the installation of permanent, cash-saving equipment at the Odin gas field, reducing operating costs by $0.35 million per year. Additionally, the funds will support Vintage's plans to exploit the oil potential of its acreage in the Cooper Basin, where over 20 prospects and leads have been mapped, with two drill-ready prospects identified. The equity raise is supported by the company's chairman and managing director, and the funds will provide a runway for Vintage to execute its production uplift initiatives and continue engaging with parties interested in potential buy-in opportunities across the company's gas, oil, and CO2 assets in the Cooper, Bonaparte, and Otway Basins.

The equity raise will enable Vintage to fund ongoing operations and preparations to drill two gas production wells, install cash-saving equipment at the Odin gas field, and advance plans to exploit the oil potential of its acreage. This will position the company to capitalize on the heightened activity and oil and gas success in the Southern Flank of the Cooper Basin, as well as the current market demand for gas and oil.