Quarterly Activities Report
Melbourne, April 30, 2024 AEST (ABN Newswire) - Vintage Energy Ltd (
ASX:VEN) provide the FY24 Q3 Quarterly Activities Report.
- Sales revenue of $1.3 million
- Production of 0.11 PJ equivalent
- Cash and equivalents at 31 March of $3.0 million
- $8.0 million fully underwritten capital raise
- Ready to commence Odin appraisal
Managing Director's comment
"We are now ready to commence appraisal drilling on the Odin gas field with civil works underway in preparation for the spudding of Odin-2 in the coming weeks. Funding for the program has been secured by the capital raising initiated in the quarter. I would like to express our appreciation for the support given to the raising by shareholders and investors. With drilling success, we aim to be supplying gas from Odin-2 to eastern Australia this winter.
The initial benefits of the cost reduction initiatives implemented in the quarter were evident in the 52% reduction in corporate and administration expenditure. More significant savings, particularly in staff costs which were the focus of initiatives in March, will be realised in the coming quarter."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/X48KWRCA
About Vintage Energy Ltd
Vintage Energy Ltd (ASX:VEN) has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.
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