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Vintage Energy Ltd (ASX:VEN)

ALERT: Price-sensitive ASX Announcement for VEN
Current share price for VEN : $0.002 0 (0%)+
Announcement
Release
15 Jun 2026 10:05AM
Price at Release
$0.002
Full Release
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Summary
Vintage Energy Ltd has signed agreements to receive $5 million in grants from the South Australian government for their Southern Flank gas projects, namely PRL 211 and ATP 2021. These grants are specifically allocated to cover up to 50% of the costs associated with drilling two new gas production wells, Odin-3 and Vali-4, which are part of the larger Odin and Vali gas fields discovered in 2019 and 2020. These fields, supplying energy to major companies like ENGIE and AGL, are estimated to contain over 130 PJ of gas reserves, most of which remain uncontracted. This initiative is part of the SA Gas Incentive Grant program, which seeks to bolster investment in gas resources, thereby enhancing the energy security of South Australia. The full grant is expected to be received by June 2026 to facilitate the necessary preparations for drilling.
Key Points
  • Vintage Energy Ltd signed agreements for $5 million grants.
  • The grants aim to fund 50% of the cost for drilling two new gas production wells.
  • Vintage Energy holds a 50% interest in Southern Flank gas projects PRL 211 and ATP 2021.
  • Other stakeholders include Metgasco Ltd (25%) and Bridgeport (Cooper Basin) Pty Ltd (25%).
  • The grant will support drilling of Odin-3 and Vali-4 in the Nappamerri Trough, Cooper Basin.
  • Odin and Vali gas fields discovered in 2019 and 2020 supply energy to ENGIE and AGL.
  • The fields have over 130 PJ of Gross Proved and Probable gas reserves, mostly uncontracted.
  • The South Australian government provides these grants under the SA Gas Incentive Grant program.
  • The program aims to accelerate investment in gas supply, storage, and infrastructure.
  • The grant receipt is expected before 30 June 2026, aligning with rig availability and drilling contracts.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.