Vintage Energy Limited has released its quarterly report for the period ending June 30, 2024, revealing mixed results across its operations.
According to Vintage, its sales revenue for the quarter was $1.1 million, down 19 per cent from the previous quarter, while full year sales revenue reached $5.1 million. Cash and equivalents at quarter-end stood at $7.7 million, up from $3 million at the start of the quarter.
On the operational front, gas sales experienced a similar downturn, totalling 90 terajoules for the quarter, an 18 per cent reduction from Q3. However, the company achieved a notable success with its Odin-2 appraisal well, which was successfully drilled and logged, confirming gas pay in target formations.
Vintage said it is now actively preparing for field work scheduled for the September quarter.
Managing Director Neil Gibbins said the highlight of the quarter was the drilling and logging of Odin-2 which successfully appraised the eastern flank of the Odin gas field.
“Completion and connection, scheduled for the current quarter, will increase our output from the field. We are targeting further increment from production optimisation initiatives at Odin and Vali,” he said.
“While the quarter’s cash outflow was affected by lower cash receipts, the progress in reducing expenditure is clear: staff costs were 27 per cent lower than the prior period, and corporate expenditure maintained notwithstanding non-recurring legal costs incurred in successful submissions to the Takeovers Panel.”
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