Vintage Energy (ASX: VEN) has secured funding from PURE Resources Fund to boost gas production at its Odin and Vali fields. PURE Asset Management’s hybrid credit fund will subscribe to $551,500 in Vintage equity via the current shortfall offer. This brings the total gross proceeds from the shortfall and entitlement offers to $1.15 million, leaving $938,452 available. Vintage Energy’s Managing Director, Neil Gibbins, highlighted the immediate cash flow benefits, enabling a focus on a production uplift program expected to increase output from 2.1 to 5.6 million standard cubic feet per day (MMscf/d).
With PURE’s commitment, 187,690,409 shares remain available in the shortfall offer, open until May 28. PURE Resources Fund’s Daniel Porter noted Vintage’s progress in scaling up gas flows and cost management. The $1 million capital program aims for a 70% to 187% increase in current daily production rates, with an anticipated payback period of fewer than three months. Vintage Energy reported $1.2 million in sales revenue and $2 million cash on hand as of March 31, marking the third consecutive improvement in cash outflow. The company expects further savings from its restructuring program in the first quarter of FY26.
