News & Insights

Taylor Collison, MST Financial tapped for Vintage Energy raising

Sep 15, 2020

Listed oil and gas explorer Vintage Energy is getting some cash in the door to ramp up drilling activities at its Queensland-based resources projects.

The company went into a trading halt on Tuesday morning as it seeks to raise up to $15 million through a placement and non-renounceable entitlement offer.

The placement was pegged to raise up to $3.1 million and the entitlement offer would snare as much as $12.1 million, according to terms sent to funds.

The offer was priced at 6¢ a share, which represented a 14.3 per cent discount to Vintage Energy's last close and a 20.2 per cent discount to the five-day VWAP.

Taylor Collison and MST Financial were joint lead managers on the raising and were calling for bids into the placement by 11am on Wednesday.

Funds were told money raised would go towards drilling wells at the company's Vali field in the Queensland portion of Australia's Cooper/Eromanga basins. It would also be put towards drilling the Odin prospect, adjacent to the Vali field, among other things.

The $21 million Vintage Energy – chaired by ex-Beach Energy managing director Reginald Nelson – has been building a portfolio of oil and gas exploration assets over the past two years, to take advantage of Australia's East Coast gas crisis.