Vintage Energy Ltd said Wednesday PURE Asset Management Pty Ltd has granted an extension and terms amendment for a AUD 10 million ($7.06 million) loan to support Vintage’s campaign to increase its natural gas production in the Cooper/Eromanga basins.
The new agreement follows awards totaling AUD 5 million to Vintage by the South Australian government under the AUD 17.5-million 2025 SA Gas Initiative. The investment from the state government and PURE help unlock more gas from the Odin and Vali fields. Odin is in the PRL 211 permit in South Australia while Vali is in the ATP 2021 permit in Queensland.
“This facility amendment, like the drilling grant by the South Australian government, underscores expectations of the capacity for increased gas supply from Odin and Vali”, Vintage said in a bourse filing Wednesday.
“Odin and Vali have over 135 PJ [petajoules] of undeveloped gas 2P [proven and probable] reserves and this amendment enables Vintage to concentrate on the work we have planned to bring more of this gas to market and lift cash generation”, said Vintage managing director Neil Gibbins.
Five wells have been drilled in the projects, located in the Southern Flank of the Nappamerri Trough, starting with the Vali-1 discovery. The current campaign covers Vali-4, as a new access to the Toolachee Formation, and Odin-3, in a similar intersection of the Toolachee and Epsilon reservoirs, according to Vintage.
“Now, these amendments will support our shift in project emphasis from aggressive appraisal to production and the reformation and reinvigoration of the Southern Flank joint ventures”, Gibbins said.
The loan, which was to expire after 48 months under the previous agreement, has now been extended from June 2026 to January 2028.
The new terms include “provisions for repayment of a tranche of AUD 3 million, prior to 31 December 2026 in the event of a successful Southern Flank joint venture reformation inclusive of farm-down of joint venture interests not presently held by Vintage”, Vintage said. “Such repayment would result in a reduction to minimum cash covenant from AUD 1.5 million to AUD 1 million”.
Vintage expects to drill the two wells by the third quarter of 2026 subject to the signing of grant agreements with the South Australian government, Vintage said in a statement February 20, 2026 confirming the grant awards.
“The grants will go directly into wells intended to increase gas supply for electricity generation in South Australia”, Gibbins said then.
The ATP 2021 and PRL 211 licenses are held under joint ventures in which Vintage is operator with a 50 percent stake. Bridgeport (Cooper Basin) Pty Ltd and Metgasco Ltd each own 25 percent.
To contact the author, email jov.onsat@rigzone.com
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