Vintage Energy Ltd. (AU:VEN) has released an update.
Vintage Energy Ltd. reported a quarter marked by a fully underwritten capital raise of $8.0 million, gearing up for the appraisal drilling of the Odin gas field, which is expected to supply gas to eastern Australia this winter. The company recorded a decrease in sales revenue to $1.34 million, 26% lower than the previous quarter, but managed to reduce corporate and administrative costs by 52%. Cash reserves stood at $3 million at the end of the quarter, while the company looks forward to realizing further savings in staff costs in the following months.
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