Press

Vintage Energy to Increase Equity in PEL 155 to 50%


Vintage Energy Ltd has acquired, subject to final approvals by the SA Govt, an additional 25% equity share of South Australian Otway Basin permit area, PEL 155, giving it a 50% share of the highly prospective gas exploration permit.

Vintage and Rawson earlier agreed that Vintage would acquire an additional 25% equity in PEL 155, subject to State Govt approval, provided the joint venture was successful in being granted a Petroleum Accelerated Exploration (PACE) Gas Grant.

The Rawson-Vintage PEL 155 Joint Venture has now executed the PACE Funding Deed and received A$4.95 million from the South Australian Government to support the drilling of the conventional, gas exploration well, Nangwarry-1 due to be drilled in 2/2 this year.



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