We consolidated this position, accelerating connection of a second gas field, Odin, and securing a second supply agreement. Zero lost time injuries and zero environmental incidents of reportable significance were incurred.
These milestones have been accompanied by frustrations, initially through post-COVID bottlenecks, which delayed completion of the Vali field facilities until
The detail of these complications and their status is addressed following, under the heading 'Operations'. For the purpose of this overview of the company's year-end position, I note three points of significance.
First, the delay in production from these wells resulted in production and cash generation being lower than expected. This, together with additional costs brought by the remedial field-based operations, necessitated the
Second, as of
Third, Vali is in the early stages of an appraisal program, the initial objective of which is understanding the field's reservoir properties so the most value-accretive development plan for Vali can be determined. The lessons acquired during the year will be reflected in a lower risk, better informed, development plan for Vali's uncommitted gas.
The expected value of this gas rose significantly during the year. Markets tightened, buyers offered higher prices to secure supply and the Competition and Consumer (Gas Market Code) Regulations 2023 (Code) exempted Vintage from the
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About
Contact:
Managing Director
+61 8 7477 7680
info@vintageenergy.com.au
Investor relations
+61 439 300 932
don.murchland@vintageenergy.com.au
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