Adelaide-based Vintage Energy Ltd., Australia’s newest oil exploration and production company, is scheduled to begin trading its shares on the Australian Stock Exchange on Sept. 17.
The company has acquired oil and gas exploration assets in South Australia, Queensland, the Northern Territory, and Victoria.
Vintage recently completed an oversubscribed initial public offering, raising $30 million (Aus.) with the support of local and overseas institutions, which acquired in excess of 60% of the shares issued at 20¢ each.
The company is chaired by Reg Nelson, former managing director of Beach Energy Ltd. Managing director of Vintage is Neil Gibbins, who is a former Beach Energy chief operating officer.
Gibbins says Vintage aims to generate early oil and gas production through evaluation and appraisal, primarily focusing on the Australian east coast gas market. The plan is to acquire high-quality exploration and production assets close to existing infrastructure with the potential for rapid development.
In partnership with Comet Ridge Pty. Ltd., Vintage recently successfully drilled the Albany-1 gas appraisal well in the Galilee basin in north Queensland. Planning for Albany-2 is under way. The objective is to prove up a commercial new source of gas from the Albany prospect.
Vintage and Rawson Oil & Gas also have started work on well design, environmental assessments, and community consultation for the drilling of the Nangwarry-1 wildcat well in the onshore Otway basin of South Australia.