Vintage Energy was registered as a proprietary limited company on November 5, 2015. The Company was formed amid the backdrop of a developing energy and gas supply crisis.
There is a clear gas supply shortage in the eastern states of Australia and spot gas prices have reached record levels. Crude oil prices are at about US$60/bbl, having rebounded and stabilised from the extreme lows of 2015/16. This, combined with an Australian Dollar to US Dollar exchange rate of around $0.75 and reductions in operating costs imply there are improved margins for both oil and gas production, creating opportunities for increased exploration and development of oil and gas assets within Australia.
Since the Company’s inception, directors and advisors have been actively reviewing oil and gas opportunities and corporate opportunities in the Australian market. Vintage Energy has thus far secured two separate, but valuable and highly strategic, natural gas exploration opportunities. We believe that each of these has strong potential for new gas discoveries and more importantly, the potential for early gas production to supply the Eastern Australian energy market.
Further farm-in and acquisition discussions on several assets are underway.