--- title: "Vintage Energy Terminates Odin/Vali Field Acquisition Deal with Metgasco" type: "News" locale: "en" url: "https://longbridge.com/en/news/281299080.md" description: "Vintage Energy has terminated its acquisition deal with Metgasco for a 25% interest in the Odin and Vali Gas Fields due to unmet pre-conditions. Metgasco must repay Vintage an interest-free loan of $255,000. Despite this, Vintage has secured $5 million in conditional grants from the South Australian Government and is pursuing a $2.1 million entitlement offer to fund operations and oil exploration. The company has extended its $10 million loan facility to January 2028 and is focusing on drilling new gas production wells while integrating oil exploration into its strategy." datetime: "2026-04-01T04:02:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281299080.md) - [en](https://longbridge.com/en/news/281299080.md) - [zh-HK](https://longbridge.com/zh-HK/news/281299080.md) generator: "portal-rs" --- # Vintage Energy Terminates Odin/Vali Field Acquisition Deal with Metgasco Vintage Energy has terminated its Petroleum Title Sale Agreement with Metgasco for 25% interests in the Odin and Vali Gas Fields due to unmet pre-conditions. This decision follows the failure to meet the pre-conditions by the **31 March 2026** sunset date. As a result of the termination, **Metgasco** is now obligated to repay Vintage an interest-free loan of **$255,000**. This amount covers three months of joint venture cash calls and is due by **13 May 2026**. The termination implies potential counterpart funding and execution risk for **Vintage**, raising uncertainty about the company's ability to secure replacement deals for its recapitalisation efforts. Despite this, the **South Australian Government** has awarded **$5,000,000** in gas initiative grants for **Odin-3** and **Vali-4**, which remain conditional on grant agreements and drilling by **30 September 2028**. **Capital Raising Efforts Underway** **Vintage Energy** is actively pursuing other funding avenues, including a **$2.1 million** non-renounceable entitlement offer. This offer is priced at **$0.004** per share and aims to secure funds for working capital, evaluating oil prospects, and the permanent connection of the **Odin** gas field. Shareholders participating in the offer will also receive two free attaching options for every new share that carry an exercise price of **$0.005** and are set to expire in **April 2028**. Directors are committed to contributing **$200,000** to this entitlement offer. In a move to strengthen its financial position, **Vintage** has also successfully extended its **$10 million PURE Asset Management** loan facility. The maturity date for this facility has been pushed out to **31 January 2028**, providing additional financial runway. **Odin Project and Operational Focus** A key allocation of the capital raise proceeds is for the **Odin** permanent gas field connection. This infrastructure upgrade is estimated to generate annual operating expense savings of **$0.35 million** for **Vintage's** share. Funds will also support preparations for drilling two new gas production wells, **Odin-3** and **Vali-4**. The **South Australian Government** grants are expected to cover up to 50% of the drilling costs for these wells. **Metgasco** has indicated it will work with the joint venture to plan FY27 activities. This collaboration aims to maximise the performance of gas producing assets and accelerate the exploration of oil prospectivity in **ATP2021**. **Strategic Shift Towards Oil Exploration** **Vintage Energy** is integrating oil exploration into its broader strategy. The company has previously noted oil shows in its gas wells and has an inventory of drill-ready targets. Reflecting this strategic pivot, a significant portion of the recent capital raise, specifically **$1.45 million**, has been earmarked for assessing these oil prospects. Concurrently, **Vintage** continues to engage in discussions for potential new asset or corporate opportunities as part of its ongoing recapitalisation efforts. ### Related Stocks - [VEN.AU](https://longbridge.com/en/quote/VEN.AU.md) ## Related News & Research - [Vintage Energy Director Reg Nelson Boosts Stake via Entitlement Offer](https://longbridge.com/en/news/293885591.md) - [Vintage Energy Issues 5 Million Unquoted Options as Part of Capital Strategy](https://longbridge.com/en/news/286180727.md) - [Vintage Energy Signs Gas Sales Agreement for Production from Cullen-1 Onshore Well](https://longbridge.com/en/news/283428479.md) - [Winchester Energy Issues 28 Million Unquoted Broker Options](https://longbridge.com/en/news/282458904.md) - [Vermilion Energy (TSE:VET) Stock Price Down 12% - Should You Sell?](https://longbridge.com/en/news/282056104.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**