Vintage Energy Limited (ASX: VEN) commenced a business restructuring, reducing staff headcount and direct salaries by 41%. This will deliver annual savings of AU$ 1.14 million while managing redundancy costs of approximately AU$ 0.47 million in H1 2025.
The company remains focused on the Southern Flank gas fields, Vali and Odin, and is working to enhance production from existing wells. Recent programs identified scale accumulation as a key issue impeding production. Successful remediation at Odin-1, resulting in a 2.3x production increase, highlights the potential for improvement. Vintage is installing chemical injection equipment this week to inhibit scale formation, a cost-effective solution that may also benefit production at the Vali gas field. Managing Director Neil Gibbins acknowledged the contributions of outgoing staff while reaffirming the company’s commitment to operational efficiency and production enhancement. These initiatives position Vintage for sustainable growth and increased gas output moving forward.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
