Vintage issued 150 million shares to raise the $30 million by way of an IPO and listed on the ASX on 17 September 2018. The IPO was oversubscribed with strong support from both local and overseas institutions.
The IPO and listing will help fund Vintage Energy's focus to tap into the eastern Australian gas market. The company has aggregated a portfolio of assets to pursue this focus, and intends to commit funds to a targeted, exploration and appraisal program on its asset base over the next several years.
Vintage Energy will also seek to continue to acquire projects in areas adjacent to established infrastructure.
MinterEllison's relationship extends back to 2015 when the firm commenced assisting Vintage Energy to assemble a portfolio of oil and gas exploration assets with a focus on capitalising on the demand for Australian east coast gas.
"MinterEllison has worked hand-in-hand with Vintage Energy since its inception, and we're proud to be able to provide ongoing support to the team as it develops and builds out its portfolio, potentially providing new gas into the east coast gas market," said Andrew Corletto, MinterEllison's lead Partner.
Vintage Energy was established to acquire, explore and develop energy assets principally within, but not limited to, Australia. Its Chairman is former Beach Energy CEO, Mr Reg Nelson and its managing director is former Beach Energy COO and acting CEO, Mr Neil Gibbins.
The establishment and listing of Vintage Energy, with its experienced Board and management team, comes at an important time given the increasing demand for gas, especially in the Australian east coast gas market.
The MinterEllison team was led by Andrew Corletto (Partner). He was supported by Sheena Jackson, (Partner), and Lisa Papanicalaou (Senior Associate), Sarah Swan (Lawyer), Emmalee Pacillo (Lawyer) and James Keeves (Clerk). Additional specialist expertise was provided by Simon Scott (Partner), Mark Stuart (Partner, MinterEllisonRuddWatts) and Daria Sutherland (Senior Solicitor, MinterEllisonRuddWatts).