VEN - MEL to deliver Gas, page-5

The AGL agreement is explained a bit better in the March 23rd announcement as per the quote below. Whilst the date might be a bit out now due to supply chain delays that a lot of companies are experiencing the main point is that VEN have a good long term customer and the pricing is a mix of fixed & variable which is important in the current environment. With the experienced team that VEN have in place I just can't see them making any rookie errors or doing anything that isn't in shareholders interests. A few more months before production and sales feels like a long time especially when gas prices are so strong but it's also a good chance to add some more shares before sales start & the SP should respond accordingly. Quote from the announcement below:

Gas produced during the production appraisal is to be sold to AGL on a mix of firm and variable pricing at
market rates. Under the terms of the GSA, the JV will receive pre-payments totalling $15 million in three equal
tranches from AGL on achievement of milestones as the project moves to first gas. These funds are to be
applied specifically to funding the work program to take Vali to first gas. Vintage is fully funded for capital
expenditure at Vali through to first cash flow.
The first pre-payment is to be made on signing of the GSA and satisfaction of its conditions precedent which
include execution of upstream transportation and processing agreements. Vintage Managing Director, Neil
Gibbins, said the signing of the GSA was a milestone for the company.
“Vintage now has the GSA, finance and reserves in place to commence revenue generation in the near future.
We are intent on completing the supporting agreements and field work to enable gas flows to commence by
our mid-year target time.
“We will be pleased to become a supplier of gas to the eastern Australia domestic energy market at a time
when new sources of gas supply are being keenly sought.
The volume contracted under the GSA represents between just 9% and 16% of the field’s announced Proved
and Probable Reserves. We expect Vali and adjacent resources, such as our Odin discovery, will supply greater
volumes of gas to eastern Australia in the coming years, subject to the lessons acquired during appraisal of
initial production performance from the field,” said Mr Gibbins.