Australia's Vintage Energy, Metgasco fall on delays at JV gas project

Caisse Regionale De Credit Agricole Mutuel Atlantique Vendee

25/05/2022 04:56

** Shares of oil and gas explorer Vintage Energy  VEN.AX 
and energy co Metgasco Ltd  MEL.AX  skid as much as 6% and 4.2%,
respectively
    ** JV partners Vintage Energy and Metgasco are facing delays
at their Vali gas project in Queensland in light of global
supply chain issues  urn:newsml:reuters.com:*:nASM000D53
    ** VEN says companies have pushed back construction, with
completion expected in September and first gas expected in
September or October
    ** Says heavy rainfall in late-April and May delayed planned
fracking operations in the Vali-2 and Vali-3 wells in project
area
    ** VEN, however, expects cash generation from gas supply to
commence in the first half of FY23
    ** VEN hits lowest since May 10
    ** MEL down 14.3% YTD, as of last close, while VEN lost 1.2%
this year, as of last close
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))