VINTAGE ENERGY LTD — Capital/Financing Update 2021

Dec 12, 2021

DECEMBER 2021

Placement and Share Purchase Plan

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Vintage Energy overview Quality portfolio of permits that are geographically diverse; cash flow anticipated in Q2 2022

• 1 Cooper / Eromanga Basins • Growing, multi-permit, footprint

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5
4
1
3
2
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• ATP 2021: Commercial gas field proven at Vali; PRL 211: Odin-1 gas discovery tested at commercial rates

2 Otway Basin

• Nangwarry-1 CO2 discovery; interest from multiple parties

3 Perth Basin

• Cervantes oil prospect; on trend with Hovea, Jingemia and Cliff Head oil fields

4 Galilee Basin

• Albany Field discovered with gas flow from Albany-1

• 5 Bonaparte Basin

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8% 5%
17%
70%
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• Multiple oil and gas play types in frontier region

Capital Structure(pre-raise)	Capital Structure(pre-raise)
Shares	605.3 million
Share price (at 8/12/21)	9.8 cents
Market Capitalisation	$59.3 million
Cash (at 30/9/21)	$4.9 million

Share Register Breakdown

• Institutional – International

• • Retail

• Institutional – Australia

• • Board and management

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2 December 2021 | Placement and Share Purchase Plan

Value adding achievements Vintage has delivered with its key operational assets to date

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VALI
GAS FIELD
ODIN
GAS FIELD
ACHIEVEMENTS NANGWARRY
DELIVERED CO FIELD
2
GAS
SALES
DEBT
FUNDING
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Success with Vali-1 ST1 exploration well, Vali-2 and Vali-3 appraisal wells; Tripling of Vali 2P reserves to 101.0 PJ (Gross), 50.5 PJ (Net)

Success with Odin-1 exploration well; Gross 2C Contingent Resources booking of 36.4 Bcf (16.0 Bcf Net); stabilised flow of 6.5 MMscfd on test

Nangwarry-1 CO2 well flow tested at more than commercial rates; pursuing options to commercialise stable source of food grade CO2

Gas sales to AGL through to 2026, with $7.5 million (net) in gas prepayments (Heads of Agreement with AGL) to fund initial Vali Field capex to get to first production

Up to $10 million (net) funding with PURE Funds Mgt for the Vali Project

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3 December 2021 | Placement and Share Purchase Plan

High impact exploration and appraisal

Funding required for exploration in the Cooper and Perth Basins, completion and tie-in of Odin-1, moving Nangwarry towards commercialisation and undertaking GG&E

Three Growth Projects

1

• Upcoming exploration and appraisal program to be funded by Capital Raising and cash ($4.9 million at 30 September 2021)

ODIN FIELD (Cooper Basin)

• $0.45m – Odin-1 completion

• $1.9m – Odin-1 connection and facilities

VALI/ODIN Cooper / Eromanga basins NANGWARRY Otway Basin

2

CERVANTES Perth Basin

3

4

ATP 2021 EXPLORATION (Cooper Basin)

• $1.75m – Seismic survey

• $2.0m – Drill gas well

• $1.5m – Drill oil well

• NANGWARRY FIELD (Otway Basin)

• $0.5m – Nangwarry Field marketing costs, engineering studies

• CERVANTES PROSPECT (Perth Basin)

• $3.9m – Drill Cervantes oil exploration prospect

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December 2021 | Placement and Share Purchase Plan

4

PRL 211 and ATP 2021 (Cooper Basin) Cooper Basin new field discoveries close to Moomba connected infrastructure, with exciting follow-up prospects, such as Kinta, still to be drilled

ODIN FIELD: 2C of 16.0 Bcf (net)

Odin-1 exploration well

• New field gas discovery, with interpreted gas pay in Toolachee, Epsilon and Patchawarra formations

• Significantly larger Contingent Resources certified by ERCE vs predrill Prospective Resources

• Flow test delivered stabilised gas flow rate of 6.5 MMscfd (WHP of 1823 psi through 28/64” choke)

• Flow from Epsilon and Toolachee; Patchawarra yet to be tested

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GAS AND OIL PROSPECTIVITY

• Kinta an exciting prospect with gas shows in the Kinta well, drilled in 2003

• Similar structure to Vali and Odin; 3D seismic required

• ATP 2021 and PRL 211 have numerous gas and oil prospects and leads

VALI FIELD: 2P of 50.5 PJ (net)

Vali-1 ST1 exploration well

• Fracture stimulated with extended production test flowing gas at 4.3 MMscfd (WHP of 942 psi through 36/64” choke)

Vali-2 appraisal well

• Gas pay in Toolachee and Patchawarra

• Vali-3 appraisal well

• Gas pay in Toolachee, Epsilon and Patchawarra

• Oil shows in the shallower Jurassic

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5 December 2021 | Placement and Share Purchase Plan

Funds available to get Vali Project through first gas and cash flow Up to $17.5 million (net) total: $7.5 million (net) to be received from AGL as a gas prepayment; up to $10 million (net) of debt to be received from PURE

Gas Sales Agreement

• ATP 2021 Joint Venture and AGL Wholesale Gas Limited conditional Heads of Agreement containing key terms for a full form Gas Sales Agreement

• Vali gas supply exclusive to AGL from mid-2022 until end-2026, estimated at between 9 PJ and 16 PJ (gross)

• Pricing at a mix of fixed and variable market rates

• Includes a pre-payment of $15 million to the Joint

• Up to Venture for funding the Vali Field work to first gas

• $17.5m Debt Funding

• Up to $10 million (net) to be received from Pure Financial Management via a debt facility

• Vali Field capital expenditure fully funded through first production and cash flow

• Facility based on two tranches of $5 million each

• Facility term of 48 months; warrants to be issued to PURE at an exercise price of 17 cents per share[1] (subject to shareholder approval)

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1 Exercise price reduced from 20 cents due to the issue price of the capital raising. Subject to usual adjustment mechanism for dilution.

6 December 2021 | Placement and Share Purchase Plan

Southern gas production declining; demand stable; prices up Long-term domestic gas prices expected in the range of $8-$11/GJ; LNG pricing emerging as benchmark for ex-Wallumbilla gas price

Southern gas production and demand (PJ)

BASE CASE GAS PRICE FORECASTS (REAL $2021, $/GJ)

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500
Actual Forecast
11.05 11.05
450 10.54
10.04
400 9.54 9.54 9.54 9.54 9.54
8.84
8.67 8.67 8.67 8.67 8.67 8.67 8.67
8.52
350 8.16 8.11 8.22
7.61
300
250
5.11
4.89
200
150
100
50
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Victoria Cooper NSW-Narrabri Demand Melbourne Wallumbilla-Qld
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Source: Production forecasts: EnergyQuest; Demand forecasts: Central scenario, AEMO Gas Statement of Opportunities 2021 adjusted for Queensland

Source: EnergyQuest, 2021

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December 2021 | Placement and Share Purchase Plan

7

Uses of funds

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Vali-1 ST1 fracture stimulation

PRL 211 and ATP 2021 - $7.6 million (net)

Capital raising funds for Odin completion and tie-in, and exploration activities in and around Kinta[1]

PRL 211

• $0.45 million for the completion of Odin-1

• $1.9 million for connection of the Odin Field into the Moomba gathering system and facilities

ATP 2021

• $1.75 million for 3D seismic over the Kinta prospect

• $7.6m – 3D Seismic survey to firm up Kinta drilling location and identify a number of Jurassic oil leads

• Interpretation of seismic data will identify locations for a Kinta area gas well and Kinta area oil well

• • $2.0 million to drill a gas well in the Kinta area

• $1.5 million to drill an oil well in the Kinta area

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• 1 Activities are subject to regulatory and JV approvals, and rig and equipment availability

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9 December 2021 | Placement and Share Purchase Plan

Otway Basin - $0.5 million (net)

Nangwarry-1 CO2 discovery potentially capable of commercial production over 30+ years

• $0.5m Marketing and engineering studies

PRL 249 (exPEL 155)

• Nangwarry CO2 discovery

• Successful well testing flowed CO2 at stabilised rate of 10.5-10.8 MMscfd

• Potential for reliable, and highly profitable, source of food grade CO2

• Marketing and commercial discussions underway

• Many industrial uses for food grade CO2 including: Carbonation of soft drinks, fruit juices and beer, winemaking, medical devices, cold storage / refrigeration, growth of farm produce as an atmosphere additive, production of paints, varnishes and manufacture of foam rubber

Nangwarry CO2 discovery (net to Vintage)[1]

	CO2	Sales Gas (Bcf)	Sales Gas (Bcf)	Unrisked	hydrocarbon Contingent	hydrocarbon Contingent
					Resources (Bcf)
	Low	Best	High	1C	2C	3C
Pretty Hill Sandstone	4.5	12.9	32.2	0.3	0.8	2.0

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• 1 Refer to ASX release dated 31 August 2020

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10 December 2021 | Placement and Share Purchase Plan

Perth Basin – $3.9 million (net) Cervantes is an exciting oil prospect on trend with Cliff Head, Jingemia and Hovia oil fields

• Drilling the Cervantes-1 well[1]

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$3.9m

  - Anticipated timing Q1/Q2 2022

• L14, located within the Perth Basin, is a 39.8 km[2] production licence granted over the Jingemia oilfield and surrounds

• Binding farm-in agreement executed for 30% of the Cervantes prospect (Metgasco 30%, RCMA Australia 40% and free carried on well[2] )

• Non-binding LOI with Strike Energy for rig slot on Ensign 970

• Agreements being negotiated with Strike and Ensign

• Vintage and Metgasco to each fund 50% of the Cervantes well cost

• High-side fault trap of multiple reservoir units (similar to existing fields)

• Permian sandstone reservoir targets (prolific producers in Perth Basin)

• COS of 28% and a high chance of development

Gross Cervantes structure prospective resource (MMbbl)[3]

3 Volumetrics sourced from Metgasco. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. These prospective resources are estimated as of 10 September 2019 and first reported to the ASX on 15 November 2019. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The resources have been classified and estimated in accordance with the Petroleum Resource Management System (PRMS). The prospective resources have been estimated based on the interpretation of 3D seismic integrated with offset well data. Probabilistic methods have been used to estimate the prospective resource in individual reservoirs and the reservoirs have been summed arithmetically. Vintage is not aware of any new data or information that materially affects the estimate above and that all material assumptions and technical parameters continue to apply and have not materially changed. It is expected that the prospect will be drilled in H1 FY21 and that no further material exploration activities, including studies, further data acquisition and evaluation work are to be undertaken prior to that activity. Resource estimates are net of shrinkage.

Total		6.0	15.3	41.9
Vintage	30%	1.8	4.6	12.6

• 1 Subject to rig availability and regulatory approvals

• 2 Free carried to a well cost cap of $8 million above which costs revert to equity share

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• 11 December 2021 | Placement and Share Purchase Plan

Key raising details

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Key raising details Targeting ~$10.5 million via a Placement and Share Purchase Plan

• Targeting approximately $10.5 million via: –

• Offer Size & Single tranche Placement, of $8.5 million at $0.085 per share Issue Price Structure – A Share Purchase Plan (“SPP”) to raise up to approximately $2.0 million at the same $0.085 per share Issue Price as the Placement[1]

• • Issue Price represents: –

• Pricing 13.3% discount to the Vintage closing price on Wednesday 8 December 2021 of $0.098 per share – 12.5% discount to the Vintage 5-day VWAP of $0.097 per share on 8 December 2021

• • 123.5 million new shares to be issued under the targeted Placement and SPP, representing approximately 20.4% of existing

• Equity Raising shares on issue and approximately 16.9% of total shares on issue at completion of the capital raise Details • Participation by Board and management of Vintage

• •

• Ranking New shares issued will rank equally with existing ordinary shares from allotment

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1 Vintage may, in its absolute discretion, accept oversubscriptions or allocate less than the number of shares applied for in the SPP and determine to apply a scale back to the extent and in the manner that it sees fit.

13 December 2021 | Placement and Share Purchase Plan

Key raising details Pro-forma Capital Structure

Post-capital raise pro-forma	$10.5m raise
Pre-raise ordinaryshares	605.3m	83.1%
Pre-raise market capitalisation1	$59.3m
Target new shares issued (Placement+SPP)	123.5m	16.9%
Total target sharespost-raise	728.8m	100.0%
Issue Price	$0.085
Implied market capitalisation (at Issue Price)	$61.9m
Cash2	$15.4m
Implied enterprise value (at Issue Price)	$46.5m
Performance rights3	26,026,200

1. As at last close of $0.098 per share on 8 December 2021

2. Includes existing cash of $4.9 million at 30 September 2021 plus assumed $10.5 million capital raise (excluding cap raise fees and legal costs)

3. ASX release – 30 November 2021

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14 December 2021 | Placement and Share Purchase Plan

Indicative Placement and SPP timeline

Indicative Placement and SPP timeline
Key dates
Trading halt entered and announcement of Capital Raising	Pre-market Thursday, 9 December 2021
Placement offer opens	Pre-market Thursday, 9 December 2021
Placement offer closes (5.00pm AEDT)	Thursday, 9 December 2021
Record date for SPP (7:00pm AEDT)	Friday, 10 December 2021
Trading halt lifted and trading resumes	Pre-market Monday, 13 December 2021
SPP opens and dispatch of offer booklet	Thursday, 16 December 2021
Settlement of placement	Friday, 17 December 2021
Issue (and normal trading) of new shares issued under the placement	Monday, 20 December 2021
SPP closing date (5:00pm AEDT)	Friday, 14 January 2022
Settlement and issue of new shares under the SPP	Friday, 21 January 2022
Quotation of new shares under SPP	Monday, 24 January 2022

• The dates are indicative only and subject to change.

• The Company, in consultation with the Joint Lead Managers, reserves the right to amend this indicative timetable subject to the Corporations Act and the ASX Listing Rules.

• In particular, the Company reserves the right to extend the Closing Date to accept late applications.

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15 December 2021 | Placement and Share Purchase Plan

Explanatory notes and risks

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Explanatory notes

Prospective and Contingent Resources:

With respect to Prospective Resource estimates contained in this report, estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Reserves and resources are reported in accordance with the definitions of reserves, contingent resources and prospective resources and guidelines set out in the Petroleum Resources Management System (PRMS) approved by the Board of the Society of Petroleum Engineers in 2007.

Reserves Evaluator:

ERC Equipoise Pte Ltd (ERCE) – Vali Gas Field Reserve Assessment, Odin Gas Field Contingent Resource Assessment and Nangwarry CO2 Sales Gas

ERCE is an independent consultancy specialising in petroleum reservoir evaluation. Except for the provision of professional services on a fee basis, ERCE has no commercial arrangement with any other person or company involved in the interests that are the subject of this Contingent Resources evaluation. The work has been supervised by Mr Adam Becis, Principal Reservoir Engineer of ERCE’s Asia Pacific office with over 14 years of experience. He is a member of the Society of Petroleum Engineers and also a member of the Society of Petroleum Evaluation Engineers.

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17 December 2021 | Placement and Share Purchase Plan

Disclaimer

This presentation has been prepared by Vintage Energy Limited (“Vintage” or the “Company”), with the purpose of providing general information about the Company. This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and involve inherent risks and uncertainties. Actual results and performance are likely to differ materially from those expressed or implied in any forward-looking statements. To the maximum extent permitted by applicable laws, Vintage and its directors, agents, officers or employees make no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects and should not be considered specific advice or a recommendation to invest in securities. It should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating Vintage. The Company accepts no responsibility to update any person regarding the information contained in this presentation. This presentation may not be reproduced or redistributed to any other person. This is a private communication and was not intended for public circulation or publication or for the use of any third party without the approval of the Company.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

Competent Persons Statement

The hydrocarbon resource estimates in this report have been compiled by Neil Gibbins, Managing Director, Vintage Energy Limited. Mr. Gibbins has over 35 years of experience in petroleum geology and is a member of the Society of Petroleum Engineers. Mr. Gibbins consents to the inclusion of the information in this report relating to CO2 Sales Gas estimates and hydrocarbon Reserves and Contingent and Prospective Resources in the form and context in which it appears. The Reserve and Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resource Management System.

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18 December 2021 | Placement and Share Purchase Plan

International offer restrictions

This document does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, the document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permitted below.

Hong Kong

WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

New Zealand

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act").

The New Shares are not being offered to the public in New Zealand other than to existing shareholders of the Company with registered addresses in New Zealand to whom the offer of these securities is being made in reliance on the FMC Act and the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016. Other than in the Entitlement Offer, the New Shares may only be offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:

• is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act;

• meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;

• is large within the meaning of clause 39 of Schedule 1 of the FMC Act;

• is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or

• is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.

• 19 December 2021 | Placement and Share Purchase Plan

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International offer restrictions (cont…)

Singapore

This document and any other documents relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document in connection with the offer or sale, or invitation for subscription or purchase, of New Shares may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the 'SFA') or as otherwise pursuant to, and in accordance with, the conditions of any other applicable provisions of the SFA.

This document has been provided to you on the basis that you are (i) an existing holder of the Company's shares, (ii) an 'institutional investor' (as defined in the SFA) or (iii) a 'relevant person' (as defined in section 275(2) of the SFA). In the event you are not such a shareholder, institutional investor or relevant person, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to the resale restrictions in Singapore and comply accordingly.

Switzerland

The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or any other stock exchange or regulated trading facility in Switzerland. Neither this document or any accompanying document relating to the New Shares (i) constitutes a prospectus or similar notice as such terms are understood under Article 652a, Article 752 or Article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of Article 27 et seqq. of the SIX Listing Rules or (ii) has been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA).

Neither this document nor any accompanying document relating to the New Shares may be publicly distributed or otherwise made publicly available in Switzerland. The New Shares will only be offered to regulated financial intermediaries such as banks, securities dealers, insurance institutions and fund management companies as well as institutional investors with professional treasury operations. This document is personal to the recipient and not for general circulation in Switzerland.

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20 December 2021 | Placement and Share Purchase Plan

International offer restrictions (cont…)

United Kingdom

Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in relation to the New Shares.

This document is issued on a confidential basis to 'qualified investors' (as defined in section 86(7) of the FSMA) in the United Kingdom. The New Shares are not authorised to be offered or sold in the United Kingdom by means of this document, or any accompanying document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be distributed, published or reproduced, whether in whole or in part, nor may the recipients of this document disclose the contents to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the FSMA (Financial Promotions) Order 2005 (the "FSMA Order"); or (ii) high net worth entities who fall within the categories within Article 49(2)(a) to (d) of the FSMA Order or (iii) to whom it may otherwise be lawfully communicated (together 'relevant persons'). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

United States

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1993 (the "US Securities Act") or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

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21 December 2021 | Placement and Share Purchase Plan

Investment risks

• Potential investors should be aware that there are risks associated with investing in Vintage. Certain risks are beyond the control of Vintage and its Directors and Management and may have a material impact on Vintage’s future operating and financial performance, and/or the financial position of Vintage, its prospects and/or the value of the Shares. Some of the key risks associated with an investment in Vintage are described as follows.

	Investment risks
	• Key to Vintage’s financial performance is to have success in exploring for and locating commercial hydrocarbons.
Exploration risk	Exploration is subject to technical risks and uncertainty of outcome. Vintage may not find any or sufficient hydrocarbon reserves and resources to commercialise which would adversely impact the financial performance of
	Vintage.
	• In the event that Vintage is successful in locating commercial quantities of hydrocarbon through exploration, or
	purchases a development project, then that development could be delayed or unsuccessful for a number of reasons
Development risk	including extreme weather, unanticipated operational occurrences, failure to obtain necessary approvals, insufficient funds, a drop-in commodity price, supply chain failure, unavailability of appropriate labour, or an increase in costs. If
	one or more of these occurrences has a material impact then Vintage’s operational and financial performance may
	be negatively affected.
	• The Company has observed that in response to COVID-19, governments globally have imposed restrictions on the
	movement of citizens and limited non-essential services and activities. Governments around the world have also
	recommended or enforced restrictions on both domestic and international travel in order to slow the spread of
	COVID-19. Given the ongoing uncertainty surrounding COVID-19 restrictions, it is not currently possible to assess
COVID-19 risk	the full impact of COVID-19 on the Company’s business. However, a prolonged financial reduction may impact on
	the commodity price and the availability of labour or other costs associated with the Company’s business. These
	effects may be felt both domestically and internationally, for an unspecified duration. A number of aspects of the
	Company’s business may also be directly or indirectly impacted by government, regulatory or health authority
	actions, work stoppages, lockdowns, quarantines and interstate travel restrictions associated with COVID-19.

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22 December 2021 | Placement and Share Purchase Plan

Investment risks (cont….)

Investment risks

• Adverse weather conditions events, unforeseen increases in establishment costs, mechanical failures, human errors, industrial disputes or encountering unusual or unexpected geological formations and other unforeseen events,

• Operational risk could lead to increased costs or delay to the Company's activities and exploration programs, or restrictions on its ability to carry out its present exploration programs. The Company will mitigate this risk by, amongst other things, taking out appropriate insurance in line with industry practice.

• • Estimating hydrocarbon reserves and resources is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that Vintage will successfully produce the volume of hydrocarbons that it estimates as reserves or

• Reserves and that hydrocarbon resources will be successfully converted to reserves. Estimates may alter significantly or become

• resources risk more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of reserves and resources estimates ma adversel affect Vinta e’s o erational or financial erformance. y y g p p

• The price at which Vintage can sell its produced oil and gas will have a material influence on the financial performance of the Company. It is impossible to predict future commodity prices with confidence and the factors

• Oil and gas prices which impact it include, but are not limited to, global political situations, military conflicts, technological changes, risk output controls and global energy consumption which are all outside the control of Vintage. A material and extended fall in realised oil and gas prices for Vintage may have an adverse impact on the Company’s financial performance, including potentially a reduction in the quantity of booked reserves.

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December 2021 | Placement and Share Purchase Plan

23

Investment risks (cont….)

Investment risks

• Exploration and development of hydrocarbon reserves and resources require significant capital and operational expenditure. With future growth, Vintage may require funding for future commitments. There can be no assurance Access to funding that the Company will be able to obtain funding as and when required on commercially acceptable terms, or at all. for operations Failure to obtain funding on a timely basis and on reasonably acceptable terms may also cause Vintage to miss out risk on new opportunities, delay or cancel projects, or to relinquish or forfeit rights in relation to the Company’s assets, adversely impacting its operational and financial performance. • Vintage’s assets are currently in multiple Australian State jurisdictions. The enactment of new legislation or adoption of new requirements of a governmental authority may restrict or affect Vintage's right to conduct exploration and Regulatory risk development or the manner in which such activities can be conducted, including new requirements relating to climate change and energy policy. • A number of Australian States have introduced moratoria or ban impacting gas exploration and production with a particular focus on fracture stimulation. Vintage has interests in the Northern Territory, Victoria, Western Australia and South Australia which have current moratoria or bans on fracture stimulation in place If any of these moratoria Moratoria risk or bans are extended in time, expanded in scope or made permanent through legislation this could prevent Vintage carrying out projects in the areas subject to moratoria or being restricted in the technologies and methods that it can employ. This may adversely impact the Company’s operational and financial performance. • There is a risk that community disapproval may lead to direct action which impedes Vintage’s ability to carry out its Community lawful operations, resulting in project delay, reputational damage and increased costs and thus impact the financial opposition risk performance of the Company.

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24 December 2021 | Placement and Share Purchase Plan

Investment risks (cont….)

Investment risks

	Investment risks
	• The financial performance of the Company is subject to its various counterparties or joint venture partners
Counterparty	continuing to perform their respective obligations under various contracts. If one of its counterparties or joint
exposure and	venture partners fails to adequately perform their contractual obligations, this may result in loss of earnings,
joint ventures	termination of particular contracts, disputes and/or litigation of which could impact on the Company's financial
	performance.
	• The future success of the Company depends, to a significant extent, upon the continued services of the members of
Key person	the management team of the Company. There can be no assurance that the Company will be able to retain or hire
dependence	all personnel necessary for the development and operation of its business. The loss of senior managers could harm
	the Company’s business and its future prospects.
	• Prospective investors should also consider the following risks which apply to all investments in shares:
	- Investment risks, such as changes in the Company’s own assessment of the economics of developing its assets or
General risk	the market perception of the value of the Company's assets and shares;
factors	- Share market and liquidity risks involved in the listing and trading of shares on the ASX; and
	- Economic factors including the effect on the market price of shares of movements in equities markets, commodity
	process, currency fluctuations and interest rates, and local and global political and economic conditions.

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25 December 2021 | Placement and Share Purchase Plan

Glossary

$	Australian dollars	GJ	Gigajoule (1 GJ is equivalent to 1x109 joules)
1C	Contingent resource low estimate1	JV	Joint Venture
2C	Contingent resource medium estimate1	Km2	Square kilometres
3C	Contingent resource high estimate1	Km	Kilometre
2D	Two dimensional	LNG	Liquefied Natural Gas
3D	Three dimensional	MD	Measured Depth
1P	Proved reserve estimate1	MMbbl	Million barrels
2P	Proved and probable reserve estimate1	MMscfd	Million standard cubic feet per day
3P	Proved, probable and possible reserve estimate1	PACE	South Australian Plan for Accelerating Exploration gas grant scheme
ATP	Authority to Prospect (QLD)	PEL	Petroleum Exploration Licence (SA)
bbl	barrels	PJ	Petajoule (1 PJ is equivalent to 1x106 GJ)
Bcf	Billion cubic feet	SPE-PRMS	See footnote 2
FY	Financial Year	TD	Total Depth
GG&E	Geological, Geophysical and Engineering studies	TJ	Terajoules (1 TJ is equivalent to 1x103GJ)

1 Refer to “Guidelines for Application of the Petroleum Resources Management System” June 2018 (SPE PRMS) for complete definitions of Reserves and Contingent Resources.

1. Petroleum Resources Management System document, including its Appendix Sponsored by: Society of Petroleum Engineers (SPE) American Association of Petroleum Geologists (AAPG) World Petroleum Council (WPC)Society of Petroleum Evaluation Engineers (SPEE)

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26 December 2021 | Placement and Share Purchase Plan