Vintage Energy Ltd. (AU:VEN) has released an update.
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Vintage Energy Ltd and Galilee Energy Limited have announced a binding merger agreement, where Vintage will acquire all Galilee shares, with Galilee shareholders receiving two Vintage shares for each Galilee share they hold. The merger aims to capitalize on the anticipated gas shortage in Australia’s east coast, creating a more robust entity with a diversified asset portfolio and a stronger financial foundation. The combined entity will see Vintage and Galilee shareholders owning approximately 60% and 40% respectively of the merged group.
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