Vintage Energy Ltd reported robust production figures for its Southern Flank Gas Fields in May 2025, marking the highest output since January 2025. The company’s Odin and Vali gas fields produced a combined 100 MMscf of raw gas during the month, an 8% increase compared to the previous month’s 92 MMscf. Average daily production also rose by 5%, reaching 3.23 MMscf from 3.08 MMscf, with total May production from the fields peaking at 113 MMscf. Operational improvements led to this unexpected performance against the anticipated natural decline from depletion. Specifically, measures such as reducing back pressure in the gathering system, cycling of Odin-2 to enhance pressure build-up and flow, and boosting instrumentation reliability have contributed to a smoother operation. While the Odin gas field saw an increase in average daily production from 2.30 MMscf to 2.47 MMscf, the Vali field experienced a slight decline from 0.78 to 0.76 MMscf per day, showing a smaller drop than initially forecast. Looking ahead, Vintage Energy Ltd is set to initiate a Production Uplift Program from mid-July. This initiative comprises a series of technical enhancements including the investigation and possible remediation of scale accumulation, opening additional production intervals in the Toolachee Formation at Vali, and performing swab and re-perforation at Vali-3. The program is modelled to deliver an increased uplift in raw gas production ranging between 2.1 and 5.6 MMscf per day, with an estimated cash payback period of less than three months, indicating strong near-term economic benefits. Bullish sentiment arises from the company’s ability to counteract expected declines through proactive operational measures and the promising outlook provided by the upcoming Production Uplift Program. The improvements in production performance highlight Vintage Energy Ltd’s operational efficiency and readiness to capitalize on further enhancements. Conversely, a bearish perspective might point to the marginal decrease in the Vali field’s daily production and the inherent risks associated with implementing new operational initiatives, which could temper investor enthusiasm if anticipated outcomes are not fully realized.