Shares of Vintage Energy (ASX:VEN) have seen a significant increase, rising as much as 14.8% to A$0.31.

This represents their most substantial intraday percentage gain since July 4.

The oil and gas explorer announced an additional two-year gas sale with Pelican Point Power as part of their master gas supply agreement for the Odin gas field.

The company stated that joint venture parties have agreed on terms with Pelican Point Power for the supply of gas from the start of 2025 until the end of 2026.

Pelican Energy Network holds a 50% stake in PRL 211 JV, with Metgasco owning 25% and Bridgeport Cooper Basin owning the remaining quarter.

Despite the recent surge, Vintage Energy’s stock has fallen 69.5% year-to-date, as of its last close.

Vintage Energy (ASX:VEN) is an oil and gas exploration company with a portfolio of exploration and production assets across Australia.