EP 126 is a low-cost entry with excellent exploration potential encompassing an area of 6,716 km2, hosting multiple play types, with potential for large volumes of gas and oil. The permit holds Cullen-1 an exploration well which was drilled in 2014, recording strong oil and gas shows, cased and suspended after recording strong oil and gas shows but not tested.
Vintage acquired EP 126 with the intention of proceeding to test Cullen-1 through farm-out. However, activity in the permit was suspended pending clarification of access necessitated by the declaration of approximately 50% of the permit, including the Cullen-1 well site, as a ‘Reserved Area’.
Meanwhile, interest in Cullen-1 has escalated as gas supply from existing sources in the Northern Territory has diminished.
In April 2026 Vintage signed Heads of Agreement with Vault Energy for the sale of gas that could be produced from the Cullen-1 well, subject to an agreed gas sales agreement and well testing results.
Additionally, the Northern Territory Government has advised that environment management plan applications for exploration activities on EP 126, including the Cullen-1 well site, can be submitted, providing certainty on permit tenure and future activity, subject to regulatory approvals
Vintage is seeking to secure an appropriate farm-out agreement to fund the testing of Cullen-1.
