Cooper/Eromanga Basins

The Cooper/Eromanga Basins are the premier onshore oil and gas producing basins in Australia. The Cooper Basin is a Permo-Carboniferous to Triassic basin with sediment up to 2,500 metres thick which consists of interbedded sandstones, shales and coals. The overlying Eromanga Basin is Early Jurassic to Late Cretaceous in age and has sediment up to 3,000 metres thick which consists of sandstones, siltstones and shales. Over 2,500 exploration and development wells have been drilled in the Cooper/Eromanga Basins to date with estimated cumulative production of over 6.2 Tcf of gas, 315 mmbbls of oil and 92 mmboe of condensate.

The Cooper/Eromanga Basins are connected to the Adelaide and east coast markets via gas pipelines, and Port Bonython in South Australia and Moonie/Brisbane in Queensland via oil and liquids pipelines.

ATP 2021, Cooper/Eromanga Basins, Queensland

  • Vintage Energy Ltd (“Vintage”) – 50% and operator (subject to Ministerial approval)
  • Metgasco Ltd – 50%

Summary

Vintage is farming-in to ATP 2021 for a 50% interest and operatorship (subject to Ministerial approval) via the following steps:

  • Vintage to pay 65% of the cost of the first well (up to a gross cost of AU$5.3 million);
  • Vintage to reimburse 65% of Metgasco’s past exploration costs (AU$527,800 net) or carry Metgasco for their first AU$527,800 of exploration costs
  • Vintage to fund up to $70,000 of 2D/3D seismic reprocessing/merging to better define further exploration leads in the permit

ATP 2021 represents an excellent entry for Vintage into the prolific Cooper/Eromanga Basins. The 370 km2 permit on the southern flank of the Nappamerri Trough is partly covered by 2D seismic of varying vintages, while the southern section of the Permit (~115 km2) is covered by the Snowball 3D seismic survey acquired in 2016. Kinta-1 (2003), which is the only well drilled within ATP 2021, was an uneconomic gas discovery, but with the application of modern drilling practices, it is expected that performance from future wells will be significantly improved. Substantial oil and gas discoveries within 20 kilometres of the permit include the Dullingari, Epsilon, Beckler/Bow/Crowsnest, Roseneath and Wologalla fields with production in the order of ~600 Bcf of gas and 11 mmbbls of oil.

Until Ministerial approval of operatorship is received, and to expedite the drilling of the first well, Vintage has taken on the role of project manager of the upcoming drilling program. Several structural closures have been mapped on the 3D seismic within ATP 2021 in the Patchawarra, Toolachee and Namur/Murta formations. The largest of these is the Vali prospect (covering an estimated area of 10.8 km2) that the joint venture is planning to drill before the end of 2019. The Vali prospect has a four-way dip structural closure in the Permian sediments and, with the permit being in close proximity to pipelines and facilities, any commercial gas and oil discoveries will be fast tracked to market.

The Vintage team has a wealth of experience and knowledge in successfully exploring, appraising and developing oil and gas assets in the Cooper/Eromanga Basins, which makes the ATP 2021 farm-in with Metgasco a logical addition to the Vintage assets portfolio. 

Vintage looks forward to working with Metgasco and the Queensland Government to commence exploration drilling in the second half of 2019.

 

Vintage Energy

Vintage Energy Ltd has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.

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