Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to provide an update relating to the drilling status of the Albany-2 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). Albany-2 spudded on Tuesday 30 July at 7.00am AEST and is currently drilling ahead at 853 metres after setting surface casing at 708 metres. The planned total depth of the well is 2,752 metres with drilling, coring and logging operations expected to take approximately 31 days.
The target zone is the Lake Galilee Sandstone, which is estimated to be 280 metres thick and at a depth of 2,430 metres, with a key focus of Albany-2 being the coring of a number of representative sections of the target reservoir sands and intervening shales. The Lake Galilee Sandstone section was encountered in Albany-1 and flowed gas, without stimulation, at 230,000 scfd from the top 10% of the target reservoir. Albany-2 is located approximately seven kilometres from Albany-1 and will appraise the scale of the gas potential of the conventional Albany Field over its large 61km2 area.
Coinciding with the drilling program, APA Group (“APA”, ASX: APA), a leading Australian energy infrastructure business, announced yesterday that a Survey Licence by the Queensland Government for its proposed Galilee Moranbah Pipeline has been granted. This further progresses the work being done under the Memorandum of Understanding with Vintage and Comet Ridge to connect Queensland’s Galilee Basin to gas markets.
The proposed Galilee Moranbah Pipeline and associated infrastructure would be built, owned and operated by APA. Approximately 240 kilometres in length, the greenfields pipeline would connect gas sources in the Galilee Basin to Moranbah in Central Queensland. Moranbah is the gas processing and distribution hub for northern Bowen Basin gas resources.
Vintage has 15% of the Galilee Basin Deeps Joint Venture (Comet Ridge 85%). This equity level will increase to 30% upon the completion of the Stage 2 farm-in funding obligations relating to the completed Koburra 2D seismic program and the drilling of Albany-2 and Albany-1 ST1.