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Albany Field drilling update

Tuesday, August 13, 2019

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 is currently drilling ahead at 1848 metres toward the intermediate casing point at 2,430 metres. The planned total depth of the well is 2,752 metres and with drilling, coring and logging, operations are expected to take a total of 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.

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.

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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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