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Galilee Basin Albany Field drilling update

Tuesday, August 27, 2019

Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to provide an update on the drilling and coring 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). Following the running and cementing of 7” casing down to 2,452 metres, coring commenced on Sunday 25 August, with one 27 metre core cut from 2,455 metres to 2,482 metres, 100% of which was recovered from the well bore. Initial inspection indicates the core is predominantly sandstone. Planned total depth of the well is 2,752 metres, with the Lake Galilee Sandstone estimated to be approximately 300 metres thick. The coring is targeting the recovery of representative sections of reservoir sands and intervening shales. Upon completion of the coring, the core itself will be analysed to better understand the reservoir.

Albany-2 is located approximately seven kilometres from Albany-1 and is appraising the gas potential of the conventional Albany Field over its large 61km2 area. The well is targeting the Lake Galilee Sandstone which flowed gas, without stimulation, at 230,000 scfd from the top 10% of the targeted Lake Galilee Sandstone in Albany-1.

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 current Galilee Basin drilling program.

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Vintage Energy

Vintage Energy has been established to acquire, explore and develop energy assets within Australia that will provide gas to the eastern states.

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