Galilee Basin Deeps Joint Venture Contracts Drilling Rig

Wednesday, January 30, 2019

Vintage Energy Ltd (Vintage) is pleased to advise that Comet Ridge Ltd (Comet Ridge), as Operator of the Galilee Basin Deeps Joint Venture (GBDJV, Vintage 15%), has executed a rig contract with Ensign Drilling to secure Rig 932 for the Albany-2 and Albany-1/ST1 drilling program. The program is scheduled to commence in March 2019 once the wet season has finished. The agreement is for two firm wells plus two contingent wells, with the contingent wells dependent upon evaluation of the Koburra 2D seismic program.

Ensign Rig 932 is 1,000 horse-power rig and depth rated to 3200 metres. It is a significantly larger and more powerful rig than utilised on the project previously and will both increase drilling rates for the planned wells and reduce trip times when changing drill bits or other components on the drill pipe.

Vintage and Comet Ridge have now both formally committed to Stage 2 of the farm-in process, whereby Vintage will earn an additional 15% interest in the GBDJV. The agreed Stage 2 work program is 325 km of 2D seismic and the drilling of Albany-2 and deepening of Albany-1, which successfully flowed gas from a 13 metre sandstone interval in June last year. The Koburra 2D seismic program is now well underway with line preparation completed and over one third of the seismic data acquired.

Vintage Managing Director, Neil Gibbins said, “Vintage is pleased to secure a drilling rig for the next phase of appraisal drilling on the Albany Field. The possibility of extending the drilling program beyond 2 wells gives the Joint Venture scope to accelerate evaluation of the significant exploration potential of the Joint Venture area. Stage 2 of the farm-in is already underway and we are looking forward to a very active operational program during the second half of FY19.”

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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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