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 (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). The joint venture decided that enough representative core has been recovered, with the coring of the well now complete. Albany-2 is drilling ahead at 2,605 metres in the lower Lake Galilee Sandstone reservoir section. Planned total depth of the well remains at 2,752 metres.
A total of 62 metres of predominantly sandstone core has been cut and recovered, with gas shows being observed. The core is being transported to a Brisbane laboratory where it will be analysed, which, together with electric logging data (acquired once total depth has been reached), will guide the planning and execution of the reservoir stimulations and testing later this year.
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 recently announced that it had met Stage 2 farm-in funding obligations in respect of the GBDJV thereby doubling its equity in the permits and 2C resources to 30%. Vintage’s net share of the 2C resource for ATP 744 is now: 1C of 16 Bcf; 2C of 43 Bcf; 3C of 116 Bcf (net).
Vintage Energy Managing Director, Neil Gibbins, said, “Vintage is encouraged by the Albany-2 gas shows that have been observed within the Lake Galilee Sandstone reservoir. The drilling program will soon be moving to the Albany-1 well, where a side-track of that well will be undertaken. Once the drilling is completed on these wells, preparation work will commence for the stimulation and flow testing of both wells later in the year.”