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Galilee Basin Deeps Joint Venture – Project Update

Friday, April 5, 2019

Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to report that processing of the recently acquired Koburra 2D seismic data, along with the reprocessing of 619 kilometres of pre-existing 2D seismic data, is underway and is expected to be completed this quarter. Interpretation and mapping of the data will immediately follow. While it is still early in the evaluation process, initial views of the field processed preliminary brute stacks indicate several possible leads in the vicinity of Lake Galilee-1.

The operator, Comet Ridge Ltd, has also advised of strong structural trends on new regional seismic lines in areas where no seismic data has previously been acquired. This is encouraging and may extend the strong area of interest around the Albany and Lake Galilee wells. Further seismic will be required to delineate these new trends.

Galilee Basin drilling program

Construction of the wellsite pad at Albany-2 has commenced, however, due to local rain events, work on the pad will be briefly suspended. These rain events have also led to a number of road closures, resulting in a delay in the mobilisation of Ensign Rig 932 from the Cooper Basin. Given the uncertainty relating to improvement in road conditions, it is difficult to estimate when mobilisation will commence. The operator has advised that spudding of Albany-2 will be delayed until at least early May, with a further update to be provided when this timing becomes clearer.

Vintage has 15% of the Galilee Basin Deeps Joint Venture (Comet Ridge Ltd 85%). This equity level will increase to 30% upon the completion of the Stage 2 farm-in funding obligations relating to 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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