Galilee Basin Deeps Joint Venture – Project Update

Tuesday, May 28, 2019

Recent local rain events have delayed the movement of the Ensign 932 rig from the Cooper Basin to the Galilee Basin for the drilling of Albany-2 and Albany-1/ST1. Vintage Energy Ltd (Vintage, ASX: VEN) is pleased to advise that the roads are now drying and the operator, Comet Ridge Ltd (Comet Ridge), expects the rig will be mobilised to the Galilee Basin in early to mid- June. Construction of the wellsite pad at Albany-2 recommenced on 7 May and is nearing completion.

The Ensign 932 rig will drill the Albany-2 well (anticipated spud date of late June) which will be followed by the side-track of the Albany-1 well. Albany-1 successfully flowed gas, without stimulation, at 230,000 scfd from only the top 10% of the 130 metre target reservoir. Albany-2 will be cored to better understand the reservoir properties to optimise the drilling and stimulation approach to enhance ultimate gas flows from the Albany Field.

It is planned that both Albany-2 and Albanty-1/ST1 will be stimulated later in 2019, after which production testing will take place. Planning preparations for the stimulation program are well underway, with the operator advising that Condor Energy Services Ltd (Condor) has been selected as the preferred provider. Condor, which has been in operation since 2012, is a specialised service provider that focuses on reservoir stimulation in Australia and New Zealand.

While the rain has delayed the program, it has provided welcome relief to drought-stricken landholders in the area, and for that we are thankful.

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 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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