Galilee Basin Deeps Joint Venture Project Update

Tuesday, June 25, 2019

Vintage Energy Ltd (Vintage, ASX: VEN) has been advised by the Galilee Basin Deeps JV operator, Comet Ridge Ltd (Comet, ASX: COI), that the Ensign Rig 932 is being mobilised from Moomba to the Galilee Basin. The rig mobilisation, along with the completion of the wellsite pad and camp set up for Albany-2, allows us to confidently estimate a spud date for Albany-2 of early July 2019.

The Albany-2 well, located approximately seven kilometres from Albany-1, will appraise the scale of the Albany Gas Field in a conventional anticlinal structure over a large 61 km2 area. After Albany-2 has been completed, the rig will move to the Albany-1 well where a side-track will be performed to drill through the 130 metre target reservoir. Albany-1 successfully flowed gas, without stimulation, at 230,000 scfd from only the top 10% of the target reservoir. The Albany-2 reservoir section 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 Condor Energy Services Ltd (Condor) selected as the preferred provider. Condor, which has been in operation since 2014, is a specialised service provider that focuses on reservoir stimulation in Australia and New Zealand.

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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