Galilee Basin Deeps Joint Venture Update

Tuesday, September 10, 2019

Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to provide an update on 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 well reached a total depth of 2,702 metres on 6 September, with logging runs and pressure measurements now being undertaken in the well. Quick-look log analyses have indicated the presence of gas and subsequent pressure measurements are being undertaken downhole in the Lake Galilee Sandstone reservoir section. Upon the completion of the logging work, we are expecting to run casing that will set the Albany-2 well up for stimulation and flow testing.

The rig has now completed its drilling of Albany-2 and is expected to begin mobilisation later this week to the Albany-1 wellsite where a side-track of the original well will be performed. A total of 62 metres of predominantly sandstone core was cut and recovered from Albany-2. The core is currently being analysed at a Brisbane laboratory, the results of which will guide the planning and execution of the reservoir stimulations and testing of both Albany-1 ST1 and Albany-2 later this calendar year.

Albany-1 is located approximately seven kilometres from Albany-2, with both wells appraising the gas potential of the conventional Albany Field over its large 61km2 area. Albany-1 flowed gas from the Lake Galilee Sandstone, without stimulation, at 230,000 scfd from the top 10% of the targeted Lake Galilee Sandstone in Albany-1.

Vintage Energy Managing Director, Neil Gibbins, said, “We are pleased to have completed the drilling of Albany-2 and look forward to commencing the side-track of Albany-1. Further updates will be provided over the coming weeks as we analyse the core recovered, and logging run data received, from Albany-2.”

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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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