Galilee Basin Deeps Joint Venture Update

Tuesday, September 17, 2019

Vintage Energy Ltd (“Vintage”, ASX: VEN) provides 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). As detailed in the ASX release dated 10 September 2019, the Albany-2 well reached a total depth of 2,702 metres on 6 September. Initial logging analyses indicated the presence of gas in the target reservoir, with logging operations over the past week recording pressure measurements before being interrupted by the tool getting stuck down the hole. The operator is undertaking fishing operations to retrieve the tool, which is expected to be completed over the coming days.

Equipment is currently being moved from the Albany-2 site to the Albany-1 site, however, the rig will not be mobilised until the completion of the fishing operation. As a result, we anticipate that the rig will be onsite at Albany-1 late next week to commence the side-track, Albany-1 ST1.

A total of 62 metres of predominantly sandstone core was cut and recovered from Albany-2. Initial results from the logging analyses indicate porosity levels up to 12-15% in the sandstone, which is above initial expectations and provides encouragement around the stimulation program to be undertaken later this year. Vintage will continue to update the market as further results come to light from test work on the core.

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.

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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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