Galilee Basin Deeps Joint Venture Update

Tuesday, September 24, 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. Recent fishing operations to retrieve the logging tool down the wellbore resulted in the partial recovery of the tool string, with the remainder to be left below the casing. Casing is now being run and expected to be completed over the coming days.

Once the casing is in place at Albany-2 the rig will move to the Albany-1 site to commence the side-track of the Albany-1 well (Albany-1 ST1). Once the drilling of the side-track is completed, casing will also be run in Albany-1 ST1 in preparation for the stimulation and testing of this well, and Albany-2, later in the year. Condor Energy Services Pty Ltd has been contracted to perform the stimulation of both wells, after which flow rates from the wells will provide an indication as to the commercial capability of the Albany Field.

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.

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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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