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Galilee Basin Deeps Joint Venture Update

Tuesday, October 1, 2019

Vintage Energy Ltd (“Vintage”, ASX: VEN) provides an update on the Albany-2 well and the side-track of the Albany-1 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). Late last week, 4 ½” casing was run in Albany-2 to a measured depth of 2,599 metres and cemented in place. The upper Lake Galilee reservoir sands and the top section of the thick, lower sand are available for stimulation and testing later this year. Once the casing was run, the rig was moved from Albany-2 to the Albany-1 site over the weekend with the side-track of the Albany-1 well expected to commence over the coming days.

The process for the side-track will consist of re-entering the Albany-1 well bore and undertaking a deviated side-track 128 metres above the Lake Galilee Sandstone target reservoir. The side-track will then drill all the way through the 287 metre target zone, after which casing will be run in preparation for the stimulation and flow testing later in the year, which will provide an indication as to the commercial capability of the Albany Field. Condor Energy Services Pty Ltd has been contracted to perform the stimulation of both Albany-1 ST1 and Albany-2 wells.

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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