Galilee Basin Deeps Joint Venture Update

Tuesday, October 22, 2019

Vintage Energy Ltd (“Vintage”, ASX: VEN) provides an update on the Albany-1 well side-track, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). Good progress has been made with the drill bit, resulting in the well reaching total depth (“TD”) yesterday afternoon. TD was reached at 2,822 metres, with drilling successfully achieved through the whole of the Lake Galilee Sandstone target reservoir.

Strong gas shows in multiple zones were observed while drilling through the target reservoir. These shows were identified in the B sand, which flowed at 230,000 standard cubic feet per day when Albany-1 was first drilled (refer ASX announcement dated 25 September 2018 “Financial report for the year ended 30 June 2018”), as well as deeper reservoir sands that were not accessed in Abany-1. The logging company is expected to arrive at site today, with the running of logs and pressure measurements expected to commence tomorrow. This will provide important information about the reservoir to assist with the design of the upcoming fracture stimulation work.

Neil Gibbins, Managing Director, while not surprised by the gas shows was pleased with the result. “Strong gas shows being observed in multiple sections through the target Lake Galilee Sandstone reservoir supports our belief that we potentially have a significant and productive gas field in the Galilee Basin. The upcoming stimulation work will hopefully validate this belief and provide us with an indication of the commercial viability of the 61 km2 Albany Field.”

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Vintage Energy

Vintage Energy has been established to acquire, explore and develop energy assets within Australia that will provide gas to the eastern states.

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