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Galilee Basin Deeps Joint Venture Update

Tuesday, October 29, 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). Logging operations were successfully completed on Saturday, with the analyses of the logs indicating that the wellbore was of good quality and gas was present in multiple reservoir sands. This is consistent with the strong shows reported last week through multiple zones of the target reservoir. Pressure measurements were conducted but did not provide any further information.

The well has now been cased to total measured depth of 2,822 metres, providing access to the full reservoir section for stimulation and evaluation. Ensign is currently rigging down and demobilising from the Albany-1 ST1 location, with the next activity being the arrival of Condor Energy Ltd’s (“Condor”) stimulation unit, which is expected in the first week in December. Once stimulation of both wells has been completed, flow testing will commence with results from this testing anticipated in January 2020.

Neil Gibbins, Managing Director of Vintage, said “We are pleased to now be moving forward with the stimulation program, having successfully drilled the side-track of Albany-1 and undertaken wireline logging and pressure testing without any complications. The stimulation and flow test program will be designed to provide clear information of the Albany Field’s capability in terms of commercial gas production.”

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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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