Drilling of the Albany-1 gas appraisal well in the Galilee Basin is expected to start next week. Vintage Energy Ltd and joint venture partner Comet Ridge Limited (ASX:COI) expect to begin moving the Easternwell Rig 101 to the Albany-1 location in the north eastern Galilee Basin when it completes its present contractual obligations.
The Albany-1 high-impact, deep sandstone appraisal well is subsequently expected to spud next week.
Vintage Energy managing director, Neil Gibbins, said the Albany-1 appraisal well is an exciting prospect for the company as it looks to start building an Eastern Australian natural gas resource base.
Comet Ridge managing director, Tor McCaul, said, “Drilling of the Albany-1 well represents the culmination of considerable technical work. The well will be an appraisal of an existing gas discovery utilising modern air drilling techniques.”
“The joint venture has identified approximately two dozen follow up leads and prospects to further explore and appraise in this large, under-explored petroleum basin if Albany-1 is successful.”
Albany 1 key summary information:
Albany-1 represents the first Phase in a farm-in work program by Vintage. Under this program, Vintage Energy is farming into the sandstone section of the block (the “Deeps”) by funding the majority of the cost of drilling the first well to earn a 15% interest in the Deeps. Vintage can also fund half of the second phase program which contains further drilling and seismic acquisition in order to acquire a further 15% interest.
Comet Ridge, operator of the project, continues to engage with a range of potential gas transporters and customers and believes Galilee gas could be brought relatively quickly into the east coast network to make a material difference in the current market. The Company will provide a further update to the drilling plan on spud date.
