Vintage Energy Ltd (Vintage, ASX: VEN) is pleased to advise that the Galilee Basin Deeps Joint Venture (GBDJV) successfully completed the 336 kilometre 2D Koburra seismic program on 2 March 2019. Vintage currently has 15% of the GBDJV (operator Comet Ridge Ltd 85%) and will increase its equity to 30% upon completion of the seismic program and the drilling of Albany-2 and Albany-1ST1.
The seismic program is focused on two main outcomes. The first is to mature the Lake Galilee Sandstone leads and prospects to drillable status, and the second is to define the highly prospective regional structural trends with multi-level targets. We anticipate that the data generated by the Koburra 2D seismic program will be processed and ready for interpretation in Q4 FY19. The processing will be undertaken alongside the reprocessing of 619 kilometres of pre-existing 2D seismic data.
Preparations for the drilling of Albany-2 will commence early next week with the construction of the drilling pad. Ensign 932, the rig that will drill both Albany-2 and Albany-1ST1, is expected to depart Moomba for the Galilee Basin by the end of March. The timing of the rig move has been affected by the heavy rainfall in the Galilee Basin over recent months.
Vintage Managing Director, Neil Gibbins said, “Stage 2 of the Vintage farm-in is progressing well. With the successful flow already generated from Albany-1, we are very much looking forward to appraising the Albany field with the upcoming wells in our program and identifying further leads and prospects from the 2D seismic data soon to be processed. We believe the Galilee Basin is an exciting and underexplored gas province and we look forward to evaluating what we believe are a number of highly prospective structural trends with multilevel targets”.