Odin-1 Flow Test Update

Wednesday, October 27, 2021

Vintage Energy Ltd (ASX: VEN, “Vintage”) is pleased to provide a brief update regarding the flow test of the Odin-1 well in the Cooper Basin.

Cooper Basin – PRL 211 (Vintage 42.5% and operator, Metgasco Ltd 21.25%, Bridgeport (Cooper Basin) Pty Ltd 21.25%, Impress (Cooper Basin) Pty Ltd 15%)

The perforations of the Toolachee and Epsilon formations in Odin-1 were completed late yesterday. A total of 26.6 metres over five intervals in the Toolachee Formation were perforated, along with 7.5 metres over two intervals in the Epsilon Formation. The raw gas flow rate is stabilising, and as of 11:00am today was 7.58 million cubic feet per day (MMscfd) and 46 barrels of water per day (interpreted to be water of condensation) through a variable choke set at 34/64”, with a Flowing Well Head Pressure of 2018 psi. The gas contains approximately 22% of inerts which is in line with expectations.

Flow testing of the Epsilon and Toolachee formations in Odin-1 will continue, in order to:

• Assess gas deliverability from these key formations;
• Provide reservoir fluid samples to assist with the design of well and production facilities;
• Determine contribution and fluid type from the formations; and
• Determine the average reservoir properties using Bottom Hole Pressure data.

This data will help determine the best reservoir to target for initial production, whether that be the Toolachee, Epsilon, Patchawarra, or a combination.

A further update will be provided after completion of the flow test.

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