Vintage Energy Ltd (ASX: VEN, “Vintage”) advises that it has made its first Cooper Basin gas 2C Contingent Resource booking in the lightly explored Southern Flank of the Nappamerri Trough. Vintage as operator has brought this project from farm-in to discovery and resource booking in just nine months. An independently certified gross 2C Contingent Resource of 37.7 Bcf (18.9 Bcf net working interest to Vintage) has been booked for the Vali gas discovery, which is held by the ATP 2021 Joint Venture (Vintage 50% and operator, Metgasco Ltd (ASX:MEL) 25% and Bridgeport (Cooper Basin) Pty Ltd 25%).
Managing Director, Neil Gibbins said, “This result moves the company a significant step closer to creating an income stream and we look forward to maturing these volumes to reserve status and commercialising them expeditiously.
This successful project and the contingent resources associated with it vindicate Vintage’s strategy and clearly demonstrates its capability as an operator. The team has brought its wealth of experience to the fore in order to deliver a safe and successful project and I am now confident that we will fast-track toward production and cash flow generation.”
ERC Equipoise Pte Ltd (“ERCE”) has independently certified 37.7 Bcf of gross 2C Contingent Resources in the Patchawarra Formation of the Vali Gas Field located in the Southern Flank (ATP 2021) of the Cooper Basin in southwest Queensland. Vintage has a 50% net working interest share and accordingly a net 2C Contingent Resource of 18.9 Bcf. The Vali-1 ST1 operation was conducted by the Vintage management team and its contractors with no safety or environmental incidents. The well discovered approximately 80 metres of net gas pay in a well-defined four-way structural closure in the Patchawarra Formation.
Vintage plans to stimulate and flow test the Patchawarra reservoir prior to the end of the financial year, pending joint venture approval, to gain further information on volumes and flow rates.
As this discovery is in the well-developed Cooper Basin, close to existing infrastructure and with multiple potential customers, Vintage has estimated a Chance of Development of 85%, with which ERCE has agreed. The Contingent Resources are sub-classified under the Project Maturity Sub-class as described in the SPE Petroleum Resources Management System as “Development Unclarified” by ERCE and Vintage. The key contingencies are a final investment decision on development, committing to a Gas Sales Agreement and any other necessary commercial arrangements plus obtaining the usual regulatory approvals for production.