Vintage Energy Ltd (ASX: VEN, “Vintage”) as operator of the ATP 2021 joint venture (Vintage 50%, Metgasco Ltd (ASX: MEL) 25% and Bridgeport (Cooper Basin) Pty Ltd 25%) is pleased to advise that ERC Equipoise Pte Ltd (“ERCE”) recently completed a rigorous and independent review of the Vali gas discovery and subsequent flow results, and certified 1P, 2P and 3P reserves for the Patchawarra Formation within the Vali gas field. The Vali-1 ST1 well discovered stacked gas pay in the Nappamerri, Toolachee and Patchawarra Formations, however, the scope of the ERCE reserves certification was for the Patchawarra Formation reservoir only. The reserves booking is the first for Vintage and supports commercialisation of the Vali gas field with its planned connection into the Moomba gathering system.
In its report, ERCE estimated gross 1P reserves for the Patchawarra Formation only of 12.3 billion standard cubic feet (“Bscf”), 2P of 30.3 Bscf and 3P of 78.9 Bscf which equates to 1P of 13.4 petajoules (“PJ”), 2P of 33.2 PJ and 3P of 86.6 PJ.
Vintage is hopeful that gas produced from the Vali Field will be much greater than the 2P figure estimated by ERCE, with upside to potentially come from stacked reservoirs, including the shallower Nappamerri Group and Toolachee Formation. Vintage has brought this project from farm-in, to discovery, to successful testing and now to reserves booking in just over one year, which is an outstanding achievement for a company at such an early stage since listing.
Managing Director, Neil Gibbins said, “This independent reserves booking by ERCE is an outstanding result, especially considering the rigorous process that ERCE underwent in compiling its report and certifying the reserves for the Patchawarra Formation within the Vali Field. This independent verification is a key piece that will allow us to confidently move forward with the connection of the Vali gas field into Moomba.”
“We made it very clear from the outset that we wanted to become a gas producer and sell our gas into the Australian east coast domestic gas market, and I am extremely proud that we will soon be delivering on this major strategic goal. We have demonstrated our capability as an operator and, thanks to our excellent in-house technical team with a wealth of experience in the Cooper Basin, we look forward to adding to this discovery with a number of further leads and prospects identified for drilling in the area.”
“To further enhance what we believe will be a highly profitable gas field, we are seeing a strengthening of the domestic spot east coast gas price, which is in part driven by the recovery of the global LNG market.