(Vintage Energy 50% Otway Energy 50%)
PRL 249 contains the Nangwarry gas field, discovered in January 2020. On testing, Nangwarry-1 produced raw gas (~93% CO2, ~6% methane and ~1% nitrogen), at flow rates of 10.5-10.8 MMscf/d, measured through a 48/64” choke at a flowing wellhead pressure of 1,415 psi over a 36-hour period.
Recoverable CO2 sales gas and Contingent Resources of gas hydrocarbons at Nangwarry have been independently assessed and announced to the ASX on 12 July 2021. Recoverable CO2 sales gas was assessed at the Best Estimate level as 25.9 bcf gross and 12.9 bcf net to Vintage. 2C Contingent Resources of gas hydrocarbons were assessed to be 1.6 bcf gross and 0.8 bcf net to Vintage.
These volumes are considered sufficient to provide a multi-decade feedstock source for production of food or industrial grade CO2, a required input for a wide range of sectors including hospitality, food and beverage manufacture, protected horticulture, chemical, cold storage, medical device and other manufacturing.
Vintage is seeking an outcome which will recognise the economic value of the resource. Realisation of this value will require processing of raw gas to food grade standard and liquefaction for transport to market and storage.
(Vintage Energy 25% and Operator, Cooper Energy 75%)
PEP 171 is located in the onshore Otway Basin and effectively encompasses the entirety of the Victorian section of the Penola Trough. Exploration in the nearby South Australia section has confirmed the prospectivity of the Penola Trough for conventionally produced gas, most significantly at Haselgrove. Vintage Energy holds a 25% interest and is operator of the PEP 171 Joint Venture with the balance of interest held by Cooper Energy.
Activity in the permit was suspended, pursuant to Victorian government moratorium on onshore gas exploration which expired on 1 July 2021. All previous existing oil and gas exploration permits of good standing (which includes PEP 171), were restarted from 1 July 2021 for their first 5-year term. The PEP 171 joint venture has prepared, and is executing, a Stakeholder Engagement Plan and planning for 3-D seismic survey.
