Vintage Energy (ASX: VEN) has booked what it describes as an “outstanding” 190% increase to the material gas resource at its majority-owned Odin field in Queensland’s Cooper Basin.
The Odin field now has independently certified gross 2C contingent resources of 36.4 billion cubic feet.
Of this, 16Bcf is net to Vintage, which is operator of the field via two permits PRL 211 and ATP 2021.
Vintage owns 42.5% of PRL 211, with joint venture parties Metgasco (ASX: MEL) and Bridgeport each retaining 21.25%.
Ownership in ATP 2021 is split between the same parties with Vintage holding 50% and Metgasco and Bridgeport owning the remaining 25% each.
Vintage managing director Neil Gibbins said it was an “outstanding result” that the material booking of contingent resources was an increase of almost 190% on the pre-drilled prospective resources.
“The impact of the increased scale of the Odin field is a material change to vintage, its shareholders, and joint venture partners.”
“We were confident that Odin would over-deliver once extensive gas shows through a number of target zones were observed, but to have this confirmed and independently certified by ERCE is a massive boost for all concerned.”
Vali gas field
As well as Odin, ERCE will be independently certifying the gas reserves in the nearby Vali gas field.
Mr Gibbins said the company had recently sent updated information from the Vali-2 and Vali-3 wells.
The Vali field is located on ATP 2021.
“As well as this, we are well advanced with our discussions with third parties regarding pre-sales of Vali field gas and pipeline infrastructure finance.”
“The Odin and Vali gas fields combined constitute a sizeable and potentially scalable Cooper Basin gas province that we believe will supply significant quantities of gas to the east coast of Australia for at least the next 20 years.”
Mr Gibbins also pointed out there was surging demand for gas across Australia’s east coast.
He said it was reflected in higher pricing with this expected to continue rising.