Vintage Energy boosts gas output as Odin field begins production from two wells
Vintage Energy’s (ASX: VEN) strategy to create a new supply option for the struggling eastern Australia energy market has achieved a major milestone with the company’s Odin gas field now producing from two wells.
Formed in 2018 to take advantage of the local gas supply crisis, the company had almost instant success after listing with the discovery of the Vali gas field in the Cooper Basin, which it then followed up with the Odin-1 gas find.
Odin-2 start-up
The company’s recent successes were further boosted by the start-up of production from the new Odin-2 well.
Odin-1 was taken offline for a short period before being brought back into production upon the completion of commissioning activities.
Now, the two wells are supplying gas to the Pelican Point power station under a long-term contract.
Gas flow increase
The dual well-field is reported to be currently producing raw gas at a rate of 5.3 million standard cubic feet per day (MMscf/d), a significant increase from the 1.4MMscf/d recorded prior to the connection of Odin-2 and production optimisation work on Odin-1.
The company has noted a reduction in gas flow rate from the initially recorded 5.8 MMscf/d, along with rising fluid production, which is believed to be primarily sourced from Odin-1.
Flow metering data has indicated that the change in production rates from the field is primarily due to a lower contribution from Odin-2, where recent indicative raw gas production hit approximately 1.7MMscf/d compared to the first 20-hour rate of 3.0MMscf/d.
Logging operations planned
The company intends to assess the performance of both wells with a view to conducting production logging operations to calculate zonal gas and fluid contributions.
Data provided through this logging will help determine management plans to optimise gas production and sales revenue from the field.
Elsewhere, Vintage’s Vali-1 well has continued to flow consistently with trends and was flowing raw gas at 1.0MMscf/d.