Vintage Energy completes flow testing at Odin-1 gas well with strong initial performance

Vintage Energy ASX VEN MEL Metgasco Odin-1 well flow test Cooper Basin Epsilon Toolachee formations
Prior to shut-in, Odin-1 achieved a stable raw gas rate of 6.5MMscfd.

Vintage Energy (ASX: VEN) has finished flow testing its Odin-1 exploration gas well in Queensland’s Cooper Basin, with flow rates described as “performing strongly”.

Flow testing of Odin-1 started late last month and the well has now been shut in for a pressure build up.

During the testing period the choke size was reduced from 36/64 inches after the first 25 hours to a smaller fixed choke of 28/64 inches.

Prior to shut-in, a stable raw gas rate of 6.5 million cubic feet per day (MMscfd) was recorded. The well also produced 38 barrels of water per day at a flowing well head pressure of 1,823psi.

Additionally, during the flow period, at a fixed choke of 36/64 inches, 10.3MMscfd of gas was achieved using a flowing well head pressure of 1,666psi.

Vintage said this demonstrates that further potential from these Toolachee and Epsilon formations is “significant”.

Samples have been collected for analysis with in-field measurements estimating the gas comprised 78% hydrocarbons and 22% inerts.

Vintage said this was “in line with expectations”.

Odin-1 will remain shut-in for 10 days to gather pressure. A production logging tool will then be run to obtain data on zonal contributions to assist with determining the reservoir and production characteristics of the Toolachee and Epsilon formations.

This will help guide the design of the Odin field and future development programs.

Odin field resource

Today’s positive flow testing news follows Vintage booking a 190% increase to the material gas resource for the Odin field in September.

The independently certified gross 2C contingent estimate now totals 36.4 billion cubic feet.

Vintage is operator of the field and owns 42.5% of PRL 211. Joint venture partners Metgasco (ASX: MEL) and Bridgeport each hold 21.25% of the permit.

The field’s other permit is ATP 2021 and ownership comprises: Vintage (50%) Metgasco (25%) and Bridgeport (25%).

Of the updated resource for the Odin field, 16Bcf is net to Vintage.

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