Vintage Energy (ASX: VEN) and its joint venture partners have reached the total depth of the Odin-1 well in Queensland’s Cooper Basin, revealing “extensive gas shows” during drilling.
The well is part of permit PRL 211 with Vintage owning 42.5% and partners Metgasco (ASX: MEL) and Bridgeport each holding 21.25%.
Odin-1 was spudded on 15 May and has now reached the planned depth of 3,140m.
Vintage noted “extensive gas shows” had been encountered while drilling through the Toolachee, Epsilon and Patchawarra formations.
The hole is now being conditioned prior to wireline logging to further investigate the gas shows.
In drilling Odin-1, Vintage and its partners were targeting gas in the Toolachee and Patchawarra formations within the Odin structure.
The structure was de-risked earlier by drilling success in the Vali-1 field 7km away in the same basin where gas was identified in the Toolachee Formation there.
Vintage has estimated the Odin structure has a gross prospective resource of 3.6 billion cubic feet (1U low estimate), 12.6Bcf (2U best estimate), and 42.6Bcf (3U high estimate).
At the nearby Vali field, a third well Vali-3 was recently given the go-ahead following the success of Vali-2 and Vali-1 ST1, which are now cased for future production.
Vintage owns 50% of the Vali field, with Metgasco and Bridgeport retaining 25% each.
The joint venture partners approved Vali-3 which is scheduled to begin imminently now Odin-1 has been completed.
Vintage managing director Neil Gibbons says this is an “exciting phase” for the company as it moves to firm up a multi-well field at Vali and its other assets.
If the multi-well strategy at Vali is a success, Vintage and its partners have secured authorisation from the Australian Competition and Consumer Commission to jointly market any gas produced from the field for five years and enter supply agreements extending up to 15 years.