Vintage Energy increases year-end 2P reserves by 45%

Up-and-coming Australian oil and gas company Vintage Energy (ASX: VEN) has announced a significant increase in reserves at its Odin and Vali gas fields in its annual reserves and resources statement lodged with the ASX today.

The statement incorporated an independent assessment of the two field by Chris Dykes Reserves International, an independent specialist that provides evaluation, estimation, auditing, consultancy and due diligence services for upstream oil and gas.

Odin gas field converted to 2P

Total net proved and probable (2P) reserves were up 45% to 12.6 million barrels of oil equivalent (MMboe), made up of net developed reserves of 0.5MMboe and net undeveloped reserves of 12.1MMboe.

The majority of the increase comes through the conversion of contingent resources to reserves at Odin, after having been being brought online in September 2023.

Vintage’s net share of 2P Reserves at Odin was assessed to be 4.0MMboe including 22.4 petajoules of sales gas and ethane.

The conversion of Odin resources to reserves was the principal factor in a 55% increase in the company’s total net proved (1P) reserves to 6.3MMboe.

Depletion through production during the year was 0.08MMboe.

Odin-2 to come

The developed reserves figure does not include reserves attributable to the Odin-2 gas well, which was completed subsequent to year-end and is currently being connected.

Odin-2 is expected to be brought online in October.