Vintage Energy reports positive results from flow testing at Odin-1 gas well

Vintage Energy Metgasco VEN MEL ASX Odin-1 flow test gas Cooper Basin
Vintage managing director Neil Gibbins says he is “thrilled” with the Odin-1 strong flow test results, which are “well ahead” of initial expectations.

A flow test program for the Odin-1 exploration gas well in Queensland’s Cooper Basin is nearly complete, with field operator Vintage Energy (ASX: VEN) confirming positive results to date.

Flow testing commenced in October with the well being shut in for a pressure build-up.

The first stage of testing delivered a stable flow rate of 6.5 million standard cubic feet per day at a flowing wellhead pressure of 1823psi (pounds per square inch) through a 28/64 inch fixed choke.

After this stage, the well was shut-in for 15 days with the second stage of testing starting up last week.

It focused on the running of a multi-rate memory production log which confirmed that gas was being contributed from each of the perforated Epsilon and Toolachee formations.

Gas samples were taken over the course of the second stage, and these are being transported to Adelaide for analysis.

Odin-1 is currently shut-in, with down hole pressure gauges installed to record pressure build-up over a four-day period.

All objectives met

Vintage managing director Neil Gibbins said the flow testing had successfully met all objectives to date.

“We are thrilled that it has delivered such a strong result which was well ahead of our initial expectations,” he said.

“All the zones perforated for testing contributed to the overall gas flow from the well, which is a great outcome [and] we look forward to the Odin field being a key contributor to our upcoming gas delivery to the Australian domestic market.”

He said the company would report back to the market once pressure gauges had been retrieved and the data had been analysed.

Commercialisation plan

Data collected from the tests will be assessed and incorporated into a commercialisation plan for Odin-1, which will include an estimate of the number of wells required to efficiently produce gas and maximise returns from the field.

The plan will be subject to approval from Vintage’s joint venture partners in PRL 211, being Metgasco (ASX: MEL, 21.25% equity), Bridgeport (Cooper Basin) Pty Ltd (21.25%) and Impress (Cooper Basin) Pty Ltd (15%).

Mr Gibbins said the next operation would likely be completion of the well, in conjunction with completion of the nearby wells in the Vali field, to minimise costs.

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