Vintage Energy strikes oil and gas in Vali-3, confirms gas pay at Odin-1

Vintage Energy ASX VEN oil gas Vali-3 Odin-1
Vintage’s Odin-1 well is estimated to contain 172.5m of net gas pay in the Toolachee, Patchawarra and Epsilon formations.

Exploration junior Vintage Energy (ASX: VEN) has encountered more oil and gas shows as it continues to drill its Vali-3 appraisal well in the Cooper Basin.

Vali-3 spudded on 9 June and is currently drilling at a depth of 2,774m in the Epsilon formation. It is expected to reach its total planned depth of 3,240m this weekend.

The well follows Vali-2, which hit gas in the Toolachee and Patchawarra formations and was cased for production in May.

Last week, Vintage announced the observation of gas shows in the mid-Nappamerri formation and today it reported the additional encounter of gas and minor oil shows in the Toolachee formation.

“While it is unlikely that oil will be recoverable from the Toolachee formation, the shows are encouraging for possible oil migration to shallower Jurassic prospects and leads in the area, which is analogous to the Cooper Basin Western Flank,” the company noted.

Vintage has previously said an independent reserve assessment is planned once Vali-3 has been drilled.

Vintage has a 50% operating stake in the Vali field, located in permit ATP 2021 on the Queensland side of the Cooper Basin. Its joint venture partners Metgasco (ASX: MEL) and private company Bridgeport Cooper Basin each hold 25% interests.

Prior to drilling Vali-2, the field was certified to host 2P (best estimate) gross reserves of 30.3 billion cubic feet of gas.

Odin-1 net gas pay confirmed

Meanwhile at the adjacent PRL 211 permit, which lies on the other side of the border within South Australia, Vintage has confirmed 172.5m of net gas pay exists within the Odin-1 exploration well.

The well completed drilling in May with extensive gas shows encountered in sandstones through the primary target Toolachee and Patchawarra formations, as well as a basal sand in the secondary target in the Epsilon formation.

The estimated 172.5m of net gas pay comprises 37m of Toolachee conventional pay, 4.5m of Epsilon conventional pay, 126m of Patchawarra conventional and low permeability pay, and 5m of Tirrawarra sandstone conventional and low permeability pay.

An analysis of the composition of gas samples was also received, concluding that the Toolachee formation sample comprised 83% hydrocarbons and the Epsilon sample comprised 77% hydrocarbons.

The objective of Odin-1 was to address a fault bounded Patchawarra formation closure, up dip of an old plugged and abandoned well that at the time was considered non-commercial.

Vintage managing director Neil Gibbins said resource numbers for the Odin field will be independently updated and a reserve certification will be made in the “not-too-distant future”.

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