Vintage Energy Ltd (ASX:VEN) Odin Field Dual Well Gas Production

Vintage Energy Ltd (ASX:VEN), 50% interest-holder and Operator of the PRL 211 and ATP 2021 Joint Ventures (other interest-holders: Metgasco Ltd, 25%; and Bridgeport (Cooper Basin) Pty Ltd, 25%) advises the Odin gas field has transitioned to dual-well production with the restoration of production from Odin-1. As reported on 15 October the well was previously offline whilst the recently connected Odin-2 was being commissioned.

- Odin-1 and Odin-2 both online

- Raw gas production of 5.3 MMScf/d up from 1.4 MMscf/d prior to field works

- Further production logging required for greater clarity on well and zonal contribution

- Odin-2 raw gas production estimated at ~ 1.7 MMscf/d

Odin-1 was brought back online on 16 October and production from both wells sustained over this period, with the exception of periods in which Odin-2 was taken offline for assessment of operational activities and assessment of individual well performance.

Total field raw gas production rate at 6:00 am this morning was 5.3 MMscf/d, which compares to 1.4 MMscf/d prior to the recent field operations. As previously reported, these operations comprised production optimisation work at Odin-1 and the completion, connection and commissioning of Odin-2.

The production rate of 5.3 MMscf/d compares to the raw gas flow rate of 5.8 MMscf/d in the initial 22-hour period after both wells were brought online. Existing metering facilities provide indicative calibration of individual well production. This data suggests the change in production rates from the field is primarily attributable to a lower contribution from Odin-2, where indicative raw gas production of approximately 1.7 MMscf/d this morning compares to the first 20-hour rate of 3.0 MMscf/d reported on 15 October. Odin-1 raw gas production of an estimated 3.6 MMscf/d at 6:00 am this morning is above the average rate of 3.3 MMscf/d reported on 1 October.

The period since 16 October has also featured rising water production, at rates higher than commensurate with the increase in gas production. Analysis of production rates whilst Odin-2 was offline suggests the additional fluid production is predominantly sourced from Odin-1.

It is intended to continue to flow, assess and investigate the performance of both wells, with a view to conducting production logging operations to ascertain zonal gas and fluid contributions. The data provided through logging will inform determination of management plans to optimise gas production and sales revenue from the field. The timing of these operations will be determined by equipment and crew availability.

Vali-1 has continued to flow consistent with trend and was flowing raw gas at 1.0 MMscf/d at 6:00 am this morning.


About Vintage Energy Ltd

Vintage Energy Ltd (ASX:VEN) has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.

    

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