Vali Field Reserves Upgrade
Melbourne, Nov 1, 2021 AEST (ABN Newswire) - Vintage Energy Ltd (
ASX:VEN) is pleased to announce a material upgrade to the independently evaluated reserves for the Vali Field in the Cooper Basin.
- Tripling of Vali Field 2P Reserves from original independent evaluation
- Gross 2P reserves of 92.0 Bscf (101.0 PJ - 50.5 PJ net entitlement) independently evaluated and booked (previously Gross 2P of 30.3 Bscf (33.5 PJ - 16.8 PJ net entitlement))
- Reserves increase for Patchawarra Formation and addition of Toolachee Formation
Vintage Managing Director, Neil Gibbins said, "The natural gas reserves for the Vali Field have more than tripled in a major boost for the Company. This material increase in reserves significantly enhances the Company's value as we transition towards becoming a domestic east coast gas producer.
"We now have independent confirmation that reserves for the Vali gas field are far greater than originally booked, enhancing the long-term economic benefit of this field to Vintage and its joint venture partners.
"This is an exciting time for Vintage and its shareholders, as the key requirements for the commencement of production are now falling into place. Importantly, the increase in the Vali Field reserves is a major positive for gas pre-sale and debt negotiations, which are now nearing their final stages.
"We have approached the exploration and appraisal of the Vali and Odin fields in the Cooper Basin in a responsible, methodical, and safe manner. Because of this approach, I am delighted that we are now able to deliver such a significant upgrade to the Vali Field for those shareholders that have been with us throughout our journey to date."
ATP 2021 (Vintage 50% and operatorship, Metgasco Ltd 25% and Bridgeport (Cooper Basin) Pty Ltd 25%)
ERC Equipoise Pte Ltd ("ERCE") recently completed an independent evaluation of the Vali Field as of 31 October 2021, which included results from the Vali-2 and Vali-3 wells. As a result of this evaluation, ERCE revised its 1P, 2P and 3P reserves estimates for the Vali Field to include the Toolachee Formation, as well as revising upward the previously booked reserves from the Patchawarra Formation. The following tables detail the combined revised reserves estimates.
The increase in the independently evaluated 2P gas reserves, when compared with the original reserves booking (which only accounted for the Patchawarra Formation), is 201%.
As previously advised, detailed engineering has commenced for the connection of the Vali gas field to the South Australian Cooper Basin Joint Venture (SACBJV) infrastructure, with the work awarded to Logicamms, a member of the Verbrec group of companies. This work is a crucial step toward first production and cash flow for the Joint Venture.
To view tables and figures, please visit:
https://abnnewswire.net/lnk/A0579JSE
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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