Odin-2 Appraisal Well Successful
Melbourne, June 3, 2024 AEST (ABN Newswire) - Vintage Energy Ltd (
ASX:VEN), 50% interest-holder and Operator of the ATP 2021 Joint Venture (other interest-holders: Metgasco Ltd, 25%; and Bridgeport (Cooper Basin) Pty Ltd, 25%) advises the Odin-2 appraisal well is to be cased and suspended as a future gas producer.
The well, drilled to appraise the eastern flank of the Odin gas field encountered gas pay in the Toolachee, Epsilon and Patchawarra Formations, the primary targets in the well. Preliminary interpretation of wireline log data has indicated conventional net gas pay (porosity greater than or equal to 8%) totalling 11 metres in the Toolachee Formation, 3 metres in the Epsilon Formation and 45 metres in the Patchawarra Formation.
Further refinement of this assessment will be made and a perforation strategy developed after the wireline data is fully processed and evaluated.
"Odin-2 has given us a pleasing result" said Managing Director, Mr. Neil Gibbins.
"While results are preliminary at this stage, it appears the well has fulfilled our objectives of adding another producer to supplement our gas sales from Odin-1. We look forward to completing interpretation and analysis of the results and working with our fellow joint venturers on agreeing and finalising completion and connection."
The Odin gas field is currently undergoing production appraisal, with gas produced being supplied to Pelican Point Power (a joint venture of ENGIE Australia and Mitsui) under a long-term contract extending to December 2026.
Subject to joint venture approval and the scheduling and execution of field work, it is anticipated gas from Odin-2 could commence supply within current winter.
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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