Vintage Energy Ltd (VEN.AX) Odin-1 Flow Test Commenced
Melbourne, Australia, Oct 25, 2021 - (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) is pleased to announce that flow testing operations on the Odin-1 well in the Cooper Basin have commenced.
Cooper Basin - PRL 211 (Vintage 42.5% and operator, Metgasco Ltd 21.25%, Bridgeport (Cooper Basin) Pty Ltd 21.25%, Impress (Cooper Basin) Pty Ltd 15%)
The highly successful Odin-1 exploration well, drilled in May this year, discovered extensive gas reservoirs in multiple formations, principally in the primary target Toolachee and Patchawarra formations and the basal Epsilon formation. A wireline program confirmed all these formations as gas pay zones that have potential for commercial gas production, with high-quality gas samples recovered from all zones.
The Odin gas discovery is close to the Vali gas field discovery and is expected to add substantial gas production volumes to Vintage's gas portfolio. The approach taken with this flow test demonstrates Vintage's strong commitment to the careful allocation of capital in appraising the Odin and Vali gas fields, with the major emphasis on maximising value over the life of the fields.
The Toolachee and Epsilon formations are interpreted to be more productive in terms of reservoir quality when compared with the deeper Patchawarra formation which typically needs fracture stimulation in the Cooper Basin. A successful flow test will validate the initial approach of perforating the Toolachee and Epsilon formations ahead of the Patchawarra Formation and is expected to accelerate gas production from the Odin Field.
Deferring fracture stimulation of the Patchawarra Formation will substantially reduce initial capital expenditure and could increase value over the early life of the field by focusing on the potentially higher quality shallower sandstones. The Patchawarra Formation is likely to be fracture stimulated later in the well's life to access additional gas volumes.
The flow testing of the Epsilon and Toolachee formations in Odin-1 will:
- Assess gas deliverability from these key formations;
- Provide reservoir fluid samples to assist with the design of well and production facilities;
- Determine contribution and fluid type from the formations; and
- Determine the average reservoir properties using Bottom Hole Pressure data.
This data will help determine the best reservoir to target for initial production, whether that be the Toolachee, Epsilon, Patchawarra, or a combination of all three.
ERC Equipoise Pte Ltd ("ERCE") independently certified 36.4 billion cubic feet ("Bcf") of gross 2C Contingent Resources in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations for the Odin Field. While all these formations contributed to the certified gas volumes, most of the resource is based in the Toolachee and Patchawarra Formations.
ERCE is an independent consultancy specialising in petroleum reservoir evaluation. Except for the provision of professional services on a fee basis, ERCE has no commercial arrangement with any other person or company involved in the interests that are the subject of this Contingent Resources evaluation.
The work has been supervised by Mr Adam Becis, Principal Reservoir Engineer of ERCE's Asia Pacific office who has over 14 years of experience. He is a member of the Society of Petroleum Engineers and also a member of the Society of Petroleum Evaluation Engineers.
Cooper Basin - ATP 2021 (Vintage 50% and operator, Metgasco Ltd 25%, Bridgeport (Cooper Basin) Pty Ltd 25%)
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 towards first production and cash flow for the Joint Venture.
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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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