Galilee Basin Koburra 2D seismic successfully acquired
➢ 336 kilometre 2D seismic acquisition program successful
➢ Field processing indicates good quality seismic data
➢ Albany-2 well pad preparation expected to commence next week
Vintage Energy Ltd (Vintage, ASX: VEN) is pleased to advise that the Galilee Basin Deeps Joint Venture (GBDJV) successfully completed the 336 kilometre 2D Koburra seismic program (Figure 1) on 2 March 2019. Vintage currently has 15% of the GBDJV (operator Comet Ridge Ltd 85%) and will increase its equity to 30% upon completion of the seismic program and the drilling of Albany-2 and Albany-1ST1.
The seismic program is focused on two main outcomes. The first is to mature the Lake Galilee Sandstone leads and prospects to drillable status, and the second is to define the highly prospective regional structural trends with multi-level targets. We anticipate that the data generated by the Koburra 2D seismic program will be processed and ready for interpretation in Q4 FY19. The processing will be undertaken alongside the reprocessing of 619 kilometres of pre-existing 2D seismic data.
Figure 1: Location of GBDJV permits and Koburra 2D seismic program
Preparations for the drilling of Albany-2 will commence early next week with the construction of the drilling pad. Ensign 932, the rig that will drill both Albany-2 and Albany-1ST1, is expected to depart Moomba for the Galilee Basin by the end of March. The timing of the rig move has been affected by the heavy rainfall in the Galilee Basin over recent months.
Vintage Managing Director, Neil Gibbins said, “Stage 2 of the Vintage farm-in is progressing well. With the successful flow already generated from Albany-1, we are very much looking forward to appraising the Albany field with the upcoming wells in our program and identifying further leads and prospects from the 2D seismic data soon to be processed. We believe the Galilee Basin is an exciting and underexplored gas province and we look forward to evaluating what we believe are a number of highly prospective structural trends with multilevel targets”.
Vintage completes deal with Beach to acquire EP 126
ASX Announcement 14 February 2019
➢ 100% interest and operatorship in EP 126, Bonaparte Basin
➢ Prospective permit with early flow test opportunity
On 25 January 2019, Vintage Energy Ltd (Vintage, ASX: VEN) received Ministerial consent, the final condition precedent of the Sale and Purchase Agreement between Vintage and subsidiaries of Beach Energy Ltd (Beach) for the acquisition by Vintage of EP 126 in the Bonaparte Basin, Northern Territory. The transaction was successfully completed on 31 January, transferring the title, operatorship and 100% working interest in EP 126 to Vintage. Vintage is now looking forward to working with the Department of Primary Industries and Resources (DPIR), the traditional landowners and all other stakeholders in relation to this prospective tenement
Figure 1: EP 126 and Cullen-1 locations
This is a low-cost entry for Vintage into a sizeable 6,700km2 permit that has exploration potential in multiple play types. Several wells have already flowed gas across the onshore Bonaparte Basin with oil shows in wells and surface bitumen seeps also identified in the Basin and within the permit.
Vintage has already undertaken initial evaluation work. Processing and modelling of EP 126 airborne geophysical data has been completed and calibrated with data from the Cullen-1 well, which was drilled by Beach in 2014. Strong gas shows were encountered in Cullen-1 over a thick carbonate section, which is interpreted to exhibit natural fractures. As a result, the well was cased and is available for future testing. The geophysical modelling results are being incorporated into a geological model for the area which, along with information from any future testing of Cullen-1, will guide the forward exploration program.
Vintage has commenced preparing the requisite regulatory requirements to operate and undertake on-ground activities in the permit. An Environmental Management Plan has been submitted to DPIR as part of this process. Flow testing Cullen-1 is planned to be the first on-ground activity which will investigate the possibility of commercial gas flows from the well. Any encouragement from this testing will likely lead to seismic acquisition and further drilling.
About Vintage Energy Ltd
The natural gas supply crisis currently afflicting the eastern part of Australia and the energy market more widely have been the catalysts for the creation of Vintage Energy Ltd, with Reg Nelson (former Managing Director of Beach Energy) as Chairman and Neil Gibbins (former Chief Operating Officer of Beach Energy) as Managing Director. The company aims to acquire high quality gas exploration and production assets, close to infrastructure with the potential for rapid development and the promise of early cash flow.
Oil potential in prominent onshore basins is also a key focus, particularly given the experience of Vintage Energy Ltd team members in discovering and developing oil fields on the Western Flank of the Cooper- Eromanga Basins in South Australia.
