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Corporate Spotlight

The energy crisis currently afflicting the eastern part of Australia and more particularly, the natural gas supply crisis, have been the catalysts for the creation of Vintage Energy Ltd, with Reg Nelson as Chairman and Neil Gibbins as Managing Director.
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Interview with Neil Gibbins, MD Vintage Energy

GALILEE BASIN

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Galilee Basin Deeps Joint Venture Update 

ASX Announcement 17 September 2019 


➢ Equipment being mobilised to Albany-1 well site 

➢ Initial logging results indicate 12-15% porosity levels in target reservoir sandstone 

➢ Logging analyses indicated presence of gas 

➢ Logging tools being retrieved downhole


Vintage Energy Ltd (“Vintage”, ASX: VEN) provides an update on the Albany-2 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). As detailed in the ASX release dated 10 September 2019, the Albany-2 well reached a total depth of 2,702 metres on 6 September. Initial logging analyses indicated the presence of gas in the target reservoir, with logging operations over the past week recording pressure measurements before being interrupted by the tool getting stuck down the hole. The operator is undertaking fishing operationsto retrieve the tool, which is expected to be completed over the coming days. 


Equipment is currently being moved from the Albany-2 site to the Albany-1 site, however, the rig will not be mobilised until the completion of the fishing operation. As a result, we anticipate that the rig will be onsite at Albany-1 late next week to commence the side-track, Albany-1 ST1. 


A total of 62 metres of predominantly sandstone core was cut and recovered from Albany-2. Initial results from the logging analyses indicate porosity levels up to 12-15% in the sandstone, which is above initial expectations and provides encouragement around the stimulation program to be undertaken later this year. Vintage will continue to update the market as further results come to light from test work on the core.


Figure 1: Ensign Rig 932 at Albany-2 


Albany-1 is located approximately seven kilometres from Albany-2, with both wells appraising the gas potential of the conventional Albany Field over its large 61km2 area. Albany-1 flowed gas from the Lake Galilee Sandstone, without stimulation, at 230,000 scfd from the top 10% of the targeted Lake Galilee Sandstone in Albany-1.



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JOINT VENTURE UPDATE

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Galilee Basin Deeps Joint Venture Update 

ASX Announcement 10 September 2019 


➢ Albany-2 drilling completed 

➢ Rig to commence mobilising to Albany-1 ST1 later in the week 

➢ Gas shows observed from logging runs


Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to provide an update on the Albany-2 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). The well reached a total depth of 2,702 metres on 6 September, with logging runs and pressure measurements now being undertaken in the well. Quick-look log analyses have indicated the presence of gas and subsequent pressure measurements are being undertaken downhole in the Lake Galilee Sandstone reservoir section. Upon the completion of the logging work, we are expecting to run casing that will set the Albany-2 well up for stimulation and flow testing.


The rig has now completed its drilling of Albany-2 and is expected to begin mobilisation later this week to the Albany-1 wellsite where a side-track of the original well will be performed. A total of 62 metres of predominantly sandstone core was cut and recovered from Albany-2. The core is currently being analysed at a Brisbane laboratory, the results of which will guide the planning and execution of the reservoir stimulations and testing of both Albany-1 ST1 and Albany-2 later this calendar year.


Figure 1: Ensign Rig 932 at Albany-2 


Albany-1 is located approximately seven kilometres from Albany-2, with both wells appraising the gas potential of the conventional Albany Field over its large 61km2 area. Albany-1 flowed gas from the Lake Galilee Sandstone, without stimulation, at 230,000 scfd from the top 10% of the targeted Lake Galilee Sandstone in Albany-1.


Vintage Energy Managing Director, Neil Gibbins, said, “We are pleased to have completed the drilling of Albany-2 and look forward to commencing the side-track of Albany-1. Further updates will be provided over the coming weeks as we analyse the core recovered, and logging run data received, from Albany-2.”



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JOINT VENTURE

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Galilee Basin Deeps Joint Venture – Gas Shows 

ASX Announcement 3 September 2019 


➢ Gas shows – increased gas readings recorded 

➢ Total of 62 metres of core recovered 

➢ Albany-2 coring completed, drilling ahead at 2,605 metres


Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to provide an update on the drilling and coring of the Albany-2 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). The joint venture decided that enough representative core has been recovered, with the coring of the well now complete. Albany-2 is drilling ahead at 2,605 metres in the lower Lake Galilee Sandstone reservoir section. Planned total depth of the well remains at 2,752 metres


A total of 62 metres of predominantly sandstone core has been cut and recovered, with gas shows being observed. The core is being transported to a Brisbane laboratory where it will be analysed, which, together with electric logging data (acquired once total depth has been reached), will guide the planning and execution of the reservoir stimulations and testing later this year.


Figure 1: Ensign Rig 932 at Albany-2 


Albany-2 is located approximately seven kilometres from Albany-1 and is appraising the gas potential of the conventional Albany Field over its large 61km2 area. The well is targeting the Lake Galilee Sandstone which flowed gas, without stimulation, at 230,000 scfd from the top 10% of the targeted Lake Galilee Sandstone in Albany-1.


Vintage recently announced that it had met Stage 2 farm-in funding obligations in respect of the GBDJV thereby doubling its equity in the permits and 2C resources to 30%. Vintage’s net share of the 2C resource for ATP 744 is now: 1C of 16 Bcf; 2C of 43 Bcf; 3C of 116 Bcf (net). 


Vintage Energy Managing Director, Neil Gibbins, said, “Vintage is encouraged by the Albany-2 gas shows that have been observed within the Lake Galilee Sandstone reservoir. The drilling program will soon be moving to the Albany-1 well, where a side-track of that well will be undertaken. Once the drilling is completed on these wells, preparation work will commence for the stimulation and flow testing of both wells later in the year.”



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TEAM

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