- Vintage Energy (VEN) provides an update on its Cooper Basin projects, Vali and Odin
- Odin gas field is set to commence production in September 2023
- Delays in Vali-2 and Vali-3 production were addressed with ongoing efforts
- Vali-1 well continues to perform as expected
- VEN shares are down 2.33 per cent, trading at 4.2 cents at 1:11 pm AEST
Vintage Energy (VEN) will soon begin work at the Odin gas fields, with a focus on connecting the field to the Vali-Beckler pipeline, paving the way for production to commence in September 2023.
The project is proceeding as planned, with the final pieces of equipment scheduled to arrive at the site soon.
Vintage Energy had previously announced a gas supply contract with Pelican Point Power, a joint venture involving ENGIE Australia and New Zealand (72 per cent) and Mitsui & Co (28 per cent), covering the period from startup to December 2024.
Efforts to establish stable gas production from Vali-2 and Vali-3 faced delays due to fluid in the wellbores.
The August work program aimed to resume production from Vali-3 after swabbing operations and gather data on zonal water and gas production using a Memory Production Log Tool (MPLT) at both Vali-2 and Vali-3.
In contrast to the delays at Vali-2 and Vali-3, the Vali-1 well continues to deliver gas production in line with expectations. Vintage Energy remains optimistic about its performance.
VEN was down 2.33 per cent, trading at 4.2 cents at 1:11 pm AEST.