Vintage, as operator of the ATP 2021 Joint Venture with Metgasco Ltd (25%) and Bridgeport (Cooper Basin) Pty Ltd (25%), advises that, as of 6:00 am this morning, the Vali-1 ST1 gas exploration well is being drilled through the Patchawarra Formation at a measured depth of 3,059 metres. In addition to the shows reported last week, gas shows have been observed in the Nappamerri Group plus the Patchawarra Formation and to a lesser extent in the shallower Toolachee Formation. While these gas shows are encouraging, it is difficult to define how significant they will be until logs are acquired. These shows are in addition to the oil shows already reported in the shallower Westbourne and Birkhead formations.
Drilling has been slow due to hard lithology which has necessitated a number of bit changes. As a result of this, it is likely that TD will be reached late this week/early next week, after which wireline logs will be acquired.
MEL Price at posting:
4.4¢ Sentiment: Buy Disclosure: Held
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