Vintage Energy Completes Acquisition of 15% Interest in Galilee 'Deeps'

Vintage Energy has announced that documentation has been fully executed for the transfer of a 15% interest in the Galilee Basin Deeps Joint Venture (GBDJV) across ATP 743, ATP 744 and ATP 1015 to Vintage from Comet Ridge.

As advised in the FY19 Q1 Quarterly Report, Vintage acquired its first equity interest of 15% for the GBDJV through completion of Stage 1 of the two-stage farm-in process. With formal completion of the interest transfer, Vintage has now booked its equity share of the independently certified contingent resource for the Albany (Carmichael) Gas Field.

During 2015, SRK Consulting (Australia) conducted a technical analysis for Comet Ridge of the available Albany Field seismic and well data. Based on the seismic and petrophysical interpretations and assessment consistent with the SPE 2007 Petroleum Resource Management System (PRMS), SRK provided an estimate of Contingent Resources for the field. SRK has also been provided with the well data from Albany-1 and is of the view the well results are consistent with their estimates of contingent resources.

Vintage Managing Director Neil Gibbins said:

'Vintage is pleased to announce its first resource booking after execution of documentation to effect the transfer of a 15% interest in the Galilee Deeps project. Planning is underway for further appraisal of the Albany Gas Field during FY19 and seismic acquisition over nearby prospects and leads is scheduled to commence in December, as Stage 2 of the farm-in program progresses. Upon completion of this next stage, Vintage will have acquired an additional 15% interest in this exciting and highly prospective project.'