Vintage Energy Provides Operations Update

Source: 12/23/2020, Location: Not categorized

Vintage Energy Ltd advises the following operational updates for the Cooper Basin ATP 2021 Vali gas field project, the Otway Basin PEP 155 Nangwarry-1 testing program and the Perth Basin Cervantes-1 oil prospect drilling program.

- FEED on Vali-1 ST1 connection completed
- Vali-1 ST1 well completion deferred to Q1 2021
- Vali Field Patchawarra Formation gross reserves: 1P of 12.3 Bscf, 2P of 30.3 Bscf and 3P of 78.9 Bscf, which equates to 1P of 13.4 PJ, 2P of 33.2 PJ and 3P of 86.6 PJ
- Nangwarry-1 testing on schedule for late January/early February 2021
- Cervantes non-binding LOI regarding rig contract
- Cooper Basin - ATP 2021 (Vintage 50% and operator, Metgasco Ltd 25%, Bridgeport Cooper Basin Pty Ltd 25%)

Front End Engineering and Design (FEED) has now been completed for the Vali-1 ST flowline connection. The results are being reviewed by the Joint Venture and planning is underway to commence the detailed engineering and installation project (subject to regulatory and joint venture approval) in January 2021.

As part of the process necessary for connection, Cultural Heritage and environmental surveys were recently completed in ATP 2021 for the surface facility, flowline and possible future well locations. The process was completed in a timely manner with the Wongkamurra People, Erias/environmental projects and GPA/FYFE. We appreciate and thank all parties for their effort in the summer heat conditions in the Cooper Basin.

Completion works on Vali-1 ST1 recommenced on 13 December 2020. The operation was undertaken to set an isolation packer, install production tubing and the production wellhead. Isolation packers were run into the hole on the production tubing and successfully set on two occasions, however on both occasions pressure testing indicated a leaking seal. A black viscous substance has been noted as a film on the first packer assembly after its retrieval from the borehole. The substance may be precipitating on the casing and causing the packer leaks under pressure testing. Samples have now been sent for analysis to determine chemical composition and a plan will be developed to remove the material on returning to site to finalise the completion in Q1 2021. Although frustrating, deferral of the completion is not critical to the timeline for first production.

Otway Basin – PEL 155 (Vintage 50%, Otway Energy Pty Ltd 50% and operator)
The Nangwarry-1 testing program is on schedule to commence late January/early February 2021, with all long lead items ordered and contractors confirmed for that time. The testing will use a snubbing unit from Superior Energy in Victoria and Firetail testing equipment that was brought into the Otway Basin for a recent testing program in Victoria. The testing operations are planned to be conducted over a three week period.

Cervantes Joint Venture (Vintage 30%, Metgasco Ltd 30% and RCMA Australia Pty Ltd (“RCMA”) 40% and operator)
The Cervantes Joint Venture has signed a non-binding Letter of Intent (LOI) with Refine Energy Pty Ltd (“Refine”) to use Refine Rig-2 for the drilling of the Cervantes exploration prospect planned for the first half of 2021.

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