Odin Operational Update
Melbourne, July 19, 2022 AEST (ABN Newswire) - Vintage Energy Ltd (ASX:VEN) as Operator of the PRL 211 Joint Venture ("JV") comprising the following equity holders and interests: Vintage 50%; Bridgeport 25%; and Metgasco 25%, announces commencement of a work program to bring the Odin gas discovery to market at the earliest opportunity.
The JV has agreed to commence Concept Engineering for connection of the Odin gas field to the Vali-Beckler pipeline, as well as preparation of a commercial plan for marketing of the field's gas.
It is anticipated these initiatives, followed by the securing of a Gas Sales Agreement, could see field work begin in the second half of FY23 (subject to JV and regulatory approvals) and gas sales from Odin commence in the first half of FY24.
Vintage Managing Director, Neil Gibbins, said the commitment to the Odin work program was supported by keen customer interest."There is strong inbound inquiry on the availability of Odin gas for supply to eastern Australia and a clear underlying need for new sources of gas supply to be found for eastern Australia. The JV has decided to prioritise gas sales in the near term over exploration.
"The Concept Engineering work, and progressing the commercialisation of Odin as announced today, are the necessary first steps. Our goal is to complete these as efficiently as possible so we can proceed quickly to FEED, detailed engineering, procurement and construction."
The Odin gas discovery was made in May 2021 and has been independently assessed as containing a gross 2C Contingent Resource of 36.4 bcf in the Toolachee, Epsilon, Patchawarra and Tirrawarra Formations of the field. Odin-1 was successfully flow-tested with a stable rate of 6.5 million standard cubic feet per day from the Epsilon and Toolachee formations, recorded at a flowing wellhead pressure of 1,823 psi through a 28/64" fixed choke.
Odin is mapped to extend into ATP 2021, a licence sharing an identical JV composition to PRL 211, and which holds the Vali gas field currently being prepared to commence supply to AGL from October 2022. The Vali well completion program commenced this week, will include completion of the Odin-1 well.
Gas from Vali is to be transported to Moomba for processing by the Vali-Beckler pipeline, the route of which has been designed to pass by the Odin gas field. Construction of the Vali-Beckler pipeline is due to commence in August 2022 and conclude in September 2022.
The commitment to bringing Odin into production was contained in the PRL 211 FY23 budget approved by the JV. The budget also provides for the planning and long lead item procurement for the drilling of the Odin-2 appraisal well that is anticipated in FY24.
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About Vintage Energy Ltd
Vintage Energy Ltd (ASX:VEN) has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.
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