Reserves and Contingent Resources Statement at 30 June 2024
Melbourne, Sep 30, 2024 AEST (ABN Newswire) - Vintage Energy Ltd (
ASX:VEN) advises an independent assessment of its reserves in its Cooper Basin Vali and Odin gas fields as at 30 June 2024 ("FY24") has been completed by Chris Dykes Reserves International Limited ("CDRI"), which is a specialist independent company that provides evaluation, estimation, auditing, consultancy and due diligence services for upstream oil and gas.
Estimates of Contingent Resources estimates in Vintage's assets in the Galilee Basin and Otway Basin were provided by SRK Consulting Pty Ltd and ERC Equipoise Pte Ltd included in the statement are as published in the Company's 2023 Annual Report.
The assessment of Vintage's Net Proved Reserves ("1P"), Net Proved and Probable Reserves ("2P") and Net Contingent Resources identified in its licences is provided in the tables on the following pages.
In summary, the key features of the company's Net Reserves and Contingent Resources at 30 June 2024 are:
- Inaugural classification of Proved and Proved and Probable Reserves for the Odin gas field. Odin was brought online in September 2023 for production appraisal. Gas produced from Odin is sold to Pelican Point Power Limited (a joint venture of ENGIE (72% and Mitsui 28%) under a long-term contract. Vintage's Net 2P Reserves at Odin are estimated to be 4.0 million barrels of oil equivalent (MMboe) including 22.4 PJ of sales gas and ethane.
- Net Proved Reserves of 6.3 MMboe, up 55%, chiefly through the conversion of Contingent Resources to Reserves attributable to Odin;
- Net Proved and Probable Reserves of 12.6 MMboe up 45% from 8.7 MMboe, chiefly through the conversion of Contingent Resources to Reserves attributable to Odin;
- Depletion through production during the year to 30 June of (0.08) MMboe;
- Net 2P revisions of 0.7 MMboe;
- Net Proved and Probable Reserves of 12.6 MMboe, comprises Net Developed Reserves of 0.5 MMboe and Net Undeveloped Reserves of 12.1 MMboe. The Developed Reserves figure does not include reserves attributable to the Odin-2 gas well which was completed subsequent to year end and is currently being connected to be brought online in October 2024: these volumes are included in the Undeveloped sub-class.
- Sales gas and ethane account for 12.2 MMboe of Vintage's total 12.6 MMboe.
*To view the complete report, please visit:
https://abnnewswire.net/lnk/3XJPUVP2
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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