COMET RIDGE LIMITED — Capital/Financing Update 2019

Oct 21, 2019

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ASX Release

22 October 2019

Galilee Basin Deeps Joint Venture Update

➢ Albany-1 side-track has reached total depth

➢ Strong gas shows observed through multiple zones

➢ Currently preparing to run logs and pressure measurements

Vintage Energy Ltd (“Vintage”, ASX: VEN) provides an update on the Albany-1 well side-track, located in the Galilee Basin, as part of the Galilee Basin Deeps JV (“GBDJV”) with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). Good progress has been made with the drill bit, resulting in the well reaching total depth (“TD”) yesterday afternoon. TD was reached at 2,822 metres, with drilling successfully achieved through the whole of the Lake Galilee Sandstone target reservoir.

Strong gas shows in multiple zones were observed while drilling through the target reservoir. These shows were identified in the B sand, which flowed at 230,000 standard cubic feet per day when Albany-1 was first drilled (refer ASX announcement dated 25 September 2018 “Financial report for the year ended 30 June 2018”), as well as deeper reservoir sands that were not accessed in Abany-1. The logging company is expected to arrive at site today, with the running of logs and pressure measurements expected to commence tomorrow. This will provide important information about the reservoir to assist with the design of the upcoming fracture stimulation work.

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Figure 1: Cross Section of the Albany Field (courtesy of Comet Ridge)

Vintage Energy Ltd (ACN 609 200 580) 58 King William Rd, Goodwood, SA 5034

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Neil Gibbins, Managing Director, while not surprised by the gas shows was pleased with the result. “Strong gas shows being observed in multiple sections through the target Lake Galilee Sandstone reservoir supports our belief that we potentially have a significant and productive gas field in the Galilee Basin. The upcoming stimulation work will hopefully validate this belief and provide us with an indication of the commercial viability of the 61 km[2] Albany Field.”

For more information contact:

Neil Gibbins Managing Director +61 8 7477 7680 info@vintageenergy.com.au

About Vintage

The natural gas supply crisis currently afflicting the eastern part of Australia and the energy market more widely have been the catalysts for the creation and ASX listing of Vintage, with Reg Nelson (former Managing Director of Beach Energy Ltd) the Chairman and Neil Gibbins (former Chief Operating Officer of Beach Energy Ltd) the Managing Director. The company has acquired high quality gas exploration and appraisal assets close to infrastructure with the potential for rapid development and the promise of early cash flow. Vintage will continue to identify and seek to acquire further high-quality gas exploration and production assets with a focus on those that offer the potential for accelerated pathways to commercialisation.

Oil potential in prominent onshore basins is also a key focus, particularly given the experience of Vintage team members in discovering and developing oil fields on the Western Flank of the Cooper - Eromanga Basins in South Australia.

Vintage Energy Ltd (ACN 609 200 580) 58 King William Rd, Goodwood, SA 5034

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