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COMET RIDGE LIMITED — Capital/Financing Update 2019
Aug 26, 2019
64686_rns_2019-08-26_13372e64-bb16-4926-9984-4e08b90beb87.pdf
Capital/Financing Update
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ASX Release
27 August 2019
Albany Field drilling update
➢ Albany-2 coring commenced
➢ First 27 metre core cut and recovered
Vintage Energy Ltd (“Vintage”, ASX: VEN) is pleased to provide an update on the drilling and coring of the Albany-2 well, located in the Galilee Basin, as part of the Galilee Basin Deeps JV with Comet Ridge Ltd (“Comet Ridge”, ASX: COI). Following the running and cementing of 7” casing down to 2,452 metres, coring commenced on Sunday 25 August, with one 27 metre core cut from 2,455 metres to 2,482 metres, 100% of which was recovered from the well bore. Initial inspection indicates the core is predominantly sandstone. Planned total depth of the well is 2,752 metres, with the Lake Galilee Sandstone estimated to be approximately 300 metres thick. The coring is targeting the recovery of representative sections of reservoir sands and intervening shales. Upon completion of the coring, the core itself will be analysed to better understand the reservoir.
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Figure 1: Ensign Rig 932 at Albany-2
Albany-2 is located approximately seven kilometres from Albany-1 and is appraising the gas potential of the conventional Albany Field over its large 61km[2] area. The well is targeting the Lake Galilee Sandstone which flowed gas, without stimulation, at 230,000 scfd from the top 10% of the targeted Lake Galilee Sandstone in Albany-1.
Vintage Energy Ltd (ACN 609 200 580) 58 King William Rd, Goodwood, SA 5034
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| Well | Participants | Weekly Progress | Primary Targets |
|---|---|---|---|
| Albany-2 | VEN15%1 COI85% | Report Time:06:00 hrs 27 August 2019Depth:2,482 metresOperation:Preparing to drill ahead to nextcoring pointProgress:30 metres | Lake GalileeSandstone |
| ATP 744Gas ExplorationGalilee Basin, QLD |
1Vintage has 15% of the Galilee Basin Deeps Joint Venture (Comet Ridge 85%). This equity level will increase to 30% upon the completion of the Stage 2 farm-in funding obligations relating to the completed Koburra 2D seismic program and the current Galilee Basin drilling program.
For more information contact:
Neil Gibbins Managing Director +61 8 7477 7680 [email protected]
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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