Oz Vintage Sees Gas Signs in Queensland
ASX-listed Vintage Energy has reported promising gas signs at a well targeting the Cooper basin in Australia’s northeast Queensland state.
The Vali-1 ST1 well at the Vintage-operated ATP 2021 permit has been drilled through the Patchawarra formation at a depth of 3,059 metres, Vintage said in a press release on January 7.
Gas shows have been observed in the Patchwarra, Vintage said, adding to shows identified late last month at a number of intervals in the Nappamerri group and two thinner intervals in the Toolachee sands.
“While these gas shows are encouraging, it is difficult to define how significant they will be until logs are acquired,” Vintage cautioned. “These shows are in addition to the oil shows already reported in the shallower Westbourne and Birkhead formations.”
Wireline logs will begin after Vali-1 reaches its total depth late this week or early next week, the company said.
Vintage farmed into the ATP2021 permit last year, agreeing to cover the bulk of future drilling and development costs in return for a 50% interest in the project. Australian juniors Bridgeport Energy and Metgasco each hold a 25% share.
The Vali prospect is around 3 km from the 2003 Kinta-1 well – the only previous well to be drilled at ATP2021 – which intersected gas charged sands in the Patchawarra and Toolachee formations. Metgasco estimates Vali’s best-estimate unrisked prospective resources at 38.1bn ft3.
Vintage also saw exploration success this month in the Otway basin of South Australia, where it is partnered with Lakes Oil subsidiary Otway Energy. The pair’s Nangwarry-1 well encountered two gas intervals, each 140 metres thick.