Vintage Energy triples Vali field gas reserves
Sydney-listed Vintage Energy on November 1 reported a significant upgrade to the reserves for the Vali field in the Cooper basin. It announced an independent evaluation had tripled the field’s gross 2P reserves from 30.3bn ft3 to 92bn ft3.
Vintage managing director Neil Gibbins said the increase in reserves "significantly enhances" the company's value as it transitions towards becoming a domestic east coast gas producer.
"This is an exciting time for Vintage and its shareholders, as the key requirements for the commencement of production are now falling into place. Importantly, the increase in the Vali field reserves is a major positive for gas pre-sale and debt negotiations, which are now nearing their final stages,” he said.
Vintage operates the Vali field in the Queensland permit ATP 2021 with a 50% interest. Its joint venture partners Metgasco and Bridgeport each hold 25%.
The company had recently announced that detailed engineering had started for the connection of the Vali gas field to the South Australian Cooper basin joint venture infrastructure.
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