Vali is supplying gas to eastern
"First production and first revenue generation is a landmark event for every company" said Vintage Managing Director,
"For an exploration company to reach this point, let alone within four and a half years of floating, is noteworthy. The achievement was made possible by the support and contribution of many, starting with our shareholders and ATP 2021 joint venturers. The efforts and vigilance of our employees and contractors has preserved an LTI and environmental incident-free record. Their persistence enabled the project to progress in the face of obstacles and disruption brought by Covid and consequent supply chain issues.
"AGL showed its willingness to step up and encourage new players with new supply; something keenly needed by the east coast gas market. By pre-paying the joint venture
"I would like to acknowledge the support and role played by the
"Our expectation is Vali, and the nearby Odin gas field, will be supplying gas to eastern
Vintage has refrained from contracting the bulk of the field's gas reserves, as it builds a thorough understanding of the field's producing reservoirs from its three existing wells. The understanding acquired over the first 6 - 9 months of production will inform the preparation of a full field development plan and marketing of Vali's uncontracted gas, which currently stands at 85 PJ (gross, Vintage share 42.5 PJ). The Odin gas field (located approximately 7 km west of Vali) has been independently certified as containing a 2C resource of approximately 40 PJ of gas (Vintage share 19 PJ).
Vintage floated on the ASX in
Gas from Vali undergoes initial separation and metering through facilities recently installed and commissioned at the field from where it is transported to join the Moomba gas gathering network at Beckler. Processing is undertaken at the Moomba facility prior to sale.
Vali-1 is currently producing from the Patchawarra Formation, although the well has been completed as a dual producer with capacity to produce from the Toolachee Formation.
Work to bring Vali-3 then Vali-2 to commissioning is continuing. Current expectations are for first gas from Vali-3 in early March and from Vali-2 later in that month.
"The focus in this initial production appraisal period will be on assessing and learning from the performance of the individual producing reservoirs in each well, rather than short-term output maximisation.
"By the second half of this calendar year we expect to be in a position to outline the most value-accretive development plan for the field and the scale and profile of an expanded gas supply we can take to market," said
Odin
Work on connecting the nearby Odin gas field to market has been advancing. The
This link will provide an interim accelerated connection to enable Odin gas to flow to the east coast market as soon as practicable.
Supply from Odin through the interim accelerated connection is projected to be possible in the third quarter of calendar 2023.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/GK62177B
About
Contact:
Managing Director
+61 8 7477 7680
info@vintageenergy.com.au
Copyright (C) 2023 ABN Newswire. All rights reserved., source