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- Metgasco (MEL) has completed its two-phase testing program at the Odin-1 well in Queensland’s Cooper Basin.
- The pipeline delivered a stable flow rate of 6.5 million standard cubic feet per day at a flowing wellhead pressure of 1823 psi through a 28/64″ fixed choke rate
- Gas samples were taken from the second stage and are still being transported to Adelaide for testing
- If partners agree, the next stage of the operation will be the completion of the well in tandem with the completion of the nearby Vali wells, to manage costs
- Metgasco shares are steady at 3.2 cents a share
Metgasco (MEL) has completed its two-phase testing program at the Odin-1 well in Queensland’s Cooper Basin.
The program was launched in late-October to asses the conventional gas deliverability of the Toolachee and Epsilon formations.
During the first stage of testing, the pipeline delivered a stable flow rate of 6.5 million standard cubic feet per day at a flowing wellhead pressure of 1823 psi through a 28/64″ fixed choke rate.
The well was then shut-in for 15 days, with the second stage of testing beginning on November 18.
Stage two of testing concentrated on running a multi-rate memory production log.
This step confirmed gas was being contributed from each of the perforated Epsilon and Tolachee formations.
Gas samples were taken from the second stage and are being transported to Adelaide for testing.
The Odin-1 well remains shut-in with downhole pressure gauges installed to record pressure buildup over four days.
Once the pressure builds up, gauges will be retrieved and the information will be analysed and the results will be released.
Following the return of current testing results, the project’s next steps will be determined by unanimous vote between the joint venture partners Vintage Energy (VEN), Metgasco, Bridgeport and Impress Energy.
If the partners agree, the next stage of the operation will likely be the completion of the well in tandem with the completion of the nearby Vali wells, to manage costs.
“The successful test program on Odin-1 has delivered a result above expectations and has confirmed the conventional gas flow potential in the Toolachee and Epsilon reservoirs and deferred the need to fracture stimulate the multiple gas-bearing sandstones in the Patchawarra zone,” said Managing Director Ken Aitken.
“Metgasco look forward to working with the JV to convert the contingent resource to reserves by agreeing on a commercialisation plan for the Odin field and bringing the field into production in the 2nd half of CY22.”
Metgasco was steady at 3.2 cents a share at 2:26 pm AEDT.
