- Metgasco (MEL) and Vintage Energy (VEN) reports that the Vali-3 well in the Cooper Basin has “exceeded expectations”
- The well has delivered the largest net pay results of the three wells that have been drilled
- 178 metres of net pay was found in the Patchawarra and Tirrawarra formations
- The Vali Field Reserves review and certification process will commence soon
- On the market, Metgasco is up 8.33 per cent, trading at 2.6 cents per share, and VEN shares are up 6.45 to trade at 6.6 cents at 1:30 pm AEST
Metgasco (MEL) and Vintage Energy (VEN) have reported that the Vali-3 well in the Cooper Basin has “exceeded expectations.”
Vali-3 reached a total depth at 3186 metres, achieving its main goal of intersecting the Patchawarra formations and the Tirrawarra Sandstone.
The well has delivered the largest net pay results of the three wells that have been drilled.
A total of 178 metres of net pay was found in the Patchawarra and Tirrawarra formations, with further work ongoing to assess additional pay in the Epsilon and Toolachee formations.
The joint venture now has three cased wells in the Vali Field available for future production.
Once Metgasco and Vintage have reviewed the data from the three wells it will be sent to ERC Equipoise to update the reserve certification for the Vali Field as a whole.
These results are expected at the end of September 2021.
Metgasco Managing Director Ken Aitken is pleased with the results from the third well.
“The fact that both Vali-3 and Odin-1 net pay results have greatly exceeded expectations strengthens Metgasco’s view that we have a significantly higher volume of gas than previously estimated within the Odin/Vali fields and that, following an updated Reserve review, Joint Venture approval to commercialise
the Vali/Odin gas production hub later this year is highly likely,” he said.
“The joint venture is well advanced in progressing both gas pre-sales and infrastructure financing to this objective.”
Metgasco was up 8.33 per cent, trading at 2.6 cents per share, and VEN shares were up 6.45 to trade at 6.6 cents at 1:30 pm AEST.