- Vintage Energy (VEN) has completed all planning work for the fracture stimulation of the Vali discovery at the ATP 2021 joint venture project
- This lies located within the onshore Cooper and Eromanga basins in Queensland
- Vintage holds a 50 per cent stake in the joint venture, and Metgasco (MEL) and Bridgeport each hold a 25 per cent interest
- The six-stage fracture stimulation will be conducted by Condor and is scheduled to commence in early July
- A subsequent flow test will be carried out with results to be integrated into the commercialisation plan
- Vintage Energy shares gained 14.9 per cent today to close at 7.7 cents each and Metgasco rose 44.4 per cent to 3.9 cents per share
Vintage Energy (VEN) has completed all planning work for the fracture stimulation of the Vali discovery.
This discovery lies within the ATP 2021 joint venture project, located within the onshore Cooper and Eromanga basins in Queensland.
Vintage is the operator and holds a 50 per cent stake in the joint venture, Metgasco (MEL) and Bridgeport each hold a 25 per cent interest.
The simulation of the Vali-1 ST1 well will be conducted by Condor and is scheduled to commence in early July. Metgasco anticipated it will take approximately one week to complete the simulation at depths between 2810 and 3240 metres.
CEO Ken Aitken said he expected Vali to begin generating revenue within a year from now.
“We anticipate a positive gas test result based on Patchawarra stimulation results in similar quality wells in an adjacent licence. To enable a rapid production tie-in on establishing a commercial gas flow-rate on Vali, the JV has already initiated pipeline engineering design and infrastructure tariff discussions with Santos.”
The fracture stimulation is expected to occur in six stages, five of which will occur within the Patchawarra section and the final stage in the deeper Tirrawarra and Basal Patchawarra section.
A flow test will be carried out over the following weeks, results from which are expected in early August and will be integrated into the commercialisation plan.
Vintage Energy shares gained 14.9 per cent today to close at 7.7 cents each and Metgasco rose 44.4 per cent to 3.9 cents per share.