Join our daily newsletter At The Bell to receive exclusive market insights
- Vintage Energy (VEN) is preparing to stimulate a new well at its ATP joint venture project in Queensland
- Once the fracture stimulation is complete, the company will commence flow testing to measure stabilised gas rates, downhole pressure and gas flow
- The results from the flow testing will contribute to the joint venture’s overall commercialisation plan
- The project is located over the Cooper and Eromanga basins and has an estimated contingent resource of 37.7 billion cubic feet of gas
- Vintage Energy is up 10.4 per cent on the market today, trading for 8.5 cents per share
Vintage Energy (VEN) is preparing to stimulate a new well at its ATP joint venture project in Queensland.
The project is located over the Cooper and Eromanga basins and has an estimated contingent resource of 37.7 billion cubic feet of gas.
The company hopes to commence fracture stimulation of the Vali-1 ST1 well on July 12.
Vintage its joint venture partners Metgasco (MEL) and Bridgeport, awarded the activates at the Vali well to Condor Energy and the initial work is expected to be completed in the coming days.
Once the fracture stimulation is complete, the company will commence flow testing to determine the productivity of the well, measuring stabilised gas rates, downhole pressure and gas flow. The results from the flow testing will contribute to the joint venture’s overall commercialisation plan for the gas discovery.
Vintage Managing Director Neil Gibbins is pleased that work is moving along at the site.
“The fracture stimulation of the Vali-1 ST1 well is the first of two key steps that will provide an indication of the gas flow capability of the Vali discovery. It is pleasing that all activities are on schedule to this point and we look forward to again working with Condor to complete a safe and hopefully successful stimulation operation at Vali-1 ST1,” Neil said.
“Vali is an important step for Vintage as we look to evolve beyond exploration and appraisal into production,” he continued.
Neil went on to say that the work at Vali, when combined with the company’s recent successful bids in the surrounding area, add up to a significant footprint in the Cooper Basin.
Vintage Energy is up 10.4 per cent on the market today, trading for 8.5 cents per share at 1:58 pm AEST.
