Vintage Energy Progresses Albany Field Drilling

THE BOWSER: Vintage Energy (ASX: VEN) is progressing drilling of the Albany-2 well, located in the Galilee Basin, as part of the company’s Galilee Basin Deeps JV with Comet Ridge (ASX: COI).

Vintage Energy informed the market that Albany-2 is currently drilling ahead at 1848 metres toward the intermediate casing point at 2,430m.

The planned total depth of the well is 2,752m and with drilling, coring and logging, operations are expected to take a total of approximately 31 days.

“The target zone is the Lake Galilee Sandstone, which is estimated to be 280 metres thick and at a depth of 2,430 metres, with a key focus of Albany-2 being the coring of a number of representative sections of the target reservoir sands and intervening shales,” Vintage Energy said in its ASX announcement.

The company explained that the Lake Galilee Sandstone section was encountered in the Albany-1 well and flowed gas, without stimulation, at 230,000 standard cubic feet per day (scfd) from the top 10 per cent of the target reservoir.

The Albany-2 well is located approximately seven kilometres from Albany-1 and is expected to appraise the scale of the gas potential of the conventional Albany Field over its large 61 square kilometre area.

Vintage currently holds 15 per cent of the Galilee Basin Deeps Joint Venture (Comet Ridge 85%).

The company anticipates this equity level to increase to 30 per cent upon completion of Stage 2 farm-in funding obligations relating to the completed Koburra 2D seismic program and the drilling of Albany-2 and Albany-1 ST1.