Vintage Energy Ltd - Galilee Basin Farm-in Deal Unconditional

 Joint Venture and Co - ordination agreement finalised

 Funding of approximately $8.5m will earn Vintage a 30% interest in Sandstone Targets

 Albany 1 well expected to spud next month

Vintage Energy Ltd (VEN) has met all conditions precedent for its farm - in to the Sandstone reservoir sequence within the Galilee Basin permits ATP743, ATP744, and ATP1015 (Galilee Permits) in Queensland from Comet Ridge Limited (COI).

Vintage is a South Australian - based company headed by Reg Nelson and Neil Gibbins, who were previ ously the Managing Director and Chief Operating Officer at the ASX - listed Beach Energy Limited. Details about the Farm - in Agreement were announced in a Comet Ridge ASX release on 1 November 2017.

Vintage Energy Chairman Reg Nelson said he was pleased to be entering the Galilee Basin with Comet Ridge.

“We believe the Galilee Basin provides the right ingredients for a successful gas project and, subject to initial gas flows, could make a material difference in the east coast gas story in a relatively short ti me,” he said.

The farm - out relates to the ‘Deeps' within each of Comet's Galilee permits, defined as including all strata beneath the Permian coals (Betts Creek Beds or Aramac coals) with the main target being the Galilee Sandstone sequence. This sequence has previously flowed gas to surface during formation testing at the Lake Galilee 1 (1964) and Carmichael 1 (1995) wells.

Comet Ridge Chairman Mr James McKay said he was pleased to formally welcome the Vintage Team to the sandstone exploration and appraisa l effort in the Galilee Basin following execution of the Joint Venture and Co - ordination agreement.

“Comet Ridge has gained considerable geological and technical knowledge about the eastern Galilee Basin”. “The Vintage team also brings extensive technical experience and knowledge working in other onshore Australian basins, so the breadth and depth of expertise within this new joint venture is formidable indeed,” Mr McKay said.

Vintage, through a two - stage farm - in, may initially earn up to a 30% interest in the Deeps by committing to spend approximately $8.5 million as part of a staged $15 million work program. Under certain increased funding arrangements, Vintage can earn up to a 48% interest.

The work program will commence with the drilling of the Albany 1 conventional gas appraisal well on the Albany sandstone structure, close to the Carmichael 1 well. Albany 1 is expected to spud next month.

Comet Ridge continues to hold a 100 per cent equity interest in the ‘Shallows', defined as coal targets that general ly range from approximately 600 metres down to 1,100 metres.


New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

Vintage EnergyGalilee BasinFarm-InVEN

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 1 year agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice