Australia's Vintage delays Odin-2 well due to excessive rainfall

Australian gas producer Vintage Energy on April 10 announced a delay in its plans to spud the Odin-2 appraisal well in the Odin gas field, located in the South Australian Cooper Basin. The delay is attributed to excessive rainfall in the region, causing flooding and subsequent road closures that hinder ground access and disrupt the transportation of equipment to the site.

As a result of the adverse weather conditions, Vintage expects the delay to persist for several weeks, contingent upon the ongoing weather patterns. Site preparation, initially scheduled to commence earlier, is now anticipated to start in early May. Subsequently, rig mobilisation to the site will follow.

“Vintage anticipates spudding of the Odin-2 appraisal well will most likely occur in May, approximately one month later than advised,” it said.

Vintage recently conducted an A$8mn ($5.2mn) capital raising. The funds raised are earmarked to support the company's near-term objectives, particularly the drilling of two appraisal wells: Odin-2 and Odin-3.

Odin-1 commenced production in September 2023, with all gas supplied to Pelican Point Power, a joint venture of Engie (72%) and Mitsui (28%), under a sales agreement extending to December 2026.