Oz Vintage Energy Signs Rig for Cooper Basin project
Australian oil and gas explorer Vintage Energy, as the operator of ATP 2021, has signed a letter of intent with Schlumberger to use their SLR-185 rig to drill Vali-1 well, which is expected to spud later this calendar year, it said October 1.
As announced earlier this year, Vintage will earn a 50% interest in ATP 2021 from Metgasco through contributing 65% of the cost of Vali-1, paying for 65% of past exploration costs, and funding up to A$70,000 of 2D and 3D reprocessing. Bridgeport is also earning a 25% interest in ATP 2021 from Metgasco by contributing to the cost of Vali-1, Vintage said.
The Vali structure is an anticlinal closure located in the southern part of ATP 2021 in the Queensland Cooper Basin. According to the company. the Vali prospect is prospective for gas in Permian aged reservoirs, specifically the Patchawarra Formation. The Toolachee Formation is a secondary objective. “These reservoirs are proven as producing reservoirs on the southern flank of the Nappamerri Tough, with over 600bn ft3 of gas produced from fields within a 15 to 40-kilometre radius of the proposed Vali-1,” Vintage said.
Best estimate unrisked prospective resources in Vali have been calculated to be 17.6bn ft3 in the Patchawarra Formation net to Vintage (50% interest of 35.1bn ft3 once farm-in commitments met) based on mapping of the Snowball 3D seismic and incorporating the results of offset wells, the company said.