Vintage Energy Limited (ASX: VEN) announces that Otway Energy Pty Ltd- the operator of the Otway Basin joint venture (50:50) advised that Easternwell Rig 106 spudded the Nangwarry-1 well, located in the onshore Otway Basin.
- The planned total depth (TD) of the well is 4,350 metres, and the company anticipates the drilling and logging operations to start in about 45 days.
- The Easternwell Rig 106 is a fully automated 1,500 horse-power drilling rig, which is designed to drill at a depth of 5,000 metres;
- The 50:50 joint venture of the company received a South Australian Government PACE gas grant of $4.95 million, which would be used to fund the drilling at Nangwarry-1 partly.
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