Vintage Energy Ltd (ASX:VEN) today announced the commencement of Koburra 2D seismic program for the acquisition of the Galilee Basin Deeps.
The Galilee Basin is located onshore in central Queensland, Australia. It covers an area of 270,000 square kilometers with the prospective potential of oil and gas resources. Currently, Vintage Energy is in the process of earning partial interest in Sandstone reservoir sequence of Galilee Basin permits from its ASX listed owner Comet Ridge Ltd. The transaction related to the two-stage farm-in for âDeeps Areaâ that cover the permits ATP 743, ATP 744 and ATP 1015.Â
As per the todayâs announcement, the Koburra 2D seismic program was undertaken on 30 December 2018 after a short delay in the mobilization of equipment due to heavy rain. It is reportedly undertaken by Terrex Seismic and co-ordinated by Synterra Technologies.
Vintage Managing Director, Neil Gibbins said that the company appreciates the commencement of the second stage of the GBDJV farm-in and is looking forward to evaluating other growth potentials by the Koburra Seismic Program. He added, âProspects matured to drill-ready status can then be progressed following the drilling of Albany-2 and completion of Albany-1.â
The 2D seismic acquisition will reportedly focus on the targets discovered at Lake Galilee Sandstone to mature them to the drillable stage. It will also look into regional seismic to recognize the highly prospective structural patterns with multi-level targets.
To earn up to a 30% interest in the âDeeps,â Vintage Energy has committed to spending circa $8.5 million as part of up to $15 million work program. Moreover, the reports confirm that Comet ridge will continue to hold the 100% ownership in the coal targets, âShallows.â In the recent technical and commercial work, Comet Ridge has identified the strong potential of sandstone conventional gas targets at Galilee Basin.
Vintage Energy expects the 2D seismic acquisition to take approximately six weeks that means it could be completed by mid-February 2019. Following the completion of the acquisition, the company plans to process that data along with undertaking the processing again the already existing 2D seismic data for 619 km. It is anticipated that processed data would be available for interpretation in late March this year.
Energy sector company, Vintage Energy Ltd is primarily engaged in the exploration, acquisition, and development of oil, gas and other energy production assets. It holds an interest in Otway Basin, Galilee Basin and Bonaparte Basin located across Australia.
The stock of Vintage Energy Ltd got listed on the Australian Securities Exchange in September 2018. Since then, its stock price has fallen 23.26% including a negative daily price movement of 10.81% in the last 5-days trade. Today, 2 January 2019, VEN traded flat. However, its last traded share price is $0.165.
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