Welcome to the Vintage Energy investor area where you will find presentations, reports and news that provide updates on the progress of Vintage Energy as it establishes itself as a new and well respected South Australian based gas, oil and energy company.
Vintage Energy Ltd (Vintage, ASX: VEN) is pleased to advise that a memorandum of understanding (MOU) has been signed with Australia’s largest gas infrastructure company, APA Group (APA, ASX: APA), and Comet Ridge Galilee Pty Ltd (Comet Ridge, ASX: COI).
Under the terms of the MOU, APA will undertake a work program to identify a pipeline route to connect the Galilee Basin in Queensland to Australia’s east coast gas markets. APA’s proposed route to market will also allow for gas to be supplied to the large mining projects planned for the Galilee Basin giving them an alternative to using diesel for their operations. The work program will include on the ground surveys, engaging with local stakeholders, undertaking initial environmental studies and applying for a Pipeline Survey Licence.
Recent local rain events have delayed the movement of the Ensign 932 rig from the Cooper Basin to the Galilee Basin for the drilling of Albany-2 and Albany-1/ST1. Vintage Energy Ltd (Vintage, ASX: VEN) is pleased to advise that the roads are now drying and the operator, Comet Ridge Ltd (Comet Ridge), expects the rig will be mobilised to the Galilee Basin in early to mid- June. Construction of the wellsite pad at Albany-2 recommenced on 7 May and is nearing completion.
More infoVintage Energy Ltd (Vintage, ASX: VEN) is pleased to announce an executed binding Heads of Agreement (HoA) with Metgasco Ltd (Metgasco, ASX: MEL) to become a joint venture partner in the ATP 2021 permit on the Queensland side of the Cooper/Eromanga Basins. The HoA is subject to usual conditions precedent including obtaining ministerial approval and any other necessary consents affecting the permit. These will be sought and agreed prior to signing the farm-in agreement, with both parties using best endeavours to have this undertaken by 30 June 2019. Under the terms of the HoA, Vintage will earn a 50% interest in ATP 2021 through contributing 65% of the cost of the first well (up to a gross cost of AU$5.3 million) and past exploration costs (65% of which is $527,800). Vintage will also fund up to $70,000 of 2D and 3D seismic reprocessing to better define exploration leads in the permit.
More infoVintage Energy Ltd (Vintage, ASX: VEN) is pleased to announce an executed binding Heads of Agreement with Firetail Energy Services Pty Ltd (Firetail) for it to become a joint venture partner in the EP126 permit (onshore Bonaparte Basin, Northern Territory). Under the terms of the agreement, Firetail will earn a 10% interest in EP126 through the provision of $850,000 of services for the testing of Cullen-1, the total cost of which is currently estimated at $3.2 million. This contribution by Firetail, and the formation of the joint venture, places considerable value on the EP126 permit and its exploration potential. Vintage will retain a 90% interest in the permit and operatorship.
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