Vintage Energy Ltd (ASX: VEN, “Vintage”) announces ministerial approval has been received for the transaction announced 29 March 2022 for acquisition of Beach Energy Ltd.’s 15% interest in the Cooper Basin licence PRL 211 by Vintage and the other interest holders in the licence, Metgasco Ltd and Bridgeport (Cooper Basin) Pty Ltd.
The Joint Venture (“JV”) parties have acquired their respective share in the 15% stake in proportion to their existing holding, resulting in the following equity interests: Vintage 50% and Operator; Bridgeport 25%; and Metgasco 25%.
PRL 211 is located close to existing Cooper Basin producing gas fields and infrastructure and contains the Odin gas field, discovered and flow tested in September/October 2021. Odin is mapped to extend into ATP 2021, a licence sharing identical participants and equity interests to PRL 211, and which holds the Vali gas field.
The ATP 2021 JV expects to commence supply of gas from Vali to AGL in September/October 2022 following the completion of the current well completion, pipeline and construction program. The Odin-1 discovery well is to be completed as a gas producer in the forthcoming well completion campaign announced in the Vali operational update on 25 May 2022.
