Vintage Energy has announced positive results for its contingent resources at the Cooper Basin oil field.
The Odin gas field straddles the border of the two permits in the Cooper and Eromanga Basins, with the Odin well successfully drilled with the Schlumberger SLR184 rig and reaching a total depth at 3,140 m back in May when Vintage encountered extensive gas shows.
The recent material booking of contingent resources showed almost a 190 per cent increase on the pre-drill prospective resources.
Vintage Managing Director Neil Gibbins described the booking as an “outstanding result”.
“The Odin and Vali gas fields combined constitute a sizeable and potentially scalable Cooper Basin gas province that we believe will supply significant quantities of gas to the east coast of Australia for at least the next 20 years,” he said.
Results were verified by ERCE – an independent consultancy specialising in petroleum reservoir evaluation.
ERC certified 34.4 billion feet3 of gross 2C contingent resources in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations of the Odin gas field.
“The surging demands for gas on Australia’s eastern seaboard is reflected in higher pricing on the spot market, with increased demand for gas globally reflected in rising LNG pricing,” said Mr Gibbins.
“As the world transitions towards carbon neutrality, natural gas has an important role to play in reducing emissions through delivering cleaner energy to homes and businesses.”
For more information visit the Vintage Energy website.