ATP 2021 (Metgasco 25%, Vintage 50% and operator and Bridgeport (Cooper Basin) Pty Ltd. 25%) Metgasco Ltd. announced the commencement of a work program to bring the Odin gas discovery to market at the earliest opportunity. The JV has agreed to commence engineering for connection of the Odin gas field to the Vali-Beckler pipeline, as well as preparation of a commercial plan for marketing of the field's gas. It is anticipated these initiatives, followed by the securing of a Gas Sales Agreement, could see field work begin in the second half of FY23 (subject to JV and regulatory approvals) and gas sales from Odin commence in the first half of FY24.

The Odin gas discovery was made in May 2021 and has been independently assessed as containing a gross 2C Contingent Resource of 36.4 Bcf1 in the Toolachee, Epsilon, Patchawarra and Tirrawarra Formations of the field. Odin-1 was successfully flow-tested with a stable rate of 6.5 million standard cubic feet per day from the Epsilon and Toolachee formations, recorded at a flowing wellhead pressure of 1,823 psi through a 28/64" fixed choke. Odin is mapped to extend into ATP 2021, a licence sharing an identical joint venture composition to PRL211, and which holds the Vali gas field is currently being prepared to commence supply to AGL from October 2022.

The Vali well completion program commenced this week and will include the completion of the Odin-1 well. Gas from Vali is to be transported to Moomba for processing by the Vali-Beckler pipeline, the route of which has been designed to pass by the Odin gas field. Construction of the Vali-Beckler pipeline is due to commence in August 2022 and conclude in September 2022.

The commitment to bringing Odin into production was contained in the PRL 211 FY23 budget approved by the JV. The budget also provides for the planning and long lead item procurement for the drilling of the Odin-2 appraisal well that is anticipated in FY24.