VINTAGE ENERGY LIMITED ATP 2021 Joint Venture (Metgasco 25%, Vintage Energy Ltd. 50% and operator and Bridgeport (Cooper Basin) Pty Ltd. 25%). Metgasco Ltd. announced gas supply from the Vali gas field commenced 21 February 2023. Vali is supplying gas to eastern Australia under a long-term gas supply agreement with AGL Energy Limited (AGL).
The field, among the larger gas discoveries in the Cooper Basin in the past decade, is independently certified as having proved and probable gas reserves of 101 petajoules (PJ) (Metgasco share 25.25 PJ). Vali is to supply an estimated 9 PJ to 16 PJ gas to AGL from field start-up to end-2026, under Metgasco's inaugural gas contract. The Vali joint venture has refrained from contracting the bulk of the field's gas reserves, to enable a thorough understanding of the field's producing reservoirs from its three existing wells.
The understanding acquired over the first 6 - 9 months of production will inform the preparation of a full field development plan and marketing of Vali's uncontracted gas, which currently stands at gross 85 PJ Metgasco share 21.25. PJ). The Odin gas field located (approximately 7 km west of Vali) has been independently certified as containing a gross 2C resource of approximately 40 PJ of gas (Metgasco share 10 PJ).
Gas from Vali undergoes initial separation and metering through facilities recently installed and commissioned at the field from where it is transported to join the Moomba gas gathering network at Beckler. Processing is undertaken at the Moomba facility prior to sale. Vali-1 is currently producing from the Patchawarra Formation, although the well has been completed as a dual producer with capacity to produce from the Toolachee Formation.
Work to bring Vali-3 then Vali-2 to commissioning is continuing. Current expectations are for first gas from Vali-3 in early March and from Vali-2 later in that month. The focus in the initial production appraisal period will be on assessing and learning from the performance of the individual producing reservoirs in each well, rather than short term output maximisation.
The information gained from the first six months of flow will allow the joint venture to create a development plan for the Vali field to determine the most value-accretive scale and profile of a future expanded gas supply which can be produced into the gas market.
