Vintage Energy's Gas Production Update

Vintage Energy Ltd (ASX:VEN) has reported a significant increase in gas production from the Odin-1 well following successful optimisation operations. The average flow rate of Odin-1 has surged to 3.3 MMscf/d, up from 1.4 MMscf/d prior to the operations. Additionally, the company has provided an update on the progress of Odin-2, which is on track to commence production from mid-October. Vintage Energy holds a 50% interest in the PRL 211 and ATP 2021 Joint Ventures, with other interest-holders being Metgasco Ltd (25%) and Bridgeport (Cooper Basin) Pty Ltd (25%).

Vintage Energy Managing Director's Perspective

The Managing Director of Vintage Energy, Neil Gibbins, expressed satisfaction with the results of the optimisation program at Odin-1, stating that the increased production exceeded initial expectations. He highlighted the confirmation of an impediment to flow rates, the successful remediation, and the identification of an effective management plan for future operations. Gibbins also emphasized the potential value of the uplift in production, including the newly opened Patchawarra Formation, and the anticipation of further growth in production from Odin-2 in the coming weeks.

Summary of Vintage Energy's Gas Production Update

Vintage Energy has witnessed a substantial boost in gas production from the Odin-1 well, with the average flow rate increasing to 3.3 MMscf/d following successful optimisation operations. The company's Managing Director, Neil Gibbins, expressed optimism about the positive impact on the supply and revenue generation capacity of the wells in the field. Additionally, the progress of Odin-2, set to commence production in mid-October, further contributes to the company's positive outlook. Vintage Energy continues to focus on enhancing gas operations in the Southern Flank Nappamerri Trough, Cooper Basin, and remains committed to monitoring production trends and conducting further analysis to support future growth.