Melbourne, May 27, 2022 AEST (ABN Newswire) – Vintage Energy Ltd (ASX:FRI) announces that ministerial approval has been received for the transaction announced on March 29, 2022 for the acquisition of the 15% interest of Beach Energy Ltd. in the Cooper Basin PRL 211 license by Vintage and the other license interest holders, Metgasco Ltd and Bridgeport (Cooper Bassin) Pty Ltd.
The parties to the joint venture (“JV”) acquired their respective share in the 15% interest pro rata to their existing interest, resulting in the following interests: Vintage 50% and Operator; Bridgeport 25%; and Metgasco 25%.
PRL 211 is located close to existing gas producing fields and infrastructure in the Cooper Basin and contains the Odin gas field, discovered and tested in September/October 2021. Odin is scheduled to expand to ATP 2021, a licensed sharing identical participants and stakes with PRL 211, and which owns the Vali gas field.
The ATP 2021 joint venture plans to commence gas supply from Vali to AGL in September/October 2022 following completion of the current well, pipeline and construction completion program. The Odin-1 discovery well is to be completed as a gas producer during the next well completion campaign announced in the Vali Operational Update of May 25, 2022.
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About Vintage Energy Ltd
Vintage Energy Ltd (ASX: VEN) was formed to acquire, explore and develop energy assets primarily in, but not limited to, Australia to take advantage of generally favorable energy price prospects.
Vintage Energy Ltd.