Vintage Energy Ltd., Adelaide, has completed moves to take control of the prospective Odin structure in the Cooper basin straddling the South Australian/Queensland border, announcing a 90-day exclusivity period to negotiate a binding farm-in agreement to take a 42.5% interest and operatorship of South Australian retention lease PRL 211.
The deal will leave joint venture partners Bridgeport with 21.5%, Metgasco Ltd. with 21.25%, and Senex Energy Ltd. 15%.
Vintage made an agreement with Metgasco, Sydney, to farm in to a 50% interest in Metgasco’s Queensland exploration permit ATP 2021 on the Queensland side in May.
Odin has a gross prospective resource, 2U best estimate of 12.6 bcf of gas. Strathmount-1 drilled on the South Australian side in 1987 intersected 21 m of gas sands with an interpreted 13.7 m of interpreted net gas pay.
Vintage said the Odin structure is fully covered by recent 3D seismic and has gas potential in the Permian-age Patchawarra and Toolachee formations. It lies on the southern flank of the Nappamerri Trough northeast of producing fields Bow, Beckler, and Dullingari. It presents as a four-way dip closure on a structural nose that plunges northeast into the Nappamerri trough.
It is also similar to the Vali prospect in ATP 2021 that Vintage intends to drill in December.
Under terms of the PRL 211 deal, Vintage, Bridgeport, and Metgasco will drill an Odin well with Vintage paying 50% of the estimated A$2 million well costs to earn 42.5% interest. Senex will be free-carried through drilling of this first well.
