Vintage Energy Ltd., Adelaide, signed a conditional head of agreement between the Queensland Cooper basin ATP 2021 joint venture parties and AGL Energy subsidiary AGL Wholesale Gas Ltd. for the sale of all gas produced from Vali field.
The agreement will include gas from field onstream date of mid-2022 to end 2026.
The anticipated volume of gas will be 9-16 petajoules over the contract term. It will be sold on a mix of firm and variable pricing at market rates.
Terms of the HoA will form the basis of a fully termed gas sales agreement that will include AGL providing an up-front payment of $15 million (Aus.) to the joint venture in three tranches as the project moves to first gas.
Funds will be used for the work program, including completion of all three Vali wells and the tie-in of the field to the nearby Moomba pipeline network.
Vali field has been independently assessed to hold 1P reserves of 47.5 petajoules, 2P of 101.0 petajoules, and 3P of 209.8 petajoules.
Vintage is operator with 50%. Metgasco Ltd. and Bridgeport (Cooper Basin) Pty Ltd. each hold 25% interest.