Vintage Energy JV buys Beach’s share of Odin discovery

Vintage Energy Ltd, and its Cooper basin partners, Metgasco and Bridgeport, increased their stake in South Australian Cooper basin retention lease PRL 211 with the acquisition of Beach Energy’s 15% interest.

The license contains the Odin-1 gas discovery well and lies adjacent to the group’s Queensland permit ATP 2021 containing Vali gas field.

The parties will acquire their respective shares in proportion to existing holdings. This will result in Vintage taking 50% and operatorship with Metgasco and Bridgeport each ending up with 25%--in line with the JV’s shares in ATP 2021.

Odin field was discovered and flow tested in October 2021. The structure has been mapped to continue across the permit boundary to the east into ATP 2021.

The Odin discovery is prospective for development due to its proximity to Vali field and the Moomba gas gathering network, said Neil Gibbins, Vintage managing director.