Vintage Energy Says Odin-1 Production Rate Up More Than Two Times After Optimization; Shares Rise 11%

MT Newswires Live

Oct 01, 2024

Vintage Energy (ASX:VEN) said Odin-1 well's production rate increased by more than 2.3 times after optimization operations and the addition of Patchawarra perforations, according to a Tuesday filing with the Australian Securities Exchange.

The well experienced an average raw gas production of 3.3 million standard cubic feet per day since returning to production, up from 1.4 million standard cubic feet per day before being shut in for the procedures, the filing said.

Meanwhile, the Odin-2 well has been completed for gas production, with connections advancing to start supply in October, according to the filing.

The wells are managed by the PRL 211 and ATP 2021 joint ventures, which are 50% owned by Vintage Energy, 25% owned by Metgasco (ASX:MEL), and 25% owned by Bridgeport (Cooper Basin).

Vintage Energy shares rose 11% in midday trade.

Price (AUD): $0.01, Change: $+0.0010, Percent Change: +11.11%

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