24 December 2019
Vali-1 Drilling Progress Report
- The Vali-1 exploration well is progressing to schedule at a depth of 2106m MD
- Metgasco is free carried for the drilling of Vali-1 with a 25% interest
- Vali-1 Net Prospective Resource (2U Best Estimate) of 9.5 Bcf
The Board of Metgasco Ltd (ASX:MEL) (Metgasco, or, the Company) is pleased to advise that the Vintage Energy Limited (ASX:VEN) operated Vali-1 well being drilled by the SLR -185 rig is progressing to schedule . As of 6am EST Time on 24th December, Vali-1 is currently preparing to drill ahead in 8.5” hole at 2106m MD. Oil shows, indicative of migration through the area, were observed in the Jurassic section within sandstones of the Westbourne Formation. Jurassic reservoirs are not considered to provide a viable target in the Vali structure.
The Vali prospect’s primary target is in sandstones of the Patchawarra Formation, with the Toolachee Formation being a secondary objective. These reservoirs are proven as producing reservoirs on the southern flank of the Nappamerri Trough, with over 600 Bcf of gas produced from fields within a 15 to 40-kilometre radius of the proposed Vali-1.
Metgasco is free carried on Vali-1 via signing farm-out agreements with Vintage and Bridgeport earlier this year. Please refer to announcement on 10 December for further information on Vali-1.
Metgasco will issue progress reports on the Vali-1 well as material developments occur.
AUTHORISED FOR ISSUE TO ASX BY THE BOARD OF METGASCO LTD
Contact and further information:
Metgasco welcomes shareholder communication and invites all interested shareholders to make contact at any time.
Philip Amery, Chairman
Phone: +61 02 9923 9100