Vali-2 well successful and cased for future production
- Vali-2 logging data confirms gas in the Toolachee and Patchawarra formations
- Toolachee formation reserve booking anticipated
- Patchawarra formation potential confirmed
- Vali gas field now has two cased and suspended wells ready for production
- SLR184 rig being mobilised to the Odin-1 location to drill high priority prospect within PRL 211
The board of Metgasco Ltd (ASX:MEL) (Metgasco or the Company) is pleased to provide an update on the Vali-2 appraisal well and the Odin-1 exploration well in the Cooper Basin.
Metgasco’s Cooper Basin portfolio includes Cooper/Eromanga Basin assets ATP 2021 (Vintage 50% and operator, Metgasco Ltd 25%, Bridgeport Cooper Basin Pty Ltd 25%) and PRL 211 (Vintage, Metgasco and Bridgeport earning in a proportionate 85% via Odin-1, with Impress (Cooper Basin) Pty Ltd 15%).
The wireline logging program data at Vali-2 confirmed the presence of gas in the Toolachee and Patchawarra formations. One of the main objectives of Vali-2 was to assess the potential for gas in the Toolachee Formation four-way dip closure, which was not tested in Vali-1 ST1. A wireline gas sample was successfully recovered to surface from the Toolachee Formation, it is expected that there will be an increase to the certified Vali Field Reserves, which currently only reflects gas in the Patchawarra Formation.
Vali-2 was similar to Vali-1 ST1 in many ways, such as the appearance of stacked gas pay in the Toolachee and Patchawarra formations. The Toolachee Formation in Vali-2 is 6 metres up-dip of Vali-1 ST1, with the Patchawarra Formation intersected seven metres high to prognosis. Based on the log response, the Patchawarra Formation appears to have a greater amount of sand throughout.
Ken Aitken, CEO
Phone: +61 08 6245 0062