Vintage Energy, alongside joint venture partners Metgasco and Bridgeport, have acquired Beach Energy’s 15 per cent interest in the Cooper Basin licence PRL 211.
The joint venture parties will acquire their respective shares in the 15 per cent stake in proportion to their existing holding with the result of the transition being the following: Vintage 50 per cent, Bridgeport 25 per cent, and Metgasco 25 per cent.
PRL 211 is located close to existing Cooper Basin producing gas fields and infrastructure and contains the Odin gas field, discovered and successfully flow testing in October 2021.
The licence is also adjacent to ATP 2021, which contains the Vali gas field that is being prepared to commence production mid 2022.
Vintage managing director Neil Gibbins said the acquisition was a positive and valuable development for the company.
“Odin is a promising discovering, which has bright prospects for development to supply gas to the east coast domestic gas market. It is very well located for rapid and economic development with its proximity to our Vali gas field and the Moomba gas gathering network,” he said.
“The potential to add value through successful appraisal and development of the Odin field is good. The transaction structure recognises the expectation that Odin will become a producing gas field.”