Oil and Gas News

Metgasco positioned well for year of drilling

Strike Energy

Metgasco, on behalf of the Cooper Basin ATP 2021 joint venture, has elected to prioritise work to assess the resource upside of the Vali gas field and surrounding area in Queensland. 

As a result, this will include the drilling of Vali-2 ahead of the purchase and flow line infrastructure, and will address the interpreted Toolachee Formation gas accumulation in the Vali structure.

If successful, it will provide additional reserves to those recently certified in the Patchawarra Formation.

The Kinta-1 well, drilled by Santos in 2003, logged 93 feet of net sand with average 9 per cent porosity in the Patchawarra sands and was not fracture stimulated.

The JV has advised that it plans to review Kinta are resource potential based on Kinta-1’s geological similarities with Vali-1 ST1.

Metgasco expect drilling of Vali-2 to begin around April/May 2021, pending rig availability and other approvals.

The company has signed an agreement with Schlumberger to use either SLR Rig-184 or Rig SLR 183 for the drilling of Vali-2 and Odin-1 with the option to drill a further ATP 2021 well.

Metgasco reported that whilst first gas will be later than anticipated, the value of the Vali field is expected be enhanced as a result of rising gas prices.

The Vali project is a joint venture between Vintage Energy (50 per cent), Metgasco (25 per cent) and Bridgeport Cooper Basin (25 per cent).

In addition, the JV for the Cooper Basin PRL 211, Vintage (42.5 per cent), Metgasco (21.25 per cent), Bridgeport (21.25 per cent) and Stuart Petroleum (15 per cent), are accelerating the drilling of the Odin prospect, with the Odin-1 well expected to be drilled around May/June 2021.

The Odin structure is up-dip of Strathmount-1, which intersected interpreted Permian gas play, and is a Permian four-way dip closure that plunges to the north-east into the Nappamerri Trough.

The Cervantes joint venture (Metgasco, Vintage, RCMA Australia) has advised that it has secured  Refine Energy Rig-2 to drill the Cervantes prospect, located in the Perth Basin, in the second quarter of this year.

Metgasco chief executive officer Ken Aitken said the forthcoming two firm well Cooper Basin drilling program is being fast-tracked by the JV to assess considerable upside potential resources to deliver increased gas production.

“The planned work program will ensure optimum flow line capacity is installed and in turn maximise value and flexibility for gas production in the Vali region,” Aitken said.

“The drilling of two significant gas focussed Cooper wells and one of the largest oil prospects in the Perth Basin within in the next six months will deliver an exciting period for Metgasco.”