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  • Joint Venture parties, Vintage Energy (VEN), Metgasco (MEL) and Bridgeport receive ministerial approval to acquire Beach Energy’s (BPT) 15 per cent interest in the Cooper Basin licence PRL 211
  • Upon completion, Metgasco will hold 25 per cent, Vintage will hold 50 per cent and Bridgeport will hold the remaining 25 per cent
  • Payment has been structured to align with successful production with a $1 million initial milestone payment and a further $1.25 million on achievement of production milestones
  • The new licence is within the Odin gas field and is close to existing producing gas fields and infrastructure
  • Shares are trading flat today at 2.4 cents each at 2:06 pm AEST

Joint Venture parties Vintage Energy (VEN), Metgasco (MEL) and Bridgeport have received ministerial approval to acquire Beach Energy’s (BPT) 15 per cent interest in the Cooper Basin licence PRL 211.

Each of the companies will acquire their respective interests, in proportion to their existing holdings.

Upon completion, Metgasco will hold 25 per cent, Vintage will hold 50 per cent and Bridgeport will hold the remaining 25 per cent.

Payment has been structured to align with successful production with a $1 million initial milestone payment and a further $1.25 million on achievement of production milestones.

The new licence is within the Odin gas field and is close to existing producing gas fields and infrastructure.

It is mapped to extend into the ATP 2021 licence, which is also held by the joint venture parties and contains the Vali gas field.

The joint venture has a number of activities planned in the Cooper Basin, including the commencement of gas supply from Vali to AGL and completing the Odin-1 discovery well as a gas producer.

Shares were trading flat today at 2.4 cents each at 2:06 pm AEST.

MEL by the numbers
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