The Odin-1 well in the Cooper Basin. Source: Metgasco
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  • Metgasco (MEL) and joint venture (JV) partner Vintage Energy (VEN) begin a work program to bring the QLD-based Odin gas discovery to market
  • The Odin Gas Field is near the JV licence that houses the Vali gas field which the companies are focused on bringing to production as a new gas source for the eastern states
  • Engineering works will begin to connect the Odin gas field to the Vali-Beckler pipeline which is expected to start being built next month
  • If all goes to plan, field work could begin in the first half of next year and gas sales from Odin could begin in the second half of 2023
  • MEL shares are trading flat at 2.3 cents while VEN shares are up 3.7 per cent and trading at 8.4 cents at 1:18 pm AEST

Metgasco (MEL) and its joint venture (JV) partner Vintage Energy (VEN) have commenced a work program to bring the Odin gas discovery to market.

The Odin gas discovery was confirmed in May last year and is estimated to contain a gross 2C Contingent Resource of 36.4 billion cubic feet in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations of the field.

Odin is located in PRL 211 but is mapped to extend into the ATP 2021 licence which is jointly held by Metgasco (25 per cent), Bridgeport (25 per cent) and Vintage Energy who owns 50 per cent and is the operator.

The companies are focused on bringing the Vali gas field, adjacent to the Odin gas field, into production to provide a new source of gas for Australia’s eastern states.

“Eastern Australia requires multiple new sources of gas to help alleviate the current supply/demand imbalance and the commercial value drivers were compelling for the JV to decide to fast track Odin gas to market via the Vali pipeline infrastructure,” MEL Managing Director Ken Aitken said.

The JV will commence engineering works to connect the Odin gas field to the Vali-Beckler pipeline as well as prepare a commercial marketing plan for the gas within the field.

Gas from the Vali field is to be transported via the Vali-Beckler pipeline to the Moomba facility in South Australia for processing . This route was designed to pass by the Odin gas field.

As announced earlier this month, the construction of the Vali-Beckler pipeline is scheduled to begin next month and conclude in September.

The Vali well completion program also commenced this week and will include the completion of the Odin-1 well.

If all goes to plan, the JV anticipates field work could begin in the second half of FY23 (subject to approvals) and gas sales from Odin could begin in the first half of FY24.

MEL shares were trading flat at 2.3 cents while VEN shares were up 3.7 per cent and trading at 8.4 cents at 1:18 pm AEST.

MEL by the numbers
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