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Cooper Basin. Source: ABC.
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  • Vintage Energy (VEN) reaches total depth at the Vali-3 well, with additional gas shows observed
  • VEN says gas shows were seen in the Epsilon and Patchawarra formations, similar to Vali-1 and Vali-2, as well as the Tirrawarra sandstone
  • The energy stock is exploring the Cooper Basin alongside ASX-listed Metgasco (MEL) and holds a 50 per cent stake in the project as well as being the operator
  • VEN says Vali-3 hit its total depth of 3,186 metres on Monday, with wireline logs to be completed this week testing the gas observed
  • Vintage Energy shares are trading down 2.82 per cent at 6.9 cents per share

Vintage Energy (VEN) advises its reached total depth at the Vali-3 well, with additional gas shows observed.

VEN has been exploring the Cooper Basin in southeast Queensland alongside Metgasco (MEL) and holds a 50 per cent stake in the project as well as being the operator.

In an update on Tuesday, the energy stock said gas shows were sighted in the Epsilon and Patchawarra formations, as well as the Tirrawarra sandstone.

These are in addition to the gas shows observed previously in the Nappamerri and Toolachee formations.

The gas shows in the Patchawarra formations were a pleasing development for VEN, as it was the company’s primary objective.

Specifically, VEN drilled Vali-3 to appraise the extent of the deeper Patchawarra Formation, first sighted in Vali-1 and Vali-2.

Next steps for the energy stock following Vali-3 reaching total depth will be to complete the wireline logs.

The company explaind the logs will be completed to evaluate the hydrocarbon shows observed while it was drilling.

In the wake of today’s update, Vintage Energy shares were trading down 2.82 per cent at 6.9 cents per share at 11:44 am AEST.

VEN by the numbers
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