Vintage Energy secures $5m in SA government grants to drill Odin-3 and Vali-4 gas wells in the Cooper Basin, aiming to lift output for South Australian energy generators.
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Vintage Energy has secured $5 million in grants from the South Australian government to drill two gas production wells in the Cooper Basin. The money comes from the state's $15 million Gas Incentive Grant program, which backs projects that can deliver new supply before September 2028.
The grants are split into two $2.5 million tranches, each covering half the cost of drilling Odin-3 and Vali-4 in the Southern Flank of the Nappamerri Trough. Vintage owns 50% of the ATP 2021 / PRL 211 joint venture. Metgasco and Bridgeport each hold 25%.
Five wells have been drilled at the Southern Flank projects so far. Every one found gas, including the Vali-1 and Odin-1 discoveries in 2019 and 2020. Odin-3 targets the same Toolachee and Epsilon reservoirs that made Odin-1 a strong producer. Vali-4 is designed to access the Toolachee Formation and shallower Nappamerri sands identified in seismic work.
The Odin and Vali fields currently supply gas to South Australian generators ENGIE and AGL. Managing director Neil Gibbins said the new wells aim to lift output from the fields.
“Vali and Odin represent a significant and largely untapped gas resource for south-east Australia’s energy needs,” he said. “The grant by the South Australian government is a welcome endorsement that significantly advances our plans to lift gas production.”
Gibbins also praised the Gas Incentive Grants program for encouraging new supply and supporting South Australia's energy security.
The drilling program's success depends on whether Odin-3 and Vali-4 encounter gas in the same reservoirs as earlier wells. A dry hole or a mechanical issue would weaken the case before production begins. Vintage expects to receive the full grant before month end. That will let the company assess rig availability and finalise a drilling contract.
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