Vintage Energy is set to commence appraisal drilling on the Odin Gas field, with civil works currently underway in preparation for the spudding of Odin-2.
“Funding for the program has been secured by the capital raising initiated in the quarter,” Vintage Energy managing director Neil Gibbins said.
“With drilling success, we aim to be supplying gas from Odin-2 to eastern Australia this winter.”
Across the quarter, Vintage Energy also recorded sales revenue of $1.3 million with production levelling to 0.11 petajoules (PJ) equivalent.
Sales revenue was a 26 per cent decrease than the previous quarter, which was due to the lower production rates.
These numbers were lower due to the “natural decline” in appraisal production rates from Odin-1 and Vali-1, according to the company.
Both the December and March quarters were affected by 25 per cent downtime according to Vintage, due to scheduled maintenance shutdowns and weather factors.
“The initial benefits of cost reduction initiatives implemented in the quarter were evident in the 52 per cent reduction in corporate and administration expenditure,” Gibbins said.
“More significant savings, particularly in staff costs which were the focus of initiatives in March, will be realised in the coming quarter.”
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