Sales revenue of $1.80 million was recorded for the quarter, 96 per cent higher than the revenue of $0.92 million in the prior quarter.
“The December quarter results highlight the uplift given by Odin-1 production,” Vintage Energy managing director Neil Gibbins said.
Production increased 60 per cent, and revenue 96 per cent, notwithstanding being offline for a significant part of the quarter due to scheduled downstream maintenance.
Odin-1 has performed steadily and strongly since coming online in September and reinforced our view of the significant potential of the field.
“Odin-1 is supplying into an attractive gas sales agreement and we are evaluating opportunities to better leverage the field’s capabilities,” Gibbins said.
The increase in revenue is principally attributable to higher gas production during the period.
The Odin gas field contributed production for 65.8 days during the quarter, averaging raw gas production of 4.70 Million standard cubic feet per day (MMScf/d).
All but 1.4 days of the 26.2 days offline were related to third party downstream outages.
Planning continued for the drilling of two appraisal wells on the Odin gas field, one on the eastern flank of the field in Queensland and the other on the western side, in South Australia.
Well locations have been selected and work area clearances have been scheduled to verify suitability.
The Vali gas field was online for 70.2 days during the quarter, averaging raw gas production of 2.15 MMscf/day.
Vali was offline for 20.8 days during the quarter; of which all but 1.7 days are related to third party downstream outages.
Activity during the period was focused on the Vali-2 well which had been shut-in due to fluid in the well bore.
Logging indicated sands within the lower Patchawarra Formation were the major contributor to excess fluid production.
A wireline conveyed plug was run to isolate the lower Patchawarra Formation and the well brought online Friday, 8 December.
Fluid production was reduced by more than 50 per cent to an average of 62 barrels per day.
Gas flow averaged 0.2 MMscf/d whilst online during the quarter.
The operational plan is to continue to flow Vali-2 with the objective of dewatering so gas flow can improve.
Vali-3 remains shut-in as the joint venture assesses the performance and potential remediation options to improve performance of the producing zone in the Toolachee Formation.
Future options for the well include production from other gas bearing zones such as the Patchawarra Formation.