Vintage Energy (ASX: VEN), along with joint venture partners Metgasco (ASX: MEL) and Bridgeport, has received a six-year renewal for permit ATP 2021 in Queensland. This renewal enables the JV to fully evaluate numerous oil and gas prospects within the area while awaiting the completion of production licence applications for the Vali and Odin gas fields. The permit area contains 23 identified oil prospects and leads, in addition to three gas prospects.
According to Managing Director Neil Gibbins, the renewal allows the JV to proceed with a sequential approach to prospect refinement and exploration drilling. The permit’s location within a prominent oil and gas producing region, near existing infrastructure, presents a substantial opportunity for value creation. Metgasco’s Managing Director, Ken Aitken, emphasized that any discoveries from future exploration programs at ATP 2021 would add clear value to the JV, with efficient integration into the existing Vali and Odin production hub infrastructure. Gas from the permit is currently supplying AGL Energy (ASX: AGL) under a long-term contract.
