Vintage Energy Limited provided the following update on operations at the recently commissioned Vali gas field. Vali-3: Vali-3 commenced production at 8:15 am on 27 March 2023 and has maintained stable production. Gas is now being supplied to AGL from both Vali-1 and Vali-3. Supply from Vali-3 is later than anticipated, as water accumulated in the wellbore during the 237-day period from well completion required clean-up operations which, in turn, required sourcing of equipment to unload the well so gas production could be established.

Some water production has always been forecast from Vali, particularly from the Toolachee Formation. Water produced is being managed through the separation facilities and evaporation ponds designed for that purpose. The commencement of production from Vali-3 is an important milestone for Vintage and for the Vali-Odin gas hub which is expected to supply gas to eastern Australia over many years.

Vali-1: Vali-1 has completed one month of production, performing consistently and strongly, with flow rates aligned with expectations and test results. Gas production has met pre-production forecasts, averaging a raw gas stream rate of 3.9 MMscfd during the first 30 days online. Water production has declined consistent with expectations as the well continues to clean up fluid pumped during fracture stimulation.

Vali-1 and the Vali facility recorded a 99% availability in the first 30 days of operation. Total system availability inclusive of non-operated downstream infrastructure recorded a 95% total system availability. Vali-2: With production established from Vali-3, the focus of operations has now shifted to Vali-2 which was commissioned on 8 March 2023.

The program at Vali-2 has been affected by the time taken to bring Vali-3 online, as equipment in use at Vali-3 was required to remove fluid in Vali-2 identified as residual fracture stimulation fluid. This equipment is now being relocated to Vali-2 so this fluid can be removed and the well brought online.