• Encouraging results from Toolachee Formation production at Vali-2 well
• Preparations underway to resume dewatering operations at Vali-3 well
• Further investigation required to determine low gas flow from Toolachee Formation at Vali-1 well

Vintage Energy Ltd (ASX: VEN) has provided an update on the second phase of its Production Uplift Program, which commenced on 24 September 2025 and focuses on initiating production from the Toolachee Formation in the Vali gas field. At the Vali-2 well, flow from the Toolachee Formation has commenced, with the well initially producing water offline against minimal backpressure at approximately 120 barrels per day, with gas becoming more evident in the flow. The well is now producing into the facility against system pressure with a variable gas rate up to 0.25 MMscf/d and water rates between 40 and 50 barrels per day. The company considers the Vali-2 flow behaviour to be consistent with the clean-up of residual liquid previously cross-flowed from the Patchawarra Formation, suggesting good underlying pressure and permeability of the Toolachee Formation, which is encouraging for higher Toolachee gas flow once the residual Patchawarra liquid has been cleared. At the Vali-3 well, preparations are underway to resume dewatering operations, with the installation of a capillary string to effect nitrogen lift of fluid to be conducted, with the timing dependent on the arrival of equipment from overseas. For the Vali-1 well, further investigation and analysis is required to determine why the perforated intervals in the gas-bearing Toolachee Formation did not flow significantly, with the preferred method, chemical and/or mechanical, to overcome this issue and produce the Toolachee resource currently being assessed. Production from the Southern Flank gas fields is continuing, with raw gas production rates totalling 2.4 MMscf/d this morning, with Odin contributing approximately 1.9 MMscf/d and the balance from Vali-1 and Vali-2.