• Heads of Agreement to negotiate gas sales agreement for Cullen-1 well in EP 126, Bonaparte Basin
• Gas sales agreement subject to flow test results indicating commercial outcome for both parties
• Vault seeking to acquire gas for data centre power generation

Vintage Energy Ltd (ASX: VEN) and Vault Energy have entered into a Heads of Agreement (HoA) for the sale of gas that could be produced from the Cullen-1 well in EP 126, onshore Bonaparte Basin, Northern Territory, subject to an agreed gas sales agreement and well testing results. Vintage holds a 100% interest in Cullen-1, an exploration well drilled in 2014, which recorded strong gas shows over a 1,000 metre interval, but was never tested. Vintage acquired EP 126 with the intention of proceeding to test Cullen-1, however activity in the permit has been suspended pending clarification of access necessitated by a subsequent declaration of approximately 50% of the permit, including the Cullen-1 well site, as a 'Reserved Area'. Vintage has been advised by the Northern Territory Government that environment management plan applications for exploration activities on EP 126, including the Cullen-1 well site, can be submitted, providing certainty on permit tenure and future activity, subject to regulatory approvals. The Heads of Agreement commits Vintage and Vault to work exclusively together on a gas sales agreement or other commercial arrangement for the supply of gas from Cullen-1. The parties have agreed to information sharing and collaboration pre-gas supply. Vault intends to use gas supplied from Cullen-1 to generate power for mobile, modular, containerised data centres located onsite near the well. The Heads of Agreement is subject to a number of conditions, including initial test results from the well indicating a commercially viable outcome for both parties.

Vintage and Vault are working to negotiate a gas sales agreement for the Cullen-1 well, subject to flow test results indicating a commercially viable outcome for both parties. Vault intends to use the gas to generate power for data centres located near the well.