Vintage Energy and Vault Energy Sign Gas Sales Agreement for Cullen-1 Well
Vintage Energy Ltd and Vault Energy have reached a Heads of Agreement for gas sales from the Cullen-1 well in EP 126, Bonaparte Basin, pending successful testing results. This partnership aims to supply gas for power generation in data centers, marking a significant step towards a new gas commercialization model in Australia.
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Vintage Energy Ltd (ASX:VEN) and Vault Energy have finalized a Heads of Agreement for gas sales from the Cullen-1 well in EP 126, located in the Bonaparte Basin, Northern Territory. The agreement is contingent upon flow test results that confirm a commercially viable outcome.
Cullen-1 was drilled in 2014 but has yet to be tested; it recorded strong gas shows over a 1,000-meter interval. Vintage holds a 100% interest and plans to fund testing through a farm-out, pending clarification of access from the Northern Territory Government.
The partnership aims to develop a gas supply model for mobile data centers, positioning Cullen-1 as a potential first in Australia’s gas-to-wire projects. This collaborative approach may reshape the conventional gas sales landscape, enhancing investment opportunities in digital infrastructure.
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