Metgasco Ltd. provided the following operations update on the Vali gas project. ATP 2021 (Metgasco 25%, Vintage 50% and operator and Bridgeport (Cooper Basin) Pty Ltd. 25%). Metgasco and the ATP2021 JV partners are bringing the recently discovered Vali gas field into production to provide a new source of gas for eastern Australia.

Vali is to supply an estimated 9 PJ to 16 PJ of gas to AGL in the period from field start-up to end-2026 under the Gas Sales Agreement ("GSA") announced 23 March 2022. Gas committed under the GSA, the first supply agreement for the company, is estimated to represent 9% to 16% of the field's proved and probable reserves of 101 PJ (gross joint venture volume). Gas produced from the field is to be transported to Moomba for processing prior to sale.

Project Schedule Update: Expectations of first gas have been revised due to rescheduling of the pipeline and facilities installation for availability of contractor crew staff and the effect of skilled trade shortages on fabrication. Site works for pipeline installation are now due to commence in the week commencing 19 September. The construction contractor has advised mechanical handover can be expected in early December, at which point commissioning can commence.

As a result, first gas is now expected in December 2022, which compares with the previous expectation of October 2022.