Market Update on Other Properties
Brisbane, April 1, 2014 AEST (ABN Newswire) - Following the completion of the acquisition of the Palm Valley and Dingo gas fields from Magellan yesterday, Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central") provides the following update on our other properties.
Surprise West
The first 7 days of production at Surprise West was 3,668bbls or 524bopd average. Whilst the down hole pump has been successfully installed it will not contribute to the production rate until the average approaches 450bopd.
Further to the issuance of the Production Licence, the earthworks necessary for the installation of the additional storage tanks and ancillary equipment has been completed. The Company expects that these storage tanks and ancillary equipment will be fully operational in May.
Surprise East
As advised, circumstances required Central to give up our March drilling slot in February and we now expect that the rig will become available in the second half of the April Quarter.
Mt Kitty
The Santos operated Ensign 918 drilling rig mobilised to Mt Kitty. After completing a planned routine maintenance the rig commenced rigging up on the well. The initial drill out of the 9 5/8" casing shoe that had previously been set at 785 meters has been completed and the rig is preparing to drill ahead to a planned TD at 2,033m.
Southern Georgina Joint Venture
Despite extensive flooding around the expected drill sites in February and March the Company still anticipates drilling to commence in the second half of the April Quarter.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
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