Central Petroleum Limited Stock Market Press Releases and Company Profile
Palm Valley Update
Palm Valley Update

Brisbane, April 11, 2018 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) ("Company" or "Central") has undertaken a review of the maximum delivery capability of the existing Palm Valley wells to determine what production rates could be achieved without considering the Palm Valley-13 well, which will be drilled this fiscal year. That review concluded that existing Palm Valley wells could produce at a rate of 15 TJ/d (5.5 PJ p.a.) for a period of two years before reverting to 5 TJ/d thereafter. The Company is in the middle of a FEED process for the facilities upgrade at Palm Valley to enable it to process its historical design capacity of 20 TJ/d (7.3 PJ p.a.). In light of the review the board has sanctioned the reopening of the Palm Valley field and the employment of additional personnel without awaiting for the results of Palm Valley-13.

The results of the FEED is timed to coincide with the results of Palm Valley-13 becoming available.

As a result of this decision, the Company is confident that it will be able to have 15-20 TJ/d of Sales Gas available by the time the Northern Gas Pipeline is operational-assumed to be 1 December this year.

"This is an important step forward to achieving Central total Sales Gas production of 54 TJ/d (19.6 PJ p.a.) by 1 December this year up from existing sales of 17 TJ/d, more than tripling this year's production," said Richard Cottee, Managing Director.


About Central Petroleum Limited

Central Petroleum LimitedCentral 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.

abnnewswire.com 


Contact

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969



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