Central Petroleum Limited Stock Market Press Releases and Company Profile
Palm Valley 13 Well Commenced Flowing Sales Gas
Palm Valley 13 Well Commenced Flowing Sales Gas

Brisbane, May 17, 2019 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) ("Company" or "Central") advises that the Palm Valley 13 well ("PV13") has been tied-in and commenced flowing to sales on 17th May 2019. The successful delivery of the tie-in project is forecast to provide a significant increase in production from the Palm Valley field. Having the well online is the culmination of the Palm Valley portion of the broader Gas Acceleration Plan to deliver increased gas sales into the robust east coast gas market via the Northern Gas Pipeline.

The well will be ramped up in a controlled manner over the next few weeks to provide test data to satisfy regulatory obligations as well as providing further insights into reservoir behaviour. As a result, the well is currently heavily choked and flowing at approximately 0.5 TJ/d. As the well is ramped up, it is expected to bring total field production significantly closer to the plant capacity of 15 TJ/d.

Early production data from PV13, along with data from the underperforming existing wells, will help inform an updated forecast of field production potential.


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.

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Contact

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



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