Palm Valley 12 Drilling Update
Brisbane, Sep 6, 2022 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) advises that as at 0600 hrs ACST on 5 September 2022, sidetrack operations had commenced on the P1 lateral section of the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory. At this time, the sidetrack was at a measured depth of 1,428m having successfully drilled 97m of the 8.5" section. This intermediate build section of the sidetrack is expected to be completed at a measured depth of 1,860m, after which a 7" liner is intended to be set in preparation for drilling of the 6" open hole section in the P1.
The P1 formation is the currently producing formation at Palm Valley. A successful PV12 lateral in the P1 formation will be tied into existing production facilities and gas production sold into strong Northern Territory and east coast gas markets.
The PV12 ST2 well is being drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited (ASX:NZO) (35% interest) and Cue Energy Resources Limited (ASX:CUE) (15% interest).
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.
New Zealand Oil & Gas Limited
Cue Energy Resources Limited
Central Petroleum Limited