Range 4 Spuds
Brisbane, July 1, 2019 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CPTLF:OTCMKTS) advises that Range-4, the first well in the Project Range exploration programme, spudded 30 June 2019 at 15:00 hrs AEST. This demonstrates Central's ability to rapidly progress exploration in this tenure, and also delivers on Central's objective of commencing the Range drilling programme in the June quarter.
Project Range is a 50:50 Joint Venture with a wholly owned subsidiary of Incitec Pivot Limited (ASX:IPL) in ATP 2031 in which Incitec will contribute up to $20 million of the exploration and appraisal costs. ATP 2031 is a 77 km2 permit located in the Surat Basin that was granted in August 2018. The Joint Venture is targeting a CSG development of the highly prospective Walloons coals, which have been developed extensively in Queensland over the last decade.
The exploration programme consists of 4 to 5 wells, with each well being drilled to gather geological data including coal depth, thickness and permeability. To minimise costs the wells will be drilled as slimholes which will be plugged and abandoned once the data has been gathered. One well may be retained as a groundwater monitoring bore to support future development approvals. The drilling of the fifth well is contingent on the results obtained from the first 4 wells. The duration of the drilling programme is expected to be 8 weeks.
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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