Drilling Update - Project Range & Dukas
PROJECT RANGE - RANGE 2 SPUDS & RANGE 3 RESULTS
The drilling programme in respect of Project Range, a 50:50 Joint Venture with a wholly owned subsidiary of Incitec Pivot Limited (ASX:IPL) in ATP 2031, continues to progress well. Range 2, the fourth well in the Project Range exploration programme, spudded on 30 July at 08:00 hrs AEST. This continues to demonstrate the Joint Venture's ability to successfully execute the exploration programme in this tenure.
The third well in the programme, Range 3, was successfully executed in line with the well plan. Total Depth (TD) was reached at 745m from the Rotary Table (RT) and the Walloons coals were intercepted over a depth range from 285m RT to 690m RT. Seven Drill Stem Tests (DSTs) were conducted sequentially over 38 hours over the majority of the coals to evaluate permeability via the recovery of formation water. A preliminary review indicates permeability is better than expectations and that vertical well development of this region could be successful. With data gathering from Range 3 now complete, the well has been suspended pending imminent Plug & Abandonment (P&A).
The results to date indicate permeability throughout the permit is at or above expectations. Full interpretation of the test results will be completed at the conclusion of the exploration programme, which is expected to be in August. It is anticipated that these consolidated results will then enable the first booking of 2C resources in this permit prior to any pilot well production testing which will provide insight into the potential for the Range project.
The Dukas 1 well resumed drilling in 9-1/2" hole at 8am on 31 July and is drilling ahead. The forward plan is to drill ahead to total depth in the current 9-1/2" hole.
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.
Incitec Pivot Ltd
Central Petroleum Limited