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Central Petroleum Limited (CTP.AX) Palm Valley 12 Drilling Update

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Central Petroleum Limited (ASX:CTP)
Central Petroleum Limited (ASX:CTP)

Central Petroleum Limited (CTP.AX) Palm Valley 12 Drilling Update

Brisbane, Australia, May 31, 2022 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (HAM:C9J) (OTCMKTS:CNPTF) advises that on 30 May 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, was at a depth of 1,947m at 0600 hrs ACST in the P1 unit of the Pacoota Formation.

The P1 unit of the Pacoota Formation is the main productive zone in the Palm Valley field and is a proposed sidetrack candidate in this well if the deep exploration target at the Arumbera level is not successful.

Fractures encountered in the P1 unit continue to slow drilling progress due to losses of drilling fluids requiring multiple fluid loss reduction measures including consecutive cement jobs. This slower than anticipated drilling has resulted in 67m of hole being drilled since the 23 May 2022 drilling update. The Operator will continue drilling with fluid loss reduction practices to reach the total depth of the 12 1/4" hole section of approximately 2,009m. Then the 9 5/8" casing string will be run and cemented.

The PV12 well has two alternate objectives, consisting of a deeper gas exploration target or a shallower gas appraisal lateral that could become a production well. The primary exploration target is the Arumbera Sandstone at an anticipated depth of 3,560m.

The PV12 well is the first of a 2-well drilling program that also includes the Dingo-5 exploration / production well. Both wells are being drilled under joint ventures between Central (50% interest), New Zealand Oil & Gas Limited (ASX:NZO) (35% interest) and Cue Energy Resources Limited (ASX:CUE) (15% interest) and are scheduled to be completed this year.

*To view the location map, please visit:
https://abnnewswire.net/lnk/7O4IE87G


About Central Petroleum Limited:


Central Petroleum Limited (Central) is a well-established, and emerging ASX-listed Australian oil and gas producer (ASX:CTP). 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.

Contact:

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

Source:
Central Petroleum Limited

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