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Central Petroleum Limited (CTP.AX) Activity Update
Brisbane, Australia, Dec 20, 2021 - (ABN Newswire) - Central Petroleum Ltd (ASX:CTP) (HAM:C9J) (OTCMKTS:CNPTF) provides the following activity update.
- Central has contracted Ensign Rig 963 to drill the Palm Valley Deep and Dingo 5 exploration wells in the Amadeus Basin.
- Field work to acquire a 30km seismic test line over the Zevon East lead (EP115) is pending resolution of necessary NT Government cultural heritage clearances.
- Silver City Rig 23 has been contracted to drill the two Range Pilot step out wells (Range 9 and 10) in Qld's Surat Basin, with civil works delayed by the recent heavy rainfall.
- Central expects to update its oil and gas reserves at Mereenie and Palm Valley in Q1 of CY2022 (effective as at 31 December 2021) to incorporate the results of recent drilling and production activities.
NORTHERN TERRITORY EXPLORATION DRILLING RIG CONTRACT
Central has contracted Ensign Australia Pty Ltd for the use of the Ensign 963 rig for its exploration drilling program in the Amadeus Basin. The drilling program consists of the two previously announced exploration wells targeting the Palm Valley Deep and Dingo Deep prospects. The Ensign rig is expected to mobilise from its current drilling program in the Canning Basin to Palm Valley in January 2022, allowing for spudding in the first half of February.
ACQUISITION OF SEISMIC TEST LINE IN EP 115
Field work to acquire a 30km seismic line over the Zevon concept will proceed once cultural heritage clearances for land access are provided. Under legislation, Central is required to obtain cultural heritage clearance from two statutory bodies over the same area. Due to cultural heritage clearance inconsistencies between the statutory bodies, necessary approvals have not yet been obtained. Central is working with all parties including the NT Government to obtain the necessary clearances.
RANGE PILOT TESTING
Silver City Drilling Rig 23 has been contracted to drill the Range 9 and 10 step-out wells. The Range site has recently experienced heavy rainfall which is impeding the civil works in preparation for the drilling of the new wells. Consequently, work is currently on hold and expected to resume once ground conditions are suitable. Provided there are no further weather delays, drilling is expected to commence in January 2022. With interference testing on the existing pilot wells (Range 6, 7 and 8) now complete, pilot testing will resume once the Range 9 and 10 wells are online in Q1 2022.
MEREENIE AND PALM VALLEY PRODUCTION UPDATE
Sales capacity at the Mereenie field is currently around 35 TJ/d (Central working interest share: 8.75 TJ/d) with WM28 performing in line with expectations and lower pressures observed in the Pacoota-3 around WM15 and WM27. A coil tubing unit is being mobilised to site in January which should improve production from a number of wells including some in the development campaign. Following this work, sales capacity is anticipated to increase to around 37 TJ/d (Central working interest share: 9.25 TJ/d).
Sales capacity at the Palm Valley field is currently around 7 TJ/d (Central share: 3.5 TJ/d). The Palm Valley 13 well continues to outperform expectations, with a slower decline than anticipated, providing further technical confidence in converting Palm Valley's 2C resources (up to 13.7 PJs at 100%) to reserves through future lateral wells including PV12 (a potential lateral from the PV Deep bore which is planned to be drilled in Q1 2022).
Central expects to update its oil and gas reserves at Mereenie and Palm Valley in Q1 of CY2022 (effective as at 31 December 2021) to incorporate the results of recent drilling and production activities.
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.
Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969
Central Petroleum Limited
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