Australia markets open in 5 hours 45 minutes
  • ALL ORDS

    6,720.40
    -26.10 (-0.39%)
     
  • AUD/USD

    0.6818
    -0.0087 (-1.25%)
     
  • ASX 200

    6,539.90
    -28.20 (-0.43%)
     
  • OIL

    108.46
    +2.70 (+2.55%)
     
  • GOLD

    1,812.90
    +5.60 (+0.31%)
     
  • BTC-AUD

    28,196.02
    -287.89 (-1.01%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     

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

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Central Petroleum Limited
Central Petroleum Limited

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

Brisbane, Australia, June 14, 2022 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (HAM:C9J) (OTCMKTS:CNPTF) advises that on 13 June 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, was at a depth of 2,005m at 0600 hrs ACST in the P2 unit of the Pacoota Formation.

The P2 unit of the Pacoota Formation is the seal for the P3 reservoir zone in the Palm Valley field and is a key casing point for drilling the deeper Arumbera exploration target.

Activity this week has been focused on cementing the 9 5/8" casing string in the fractured formation. This has proved problematic, with losses continuing whilst pumping cement.

Intermittent returns to surface indicate that cement was being pushed into significant fractures within the formation.

Several remedial cement plugs have been run to help strengthen the seal around the casing shoe. The plan is to continue running cement plugs until the required kick tolerance at the shoe has been achieved. At that point, drilling will resume in the 8 1/2" hole section.

The PV12 well has two alternate objectives. The primary deep gas exploration target is the Arumbera Sandstone at an anticipated depth of 3,560m. Alternatively, if the deep exploration target is not successful, a shallower gas appraisal lateral will be drilled in the currently producing P1 formation with the potential to become a production well.

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.


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

Copyright (C) 2022 ABN Newswire. All rights reserved.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting