PALM VALLEY-12 WEEKLY DRILLING UPDATE AUGUST 9TH
Brisbane, Aug 9, 2022 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) advises that as at 0600 hrs ACST on 8 August 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, was at a measured depth of 2,150m in the lower P2 unit of the Pacoota Formation.
Drilling of the sidetrack has progressed a total of 130m this week with hole angle continuing to build towards horizontal. The objective of the sidetrack is to test the vertically fractured lower P2 sandstone, encountered in the original well, from a horizontal well bore before entering the P3 sandstone at a near horizontal angle.
The PV12 ST1 well is being drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited (ASX:NZO) (35% interest) and Cue Energy Resources Limited (ASX:CUE) (15% interest) and is scheduled to be completed this month.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is an established ASX-listed Australian oil and gas producer (ASX:CTP) with exploration and appraisal permits in the Northern Territory (NT). Central has grown to become the largest onshore gas operator in the NT, supplying residential and industrial customers in the NT and wider Australian east coast market.
Central is seeking to become a major domestic energy supplier, in addition to helium and naturally occurring hydrogen, with exploration, appraisal and development plans across 169,112 km2 of tenements the NT, including some of Australia's largest known onshore conventional gas prospects in the Amadeus Basin.
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