Palm Valley 12 Drilling Update
Brisbane, Sep 13, 2022 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) advises that as at 0600 hrs ACST on 12 September 2022, drilling of the Palm Valley 12 (PV12) sidetrack (ST2) into the Pacoota-1 (P1) was ongoing. The well is in OL3, Southwest of Alice Springs in the Northern Territory. At this time, the sidetrack was at a measured depth of 1,733m having successfully drilled 402m of the 8.5" section. This intermediate build section of the sidetrack is expected to be completed at a measured depth of 1,860m, after which a 7" liner is intended to be set in preparation for drilling of the 6" open hole section in the P1.
The P1 formation is the currently producing formation at Palm Valley. A successful PV12 lateral in the P1 formation will be tied into existing production facilities and gas production sold into strong Northern Territory and east coast gas markets.
The PV12 ST2 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).
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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