Central Petroleum Limited (ASX:CTP)(OTCMKTS:CPTLF) ("Company" or "Central") advises that the Palm Valley 13 well ("PV13") has been ramped up to 6.3 TJ/d, and the Palm Valley field is now delivering 12.4 TJ/d of sales gas.

The well is currently limited at this rate by the nameplate capacity of the wellhead skid which was redeployed from the PV1 well after it failed to restart. Reusing the PV1 skid enabled an accelerated online date whilst matching expected flowrates and minimising capital costs. This has contributed to the tie-in project being delivered significantly under budget. Engineering investigations are now underway to determine the upper capacity limit of the skid, which may allow incremental increases to the well flow rate over the coming weeks.

Production from PV13 has approximately doubled field deliverability and is anticipated to make a significant contribution to Central's gas sales going forward. Early production data from PV13 is being incorporated into an updated forecast of field production potential.


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



Link: Palm Valley 13 Well Update


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