Mereenie Reserves Upgrade
Brisbane, Mar 14, 2016 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) announces that Netherland, Sewell and Associates, Inc. ("NSAI") has certified the results of Stage 1 of Central's Reserve Upgrade Programme. This certification results in a 240% increase in Proved reserves to 62PJ and a 22% increase in the Proved and Probable reserves to 75PJ (Central equity accounted) as announced on 6 August 2015. Similar upgrading of reserves occurred in the contingent category with a 50% increase in the 2C. The aim of Stage 3 of the programme, being appraisal of wells, is to convert those contingent resources to Proved and Probable reserves. The table in the link below sets out the reserves and contingent resources as certified.
Central Petroleum has a 50% interest in the Mereenie field and is operator.
For a detailed description of the Mereenie Oil & Gas Field, reference is made to the Company's 6 August 2015 ASX Announcement and Media Release titled "Mereenie Oil & Gas Field - Gas Reserves". A further update as to this information is provided in the link below.
To view the release including tables and update information, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CTP-756196.pdf
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. 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.
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