Santos to Proceed with Stage 3 of Southern Amadeus Farmout
Santos has elected to proceed to Stage 3 of the Southern Amadeus Farmout with Central by electing to drill a well in EP112 to earn a 70% participating interest in that permit. It is expected that Santos will drill the Dukas Prospect in EP112 which will be a free carry for Central under the farmout, with drilling anticipated in the first quarter of 2019. The Dukas prospect was delineated with the seismic campaign in 2013 and further seismic data acquisition in 2017 and 2018.
If successful, the Dukas Prospect could contain multiple Trillion Cubic Feet (TCF) of gas. Two other wells in the Southern Amadeus Basin (Mt Kitty and Magee) have demonstrated a hydrocarbon system exists. Further, the presence of helium and hydrogen offers potential value add. Please see attached information extracted from Santos' 2018 Investor Day Pack (page 78) 1. A successful development could facilitate a Moomba pipeline connection.
Santos has elected to remain at a 40% participating interest in EP82, EP105 and EP106 2 with no further farmout works to be completed. Central will retain a 60% participating interest in these permits.
1. Subject to the "Disclaimer and important notice" in that presentation.
2. Santos (as Operator) has continued the process of an application with the NT Department of Primary Industry and Resources for consent to surrender Exploration Permit 106.
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About Central Petroleum Limited
Central Petroleum Limited (ASX:CTP) is an oil and gas explorer and producer listed on the Australian Securities Exchange focused on supplying the domestic gas market. Central is advancing several separate projects across what is regarded as the biggest package of proven and prospective oil and gas acreage across central Australia. This spread of assets gives Central multiple options for growth and development. 88% of this land being gas prone has led to the Company's focus on becoming a major domestic gas producer.
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