Central Petroleum Limited (ASX:CTP) Palm Valley 12 Drilling Update

Central Petroleum Limited (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) advises that on 9 May 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, had reached a depth of 1,103m at 0600 hrs ACST. In the past week a total of 283m of drilling has occurred reaching the planned total depth for the 17.5" hole section at 1,103m on 5 May 2022.

Consequent to reaching total depth, the 13 3/8" casing has been run and cemented, the blowout preventer and surface equipment has been pressure tested and the well is anticipated to commence drilling ahead in 12 1/4" hole from 10 May 2022.

The PV12 well has two alternate objectives, consisting of a deeper gas exploration target or a shallower gas appraisal lateral that could become a production well. The primary exploration target is the Arumbera Sandstone at an anticipated depth of 3,560m.

The PV12 well is the first of a 2-well drilling program that also includes the Dingo-5 exploration / production well. Both wells are being drilled under joint ventures between Central (50% interest), New Zealand Oil & Gas Limited (ASX:NZO) (35% interest) and Cue Energy Resources Limited (ASX:CUE) (15% interest) and are scheduled to be completed this year.

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About Central Petroleum Limited

Central Petroleum Limited (Central) 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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Central Petroleum Limited