As foreshadowed in the recent quarterly report, Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") has contracted with Ensign Australia Pty Ltd to use its presently mothballed Rig 932 for a forthcoming drilling programme of up to four wells. Central has structured the commercial arrangements on the basis that only two wells need to be drilled, for example, Palm Valley and Ooraminna (which permits it holds 100%) with an option of another two wells at Mereenie. Joint Venture approval for the Mereenie wells is subject to ACCC interim clearance of joint marketing with the ACCC still considering the Company's application.

While the Company would prefer to commence its programme at Mereenie, if there is a further delay in the ACCC deliberation then the first well to be spudded will be at Palm Valley. Under the timetable the first well should be spudded in 6-8 weeks' time with each well taking slightly more than 30 days. The wells at Mereenie will have a deviated lateral of over one kilometre designed to intersect the natural fractures in the sandstone. None of the wells in the drilling campaign are intended to be fracture stimulated.


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: Central Signs Drilling Contract with Ensign


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