Central Petroleum Limited Stock Market Press Releases and Company Profile
Palm Valley-12 Drilling Update
Palm Valley-12 Drilling Update

Brisbane, July 19, 2022 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) (googlechartC9J:FRA) (googlechartCNPTF:OTCMKTS) advises that as at 0600 hrs ACST on 18 July 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory was at a depth of 1,852m in the P2 unit of the Pacoota Formation.

Horizontal drilling of the previously announced exploration target of the lower P2 and P3 unit of the Pacoota Formation in PV12 ST1 has commenced. Approximately 40m of the vertical to horizontal wellbore bend has now been drilled into the middle P2 formation. A liner and cement shoe will be set at 2,020m in measured depth (MD), from which up to 1,000m of open hole drilling will commence, targeting gas production from the lower P2 and P3 formations.

The objective of the sidetrack is to test the vertically fractured lower P2 sandstone, encountered in the original well, from a horizontal well bore for approximately 450m before entering the P3 sandstone and drilling a further 450m interval at a near horizontal angle.

The PV12 ST1 well is being drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited ("NZOG") (googlechartASX:NZO) (35% interest) and Cue Energy Resources Limited ("Cue") (googlechartASX:CUE) (15% interest) and is scheduled to be completed this year.

About Central Petroleum Limited

Central Petroleum LimitedCentral 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.



Investor and Media Inquiries:
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Sarah Morgan: +61-421-664-969

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