Palm Valley 12 Drilling Update
Palm Valley 12 Drilling Update

Brisbane, Sep 20, 2022 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) advises that as at 0600 hrs ACST on 19 September 2022, drilling of the Palm Valley 12 (PV12) sidetrack (ST2) into the Pacoota-1 (P1) was ongoing. The well is in OL3, Southwest of Alice Springs in the Northern Territory. The drilling of the 8.5" section was completed at a depth of 1,860m. Operations are underway to run and cement the 7" liner. Drilling of the 6" open hole section in the P1 will continue once these operations are concluded.

The P1 formation is the currently producing formation at Palm Valley. A successful PV12 lateral in the P1 formation will be tied into existing production facilities and gas production sold into strong Northern Territory and east coast gas markets.

The PV12 ST2 well is being drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited (ASX:NZO) (35% interest) and Cue Energy Resources Limited (ASX:CUE) (15% interest).

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:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969

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