Central Petroleum Limited Stock Market Press Releases and Company Profile
Palm Valley 12 Well Commenced Flowing Sales Gas
Palm Valley 12 Well Commenced Flowing Sales Gas

Brisbane, Dec 1, 2022 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) (googlechartC9J:FRA) (googlechartCNPTF:OTCMKTS) advises that the Palm Valley 12 (PV12) well has been tied-in and commenced flow testing on 28 November 2022. After a period of ramp-up the well flowed at a stable, wellhead skid-limited rate of ~10TJ which exceeded pre-drill expectations.

Palm Valley field capacity is expected to approach the maximum plant capacity of 15 TJ/d in mid December once a scheduled compressor overhaul is completed.

The added Palm Valley production will allow for new firm and spot sales into what continues to be strong Northern Territory and east coast gas markets.

Comments from the CEO

"PV12 was one of Central's most technically challenging wells ever attempted, and while we didn't get to our deep exploration target, our strategy of including a fallback production well option has been justified. The well has now flowed at a stable rate of ~10TJ/d, around 40% above our pre-drill expectations. The results from both the PV12 and PV13 lateral wells give us confidence that we can continue to convert 2C resources at Palm Valley into reserves and additional sales," said Central's Managing Director & CEO, Leon Devaney.

"Great to see rates higher than originally hoped" says Andrew Jefferies, CEO, New Zealand Oil & Gas "hooked up and producing to sales, safely and on time ready to cook those Christmas turkeys. The existing Parcoota 1 production interval continues to deliver the goods, and the joint venture will mature plans to take advantage of this."

The PV12 well was drilled and connected under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited (googlechartASX:NZO) (35% interest) and Cue Energy Resources Limited (googlechartASX: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.



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