Central Petroleum Limited (CTP.AX) Palm Valley 15 Spuds
Central Petroleum Limited
PV15 is scheduled to take approximately 51 days to reach a total depth of 3,114m below the rotary table (approximately 2,031 metres true vertical depth). PV15 is a deviated well and will be drilled at an angle of approximately 78 degrees through the Pacoota Formation reservoir targeting the south flank of the Palm Valley gas field.
The two wells are aiming to restore Palm Valley plant sales capacity to approximately 14 TJ/d (100% JV) and deliver at least 10 PJ of gas (100% JV) over their operating lives. The investment is underpinned by the new Northern Territory Government Gas Supply Agreement announced by Central in April.
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.
Contact:
Investor and Media Inquiries:
Leon Devaney: +61 (0)7 3181 3800
Managing Director and CEO
info@centralpetroleum.com.au
www.centralpetroleum.com.au
Source:
Central Petroleum Limited
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