Central Petroleum Limited: Range Pilot Update - Range-9 Spuds
Brisbane, Australia - Central Petroleum Ltd. (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) advises that Range-9, the second of two step-out pilot wells at Range, spudded on 16 February 2022 at 1730 hrs EST. The Range-9 well has a target depth of 700m below rotary table and will be completed across the three seams of the Walloons Coal Measures.Range-10, the first well in the Range step-out pilot well drilling programme, has been successfully drilled, cased and suspended with a slotted liner over the coals in preparation for completion. Total depth was reached at 624m below rotary table with 28.6m of net coal recorded. This compares to average net coal of 32.9m encountered in the four-well exploration program (Range 2-5) located around the permit and average net coal of 25.5m encountered in three close-spaced wells (Range 6-8) at the initial pilot location. The 12% increase in net coal recorded at Range 10 compared to the initial pilot location is encouraging given the step-out spacing was only 1.5km. The planned water production testing at both Range 9 and 10, however, will provide the key technical insight into well performance that is necessary to guide the forward appraisal program and pathway to a final investment decision.
Both Range 9 and 10 will be brought online once both wells have been completed and the wellhead facilities commissioned which is currently scheduled for late March. The wells will then be tested over several months to understand water production rates.
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About Central Petroleum Limited:
Central Petroleum Ltd. (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.
Source:
Central Petroleum Ltd.
Contact:
Investor and Media Inquiries: Greg Bourke: +61-478-318-702 Sarah Morgan: +61-421-664-969
