Central Petroleum Limited: Palm Valley 13 Encounters Strong Gas Flows

05.10.2018  |  ABN Newswire

Brisbane, Australia - Central Petroleum Ltd. (ASX:CTP) ("Company" or "Central"), as Operator and 100% owner of Palm Valley Gas Field, announces that the Palm Valley 13 well ("PV13"), as of this morning, is drilling ahead in the targeted Pacoota Sandstone at 2,020 metres measured depth ("MD") and the well has encountered strong gas flows.

Gas flows were first encountered at 1,888 metres MD and have increased steadily to the current depth. The well tested at 13.6 million standard cubic feet per day ("mmscfd") through a 3.5 inch orifice plate this morning.

PV13 is located inside Operating Licence 3 and is an infield appraisal well for the Palm Valley Gas Field located in the Amadeus Basin. The Pacoota Sandstone is the productive interval, with gross and net pay intervals of 175 metres and 45 metres respectively. The depth of the test interval is 1,845 metres to 2,020 metres MD and 1,782 metres to 1,913 metres true vertical depth ("TVD"). The well was tested through a 3.5 inch orifice and stabilised after one minute and was tested for 8 minutes and flowed at 13.6 mmscfd. Only gas was recovered during the test, no water or oil was recovered. Palm Valley Gas Field is an existing gas field which produces from natural fractures. No hydraulic stimulation (fracking) is required in the well. This flow rate is very encouraging and there remains about 1,400m of horizontal hole to drill until total depth is reached. Testing operations have now ceased and the well is drilling ahead.

PV13 is targeting a total depth of 3,471 metres MD with a TVD of 2,100 metres and a near horizontal (84.9 degrees) reservoir section of up to 1,570 metres MD.

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About Central Petroleum Limited:

Central Petroleum Ltd. (ASX:CTP) is an oil and gas explorer and producer listed on the Australian Securities Exchange focused on supplying the domestic gas market. Central is advancing several separate projects across what is regarded as the biggest package of proven and prospective oil and gas acreage across central Australia. This spread of assets gives Central multiple options for growth and development. 88% of this land being gas prone has led to the Company's focus on becoming a major domestic gas producer.

Source:

Central Petroleum Ltd.

Contact:

Central Petroleum Ltd. T: +61-7-3181-3800 F: +61-7-3181-3855 E: info@centralpetroleum.com.au WWW: www.centralpetroleum.com.au Media Enquiries Helen McCrombie at Citadel-MAGNUS T: +61-2-8234-0103 M: +61-411-756-248