Brisbane - Central Petroleum Ltd. (ASX:CTP) ("Company" or "Central") has undertaken a review of the maximum delivery capability of the existing Palm Valley wells to determine what production rates could be achieved without considering the Palm Valley-13 well, which will be drilled this fiscal year. That review concluded that existing Palm Valley wells could produce at a rate of 15 TJ/d (5.5 PJ p.a.) for a period of two years before reverting to 5 TJ/d thereafter. The Company is in the middle of a FEED process for the facilities upgrade at Palm Valley to enable it to process its historical design capacity of 20 TJ/d (7.3 PJ p.a.). In light of the review the board has sanctioned the reopening of the Palm Valley field and the employment of additional personnel without awaiting for the results of Palm Valley-13.
The results of the FEED is timed to coincide with the results of Palm Valley-13 becoming available.
As a result of this decision, the Company is confident that it will be able to have 15-20 TJ/d of Sales Gas available by the time the Northern Gas Pipeline is operational-assumed to be 1 December this year.
"This is an important step forward to achieving Central total Sales Gas production of 54 TJ/d (19.6 PJ p.a.) by 1 December this year up from existing sales of 17 TJ/d, more than tripling this year's production," said Richard Cottee, Managing Director.
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.
Contact:
Central Petroleum Ltd. T: +61-7-3181-3800 F: +61-7-3181-3855 E: info@centralpetroleum.com.au www.centralpetroleum.com.au
Media Enquiries Martin Debelle at Citadel-MAGNUS T: +61-2-8234-0100 M: +61-409-911-189
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Brisbane - Central Petroleum Ltd. (ASX:CTP) ("Company" or "Central") has undertaken a review of the maximum delivery capability of the existing Palm Valley wells to determine what production rates could be achieved without considering the Palm Valley-13 well, which will be drilled this fiscal year. That review concluded that existing Palm Valley wells could produce at a rate of 15 TJ/d (5.5 PJ p.a.) for a period of two years before reverting to 5 TJ/d thereafter. The Company is in the middle of a FEED process for the facilities upgrade at Palm Valley to enable it to process its historical design capacity of 20 TJ/d (7.3 PJ p.a.). In light of the review the board has sanctioned the reopening of the Palm Valley field and the employment of additional personnel without awaiting for the results of Palm Valley-13.
