Brisbane, Australia - Central Petroleum Ltd. (ASX:CTP) (C9J.F) (OTCMKTS:CNPTF) advises that WM27, the first Development well in the Mereenie Development Programme, was spudded on 3rd June 2021 at 2145 hrs.
The rig has moved off the recompletions of the four existing wells (WM14, WM15, WM19 and WM20), and these wells are scheduled to be progressively brought back on-line over the coming days.
WM27 is being drilled at a crestal location targeting increased gas production. This well, along with another development well (WM28) and the four recompletions, is intended to return field production capacity back towards 45 TJ/d (100% JV) and produce at least an additional 40 PJ of gas over the lifetime of the field (10 PJ net to Central). This will enable the Mereenie JV to commit to new gas sales into what is anticipated to be an increasingly tight east coast gas market.
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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.
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Brisbane, Australia - Central Petroleum Ltd. (ASX:CTP) (C9J.F) (OTCMKTS:CNPTF) advises that WM27, the first Development well in the Mereenie Development Programme, was spudded on 3rd June 2021 at 2145 hrs.
