Brisbane, Australia -
Central Petroleum Ltd. (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) provides the following update on Range-9 and Range-10, the two Single Well Pilots in the Surat Basin.
Both wells have been operating continuously since commencement of pumping on 4 April 2022. A gradual well drawdown is underway, with the fluid level currently about halfway down to the pumps.
Gas breakthrough was observed in the annulus immediately upon commencement of pumping, indicating the presence of coals that are fully saturated with gas. Shortly after pumping commenced, sufficient gas was being produced to sustain the flare. After around four weeks of well drawdown, the aggregate daily gas rate has reached around 9,000 scfd and is expected to continue climbing.
The principal focus of the Single Well Pilots will be to gain greater insights into the ramp up of gas over time. Hence, it is expected that these wells will be operated for significantly longer than the first pilot.
It is also intended to restart Range-6 during May to provide similar Single Well Pilot performance data over time across a broader area.
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
