CUEYY - Central Petroleum Limited (CNPTF) Palm Valley 12 Drilling Update

Brisbane, Australia (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) advises that on 25 April 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, had reached a depth of 221m at 0600 hrs ACST and is currently drilling ahead. Operations this week included drilling the 24" hole section to 101m and running and cementing the 20" conductor prior to drilling ahead in the 17.5" hole. In the past week a total of 221m drilling has occurred.

The PV12 well has two alternate objectives, consisting of a deeper gas exploration target or a shallower gas appraisal lateral that could become a production well. The primary exploration target is the Arumbera Sandstone at an anticipated depth of 3,560m. The well is expected to reach its total depth of 3,980m in early June.

The PV12 well is the first of a 2-well drilling program that also includes the Dingo-5 exploration / production well. Both wells are being drilled under joint ventures between Central (50% interest), New Zealand Oil & Gas Limited (ASX:NZO) (35% interest) and Cue Energy Resources Limited (ASX:CUE) (15% interest) and are scheduled to be completed this year.

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About Central Petroleum Limited:

Central Petroleum Limited (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 Limited

Contact:
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Sarah Morgan: +61-421-664-969