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Central Petroleum Limited (ASX:CTP) Range Pilot Update - Range Pilot Online

Brisbane, Australia, Jun 10, 2021 (ABN Newswire via COMTEX) --

Central Petroleum Limited (ASX:CTP) (C9J.F) (OTCMKTS:CNPTF) advises that the Range pilot has commenced production. The three wells (Range-6, 7 and 8) have been successfully drilled and completed, and surface facilities have been installed and commissioned.

The pumps have been started at low speeds and the wells are presently producing water to the storage tank. The pumps will be ramped up over the next two weeks to gradually increase water rates and control well drawdown. After this, the pilot will be operated for around three months or longer subject to storage tank capacity.

Further updates will be provided as the programme progresses.

About the Range Gas Project

The Range Gas Project is a 50:50 Joint Venture between Central and a wholly owned subsidiary of Incitec Pivot Limited (ASX:IPL) in ATP 2031, a 77 km2 permit located in the Surat Basin, Queensland. The Range Gas Project contains an estimated 270 PJ* of 2C Contingent Gas Resource (Central share: 135 PJ*) and is positioned for development to take advantage of an expected shortfall of gas supply in eastern Australia by 2024.

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.

Contact:Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969

Source:

Central Petroleum Limited

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COMTEX_388116395/2525/2021-06-10T20:11:47

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