Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Central Petroleum (CTP) spuds the WM28 well as part of its development program at the Mereenie Oil and Gas Field in the Northern Territory
  • Prior to spudding, the company successfully drilled and cased WM27
  • Subsequently, WM27 has been suspended pending arrival of equipment to execute a mud-drilled side track to assess the Pacoota-3 potential
  • CTP is drilling WM28 at a crestal location to increase field capacity and support the marketing of gas to an “increasingly tight” market on Australia’s east coast
  • Shares are trading steady at 11.5 cents at 3:42 pm AEST

Central Petroleum (CTP) has spudded the WM28 well as part of its ongoing development program at the Mereenie Oil and Gas Field in the Northern Territory.

Prior to spudding, the company reportedly drilled and cased WM27 across the upper reservoir with the shoe at 1286 metres.

It then drilled WM27 with air ahead to 1367 metres to the lower reservoir.

Subsequently, this well has been temporarily suspended pending the procurement of equipment to execute a mud-drilled side track from the existing well bore to better assess the Pacoota-3 potential.

Accordingly, the drill rig is intended to return to WM27 for further drilling and completion of the Pacoota-3 side track following completion of work at WM28.

CTP said it was drilling the WM28 development at a crestal location targeting increased gas production, with the program adjusted to capture learnings from the previous well.

Altogether these developments and four re-completed wells are designed to increase field capacity and support the marketing of gas into what CTP considers an “increasingly tight” market on Australia’s east coast.

Central Petroleum shares were trading steady at 11.5 cents apiece at 3:42 pm AEST.

CTP by the numbers
More From The Market Herald
Sprintex (ASX:SIX) - Managing Director, Jay Upton

" Sprintex (ASX:SIX) to develop industrial air supply systems in China

Sprintex (SIX) has entered a three-year agreement with Nanjing RGE Membrane Tech (RGE) to develop and supply air supply systems used in China’s
Renergen (ASX:RLT) - Managing Director and CEO, Stefano Marani

" Renergen (ASX:RLT) improves revenue performance over half-year

Renergen (RLT) has improved its half-year revenue performance, bringing in R$1.2 million (A$108,000) in sales during the six-month period.

" Prominence Energy (ASX:PRM) hits main target at Bowsprit as drill rig slows

Prominence Energy (PRM) has encountered the main T2 target as drilling of Bowsprit-1, southeast of New Orleans in the US, nears total depth.

" Buru Energy (ASX:BRU) detects hydrocarbon shows in Rafael-1

Buru Energy (BRU) has drilled the Rafael-1 well in a 12¼-inch (311 millimetre) hole to the planned section depth of 3500 metres.