- Central Petroleum (CTP) advises the joint venture, Palm Valley 12 gas well, near Alice Springs has reached a depth of 221 metres, with drilling continuing
- Over the last week, the joint venture drilled a 24 inch hole section to 101 metres, ran and cemented a 20 inch conductor before drilling ahead in the 17.5 inch hole
- The main target is the Arumbera Sandstone, which is expected to be penetrated at a depth of 3,560 metres
- The total depth of 3,980 metres is expected to be achieved in June
- CTP shares last traded at 11.5 cents, CUE at eight cents and NZO at 49.5 cents
The Palm Valley 12 gas well (PV12) near Alice Springs in the Northern Territory has reached a depth of 221 metres and is continuing to drill ahead.
The PV12 well is held under a joint venture (JV) between operator Central Petroleum (CTP), New Zealand Oil and Gas (NZO) and Cue Energy (CUE). CTP has the largest interest, with a 50 per cent stake.
Over the past week, the JV drilled a 24-inch hole section to 101 metres and ran and cemented a 20-inch conductor before drilling ahead in a 17.5-inch hole.
A total of 221 metres was drilled in the past week.
The main target is the Arumbera Sandstone, which is expected to be penetrated at a depth of 3,560 metres.
The total depth of 3,980 metres is expected to be achieved in June.
PV12 is the first of two wells to planned by the JV. The second will include drilling of the Dingo-5 exploration-production well.
CTP shares last traded at 11.5 cents, CUE at eight cents and NZO at 49.5 cents.