PALM VALLEY-12 WEEKLY DRILLING UPDATE
On 2 May 2022 the Operator Central Petroleum advised that the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, had reached a depth of 820m at 0600 hrs ACST and is currently drilling ahead. In the past week a total of 599m of drilling has occurred. Total depth for the 17.5” hole section which is currently being drilled is planned at 1100m. At this point the 13 3/8” casing string will be run and cemented in preparation for drilling ahead in 12 ¼” hole.
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 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.
For further information please contact the Company on: email enquiries@nzog.com phone +64 4 495 2424
Markets News
The medicinal cannabis company has signed a three-year deal with Harker Herbal Products.
All five of the analysts’ reports BusinessDesk has seen have either “overweight” or “outperform” investment recommendations on Fletcher shares.
Bear markets can be stressful but they also present opportunities for investors, says Salt Funds' Greg Fleming.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said it had been a “strong performance” in today’s market.
The head of the multinational logistics group says having container cranes sitting idle across the country is a waste of assets
The zero-brokerage fee share trading platform is looking for ways to bring in revenue and make its business model more sustainable.
Fletcher Building achieved second-half profit margins of 9.5%, just below its target of 10% by the 2023 financial year.
Eroad had a second day as the index’s biggest decliner, falling more than 5% to $1.57 and bringing its decline over the past year to almost 75%.
Fletcher's new plant at Tauriko, due to open next year, will increase industry capacity by 30%.
Even under a “bear-case scenario”, the house building pipeline should support Fletcher’s medium-to-long-term performance.
Some investors in NZ’s market took the opportunity to buy up “beaten up” stock on the index today, Devon Funds' Greg Smith said.
Trading volumes were unusually light, with US markets closed tonight for a national holiday.
The shareholder representatives say the Fletcher board must bear ultimate responsibility for the company’s poor performance and the Gib plasterboard shortage.
NZME has only spent $5.3m of the $30m set aside for share buybacks.
Are banks being too slow to raise term deposit rates? Some analysts say yes.
Peter McIntyre, an investment adviser at Craigs Investment Partners, says New Zealand’s market has been "reliably well-behaved over the course of the day".
The firm has doubled its headcount and is looking to raise capital to expand its manufacturing and engineering focus into green hydrogen applications.
Meridian says the fact that Australia's electricity market has turned into a train wreck shows its decision to pull out was the right one.
The Ministry for Primary Industries estimated Fonterra’s restructuring would cost the average farmer between $135,000 and $400,000.
New Zealand's biggest transport operator plans to have its first 10 dual-fuel hydrogen trucks on the road next year.
Oanda market analyst Edward Moya said the absence of a Bitcoin rally could be a troubling sign for some investors.
Sky TV and MediaWorks will be brushing themselves off after a bruising response to their proposal scotched a SkyWorks deal.
Sky TV has backed away from a dalliance with radio and outdoor advertising.
An annual survey of investor confidence shows the market fall has got some people rattled.