PALM VALLEY-12 WEEKLY DRILLING UPDATE 11th October

11 October 2022
Palm Valley-12 DRILLING UPDATE

The Operator (“Central”) (ASX: CTP) advises that as at 0600 hrs ACST on 10 October 2022 Palm Valley 12 (PV12) sidetrack (ST2) in OL3 (the Palm Valley Production License) was undergoing clean-up flows in preparation for a further flow test.
The well reached a total depth (“TD”) of 3,039m measured depth (“MD”) on 8th October 2022.

After flow testing is complete, operations will commence to run production tubing and complete the well as a gas producer.
The PV12 ST2 well is being drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited (ASX: NZO) (35% interest) and Cue Energy Resources Limited (ASX: CUE) (15% interest).

Figure 2: Location of Permit OL3 and Palm Valley-12 ST2 appraisal well.

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