Central Petroleum Limited (‘Central') announced that on 16 May 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory, had reached a depth of 1,687m at 0600 hrs ACST in the Lower Stairway Formation. Drilling of the 12 ¼" hole commenced on 10 May 2022 following on from the testing of surface equipment and the blow out preventor (BOP). After a planned and successful Formation Integrity Test (FIT), drilling continued in the 12 ¼" section to the current depth of 1,687m MD.

In the past week 584m of drilling has occurred in-line with expectations. It is anticipated that the 12 ¼" section total depth (planned at approximately 2,005m) will be reached on 18 May 2022. 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 (35% interest) and Cue Energy Resources Limited (15% interest) and are scheduled to be completed this year.