Central Petroleum Limited announced that on 15 August 2022, the Palm Valley 12 (PV12) well in OL3, Southwest of Alice Springs in the Northern Territory was at a measured depth of 2,301m in the lower P2 unit of the Pacoota Formation. Drilling of the sidetrack has progressed a total of 151m this week. The objective of the sidetrack is to test the vertically fractured lower P2 sandstone, encountered in the original well, from a horizontal well bore before entering the P3 sandstone at a near horizontal angle.

The PV12 ST1 well is being drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited (35% interest) and Cue Energy Resources Limited (15% interest) and is scheduled to be completed this month.