Central Petroleum has reported an upward reserve adjustment of 8% (before production) in its Proved and Probable (2P) gas reserves, reflecting recent drilling and production results at Palm Valley and updated reservoir modelling at the Dingo field.
The updated reserves for the Palm Valley and Dingo fields as at 30 June 2023 have been certified by the internationally recognised petroleum consultants Netherland, Sewell & Associates, Inc. Central has internally updated its reserves at Mereenie with a consistent reserve report date.
HIGHLIGHTS
- Central’s 1P and 2P reserves as at 30 June 2023 total 62.7 and 75.0 PJe respectively.
- The increase in Central’s 2P reserves reflects upward reserve adjustments (before production) of 5.9 PJe from Palm Valley and Dingo:
- Palm Valley: the successful Palm Valley 12 production well (PV12), which was brought online in late November 2022, has resulted in a 140% replacement (2P) of gas production in the last 12 months:
- Proved (1P) gas reserves were adjusted up by 3.0 PJ (27%) to 12.6 PJ
- 2P gas reserves were adjusted up by 2.4 PJ (19%) to 13.4 PJ
- Dingo: Modelling of the Dingo field, updated to reflect strong ongoing field production performance, has resulted in a significant increase in gas reserves, representing several additional years of gas production from the field:
- 1P gas reserves were adjusted up by 3.8 PJ (23%) to 19.4 PJ
- 2P gas reserves were adjusted up by 3.5 PJ (18%) to 21.9 PJ
- Palm Valley: the successful Palm Valley 12 production well (PV12), which was brought online in late November 2022, has resulted in a 140% replacement (2P) of gas production in the last 12 months:
- Upside potential at these fields includes contingent gas resources of 4.6 PJ at Palm Valley and 45.6 PJ at Mereenie, including gas contained within the Mereenie Stairway Sandstones.
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Source: Central Petroleum
