Mereenie Development Well Wm28 Successfully Completed

Posted on 06/09/2021

The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that WM28, the second development well in the Mereenie Development Programme was completed on 6th September 2021. The rig will now move back to WM19 to carry out some remediation work, before moving to WM27 to complete the Pacoota 1 interval as a producer.

The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that WM28, the second development well in the Mereenie Development Programme was completed on 6th September 2021. The rig will now move back to WM19 to carry out some remediation work, before moving to WM27 to complete the Pacoota 1 interval as a producer.

Central’s announcement and their media release is attached, the key points are:

•  We obtained strong flows on test from various tested zones in the planned completion intervals in the Pacoota formation; and
•  Sustained flow was seen from the Stairway formation which indicates the possibility of converting some, or all, the 182 PJ of 2C Contingent Resource* (46PJ net to NZOG**).

This is to be appraised further in the future. “It is great to see good results from this initial foray into field redevelopment” Andrew Jefferies CEO of New Zealand Oil & Gas says, “we are glad to be on this journey with our Joint Venture partners and thank field Operator Central Petroleum for their hard work in safely delivering the drilling work in monumentally trying times”.

New Zealand Oil & Gas announced on 25 May 2021 that it has agreed to acquire interests in three gas producing projects (Mereenie, Palm Valley and Dingo) located in Australia’s Northern Territory, from Central. The transaction remains subject to satisfaction of a number of conditions.

* Refer to the reserves statement contained in the New Zealand Oil & Gas Notice of Meeting dated 25th May 2021 and associated compliance statements found here NZO5034-NoM- Reisling-Booklet-1.pdf (nzog.com). 182PJ is across the Pacoota and Stairway formations. New Zealand Oil & Gas confirms that it is not aware of any new information or data that materially affects the information included in that previous market announcement and all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed. These results are under review.

** Including Cue share.