Central Petroleum CEO and Managing Director Leon Devaney has reported the company’s producing fields continue to supply gas into markets, with next year to be a period of key milestones and decisions.
“We are optimistic that high value helium can also be produced from these fields, opening a new revenue stream,” he said.
“I remain confident that the value of our existing production and brownfield development opportunities will become increasingly visible.”
During this financial year, Central Petroleum brought the Palm Valley 12 well online, following it being successfully drilled, completed and tied into the Palm Valley processing facilities and flowed gas to market in November 2022.
An additional 5.9 petajoules (PJ) of proved and probably (2P) gas reserves were added at June 30, 2023, an increase of 8 per cent to 75 PJe.
The company stated this increase reflects drilling and production results at Palm Valley and updated Dingo reservoir modelling.
Continuing its growth, it secured two new gas sales agreements. One with Shell Energy for the supply of 0.91 PH of gas in 2025 and the other with South 32 for the supply of 0.55 pJ of gas over two years from January 1 2023.
In August 2023 the company signed a non-binding MOU to progress towards a final investment decision for construction of a helium recovering unit at Mereenie, located in the Amadeus Basin.
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